基于因子分析视角的我国旅游上市企业股票价值研究

发布时间：2018-03-07 00:00

本文选题：旅游上市企业　切入点：股票价值　出处：《山西大学》2014年硕士论文　论文类型：学位论文

【摘要】：随着旅游市场的不断发展,旅游企业股票投资已成为现代社会投资的重要手段。因此,对旅游企业股票投资价值进行客观的评价分析是非常有必要的。本文首先系统的回顾了国内外学者关于旅游上市企业股票价值评价分析的文献。然后用文献资源回顾、因子分析和聚类分析的方法,依照科学性、可比性、独立性及可操作性的原则,构建了含有9个指标变量的旅游上市企业股票价值评价指标体系,通过对因子分析模型进行详细的论述,并以在我国深圳和上海证券交易所上市的全国21个旅游企业的2013年9月份发布的财务数据为基础,运用SPSS 17.0统计软件对从中所选取的9类财务指标进行因子分析,计算得出21个上市旅游企业股票的综合因子得分并对其进行排序,并且对其财务数据进行聚类分析,将其分为4类进行综合评价,使之为我们的投资旅游类股票提供决策有效信息。最后总结了我国旅游上市企业的现状,进而给出投资旅游上市企业股票的建议。全文共六章：第一章,引言。主要介绍论文的写作背景,研究的目的及意义。第二章,重点介绍了上市旅游企业股票价值评价文献回顾。主要介绍了国外关于旅游上市企业股票价值分析的文献综述及国内学者对旅游上市企业股票价值的文献研究。第三章,评价指标体系的建立。本文依据科学性、可比性、可操作性以及独立性原则,构建了我国旅游上市企业股票价值的实证分析的指标体系。从我国旅游上市企业通过证监会审核的国内旅游上市企业财务报表中选取9个指标,包括资产负债率、流动比率、股东权益比率、速动比率、销售毛利率、主营业务利润率、净利润增长率、净资产收益率、净利润现金含量等。第四章,因子分析的模型。本章重点对因子分析的理论进行分析,包括因子分析的概念、论证的公式。并依据本文的数据,重点介绍了因子分析模型的每一步过程、公式以及计算方法。第五章,实证分析。重点介绍本文所选取的数据来源,数据发布时间以及处理方法。运用KMO适用性检测及球形检测通过对数据进行适用性检验,运用SPSS软件对所选取的指标做因子分析,得到旅游上市企业股票价值的相关系数矩阵、公因子方差、解释的总方差等用来说明从9个财务指标中提取出的4个主要因子的过程以及论证方法。并通过对因子进行命名,利用以上得出的解释总方差表、因子载荷矩阵表、旋转因子载荷矩阵,并结合运用SPSS软件得出的因子得分系数,来计算每个因子的得分以及上市旅游企业的股票价值排名,进而通过聚类分析得出我国旅游上市企业的不同类型；最后对我国旅游上市企业的现状进行分析。第六章,研究结论。总结本论文的研究的结论,给出投资者选取旅游企业股票的较为有用的信息,并且阐述了本论文目前的不足以及需要下一步研究的问题。
[Abstract]:With the continuous development of tourism market, stock investment of tourism enterprises has become an important means of modern social investment. It is very necessary to evaluate and analyze the stock investment value of tourism enterprises. Firstly, this paper systematically reviews the literature of domestic and foreign scholars on the evaluation and analysis of the stock value of tourism listed enterprises. The methods of factor analysis and cluster analysis, according to the principles of science, comparability, independence and maneuverability, are used to construct the evaluation index system of the stock value of tourism listed enterprises, which contains nine index variables. Based on the financial data released on September 2013 by 21 tourism enterprises listed on the Shenzhen and Shanghai Stock exchanges in China, this paper discusses the model of factor analysis in detail. By using SPSS 17.0 statistical software, the factors of 9 kinds of financial indexes selected from them are analyzed, and the comprehensive factor scores of 21 listed tourism enterprises are calculated and sorted, and the financial data of them are analyzed by cluster analysis. It can be divided into four categories for comprehensive evaluation to provide effective information for our investment tourism stocks. Finally, the paper summarizes the current situation of tourism listed enterprises in China. Then it gives the suggestion of investing in the listed enterprises of tourism. The thesis consists of six chapters: the first chapter, the introduction. It mainly introduces the writing background of the thesis, the purpose and significance of the research. This paper mainly introduces the literature review of stock value evaluation of listed tourism enterprises, mainly introduces the literature review of stock value analysis of tourism listed enterprises abroad and the literature research on the stock value of tourism listed enterprises by domestic scholars. This paper is based on the principles of science, comparability, operability and independence. This paper constructs an index system for the empirical analysis of the stock value of the tourism listed enterprises in China, and selects 9 indicators from the financial statements of the domestic tourism listed enterprises audited by the CSRC, including asset-liability ratio and current ratio. Shareholder equity ratio, quick ratio, gross sales margin, profit margin of main business, net profit growth rate, return on net assets, cash content of net profit, etc. Chapter 4th, This chapter focuses on the analysis of the theory of factor analysis, including the concept of factor analysis, the formula of proof. Formula and calculation methods. Chapter 5th, empirical analysis. This paper focuses on the selected data sources, data release time and processing methods. The applicability of the data is tested by using KMO applicability test and spherical testing. By using SPSS software to make factor analysis on the selected index, the correlation coefficient matrix and common factor variance of the stock value of tourism listed enterprises are obtained. The total variance of explanation is used to explain the process and demonstration method of the four main factors extracted from 9 financial indexes. The rotation factor load matrix and the factor score coefficient obtained by SPSS software are used to calculate the score of each factor and the stock value ranking of listed tourism enterprises, and then the different types of tourism listed enterprises in China are obtained by cluster analysis. Finally, this paper analyzes the current situation of tourism listed enterprises in China. 6th chapter, the conclusion of the research, summarizes the conclusions of this paper, gives the more useful information for investors to select the tourism enterprises stock. And elaborated this paper present insufficiency and needs the next research question.
【学位授予单位】：山西大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F592.6;F832.51

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