本文選題：長期投資決策 + 投資決策評價��； 參考：《湖北工業(yè)大學》2017年碩士論文

【摘要】：市場經濟的繁榮,給企業(yè)帶來了更多的投資熱情,但同時也存在著投資風險。因此,企業(yè)的長期投資決策決定著企業(yè)的命運。然而,企業(yè)做長期投資決策時由于考慮不周全而失誤,導致企業(yè)陷入困頓的情況數(shù)不勝數(shù)。本文選擇了近些年發(fā)展迅速的樂視控股集團作為案例公司進行詳細研究。在網絡媒體正在經歷產業(yè)內的重新兼并浪潮中,樂視試圖打造樂視生態(tài)圈這種創(chuàng)新的發(fā)展模式越來越多的受到學界關注與重視,但是革新與問題是并存的,本文將基于樂視控股集團的發(fā)展狀況,將對樂視近年來的長期投資決策進行分析。首先,本文提出了樂視長期投資決策的選題背景及研究意義,對長期投資決策國內外的相關文獻進行了梳理,分別從貨幣的時間價值、長期投資決策時面臨的風險、長期投資決策的方法、長期投資決策的評價方法以及導致企業(yè)長期投資決策失誤的原因等多方面的觀點進行梳理,并總述了主要內容及研究方法。其次,本文由基礎理論出發(fā),分別界定了投資的概念和投資決策的概念;闡述了貨幣的時間價值理論在考慮長期投資問題時的重要性;信息不對稱在企業(yè)長期投資決策時給企業(yè)帶來的投資風險;委托代理問題中委托人和代理人因為利益角度不同而存在矛盾,從而影響企業(yè)的投資決策;重視人力資本在企業(yè)中的運用,使企業(yè)經營者能更有效地投入企業(yè)的可持續(xù)發(fā)展。再次,本文對樂視控股集團做了簡介,分別使用返本期法、凈現(xiàn)值法和內部回報率法對樂視投資大圣車服、收購VIZIO和花兒影視三項長期投資決策做了評價。簡要分析了做出決策的原因,并結合樂視的客觀條件做了筆者主觀視角的分析。最后,本文總結出樂視目前存在收購代替研發(fā)、布局多元化和決策不科學的三大方面的問題,并對各項原因進行了分析;本文針對樂視危機的原因提出了應加強核心技術的研發(fā),暫時放棄生態(tài)圈的構建以及加強核心業(yè)務發(fā)展的建議。文末對本次選題的研究進行了總結,道出研究存在的不足和未來研究的方向。
[Abstract]:The prosperity of market economy has brought more investment enthusiasm to enterprises, but there are also investment risks at the same time. Therefore, the long-term investment decisions of enterprises determine the fate of enterprises. However, enterprises make long-term investment decisions due to inadequate consideration and error, resulting in a lot of situations. In this paper, Letv holding group, which has developed rapidly in recent years, is selected as a case study. In the network media is going through the wave of mergers and acquisitions in the industry, the innovative development mode of Letv trying to build the Letv ecological circle is paid more and more attention by the academic circles, but the innovation and the problem exist side by side. Based on the development of Letv holding group, this paper will analyze the long-term investment decision of Letv in recent years. First of all, this paper puts forward the background and significance of Letv long-term investment decision, combing the domestic and foreign literatures of long-term investment decision, respectively from the time value of currency, the risk of long-term investment decision. The methods of long-term investment decision, the evaluation method of long-term investment decision and the reasons leading to the mistake of long-term investment decision are summarized, and the main contents and research methods are summarized. Secondly, starting from the basic theory, this paper defines the concept of investment and the concept of investment decision, expounds the importance of the time value theory of money in considering the long-term investment problem. The information asymmetry brings the investment risk to the enterprise when the enterprise makes long-term investment decision, the principal and the agent have the contradiction because of the different benefit angle in the principal-agent problem, thus affects the enterprise's investment decision. Attach importance to the use of human capital in the enterprise, so that the enterprise managers can effectively invest in the sustainable development of the enterprise. Thirdly, this paper gives a brief introduction to Letv holding Group, and evaluates the three long-term investment decisions of Letv investment, such as "return current period" method, "net present value" method and "Internal rate of return" method, respectively, to purchase VIZIO and Flower Film and Television. The reason of making decision is analyzed briefly, and the subjective angle of view of the author is analyzed according to the objective conditions of Letv. Finally, this paper concludes that Letv has three major problems: acquisition instead of R & D, diversification of layout and unscientific decision-making, and analyzes the reasons. In view of the reason of Letv crisis, this paper puts forward the suggestion that we should strengthen the research and development of core technology, give up the construction of ecological circle and strengthen the development of core business. At the end of the paper, the author summarizes the research and points out the deficiency of the research and the direction of future research.
【學位授予單位】：湖北工業(yè)大學
【學位級別】：碩士
【學位授予年份】：2017
【分類號】：F49;F275

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