通过历年上市公司的年报信息进行公司价值评估

发布时间：2018-04-03 06:18

本文选题：年报　切入点：价值评估　出处：《哈尔滨工业大学》2014年硕士论文

【摘要】：我国经济飞速发展，上市公司如同雨后春笋大量涌现。我国股票市场在社会经济发展中的地位也越来越重要，股市成为了企业主要的投融资市场。与此同时，我国股民数量也大量增长，股民投资主要着眼于发展良好的上市公司。但因为我国股市仍属于新兴市场，大部分投资者缺乏正确高效的价值投资理念与技术,投机意识占据主导位置。本文旨在通过研究分析我们普通投资者最容易接触到的了解企业的资料-年报来进行投资指导分析。研究方向不仅考虑传统的财务指标，更加深入对相关文字信息进行了解读。在前期理论研究部分简单总结了四种企业价值评估的方法，，进行了优缺点分析。试图结合调整变量，基于最常用的现金流贴现模型对相关调整因素进行了模型推导。在年报文字及数字信息解读方面进行了大量梳理，将有利于投资决策的相关因素进行分析说明。通过模型推导结果，试图推广新的价值评估方法模型，使得投资者对所要投资的企业有更加准确的价值预估，理性投资，使得回报收益率达到基本要求。长远来看，模型推导的利用将有利于我国企业价值的评估以及股票市场的健康发展。研究方法是理论分析、模型推导和案例分析相结合。从基本价值评估理论出发，系统研究年报中各指标因素。模型推导部分基于贴现价值理论分析，之后对现金流贴现模型做补充和修正,对现金流贴现模型进行了价值高估或者低估的预测，案例分析研究则通过较为完整的上市公司案例进行价值投资价值分析。
[Abstract]:With the rapid development of our economy, listed companies have sprung up in large numbers.The stock market of our country is becoming more and more important in the development of social economy, and the stock market has become the main investment and financing market of enterprises.At the same time, the number of shareholders in our country also increased a lot, investors mainly focused on the development of well-developed listed companies.However, because the stock market of our country still belongs to the emerging market, most investors lack the correct and efficient value investment idea and technology, and the speculative consciousness occupies the leading position.The purpose of this paper is to conduct investment guidance analysis by studying and analyzing the most easily accessible corporate data-annual report.The research direction not only considers the traditional financial indicators, but also further interprets the related text information.In the part of theoretical research, four methods of enterprise value evaluation are summarized, and their advantages and disadvantages are analyzed.Based on the most commonly used discounted cash flow model, this paper attempts to deduce the relevant adjustment factors.In the annual report text and digital information interpretation of a large number of combing, will be conducive to investment decision-making related factors to analyze and explain.By deducing the result of the model, this paper attempts to generalize the new value evaluation method model, which makes investors have more accurate value estimate and rational investment to the enterprises they want to invest, so that the return rate can reach the basic requirements.In the long run, the use of model derivation will benefit the evaluation of enterprise value and the healthy development of stock market.The research method is theoretical analysis, model derivation and case analysis.Starting from the basic value evaluation theory, this paper systematically studies the index factors in the annual report.The derivation part of the model is based on the discounted value theory analysis, then the discounted cash flow model is supplemented and modified, and the discounted cash flow model is predicted to be overvalued or undervalued.The case study carries on the value analysis of the value investment through the relatively complete case of the listed company.
【学位授予单位】：哈尔滨工业大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51;F275

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