本文選題：投資價值 + 涉海上市公司　； 參考：《中國海洋大學》2012年碩士論文

【摘要】：證券市場在國民經(jīng)濟中發(fā)揮著融通資金、優(yōu)化資源配置、促進經(jīng)濟發(fā)展的重要作用，上市公司投資價值是證券投資分析中熱點話題。正確的認識上市公司投資價值對于投資者的理性投資、公司經(jīng)營管理具有重要的參考意義，因此運用不同方法和模型的投資價值研究是證券投資分析領(lǐng)域的研究重點。 現(xiàn)階段海洋經(jīng)濟已經(jīng)成為國民經(jīng)濟新的增長點，海洋產(chǎn)業(yè)在經(jīng)濟發(fā)展中占據(jù)越來越重要的地位，涉海上市公司是海洋產(chǎn)業(yè)資本市場融資的活躍力量，是帶動海洋經(jīng)濟發(fā)展的積極因素。國家政策的推動使得資本市場掀起一股海洋股的投資熱潮。涉海上市公司與海洋經(jīng)濟的發(fā)展密切相關(guān)，因此表現(xiàn)為獨有的特征。在此背景下，科學評價涉海上市公司的投資價值對于完善公司投資價值研究和促進理性投資具有重要的理論意義和現(xiàn)實意義。 本文旨在通過對涉海上市公司投資價值影響因素分析及其特點進行總結(jié)的基礎(chǔ)上，構(gòu)建一套適用于涉海上市公司投資價值綜合評估的指標體系，全面評估涉海上市公司的投資價值，為投資者、經(jīng)營者、政府等多方主體提供參考和建議。 首先，本文對涉海產(chǎn)業(yè)、涉海上市公司、上市公司投資價值的涵義進行界定，并進一步介紹投資價值的影響因素，并對上市公司投資價值評估的常用方法進行評述，確定本文要采用的研究方法，為全文奠定理論基礎(chǔ)。其次，，針對研究的主體，對影響涉海上市公司投資價值的因素進行分析，從宏觀經(jīng)濟層面、中觀產(chǎn)業(yè)層面、微觀公司層面把握主要的影響因素。再次，根據(jù)我國涉海上市公司的特點和主要影響因素，結(jié)合投資價值綜合評估指標體系構(gòu)建應(yīng)該遵循的原則，從傳統(tǒng)財務(wù)能力和未來投資潛力兩大方面構(gòu)建我國上市公司投資價值綜合評估指標體系，并對每類指標進行細分和設(shè)定。最后，基于突變級數(shù)法對涉海上市公司的投資價值進行實證分析，并將研究結(jié)果與傳統(tǒng)投資價值衡量指標進行相關(guān)性檢驗，以驗證評估模型的有效性，然后針對研究結(jié)果從不同主體的角度提出相關(guān)的對策建議。其中對于評估指標體系特殊指標的計算用到了隨機前沿分析和灰色關(guān)聯(lián)分析法，對于實證分析過程中指標重要性的確定用到了主成分分析法。 論文主要創(chuàng)新之處和研究成果為： 1、從涉海上市公司的特點出發(fā)，構(gòu)建包括財務(wù)能力指標和投資潛力指標在內(nèi)的投資價值綜合評估指標體系。財務(wù)能力指標又細分為盈利能力、資產(chǎn)質(zhì)量、償債能力、成長能力四個子系統(tǒng)。投資潛力包含創(chuàng)新與發(fā)展?jié)摿�、行業(yè)前景、股本擴張能力三個子系統(tǒng)，完善了涉海上市公司投資價值綜合評估的指標體系。 2、將突變級數(shù)法引入到涉海上市公司投資價值的實證分析中，以實現(xiàn)對涉海上市公司投資價值的綜合評估。研究發(fā)現(xiàn)上市公司行業(yè)間分布差異較大，即使處于同一行業(yè)的上市公司在投資價值評估中也存在較大差異。為了確保研究的準確性，接著將研究結(jié)果運用相關(guān)性分析進行檢驗，檢驗結(jié)果顯示在1%的置信水平下實證分析結(jié)果通過了相關(guān)性檢驗，表明該方法在涉海上市公司投資價值的評估中是有效的。
[Abstract]:The securities market financing plays in the national economy, optimize the allocation of resources, an important role in promoting the development of economy, the investment value of Listed Companies in the securities investment analysis is a hot topic. The correct understanding of the investment value of listed companies for the rational investment of investors, the company management has the important reference significance, therefore the research on the investment value of different methods and the model is the research focus in the field of securities investment analysis.
At the present stage of marine economy has become a new growth point of national economy, marine industry occupies more and more important role in economic development, marinelisted company is active force in the market of marine industrial capital, are positive factors to promote the development of marine economy. The national policy to promote the capital market set off a marine stock investment boom. Closely related to the development of marine listed companies and marine economy, therefore shows unique characteristics. In this context, the scientific evaluation of sea related investment value of listed companies to improve corporate investment has important theoretical significance and practical significance in promoting the rational investment and research value.
This paper aims at summarizing the sea related factors of investment value of listed companies and the analysis of its characteristics, constructing the index system of a set of applicable sea related investment value of listed companies comprehensive evaluation, comprehensive evaluation of sea related investment value of listed companies, investors, operators, and provide reference of government and other parties subject.
First of all, this paper of marine industry, marine listed companies, defines the meaning of the investment value of listed companies, and further introduces the influencing factors of investment value, common methods and evaluation of the investment value of listed companies is reviewed, the research method of this paper to determine the theoretical basis for the full text. Secondly, according to the study of the subject the factors influence on the sea, the investment value of listed companies is analyzed, from the macroeconomic level, industry level, micro company level, grasp the main affecting factors. Thirdly, according to the features and main influencing factors of China's marine listed companies, the construction should follow the principle of combining the comprehensive evaluation index system of investment value, construct comprehensive evaluation the index system of investment value of Listed Companies in our country from the traditional financial ability and future investment potential in two aspects, and subdivide and set for each index. Finally, base The catastrophe progression method of marine investment value of listed companies by empirical analysis, and the research results with the traditional investment value index of correlation test, to verify the validity ofthe assessment model, then according to the results of the study from the perspectives of different subjects and make relevant suggestions. For the calculation of the evaluation index system of the use of special index the stochastic frontier analysis and grey correlation analysis method, empirical analysis on indicators of the importance in the process of use principal component analysis to determine.
The main innovation and research results of this paper are as follows:
1, starting from the characteristics of marinelisted company, to build a comprehensive evaluation index system of investment value including financial capacity index and investment potential index. Financial capacity index is divided into profitability, asset quality, solvency, capacity growth of four subsystems. The investment potential includes innovation and development potential, the prospect of the industry, capital expansion capacity the three subsystems, the index system to improve the marine comprehensive assessment of the investment value of listed companies.
2, the catastrophe progression method is introduced into the empirical analysis of the investment value of listed companies related to the sea, so as to make comprehensive assessment of marinelisted company investment value of the listed companies. The study found that the inter industry differences, even in the same industry listed companies there is a big difference in the investment valuation. In order to ensure the then the results accuracy was tested using correlation analysis, test results show that the results of the empirical analysis through the correlation test in 1% confidence level, showed that the value of this method in investment marinelisted company evaluation is effective assessment.

