【摘要】：我國已經(jīng)成為世界上最大的煤炭生產(chǎn)國和消費國,煤炭廣泛應(yīng)用于鋼鐵、電力、化工等工業(yè)生產(chǎn)及居民生活領(lǐng)域。雖然我國對煤炭需求的增速逐步放緩,但是“富煤、缺油、少氣”的能源結(jié)構(gòu)決定了煤炭在我國一次能源供需中的基礎(chǔ)地位在相當長時間內(nèi)都難以改變,煤炭行業(yè)在國民經(jīng)濟和社會發(fā)展中的重要地位也不會改變。 因此煤炭行業(yè)依舊是各類投資者重點關(guān)注的行業(yè),對其行業(yè)內(nèi)上市公司投資價值分析顯得尤其重要。鑒于此,本文參考國內(nèi)外有關(guān)上市公司投資價值的研究成果,結(jié)合我國證券市場發(fā)展的具體情況,分析煤炭行業(yè)投資價值的影響因素,探索建立上市公司投資價值綜合評價方法,為投資者的投資策略提供有效的參考價值,具有較強的實踐意義。 本文基于價值投資理論,從證券投資分析的基本分析流派框架入手,在宏觀經(jīng)濟和中觀行業(yè)分析的基礎(chǔ)上,引入因子分析法構(gòu)建上市公司投資價值綜合評價體系,選取23家煤炭行業(yè)上市公司作為樣本,從14項指標變量之間的內(nèi)部作用關(guān)系中探求被觀測數(shù)據(jù)的基本結(jié)構(gòu),通過少數(shù)假想變量來反映該數(shù)據(jù)結(jié)構(gòu),最終得出煤炭行業(yè)內(nèi)上市公司投資價值綜合排名,并分別與市場表現(xiàn)的投資價值進行比較,確定投資策略。
[Abstract]:China has become the world's largest producer and consumer of coal, coal is widely used in steel, electricity, chemical and other industrial production and household life. Although the growth rate of coal demand in China has slowed down gradually, the energy structure of "rich coal, lack of oil and less gas" determines that the basic position of coal in China's primary energy supply and demand will be difficult to change for quite a long time. The important position of coal industry in national economy and social development will not change. Therefore, the coal industry is still the focus of attention of all kinds of investors, and it is particularly important to analyze the investment value of listed companies in the industry. In view of this, this paper, referring to the research results of investment value of listed companies at home and abroad, combined with the specific situation of the development of China's securities market, analyzes the influencing factors of the investment value of coal industry. It is of great practical significance to explore and establish a comprehensive evaluation method for the investment value of listed companies, which provides an effective reference value for investors' investment strategies. Based on the theory of value investment, this paper starts with the basic analysis school framework of securities investment analysis, and on the basis of macroeconomic and meso-industry analysis, introduces factor analysis method to construct the comprehensive evaluation system of investment value of listed companies. In this paper, 23 listed companies in coal industry are selected as samples to explore the basic structure of observed data from the internal function relationship among 14 index variables, and to reflect the data structure through a few hypothetical variables. Finally, the comprehensive ranking of the investment value of listed companies in coal industry is obtained, and the investment strategy is determined by comparing the investment value with the market performance.
【學(xué)位授予單位】：西南石油大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2012
【分類號】：F426.21;F832.51;F224

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