光明乳业股票投资价值分析

发布时间：2018-05-20 23:41

本文选题：证券市场 + 乳品行业　；参考：《武汉工程大学》2016年硕士论文

【摘要】：随着我国金融体系的渐渐成熟,在金融全球化的大前提下,证券市场在我国发生了明显的变化,一些合格的机构投资者成为股票市场的主要力量,如海外投资者、社保基金等,这些机构的入市转变了投资的价值观和理念,特别是2015年6月沪深两市A股出现的系统风险(去杠杆化)充分暴露了投机性的投资方式的问题后,投资者的投资观念转向了以基本面分析为主的价值投资方式,从而逐渐抛弃了原先的投机观念和投资方式。中国乳制品行业目前已经形成了相对有序的竞争格局,市场集中度不断提升,品牌发展也相对稳定,中国乳制品行业将呈现长期稳步增长趋势。作为国内乳业三巨头之一的光明乳业拥有100多年的历史,是国内乳品行业的引领者之一,公司拥有世界一流的乳品研究院、乳品加工设备以及先进的乳品加工工艺,其产品也具有较高的市场占有率。其股票对投资者具有一定的吸引力。目前针对中国乳品行业的现状及对策分析较多,但缺乏个案研究。本文以光明乳业为研究对象,以财务管理理论为基础,首先对光明乳业股票的基本面进行探讨,其次,运用比较分析法重点分析了公司的财务状况,并以此为基础运用市盈率法、市净率法和股利折现模型法,对光明乳业股票的特点与投资价值区间作出比较客观、合理的评估。为广大投资者,特别是中小股民提供一个有效分析上市公司股票投资价值的参考模式。本文的创新点在于运用定性分析与定量分析相结合的方法,借助股票投资价值分析的相关理论与模型,对光明乳业股票的进行其投资价值分析,并对股票投资风险进行了系统的研究,以供投资者进行决策。
[Abstract]:With the gradual maturity of our financial system, under the premise of financial globalization, the securities market has undergone obvious changes in our country. Some qualified institutional investors have become the main force in the stock market, such as overseas investors, social security funds, and so on. The entry of these institutions into the market has transformed the values and ideas of investment, especially after the systemic risk (deleveraging) of the Shanghai and Shenzhen A-shares in June 2015 fully exposed the problem of speculative investment methods. The investor's investment concept has changed to the value investment mode which is based on the fundamental analysis, and gradually abandoned the original speculation idea and investment mode. China's dairy industry has formed a relatively orderly competition pattern, the market concentration is constantly improving, brand development is relatively stable, China's dairy industry will show a long-term steady growth trend. As one of the three giants of domestic dairy industry, Guangming Dairy has a history of more than 100 years and is one of the leaders in domestic dairy industry. The company has world class dairy research institutes, dairy processing equipment and advanced dairy processing technology. Its products also have a high market share. Its stock has certain attraction to the investor. At present, there are many analysis on the status quo and countermeasures of Chinese dairy industry, but lack of case study. This paper takes Guangming Dairy as the research object, based on the theory of financial management, firstly discusses the fundamentals of Guangming Dairy stock, and secondly, analyzes the financial situation of the company by means of comparative analysis. On this basis, the paper makes a more objective and reasonable evaluation of the characteristics and investment value interval of Guangming Dairy stock by using the price-to-earnings ratio method, the price-to-book ratio method and the dividend discount model method. To provide a reference model for investors, especially small and medium shareholders, to analyze the stock investment value of listed companies. The innovation of this paper is to use the method of combining qualitative analysis and quantitative analysis, with the help of the relevant theory and model of stock investment value analysis, to analyze the investment value of Guangming dairy stock. And the stock investment risk is systematically studied for investors to make decisions.
【学位授予单位】：武汉工程大学
【学位级别】：硕士
【学位授予年份】：2016
【分类号】：F426.82;F832.51

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