本文關鍵詞： 因子分析 EMC財務指標 投資價值　出處：《西南財經大學》2013年碩士論文　論文類型：學位論文

【摘要】：隨著工業(yè)化、城鎮(zhèn)化進程的加快和消費結構的升級,我國能源需求和消耗呈剛性增長,同時這種不斷增長的需求與消耗又受國內資源保障能力和環(huán)境容量制約,因此資源環(huán)境問題已成為制約我國經濟社會發(fā)展的瓶頸。最近幾年出現(xiàn)的電荒、油荒等問題已敲響能源安全的警鐘。如何“緩解資源環(huán)境約束,應對全球氣候變化,促進經濟發(fā)展方式轉變,建設資源節(jié)約型、環(huán)境友好型社會”已成為我國面臨的一個重要問題,為此,國家制定了一系列鼓勵節(jié)能減排行業(yè)發(fā)展的政策。在此背景下,一種新型的節(jié)能市場機制—合同能源管理(EMC)模式引起了國家的重視,在國家政策的扶持下,在政府及相關企業(yè)的共同努力下,近幾年取得了飛速發(fā)展。 隨著EMC行業(yè)的不斷發(fā)展,證券市場上的EMC型上市公司也隨之受到了眾多投資者的關注,如何正確評估EMC型上市公司的投資價值,成為投資者十分關注的問題。這里,投資價值是指基于上市公司財務報表分析的內在價值。本文以EMC型上市公司為研究對象,對我國EMC型上市公司的投資價值進行綜合評價。 本文首先對研究上市公司投資價值的兩種學派進行回顧,在總結國內外相關研究的基礎上,對EMC行業(yè)的相關概念、影響因素進行了闡述分析。 然后,本文在此基礎上,結合我國EMC行業(yè)發(fā)展現(xiàn)狀和未來前景,從公司的資產負債方面、經營與發(fā)展方面、利潤構成與盈利能力三大方面九項財務指標出發(fā),運用因子分析法構建了投資價值評價體系,并采用SPSS20軟件對2011年我國滬、深市場上20家EMC型上市公司進行了綜合評價。 最后,本文得出綜合評價的結果：排名靠前的上市公司為變頻設備、照明、暖通空調公司。本文所得結果與國外市場EMC行業(yè)的發(fā)展趨勢相符。 本文以期給投資者及EMC型上市公司的發(fā)展提供一些有意義的參考建議。
[Abstract]:Along with the industrialization, the acceleration of the urbanization process and the upgrading of the consumption structure, the energy demand and consumption of our country are increasing rigidly. At the same time, this kind of increasing demand and consumption is restricted by the domestic resource guarantee ability and the environmental capacity. Therefore, the problem of resources and environment has become the bottleneck restricting the economic and social development of our country. The problems such as electricity shortage and oil shortage in recent years have sounded the alarm of energy security. To promote the transformation of economic development mode, to build a resource-saving and environment-friendly society "has become an important problem in China. For this reason, the state has formulated a series of policies to encourage the development of energy-saving and emission reduction industries." A new type of energy saving market mechanism-contract energy management model has attracted the attention of the state. With the support of national policies and the joint efforts of the government and related enterprises, it has made rapid development in recent years. With the continuous development of EMC industry, the EMC listed companies in the securities market have also attracted the attention of many investors. How to correctly evaluate the investment value of EMC listed companies has become a very important issue for investors. The investment value refers to the intrinsic value based on the financial statement analysis of the listed company. This paper takes the EMC listed company as the research object, carries on the comprehensive appraisal to our country's EMC listed company's investment value. Firstly, this paper reviews the two schools of research on the investment value of listed companies, and on the basis of summarizing the relevant research at home and abroad, expounds and analyzes the related concepts and influencing factors of EMC industry. Then, on this basis, combined with the current situation and future prospects of EMC industry in China, this paper starts with nine financial indicators in terms of assets and liabilities, operation and development, profit composition and profitability. The evaluation system of investment value is constructed by using factor analysis method, and 20 EMC listed companies in Shanghai and Shenzhen market in 2011 are evaluated by SPSS20 software. Finally, the results of comprehensive evaluation are obtained: the top listed companies are frequency conversion equipment, lighting, HVAC companies. The results obtained in this paper are in line with the development trend of EMC industry in foreign markets. This paper hopes to provide some meaningful suggestions for the development of investors and EMC listed companies.
【學位授予單位】：西南財經大學
【學位級別】：碩士
【學位授予年份】：2013
【分類號】：F406.72

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