本文選題：高科技上市公司　切入點(diǎn)：剩余收益模型　出處：《武漢科技大學(xué)》2012年碩士論文

【摘要】：鑒于高科技產(chǎn)業(yè)在整個(gè)經(jīng)濟(jì)體系中的引領(lǐng)作用，世界各國政府對(duì)高科技產(chǎn)業(yè)的發(fā)展均相當(dāng)重視。創(chuàng)業(yè)板的成立為高科技企業(yè)融資拓寬了渠道，促進(jìn)了高科技企業(yè)的發(fā)展。正確評(píng)估高科技上市公司的價(jià)值，使評(píng)估價(jià)值趨同于企業(yè)客觀價(jià)值，有助于創(chuàng)業(yè)板、投資者和企業(yè)自身的有序發(fā)展。 本文首先介紹了傳統(tǒng)企業(yè)價(jià)值評(píng)估的基本理論和基本方法，對(duì)各種價(jià)值評(píng)估基本方法進(jìn)行比較分析，探討了各種方法的特點(diǎn)、適用范圍和局限性。然后根據(jù)高科技上市公司經(jīng)營特征，分析了剩余收益模型在對(duì)高科技上市公司價(jià)值評(píng)估中的適用性，選取該模型進(jìn)行對(duì)高科技上市公司價(jià)值評(píng)估的研究設(shè)計(jì)。對(duì)剩余收益模型理論的產(chǎn)生及模型的推導(dǎo)與實(shí)用性進(jìn)行了系統(tǒng)的論述，按照探索價(jià)值動(dòng)因的思想把剩余收益驅(qū)動(dòng)因素進(jìn)行逐層分解，直至最為基礎(chǔ)的財(cái)務(wù)比率。最后選取了中興通訊股份有限公司為研究對(duì)象，通過邏輯實(shí)證的方法，對(duì)剩余收益模型的應(yīng)用進(jìn)行了詳細(xì)的列示，，按照所建立的模型實(shí)現(xiàn)了對(duì)中興通訊股權(quán)價(jià)值的預(yù)測(cè)和評(píng)估，驗(yàn)證了剩余收益模型對(duì)高科技上市公司進(jìn)行價(jià)值評(píng)估的可行性和有效性。 論證結(jié)果表明：運(yùn)用剩余收益模型不僅能夠較好地對(duì)高科技上市公司價(jià)值做出合理評(píng)估，幫助投資者更好地進(jìn)行投資決策，還能幫助企業(yè)管理者探索公司價(jià)值驅(qū)動(dòng)因素，針對(duì)異常的價(jià)值驅(qū)動(dòng)因素，提出可行的管理建議。
[Abstract]:In view of the leading role of high-tech industries in the entire economic system, governments all over the world attach great importance to the development of high-tech industries. The establishment of the gem broadens the channels for financing high-tech enterprises. It promotes the development of high-tech enterprises, correctly evaluates the value of high-tech listed companies, makes the evaluation value converge to the objective value of enterprises, and contributes to the orderly development of gem, investors and enterprises themselves. This paper first introduces the basic theories and methods of traditional enterprise value evaluation, compares and analyzes the basic methods of value evaluation, and discusses the characteristics of these methods. Then according to the operating characteristics of high-tech listed companies, the applicability of residual income model in the valuation of high-tech listed companies is analyzed. The model is selected to study and design the value evaluation of high-tech listed companies, and the generation of residual income model theory, the derivation and practicability of the model are systematically discussed. According to the thought of exploring the value driver, the residual income driving factor is decomposed layer by layer until the most basic financial ratio. Finally, ZTE is chosen as the research object, and the logical demonstration method is adopted. The application of residual income model is listed in detail. According to the established model, the prediction and evaluation of ZTE's equity value are realized. The feasibility and effectiveness of the residual income model for valuation of high-tech listed companies are verified. The results show that the residual income model can not only make a reasonable evaluation of the value of high-tech listed companies, help investors to make better investment decisions, but also help enterprise managers to explore the driving factors of corporate value. According to the value driving factor of abnormal value, the feasible management suggestion is put forward.
【學(xué)位授予單位】：武漢科技大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2012
【分類號(hào)】：F275;F832.51

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