發(fā)布時間：2018-04-03 06:18

  本文選題：年報　切入點：價值評估　出處：《哈爾濱工業(yè)大學》2014年碩士論文

【摘要】：我國經(jīng)濟飛速發(fā)展，上市公司如同雨后春筍大量涌現(xiàn)。我國股票市場在社會經(jīng)濟發(fā)展中的地位也越來越重要，股市成為了企業(yè)主要的投融資市場。與此同時，我國股民數(shù)量也大量增長，股民投資主要著眼于發(fā)展良好的上市公司。但因為我國股市仍屬于新興市場，大部分投資者缺乏正確高效的價值投資理念與技術,投機意識占據(jù)主導位置。 本文旨在通過研究分析我們普通投資者最容易接觸到的了解企業(yè)的資料-年報來進行投資指導分析。研究方向不僅考慮傳統(tǒng)的財務指標，更加深入對相關文字信息進行了解讀。在前期理論研究部分簡單總結了四種企業(yè)價值評估的方法，，進行了優(yōu)缺點分析。試圖結合調(diào)整變量，基于最常用的現(xiàn)金流貼現(xiàn)模型對相關調(diào)整因素進行了模型推導。在年報文字及數(shù)字信息解讀方面進行了大量梳理，將有利于投資決策的相關因素進行分析說明。通過模型推導結果，試圖推廣新的價值評估方法模型，使得投資者對所要投資的企業(yè)有更加準確的價值預估，理性投資，使得回報收益率達到基本要求。長遠來看，模型推導的利用將有利于我國企業(yè)價值的評估以及股票市場的健康發(fā)展。 研究方法是理論分析、模型推導和案例分析相結合。從基本價值評估理論出發(fā)，系統(tǒng)研究年報中各指標因素。模型推導部分基于貼現(xiàn)價值理論分析，之后對現(xiàn)金流貼現(xiàn)模型做補充和修正,對現(xiàn)金流貼現(xiàn)模型進行了價值高估或者低估的預測，案例分析研究則通過較為完整的上市公司案例進行價值投資價值分析。
[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.
【學位授予單位】：哈爾濱工業(yè)大學
【學位級別】：碩士
【學位授予年份】：2014
【分類號】：F832.51;F275

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