本文選題：同仁堂企業(yè)　切入點(diǎn)：投資價(jià)值　出處：《西南交通大學(xué)》2017年碩士論文

【摘要】：隨著近幾年經(jīng)濟(jì)市場(chǎng)的高速發(fā)展和變化,傳統(tǒng)意義上的國(guó)有企業(yè)又面臨著國(guó)企改革的重大變化,投資者面臨的是更加變化莫測(cè)的外在環(huán)境,其投資風(fēng)險(xiǎn)也隨之增大,因此,投資者應(yīng)該重點(diǎn)關(guān)注上市公司的投資價(jià)值。而醫(yī)藥行業(yè)作為中國(guó)的重要民生產(chǎn)業(yè),深深牽動(dòng)著我們平常老百姓的生活,而同仁堂作為中國(guó)傳統(tǒng)中醫(yī)藥國(guó)有企業(yè),具有一定的代表性。最近幾年經(jīng)濟(jì)增緩,使得許多投資者會(huì)對(duì)醫(yī)藥公司的投資產(chǎn)生疑慮,同仁堂作為醫(yī)藥行業(yè)國(guó)有上市公司是否仍然值得投資,該公司的股票是否存在被市場(chǎng)低估或者高估,都值得進(jìn)行探索分析。本論文以現(xiàn)代醫(yī)藥行業(yè)和國(guó)企改革作為宏觀環(huán)境背景,以對(duì)同仁堂企業(yè)的財(cái)務(wù)分析為出發(fā)點(diǎn),以投資價(jià)值評(píng)估理論為基礎(chǔ),判斷同仁堂企業(yè)是否有投資價(jià)值。首先,進(jìn)行同仁堂企業(yè)的財(cái)務(wù)分析,從盈利能力,償債能力,資產(chǎn)管理能力和發(fā)展能力四個(gè)方面構(gòu)建財(cái)務(wù)體系。其次,構(gòu)建了上市公司投資價(jià)值模型,選取指標(biāo),運(yùn)用SPSS軟件,以因子分析為定量分析的基礎(chǔ),結(jié)合定性分析以包括同仁堂企業(yè)在內(nèi)的我國(guó)上市藥業(yè)排名綜合前26家的公司為對(duì)比對(duì)象,對(duì)其進(jìn)行實(shí)證分析,得出總得分函數(shù),進(jìn)行排名,由此可以看出同仁堂企業(yè)在整個(gè)行業(yè)中的情況,判斷同仁堂企業(yè)的現(xiàn)狀真實(shí)投資價(jià)值。但該分析僅限于同仁堂處于行業(yè)的現(xiàn)狀,并未預(yù)測(cè)未來(lái)。之后,構(gòu)建市盈率法模型,預(yù)測(cè)企業(yè)未來(lái)發(fā)展的投資價(jià)值。最后,從股權(quán)分紅等方面另一個(gè)角度進(jìn)行分析,投資者是否應(yīng)該將資金投資同仁堂企業(yè)。通過(guò)對(duì)前面的分析得出投資結(jié)論:國(guó)企改革下,同仁堂企業(yè)在醫(yī)藥行業(yè)中,存在一定的投資價(jià)值,但需要較長(zhǎng)時(shí)間得到收益,投資者仍需謹(jǐn)慎考慮。
[Abstract]:With the rapid development and change of the economic market in recent years, the state-owned enterprises in the traditional sense are facing great changes in the reform of the state-owned enterprises. The investors are facing a more unpredictable external environment and their investment risks are also increasing. Investors should focus on the investment value of listed companies. As an important livelihood industry in China, the pharmaceutical industry deeply affects the lives of our ordinary people, while Tongrentang, as a state-owned enterprise of Chinese traditional Chinese medicine, In recent years, economic growth has slowed, leading many investors to have doubts about the investment of pharmaceutical companies. Tongrentang, as a state-owned listed company in the pharmaceutical industry, is still worthy of investment. Whether the stock of the company is undervalued or overvalued by the market is worth exploring and analyzing. This paper takes the reform of modern medicine industry and state-owned enterprises as the background of macro environment, and takes the financial analysis of Tongrentang enterprise as the starting point. Based on the theory of evaluation of investment value, we judge whether Tongrentang enterprise has investment value. Firstly, we analyze the financial affairs of Tongrentang enterprise from the aspects of profitability and solvency. Secondly, the paper constructs the investment value model of listed companies, selects the index, uses SPSS software, and takes factor analysis as the basis of quantitative analysis. Combined with qualitative analysis, taking the listed pharmaceutical companies in China, including Tongrentang enterprises, as the comparative objects, the author makes an empirical analysis of them, and obtains the total score function and ranking. From this, we can see the situation of Tongrentang enterprise in the whole industry, and judge the real investment value of Tongrentang enterprise. But this analysis is limited to the status quo of Tongrentang in the industry, and does not predict the future. To predict the investment value of the future development of the enterprise. Finally, from another angle of equity dividend and other aspects, investors should invest their funds in Tongrentang enterprises. Through the analysis above, the conclusion of investment is drawn: under the reform of state-owned enterprises, Tongrentang enterprise in the pharmaceutical industry, there is a certain investment value, but need a long time to get income, investors still need to carefully consider.
【學(xué)位授予單位】：西南交通大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：F276.1;F271

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