【作者】 姚鹏；

【导师】 秦荣生； 张荟；

【作者基本信息】 清华大学 ， 工商管理， 2004， 硕士

【摘要】 一个企业的投资价值在于是否能够在可接受的风险水平下为投资者带来满意的回报,这取决于企业的管理者能否“做正确的事”,并且“正确地做事”。本文以通讯设备制造业中的佼佼者——中兴通讯股份有限公司为对象,站在第三者的立场,以公开数据资料为基础,力求客观地揭示会计报表和相关资料中所包含的实质内容,真实地反映中兴通讯股份有限公司的经营策略和状况,进而对其股票进行估价。首先,从经营的角度,通过对通讯设备制造业的整体发展前景和趋势、中兴通讯所面临的竞争环境以及优劣势的分析,评价其发展战略和具体经营措施是否正确合理。其次,从财务的角度,进一步分析企业采用的会计政策、既定目标和策略的实施情况、风险水平和未来的发展潜力。综合上述两方面的分析,本文得出结论:中兴通讯的发展方向符合市场趋势和自身情况,具体措施得当,总体发展势态、经营和财务状况良好,资本回报率较高,是一家前景乐观、具有投资价值的公司。更多还原

【Abstract】 The investment value of enterprise lies on whether the return to investors is satisfied on the risk level acceptable for investors. The satisfied return rests with whether the management can “correctly do right thing”. ZTE corporation-one of the best telecom equipment producers is the object of this article. From the viewpoint of independent and based on public data and information, it will try to show the fact contained in the account sheets and reflect the ZTE’s operation strategy. Father more, it will estimate ZTE’s stock price.The article, first, analyzed the prospect of telecom industry, competing situation, strength and weakness of ZTE in order to evaluate the ZTE’s strategy and operation measures.Secondly, from the viewpoint of accounting and finance, it evaluates how well it do according to pre-set target and measure, the risk level faced with ZTE’s and the future.Finally, the article objectively makes a conclusion: generally, the ZTE’s development trend, operation measure, finance situation and operation outcome are favorable. It returns to investors is satisfied.更多还原