国企改革下同仁堂投资价值研究

发布时间：2018-03-24 12:02

本文选题：同仁堂企业　切入点：投资价值　出处：《西南交通大学》2017年硕士论文

【摘要】：随着近几年经济市场的高速发展和变化,传统意义上的国有企业又面临着国企改革的重大变化,投资者面临的是更加变化莫测的外在环境,其投资风险也随之增大,因此,投资者应该重点关注上市公司的投资价值。而医药行业作为中国的重要民生产业,深深牵动着我们平常老百姓的生活,而同仁堂作为中国传统中医药国有企业,具有一定的代表性。最近几年经济增缓,使得许多投资者会对医药公司的投资产生疑虑,同仁堂作为医药行业国有上市公司是否仍然值得投资,该公司的股票是否存在被市场低估或者高估,都值得进行探索分析。本论文以现代医药行业和国企改革作为宏观环境背景,以对同仁堂企业的财务分析为出发点,以投资价值评估理论为基础,判断同仁堂企业是否有投资价值。首先,进行同仁堂企业的财务分析,从盈利能力,偿债能力,资产管理能力和发展能力四个方面构建财务体系。其次,构建了上市公司投资价值模型,选取指标,运用SPSS软件,以因子分析为定量分析的基础,结合定性分析以包括同仁堂企业在内的我国上市药业排名综合前26家的公司为对比对象,对其进行实证分析,得出总得分函数,进行排名,由此可以看出同仁堂企业在整个行业中的情况,判断同仁堂企业的现状真实投资价值。但该分析仅限于同仁堂处于行业的现状,并未预测未来。之后,构建市盈率法模型,预测企业未来发展的投资价值。最后,从股权分红等方面另一个角度进行分析,投资者是否应该将资金投资同仁堂企业。通过对前面的分析得出投资结论:国企改革下,同仁堂企业在医药行业中,存在一定的投资价值,但需要较长时间得到收益,投资者仍需谨慎考虑。
[Abstract]:With the rapid development and change of the economic market in recent years, the state-owned enterprises in the traditional sense are facing great changes in the reform of the state-owned enterprises. The investors are facing a more unpredictable external environment and their investment risks are also increasing. Investors should focus on the investment value of listed companies. As an important livelihood industry in China, the pharmaceutical industry deeply affects the lives of our ordinary people, while Tongrentang, as a state-owned enterprise of Chinese traditional Chinese medicine, In recent years, economic growth has slowed, leading many investors to have doubts about the investment of pharmaceutical companies. Tongrentang, as a state-owned listed company in the pharmaceutical industry, is still worthy of investment. Whether the stock of the company is undervalued or overvalued by the market is worth exploring and analyzing. This paper takes the reform of modern medicine industry and state-owned enterprises as the background of macro environment, and takes the financial analysis of Tongrentang enterprise as the starting point. Based on the theory of evaluation of investment value, we judge whether Tongrentang enterprise has investment value. Firstly, we analyze the financial affairs of Tongrentang enterprise from the aspects of profitability and solvency. Secondly, the paper constructs the investment value model of listed companies, selects the index, uses SPSS software, and takes factor analysis as the basis of quantitative analysis. Combined with qualitative analysis, taking the listed pharmaceutical companies in China, including Tongrentang enterprises, as the comparative objects, the author makes an empirical analysis of them, and obtains the total score function and ranking. From this, we can see the situation of Tongrentang enterprise in the whole industry, and judge the real investment value of Tongrentang enterprise. But this analysis is limited to the status quo of Tongrentang in the industry, and does not predict the future. To predict the investment value of the future development of the enterprise. Finally, from another angle of equity dividend and other aspects, investors should invest their funds in Tongrentang enterprises. Through the analysis above, the conclusion of investment is drawn: under the reform of state-owned enterprises, Tongrentang enterprise in the pharmaceutical industry, there is a certain investment value, but need a long time to get income, investors still need to carefully consider.
【学位授予单位】：西南交通大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F276.1;F271

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