【摘要】：我國證券市場發(fā)展迅猛,但相較于壯大了的市場規(guī)模和逐漸成熟的市場秩序,市場參與者尤其是個(gè)人投資者素質(zhì)的提升仍是一個(gè)漫長的過程。投資者需要樹立科學(xué)理性的投資觀念,不要僅以股票價(jià)格的波動(dòng)作為操作依據(jù),要先對企業(yè)進(jìn)行了解,嘗試判定企業(yè)價(jià)值等,做一個(gè)價(jià)值投資者。此外,因?yàn)槲覈Y本市場環(huán)境和會(huì)計(jì)制度的獨(dú)特性,會(huì)計(jì)利潤在很多情況下很難反映企業(yè)真正的價(jià)值,所以本文希望通過對EVA的研究,來衡量上市公司的企業(yè)價(jià)值并對其在價(jià)值投資分析中的應(yīng)用進(jìn)行探析。本文以白酒行業(yè)上市公司為研究對象,用理論分析和實(shí)證分析相結(jié)合的方法,對EVA在價(jià)值投資分析中的應(yīng)用進(jìn)行研究,通過基礎(chǔ)理論分析,加深對價(jià)值投資理念層次的理解和對企業(yè)價(jià)值、企業(yè)價(jià)值評估及方法的認(rèn)識,也對經(jīng)濟(jì)增加值(EVA)在應(yīng)用時(shí)應(yīng)注意的事項(xiàng)有了進(jìn)一步的了解。通過EVA指標(biāo)和傳統(tǒng)會(huì)計(jì)指標(biāo)在白酒行業(yè)上市公司的比較分析以及對瀘州老窖進(jìn)行個(gè)案分析,加深了對EVA在該行業(yè)價(jià)值投資分析中應(yīng)用的認(rèn)識。文章首先對基本理論進(jìn)行論述,結(jié)合國內(nèi)外相關(guān)研究文獻(xiàn),明確界定了有關(guān)定義的概念。本文對價(jià)值投資理論的認(rèn)識基本遵循格雷厄姆的思想,另外比較偏向研究企業(yè)價(jià)值評估對價(jià)值投資分析的影響。文章通過對傳統(tǒng)和現(xiàn)代企業(yè)價(jià)值理論的比較,對企業(yè)價(jià)值的內(nèi)涵的闡釋,以及對價(jià)值評估方法進(jìn)行界定和對比后,認(rèn)為收益法中的經(jīng)濟(jì)增加值EVA評估法適合現(xiàn)代企業(yè)的價(jià)值評估,對分析上市公司價(jià)值投資有幫助。然后文章在對EVA的調(diào)整規(guī)則和調(diào)整項(xiàng)目歸納的基礎(chǔ)上,根據(jù)實(shí)際情況對計(jì)算公式進(jìn)行調(diào)整。通過EVA指標(biāo)和傳統(tǒng)會(huì)計(jì)指標(biāo)進(jìn)行比較,得出EVA指標(biāo)是適用于白酒行業(yè)上市公司的價(jià)值評估的,且和企業(yè)實(shí)際收益聯(lián)系更密切,為EVA對瀘州老窖的具體分析提供了支撐。最后在理論研究和數(shù)據(jù)分析的基礎(chǔ)上,本文選取瀘州老窖作為案例分析的對象。首先介紹了瀘州老窖的基本情況其次對瀘州老窖的經(jīng)濟(jì)增加值EVA進(jìn)行確認(rèn)、計(jì)量、分析和預(yù)測,觀察企業(yè)在股市表現(xiàn)與EVA值波動(dòng)有無共通之處來進(jìn)行解釋說明,并根據(jù)預(yù)測的EVA值結(jié)果對瀘州老窖進(jìn)行分析,找出存在的理論和實(shí)踐的問題,并提出對策和建議,不僅可以幫助廣大投資者對明確投資目標(biāo),更好地進(jìn)行價(jià)值投資,還可以幫助企業(yè)管理者明確管理方向,提升企業(yè)績效。
[Abstract]:China's securities market is developing rapidly, but compared with the growing market scale and gradually mature market order, it is still a long process to improve the quality of market participants, especially individual investors. Investors need to establish a scientific and rational investment concept, not only based on the fluctuation of stock price, but also to understand the enterprise, try to judge the value of the enterprise, and be a value investor. In addition, because of the uniqueness of our country's capital market environment and accounting system, it is very difficult to reflect the real value of the enterprise in many cases, so this paper hopes to pass the research on EVA. To measure the corporate value of listed companies and analyze its application in value investment analysis. In this paper, the application of EVA in value investment analysis is studied by combining theoretical analysis and empirical analysis with the listed companies of liquor industry as the research object. Further understanding of the level of the concept of value investment and the understanding of enterprise value, enterprise value evaluation and methods, as well as the matters that should be paid attention to in the application of value added (EVA). Through the comparative analysis of EVA index and traditional accounting index in the listed company of liquor industry and the case study of Luzhou Laojiao, the understanding of the application of EVA in the value investment analysis of this industry is deepened. In this paper, the basic theory is discussed, and the concept of the definition is clearly defined in combination with the domestic and foreign research literature. In this paper, the theory of value investment is based on Graham's thought, and the influence of enterprise value evaluation on value investment analysis is also studied. Through the comparison of traditional and modern enterprise value theory, this paper explains the connotation of enterprise value, and defines and compares the methods of value evaluation. It is considered that the EVA valuation method of economic added value in income approach is suitable for the value assessment of modern enterprises, and it is helpful to analyze the value investment of listed companies. Then, on the basis of the adjustment rules of EVA and the induction of adjustment items, the calculation formula is adjusted according to the actual situation. By comparing the EVA index with the traditional accounting index, it is concluded that the EVA index is suitable for the value evaluation of listed companies in liquor industry, and is more closely related to the actual income of the enterprise, which provides the support for the concrete analysis of Luzhou Laojiao by EVA. Finally, on the basis of theoretical research and data analysis, this paper selects Luzhou Laojiao as the object of case study. Firstly, the basic situation of Luzhou Laojiao is introduced. Secondly, the EVA of Luzhou Laojiao is confirmed, measured, analyzed and forecasted. According to the predicted EVA value, this paper analyzes the Luzhou Laojiao, finds out the existing problems in theory and practice, and puts forward some countermeasures and suggestions, which can not only help the vast number of investors to make clear the investment target, but also better carry out the value investment. Also can help the enterprise manager clear management direction, enhances the enterprise performance.
【學(xué)位授予單位】：江蘇科技大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2017
【分類號】：F426.82;F406.7

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