本文選題：長(zhǎng)期投資決策 + 投資決策評(píng)價(jià)��； 參考：《湖北工業(yè)大學(xué)》2017年碩士論文

【摘要】：市場(chǎng)經(jīng)濟(jì)的繁榮,給企業(yè)帶來(lái)了更多的投資熱情,但同時(shí)也存在著投資風(fēng)險(xiǎn)。因此,企業(yè)的長(zhǎng)期投資決策決定著企業(yè)的命運(yùn)。然而,企業(yè)做長(zhǎng)期投資決策時(shí)由于考慮不周全而失誤,導(dǎo)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(lè)視控股集團(tuán)作為案例公司進(jìn)行詳細(xì)研究。在網(wǎng)絡(luò)媒體正在經(jīng)歷產(chǎn)業(yè)內(nèi)的重新兼并浪潮中,樂(lè)視試圖打造樂(lè)視生態(tài)圈這種創(chuàng)新的發(fā)展模式越來(lái)越多的受到學(xué)界關(guān)注與重視,但是革新與問(wèn)題是并存的,本文將基于樂(lè)視控股集團(tuán)的發(fā)展?fàn)顩r,將對(duì)樂(lè)視近年來(lái)的長(zhǎng)期投資決策進(jìn)行分析。首先,本文提出了樂(lè)視長(zhǎng)期投資決策的選題背景及研究意義,對(duì)長(zhǎng)期投資決策國(guó)內(nèi)外的相關(guān)文獻(xiàn)進(jìn)行了梳理,分別從貨幣的時(shí)間價(jià)值、長(zhǎng)期投資決策時(shí)面臨的風(fēng)險(xiǎn)、長(zhǎng)期投資決策的方法、長(zhǎng)期投資決策的評(píng)價(jià)方法以及導(dǎo)致企業(yè)長(zhǎng)期投資決策失誤的原因等多方面的觀點(diǎn)進(jìn)行梳理,并總述了主要內(nèi)容及研究方法。其次,本文由基礎(chǔ)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(shí)間價(jià)值理論在考慮長(zhǎng)期投資問(wèn)題時(shí)的重要性;信息不對(duì)稱在企業(yè)長(zhǎng)期投資決策時(shí)給企業(yè)帶來(lái)的投資風(fēng)險(xiǎn);委托代理問(wèn)題中委托人和代理人因?yàn)槔娼嵌炔煌嬖诿?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(yùn)用,使企業(yè)經(jīng)營(yíng)者能更有效地投入企業(yè)的可持續(xù)發(fā)展。再次,本文對(duì)樂(lè)視控股集團(tuán)做了簡(jiǎn)介,分別使用返本期法、凈現(xiàn)值法和內(nèi)部回報(bào)率法對(duì)樂(lè)視投資大圣車(chē)服、收購(gòu)VIZIO和花兒影視三項(xiàng)長(zhǎng)期投資決策做了評(píng)價(jià)。簡(jiǎn)要分析了做出決策的原因,并結(jié)合樂(lè)視的客觀條件做了筆者主觀視角的分析。最后,本文總結(jié)出樂(lè)視目前存在收購(gòu)代替研發(fā)、布局多元化和決策不科學(xué)的三大方面的問(wèn)題,并對(duì)各項(xiàng)原因進(jìn)行了分析;本文針對(duì)樂(lè)視危機(jī)的原因提出了應(yīng)加強(qiáng)核心技術(shù)的研發(fā),暫時(shí)放棄生態(tài)圈的構(gòu)建以及加強(qiáng)核心業(yè)務(wù)發(fā)展的建議。文末對(duì)本次選題的研究進(jìn)行了總結(jié),道出研究存在的不足和未來(lái)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(xué)位授予單位】：湖北工業(yè)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：F49;F275

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