本文選題：投資價(jià)值 + 涉海上市公司　； 參考：《中國(guó)海洋大學(xué)》2012年碩士論文

【摘要】：證券市場(chǎng)在國(guó)民經(jīng)濟(jì)中發(fā)揮著融通資金、優(yōu)化資源配置、促進(jìn)經(jīng)濟(jì)發(fā)展的重要作用，上市公司投資價(jià)值是證券投資分析中熱點(diǎn)話題。正確的認(rèn)識(shí)上市公司投資價(jià)值對(duì)于投資者的理性投資、公司經(jīng)營(yíng)管理具有重要的參考意義，因此運(yùn)用不同方法和模型的投資價(jià)值研究是證券投資分析領(lǐng)域的研究重點(diǎn)。 現(xiàn)階段海洋經(jīng)濟(jì)已經(jīng)成為國(guó)民經(jīng)濟(jì)新的增長(zhǎng)點(diǎn)，海洋產(chǎn)業(yè)在經(jīng)濟(jì)發(fā)展中占據(jù)越來(lái)越重要的地位，涉海上市公司是海洋產(chǎn)業(yè)資本市場(chǎng)融資的活躍力量，是帶動(dòng)海洋經(jīng)濟(jì)發(fā)展的積極因素。國(guó)家政策的推動(dòng)使得資本市場(chǎng)掀起一股海洋股的投資熱潮。涉海上市公司與海洋經(jīng)濟(jì)的發(fā)展密切相關(guān)，因此表現(xiàn)為獨(dú)有的特征。在此背景下，科學(xué)評(píng)價(jià)涉海上市公司的投資價(jià)值對(duì)于完善公司投資價(jià)值研究和促進(jìn)理性投資具有重要的理論意義和現(xiàn)實(shí)意義。 本文旨在通過(guò)對(duì)涉海上市公司投資價(jià)值影響因素分析及其特點(diǎn)進(jìn)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(jià)值綜合評(píng)估的指標(biāo)體系，全面評(píng)估涉海上市公司的投資價(jià)值，為投資者、經(jīng)營(yíng)者、政府等多方主體提供參考和建議。 首先，本文對(duì)涉海產(chǎn)業(yè)、涉海上市公司、上市公司投資價(jià)值的涵義進(jìn)行界定，并進(jìn)一步介紹投資價(jià)值的影響因素，并對(duì)上市公司投資價(jià)值評(píng)估的常用方法進(jìn)行評(píng)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(duì)研究的主體，對(duì)影響涉海上市公司投資價(jià)值的因素進(jìn)行分析，從宏觀經(jīng)濟(jì)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(guó)涉海上市公司的特點(diǎn)和主要影響因素，結(jié)合投資價(jià)值綜合評(píng)估指標(biāo)體系構(gòu)建應(yīng)該遵循的原則，從傳統(tǒng)財(cái)務(wù)能力和未來(lái)投資潛力兩大方面構(gòu)建我國(guó)上市公司投資價(jià)值綜合評(píng)估指標(biāo)體系，并對(duì)每類指標(biāo)進(jìn)行細(xì)分和設(shè)定。最后，基于突變級(jí)數(shù)法對(duì)涉海上市公司的投資價(jià)值進(jìn)行實(shí)證分析，并將研究結(jié)果與傳統(tǒng)投資價(jià)值衡量指標(biāo)進(jìn)行相關(guān)性檢驗(yàn)，以驗(yàn)證評(píng)估模型的有效性，然后針對(duì)研究結(jié)果從不同主體的角度提出相關(guān)的對(duì)策建議。其中對(duì)于評(píng)估指標(biāo)體系特殊指標(biāo)的計(jì)算用到了隨機(jī)前沿分析和灰色關(guān)聯(lián)分析法，對(duì)于實(shí)證分析過(guò)程中指標(biāo)重要性的確定用到了主成分分析法。 論文主要?jiǎng)?chuàng)新之處和研究成果為： 1、從涉海上市公司的特點(diǎn)出發(fā)，構(gòu)建包括財(cái)務(wù)能力指標(biāo)和投資潛力指標(biāo)在內(nèi)的投資價(jià)值綜合評(píng)估指標(biāo)體系。財(cái)務(wù)能力指標(biāo)又細(xì)分為盈利能力、資產(chǎn)質(zhì)量、償債能力、成長(zhǎng)能力四個(gè)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(kuò)張能力三個(gè)子系統(tǒng)，完善了涉海上市公司投資價(jià)值綜合評(píng)估的指標(biāo)體系。 2、將突變級(jí)數(shù)法引入到涉海上市公司投資價(jià)值的實(shí)證分析中，以實(shí)現(xiàn)對(duì)涉海上市公司投資價(jià)值的綜合評(píng)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(jià)值評(píng)估中也存在較大差異。為了確保研究的準(zhǔn)確性，接著將研究結(jié)果運(yùn)用相關(guān)性分析進(jìn)行檢驗(yàn)，檢驗(yàn)結(jié)果顯示在1%的置信水平下實(shí)證分析結(jié)果通過(guò)了相關(guān)性檢驗(yàn)，表明該方法在涉海上市公司投資價(jià)值的評(píng)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(xué)位授予單位】：中國(guó)海洋大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2012
【分類號(hào)】：F832.51;F224

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