【學位授予單位】：中國海洋大學
【學位級別】：碩士
【學位授予年份】：2012
【分類號】：F832.51;F224

【參考文獻】

相關(guān)期刊論文 前10條

1 陶冶;馬健;;基于聚類分析和判別分析方法的股票投資價值分析──關(guān)于中小企業(yè)板的初步研究[J];財經(jīng)理論與實踐;2005年06期

2 李云飛;李鵬雁;;基于模糊聚類技術(shù)的股票投資價值評價指標選擇[J];燕山大學學報;2008年06期

3 趙振全,耿玉新;價值增加法在中國公司投資價值評估中的應(yīng)用[J];當代經(jīng)濟研究;2005年04期

4 陳敬武;雷升;;基于熵值賦權(quán)的上市公司投資價值灰關(guān)聯(lián)評判[J];河北工業(yè)大學學報;2008年01期

5 何廣順;王曉惠;;海洋及相關(guān)產(chǎn)業(yè)分類研究[J];海洋科學進展;2006年03期

6 許長新,陳浩;海洋產(chǎn)業(yè)的關(guān)聯(lián)性研究[J];海洋開發(fā)與管理;2002年05期

7 鄒朋飛 ,謝鳳鳴 ,尹筑嘉;運用Black-Scholes期權(quán)評估公司股票的投資價值[J];金融與經(jīng)濟;2005年10期

8 林杰;鄭循剛;;基于熵權(quán)TOPSIS法的房地產(chǎn)上市公司績效評價[J];技術(shù)經(jīng)濟與管理研究;2008年03期

9 李軍旗;;上市公司綜合評價及其內(nèi)在投資價值的確定[J];價值工程;2011年17期

10 楊茜;;基于Logistic回歸模型的航運業(yè)上市公司投資價值評價[J];科技創(chuàng)業(yè)月刊;2010年08期

相關(guān)碩士學位論文 前4條

1 彭雙妮;基于突變級數(shù)法的企業(yè)價值評估研究[D];中南大學;2010年

2 鄭志平;基于主成分分析法的新能源行業(yè)上市公司投資價值評估研究[D];南昌大學;2011年

3 崔婷婷;我國鋼鐵行業(yè)上市公司投資價值分析[D];燕山大學;2010年

4 鄭惠萍;基于人工神經(jīng)網(wǎng)絡(luò)方法的上市公司股票投資價值分析[D];哈爾濱工業(yè)大學;2011年

本文編號：1750881