两家高科技上市公司的对比研究—修正利润率的观察

发布时间：2018-01-18 08:51

本文关键词：两家高科技上市公司的对比研究—修正利润率的观察　出处：《上海交通大学》2014年硕士论文　论文类型：学位论文

【摘要】：如何识别最具成长性的上市公司,这是投资者最关心的问题之一。为了实现较高的投资效率,我们期望在第一时间锁定那些最具成长潜力的公司,然后再深入挖掘和分析这些公司的生产经营细节,最终作出较稳妥的投资决策。然而,要快速识别最具成长性的公司并非易事。我们了解上市公司的主要途径就是通过其季报、年报等公开资料,但是上市公司的这些资料并非是完全透明的。因此,透过年报数据而简单得出的财务指标(如净利率、毛利率)对我们投资活动的指导意义就值得商榷。我们需要的,是过滤掉各种干扰因素而更加有效的财务指标工具。本文将通过对比分析两家纳斯达克上市公司来探究如何识别更具成长性的公司。通过深入分析两家公司的年报,对两家公司进行了估值验证,确认市场运行的价格是可以解释的。通过分析两家公司在常见财务指标(毛利率、净利率)上的表现,解释为什么这些指标会失效。通过定义新的(修正利润率)财务指标,来建立识别更具成长潜力企业的方法。通过分析两家公司的产品情况以及企业发展历程,来印证修正利润率指标的有效性。同时,笔者也将对如何才是正确的企业发展战略给出自己的看法。
[Abstract]:How to identify the most growing listed companies is one of the most important concerns of investors. In order to achieve higher investment efficiency, we hope to lock in those companies with the most growth potential in the first time. Then dig into and analyze the production and operation details of these companies, and finally make a more secure investment decision. However. To quickly identify the most growing companies is not easy. The main way to understand listed companies is through their quarterly reports, annual reports and other public information, but these information of listed companies is not completely transparent. The guidance of financial indicators (such as net interest rates, gross margins) to our investment activities based on the annual report data is debatable. What we need is. This article will explore how to identify more growth companies by comparing the two NASDAQ listed companies. Newspaper. The valuation of the two companies was validated to confirm that the market was operating at a price that could be explained. The performance of the two companies on common financial indicators (gross margin, net interest rate) was analysed. Explain why these indicators fail. Establish a way to identify companies with greater growth potential by defining new (revised margin) financial indicators. By analyzing the product profile of the two companies and the course of business development. At the same time, the author will give his own opinion on how to correct the enterprise development strategy.
【学位授予单位】：上海交通大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F275;F832.51

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