【摘要】：農(nóng)業(yè)是人類的衣食住行的來(lái)源、生存的之根本,尤其是在我國(guó)這樣一個(gè)人口眾多的傳統(tǒng)農(nóng)業(yè)大國(guó),農(nóng)業(yè)關(guān)系著國(guó)民經(jīng)濟(jì)的發(fā)展與國(guó)家的安定；是國(guó)內(nèi)長(zhǎng)治久安與國(guó)際競(jìng)爭(zhēng)中保持獨(dú)立自主的基石。自1992年我國(guó)首家農(nóng)業(yè)上市公司上海聯(lián)農(nóng)股份上市以來(lái)在我國(guó)股票市場(chǎng)不斷有農(nóng)業(yè)上市公司上市、退市與轉(zhuǎn)型,截至2013年底我國(guó)共有農(nóng)業(yè)類上市公司40家,在上海證券交易所與深圳證券交易所上市分別為14家和26家,分別占比35%與65%。由于農(nóng)業(yè)的特殊性及在證券市場(chǎng)上投資的風(fēng)險(xiǎn)性,因此十分有必要對(duì)農(nóng)業(yè)類上市公司投資價(jià)值進(jìn)行評(píng)估研究,這不僅可以為投資者做出投資決策時(shí)提供參考意見,避免不必要的損失；還有利于農(nóng)業(yè)上市公司加強(qiáng)自身的經(jīng)營(yíng)管理及國(guó)家相關(guān)農(nóng)業(yè)政策的制定。本文首先在大量閱讀上市公司投資價(jià)值相關(guān)文獻(xiàn)的基礎(chǔ)上,對(duì)投資價(jià)值相關(guān)理論進(jìn)行梳理,并對(duì)基本面分析法與技術(shù)分析法兩種最為基本的投資價(jià)值評(píng)估方法及投資價(jià)值的相關(guān)影響因素進(jìn)行闡述；然后,從行業(yè)與區(qū)域分布、股本規(guī)模及經(jīng)營(yíng)狀況等特征對(duì)農(nóng)業(yè)類上市公司進(jìn)行詳細(xì)的描述,并與全國(guó)上市公司的平均水平進(jìn)行對(duì)比；再者,在闡述了構(gòu)建投資價(jià)值評(píng)估體系的基本原則的基礎(chǔ)之上構(gòu)建農(nóng)業(yè)類上市公司投資價(jià)值評(píng)估體系；最后,依據(jù)從盈利能力、償債能力等方面構(gòu)建的投資價(jià)值評(píng)估指標(biāo)體系,運(yùn)用因子分析,對(duì)深滬兩市農(nóng)業(yè)類上市公司2012年與2013年的財(cái)務(wù)數(shù)據(jù)進(jìn)行分析比較,探索農(nóng)業(yè)類上市公司投資價(jià)值的特點(diǎn),并參照市盈率分析法找出農(nóng)業(yè)類上市公司中被低估股票：福成五豐、登海種業(yè)、壹橋苗業(yè)、百洋股份、大湖股份及中魯B等；與被高估的股票：民和股份、益生股份、萬(wàn)向德農(nóng)、華英農(nóng)業(yè)及圣農(nóng)發(fā)展等。與高估的上市公司。并根據(jù)研究結(jié)果,針對(duì)投資者在證券市場(chǎng)上的投資活動(dòng)提出提出相應(yīng)的參考意見。
[Abstract]:Agriculture is the source of human life, the root of survival, especially in China, a large population of traditional agricultural countries, agriculture is related to the development of the national economy and the stability of the country; Is the domestic long-term stability and international competition to maintain independence and the cornerstone. Since 1992, the first agricultural listed company in China, Shanghai Union Agricultural Company has been listed, delisted and transformed in our stock market. By the end of 2013, there were 40 agricultural listed companies in our country. There are 14 and 26 listed on the Shanghai Stock Exchange and Shenzhen Stock Exchange respectively, accounting for 35 percent and 65 percent respectively. Because of the particularity of agriculture and the risk of investing in securities market, it is necessary to evaluate the investment value of agricultural listed companies. It also helps agricultural listed companies to strengthen their own management and national agricultural policy formulation. First of all, on the basis of reading a large number of literature on investment value of listed companies, this paper combs the theory of investment value. And two most basic investment value evaluation methods and related factors of investment value are expounded, and then, from the industry and regional distribution, the paper discusses the two most basic investment value evaluation methods and the related factors of the investment value, and then, from the industry and the regional distribution, The scale of equity and the operating status of agricultural listed companies are described in detail, and compared with the national average level of listed companies; On the basis of expounding the basic principles of constructing the investment value evaluation system, the paper constructs the investment value evaluation system of agricultural listed companies, and finally, according to the index system of investment value evaluation from the aspects of profitability, solvency, etc. By using factor analysis, this paper analyzes and compares the financial data of agricultural listed companies in Shenzhen and Shanghai stock markets in 2012 and 2013, and explores the characteristics of investment value of agricultural listed companies. And find out the undervalued stocks of agricultural listed companies by means of price-earnings ratio analysis: Fu Cheng Wufeng, Deng Hai seed industry, Yiqiao Miao Industry, Baiyang shares, Great Lakes shares and Zhonglu B shares; and overvalued stocks: Minghe shares, probiotics shares, etc. Wanxiang Denon, Huaying agriculture and the development of San Nong and so on. And overvalued listed companies. According to the results of the research, the paper puts forward the corresponding suggestions for investors' investment activities in the securities market.
【學(xué)位授予單位】：安徽農(nóng)業(yè)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2014
【分類號(hào)】：F324;F302.6

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