本文關(guān)鍵詞：許繼電氣投資價(jià)值分析　出處：《鄭州大學(xué)》2014年碩士論文　論文類型：學(xué)位論文

  更多相關(guān)文章： 電氣 價(jià)值投資 財(cái)務(wù)分析 估值

【摘要】：證券投資,作為現(xiàn)代經(jīng)濟(jì)金融的重要組成部分,對(duì)國(guó)家整個(gè)經(jīng)濟(jì)社會(huì)發(fā)展及個(gè)人投資理財(cái)都具有重要意義。隨著我國(guó)證券市場(chǎng)的發(fā)展,價(jià)值投資的理念逐漸深入人心,價(jià)值投資的核心在于內(nèi)在價(jià)值和安全邊際,價(jià)值投資行為就是依據(jù)上市公司的歷史表現(xiàn)、盈利能力和發(fā)展前景估測(cè)股票的價(jià)格,進(jìn)行低買高賣的操作行為,或者長(zhǎng)期持有分享資產(chǎn)增值利益。持有價(jià)值投資理念的投資者會(huì)對(duì)上市公司所處的內(nèi)在價(jià)值、行業(yè)地位和市場(chǎng)環(huán)境等影響因素進(jìn)行全面深入地分析,并通過價(jià)值分析數(shù)量模型或者軟件,計(jì)算出投資股票的內(nèi)在價(jià)值,以此挖掘出被市場(chǎng)低估價(jià)值的股票,進(jìn)行價(jià)值投資。價(jià)值投資的有效性已經(jīng)得到了理論和投資實(shí)踐的證明。 改革開發(fā)30年多來,我國(guó)電力工業(yè)得到了快速的發(fā)展。隨著國(guó)家政策的支持和電力裝備工業(yè)的發(fā)展,國(guó)內(nèi)涌現(xiàn)出一批電力裝備行業(yè)的上市公司,為投資者提供了投資機(jī)會(huì)。許繼電氣股份有限公司公司作為電力裝備行業(yè)的龍頭之一,近幾年發(fā)展迅速,創(chuàng)造了直流輸電領(lǐng)域擁個(gè)世界第一的制造和工程業(yè)績(jī),經(jīng)濟(jì)效益顯著,投資價(jià)值明顯。 該文以許繼電氣股份有限公司為研究對(duì)象,從宏觀經(jīng)濟(jì)、電力裝備行業(yè)情況、公司狀況三個(gè)方面對(duì)其進(jìn)行分析。第一章為緒論,闡述了研究背景、研究意義和研究思路。第二章首先分析了國(guó)際國(guó)內(nèi)宏觀經(jīng)濟(jì)形勢(shì)；然后對(duì)電力裝備行業(yè)的競(jìng)爭(zhēng)結(jié)構(gòu)、發(fā)展趨勢(shì)、行業(yè)特點(diǎn)進(jìn)行了分析；之后對(duì)許繼電氣股份有限公司的行業(yè)地位、技術(shù)產(chǎn)品研發(fā)能力、經(jīng)營(yíng)管理能力等進(jìn)行了基本面的分析。第三章是財(cái)務(wù)狀況分析。通過對(duì)許繼電氣的償債能力、營(yíng)運(yùn)能力、盈利能力等財(cái)務(wù)指標(biāo)進(jìn)行分析,從而對(duì)許繼電氣的治理結(jié)構(gòu)、市場(chǎng)競(jìng)爭(zhēng)力、財(cái)務(wù)狀況、發(fā)展前景做出預(yù)測(cè)。第四章應(yīng)用股利現(xiàn)金流模型和市盈率分析法隊(duì)對(duì)許繼電氣股票進(jìn)行估值。最后分析了許繼電氣股價(jià)走勢(shì),作出投資決策建議和主要風(fēng)險(xiǎn)提示,根據(jù)該論文分析結(jié)論,許繼電氣股票適合買入。 對(duì)一家上市公司作出準(zhǔn)確的判斷,既要有扎實(shí)的證券投資理論知識(shí),還需要豐富的實(shí)戰(zhàn)經(jīng)驗(yàn),更需要在市場(chǎng)波動(dòng)的巨大心理陰影下,保持理性。該文僅是對(duì)電力裝備行業(yè)上市公司投資價(jià)值分析的初步探討,希望能夠?qū)ν顿Y者進(jìn)行投資價(jià)值分析有所啟迪。
[Abstract]:Securities investment, as an important part of modern economy and finance, is of great significance to the whole economic and social development of our country and personal investment and financial management, along with the development of our country's securities market. The core of value investment is the intrinsic value and the margin of safety. The behavior of value investment is to estimate the stock price according to the historical performance, profitability and development prospect of the listed company. The investors who hold the idea of value investment will have the intrinsic value to the listed company. The influence factors such as industry status and market environment are thoroughly analyzed, and the intrinsic value of investing stock is calculated through quantitative model or software of value analysis, so as to excavate the stock undervalued by the market. The validity of value investment has been proved by theory and investment practice. With the support of national policy and the development of power equipment industry, a number of listed companies have emerged in China. As one of the leading companies in the electric equipment industry, Xu ji electric co., Ltd. Has developed rapidly in recent years, creating the world's largest manufacturing and engineering performance in the field of direct current transmission. The economic benefit is remarkable, the investment value is obvious. In this paper, Xuji Electric Co., Ltd. as the research object, from the macro economy, power equipment industry situation, the company situation of three aspects of its analysis. The first chapter is the introduction, elaborated the research background. The second chapter analyzes the international and domestic macroeconomic situation; Then, the competitive structure, development trend and characteristics of the electric power equipment industry are analyzed. After the industry position of Xuji Electric Co., Ltd., the research and development ability of technical products, the ability of management and so on are analyzed. The third chapter is the analysis of financial situation. Operating capacity, profitability and other financial indicators are analyzed, thus the governance structure of Xu Ji Electric, market competitiveness, financial situation. Chapter 4th uses dividend cash flow model and price-earnings ratio analysis team to evaluate Xuji Electric stock. Finally, it analyzes the trend of Xuji Electric share price. Make investment decision suggestion and main risk prompt, according to this paper analysis conclusion, Xu Ji Electric stock is suitable to buy. To make an accurate judgment of a listed company, we should not only have solid knowledge of securities investment theory, but also need rich practical experience, but also need under the huge psychological shadow of market volatility. This paper is only a preliminary study of the investment value analysis of listed companies in the electric power equipment industry, hoping to enlighten investors in the analysis of investment value.
【學(xué)位授予單位】：鄭州大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2014
【分類號(hào)】：F406.7;F426.61

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本文編號(hào)：1422055