我国农业类上市公司投资价值实证研究

发布时间：2018-10-25 06:27

【摘要】：农业是人类的衣食住行的来源、生存的之根本,尤其是在我国这样一个人口众多的传统农业大国,农业关系着国民经济的发展与国家的安定；是国内长治久安与国际竞争中保持独立自主的基石。自1992年我国首家农业上市公司上海联农股份上市以来在我国股票市场不断有农业上市公司上市、退市与转型,截至2013年底我国共有农业类上市公司40家,在上海证券交易所与深圳证券交易所上市分别为14家和26家,分别占比35%与65%。由于农业的特殊性及在证券市场上投资的风险性,因此十分有必要对农业类上市公司投资价值进行评估研究,这不仅可以为投资者做出投资决策时提供参考意见,避免不必要的损失；还有利于农业上市公司加强自身的经营管理及国家相关农业政策的制定。本文首先在大量阅读上市公司投资价值相关文献的基础上,对投资价值相关理论进行梳理,并对基本面分析法与技术分析法两种最为基本的投资价值评估方法及投资价值的相关影响因素进行阐述；然后,从行业与区域分布、股本规模及经营状况等特征对农业类上市公司进行详细的描述,并与全国上市公司的平均水平进行对比；再者,在阐述了构建投资价值评估体系的基本原则的基础之上构建农业类上市公司投资价值评估体系；最后,依据从盈利能力、偿债能力等方面构建的投资价值评估指标体系,运用因子分析,对深沪两市农业类上市公司2012年与2013年的财务数据进行分析比较,探索农业类上市公司投资价值的特点,并参照市盈率分析法找出农业类上市公司中被低估股票：福成五丰、登海种业、壹桥苗业、百洋股份、大湖股份及中鲁B等；与被高估的股票：民和股份、益生股份、万向德农、华英农业及圣农发展等。与高估的上市公司。并根据研究结果,针对投资者在证券市场上的投资活动提出提出相应的参考意见。
[Abstract]:Agriculture is the source of human life, the root of survival, especially in China, a large population of traditional agricultural countries, agriculture is related to the development of the national economy and the stability of the country; Is the domestic long-term stability and international competition to maintain independence and the cornerstone. Since 1992, the first agricultural listed company in China, Shanghai Union Agricultural Company has been listed, delisted and transformed in our stock market. By the end of 2013, there were 40 agricultural listed companies in our country. There are 14 and 26 listed on the Shanghai Stock Exchange and Shenzhen Stock Exchange respectively, accounting for 35 percent and 65 percent respectively. Because of the particularity of agriculture and the risk of investing in securities market, it is necessary to evaluate the investment value of agricultural listed companies. It also helps agricultural listed companies to strengthen their own management and national agricultural policy formulation. First of all, on the basis of reading a large number of literature on investment value of listed companies, this paper combs the theory of investment value. And two most basic investment value evaluation methods and related factors of investment value are expounded, and then, from the industry and regional distribution, the paper discusses the two most basic investment value evaluation methods and the related factors of the investment value, and then, from the industry and the regional distribution, The scale of equity and the operating status of agricultural listed companies are described in detail, and compared with the national average level of listed companies; On the basis of expounding the basic principles of constructing the investment value evaluation system, the paper constructs the investment value evaluation system of agricultural listed companies, and finally, according to the index system of investment value evaluation from the aspects of profitability, solvency, etc. By using factor analysis, this paper analyzes and compares the financial data of agricultural listed companies in Shenzhen and Shanghai stock markets in 2012 and 2013, and explores the characteristics of investment value of agricultural listed companies. And find out the undervalued stocks of agricultural listed companies by means of price-earnings ratio analysis: Fu Cheng Wufeng, Deng Hai seed industry, Yiqiao Miao Industry, Baiyang shares, Great Lakes shares and Zhonglu B shares; and overvalued stocks: Minghe shares, probiotics shares, etc. Wanxiang Denon, Huaying agriculture and the development of San Nong and so on. And overvalued listed companies. According to the results of the research, the paper puts forward the corresponding suggestions for investors' investment activities in the securities market.
【学位授予单位】：安徽农业大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F324;F302.6

【参考文献】