本文選題：上市證券公司　切入點：EVA　出處：《重慶理工大學》2017年碩士論文　論文類型：學位論文

【摘要】：2015年是中國資本市場發(fā)展進程中具有重要意義的一年,而證券公司作為資本市場的重要組成部分,為各方的資金需求與融通提供了高速通道,在我國經(jīng)濟發(fā)展中扮演著重要角色。在國家大力推進社會主義市場經(jīng)濟改革,促進經(jīng)濟轉(zhuǎn)型全面創(chuàng)新發(fā)展的今天,證券公司在服務(wù)實體經(jīng)濟、行業(yè)改革發(fā)展創(chuàng)新方面也面臨著新的機遇與挑戰(zhàn)。證券公司如何應(yīng)用科學有效的方法評估自身企業(yè)價值和財務(wù)經(jīng)營績效以求企業(yè)更加長遠發(fā)展的重要性不言而喻。因此如何引入一套科學合理的價值評估體系對證券行業(yè)未來的發(fā)展顯得越發(fā)重要!本文以EVA為導(dǎo)向?qū)ξ覈鲜凶C券公司進行企業(yè)價值評估與財務(wù)評價應(yīng)用研究,一共分為六個部分:第一部分是本文的緒論部分,首先介紹了本文的研究背景與意義,接著對國內(nèi)外的相關(guān)文獻進行了闡述,在此基礎(chǔ)上確定了本文的研究內(nèi)容、方法以及技術(shù)路線,最后闡述了本文的創(chuàng)新點;第二部分為理論基礎(chǔ),針對企業(yè)價值評估理論和財務(wù)評價理論進行了具體闡述,為本文的后續(xù)案例分析打下理論基石;第三部分首先分析上市證券公司的行業(yè)現(xiàn)狀與特點,接著指出上市證券公司價值評估方面存在的問題,并對其價值評估方法的選擇作出具體分析,最后分析上市證券公司在財務(wù)評價方面存在的問題并提出EVA價值性財務(wù)分析的優(yōu)勢;第四部分對上市證券公司進行具體價值評估,構(gòu)建EVA價值評估模型,并對EVA指標作出具體分析研究,在此基礎(chǔ)上對A股17家上市證券公司作出具體價值評估;第五部分應(yīng)用EVA對上市證券公司進行價值性財務(wù)評價研究,分別對17家上市證券公司的EVA進行相互對比分析研究、EVA與傳統(tǒng)財務(wù)指標對比分析研究、EVA與市場估值法相關(guān)指標對比研究;第六部分為本文的研究結(jié)論與局限。本文首次將EVA價值評估理論應(yīng)用于上市證券公司價值評估,同時創(chuàng)造性的將EVA價值評估與財務(wù)評價相結(jié)合,對我國上市證券公司的企業(yè)價值與經(jīng)營業(yè)績進行了評估與應(yīng)用研究。研究結(jié)果證明,EVA價值評估理論可以科學有效的對上市證券公司進行價值評估,全面分析企業(yè)在財務(wù)經(jīng)營過程中存在的問題。本文的研究豐富了EVA價值評估理論的應(yīng)用領(lǐng)域,并為上市證券公司的企業(yè)價值評估提供了一種全新的研究思路和方法,具有很強的理論意義和踐意義。
[Abstract]:2015 is of great importance in the development process of China capital market in a year, and the securities company as an important part of the capital market, provides a high-speed channel for all funding needs and financing, plays an important role in the economic development of our country. In the country to vigorously promote the reform of the socialist market economy, and promote economic restructuring and development of a comprehensive innovation today, the securities companies in the service of the real economy, reform and development of the industry innovation is also facing new opportunities and challenges. It is self-evident importance of securities companies how to use scientific and effective methods to assess the value of their own businesses and the financial performance of enterprises in order to more long-term development. So more and more important for the future development of the securities industry is how to introduce a set of values the evaluation system of scientific and reasonable! The EVA oriented on China's listed securities companies and enterprise value assessment Study on Application of financial evaluation, is divided into six parts: the first part is the introduction, first introduced the research background and significance, then the relevant literature at home and abroad are discussed, on the basis of the research contents of this paper are determined, methods and technical route, finally points out the innovation of this article; the second part is the theoretical basis, according to the theory of enterprise value evaluation and financial evaluation theory in detail, laid the theoretical foundation for the follow-up case analysis in this paper; the third part of the first analysis of the status quo and characteristics of listed securities companies in the industry, then points out the existing evaluation of listed securities companies value problems, and the methods of value assessment choose to make a specific analysis of the final analysis of listed securities companies exist in the financial evaluation of the problems and puts forward the analysis of the EVA value of the financial advantage; the fourth part of the Listed securities company specific value evaluation, construct EVA value assessment model, and the EVA index made specific analysis and research, on the basis of the A shares of 17 listed securities companies to make specific evaluation; the fifth part of the application of EVA of listed securities company evaluation research of financial value, respectively for the 17 Listed Securities company EVA study on comparison of EVA and compared with the traditional financial index analysis, comparative study of EVA and relevant indicators of market valuation method; the sixth part is the conclusion and limitations of this research. In this paper the first theory applied to the listed securities company value assessment value of EVA, while the creative EVA value evaluation and financial evaluation of the combination. On China's listed securities company's value and operating performance of evaluation and application. Research results show that EVA value evaluation theory can be scientific and effective To assess the value of listed securities companies, a comprehensive analysis of existing in the financial management of enterprises in the process of the problem. This paper enriches the application fields of EVA value evaluation theory, and provide a new research ideas and methods for the evaluation of the listed securities of the company's enterprise value, has a strong theoretical significance and practical significance.

【學位授予單位】：重慶理工大學
【學位級別】：碩士
【學位授予年份】：2017
【分類號】：F275;F832.39

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本文編號：1598087