新三板闽保股份价值评估案例研究

发布时间：2018-01-14 07:00

本文关键词：新三板闽保股份价值评估案例研究　出处：《广东财经大学》2017年硕士论文　论文类型：学位论文

【摘要】：近年来,在政策扶持和助推下,新三板市场的发展用日新月异来形容一点都不为过。无论是企业质量还是市场规模都不断攀升。由于新三板企业挂牌的门槛相对较低、上市时间短、股票流动性差等缺点,致使传统的相对估值法准确性不足,投资者也将面临更多的投资风险。本文对新三板的发展进程、新三板企业挂牌情况进行了概述,通过对企业价值评估方法的归纳和总结,结合实际情况选定经济附加值法作为本文研究的理论基础。最后,基于EVA构建估值模型并对参数进行说明。为提高研究方法的可靠性,在确保历史数据充足的前提下,较为随性的选择了闽保股份为实例研究对象,运用估值模型对企业合理估值,对该公司的经营情况、财务数据以及挂牌上市后的股价变动情况进行跟踪比较,从而判断该方法的有效性。在文章最后,笔者根据EVA模型的计算和预测结果,对该估值方法在使用过程中遇到的问题进行总结,站在投资者角度给出估值方法运用的建议。文章主要运用的研究方法有文献分析法、案例分析法、定量分析法、情景分析法等。本文的创新之处在于,笔者站在一个普通投资者角度,面对一个全新的投资领域迎难而上,通过理论知识的深度比较,构建符合实际又易于理解的模型,财务数据公开充分的条件下尽量大众化的案例选取,都是力求最终研究成果的适用性和实用性。
[Abstract]:In recent years, under the policy support and boost. The development of the new third board market can not be described with rapid changes. Whether the quality of the enterprise or the market scale are rising. Due to the relatively low threshold of listing of the new third board enterprises, the listing time is short. Stock liquidity is poor, resulting in the traditional relative valuation method is not accurate enough, investors will also face more investment risks. This paper summarizes the development process of the new third board and the listing of the new third board enterprises. Through the induction and summary of the enterprise value evaluation method, combined with the actual situation, the economic added value method is selected as the theoretical basis of this paper. Finally. In order to improve the reliability of the research method, in order to improve the reliability of the research method, we chose the Minbao shares as an example research object randomly under the premise of ensuring sufficient historical data. This paper uses the valuation model to evaluate the enterprise reasonably, tracks and compares the company's operating situation, financial data and stock price changes after listing, so as to judge the effectiveness of the method. At the end of the article. According to the calculation and prediction results of EVA model, the author summarizes the problems encountered in the use of the method. From the point of view of investors, this paper gives some suggestions on how to use the valuation method. The main research methods used in this paper are literature analysis, case analysis, quantitative analysis, scenario analysis and so on. The innovation of this paper is that. I stand in the perspective of an ordinary investor, facing a new investment field to face the difficulties, through the depth of theoretical knowledge comparison, to build a practical and easy to understand the model. Under the condition of full disclosure of financial data, the selection of popular cases is to strive for the applicability and practicability of the final research results.
【学位授予单位】：广东财经大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F275;F49;F832.51

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