我国软件行业上市公司投资价值研究

【作者】 吴淑敏；

【导师】 王克敏；

【作者基本信息】 复旦大学 ， 工商管理， 2009， 硕士

【摘要】 当今,全球软件业正在进行着行业变革和技术发展,给中国的软件行业带来了巨大的发展空间和契机,近几年,我国软件产业处于持续高速发展中,在各项国家政策的扶持下呈现出快速增长的态势,软件行业被列为我国经济增长的重点扶持行业,具有极为重要的战略意义。2008年,一系列消极因素的打击使得世界经济持续多年的高增长随之结束,今年更可能出现全球经济战后首次的负增长。受到整个国际产业大环境的影响,我国的软件企业虽然没有连连下挫,软件产业未出现明显衰退和大规模裁员等现象,但投资者对其的认同度和信任度却无法与前几年相比,投资者对投资方向的把握更为谨慎和小心。要想捕捉软件行业的投资机会,正确认识软件类上市公司的内在价值,选择适当的评价方法显得十分重要。目前我国的企业价值评估理论的大多数研究主要基于西方的价值评估理论,在实践中以企业会计利润为基础的上市公司价值评估方法和模型被广泛运用。本文通过研究和分析软件企业的特点,辩明其内在运行规律和投资价值构成特征,并对多种价值评估方法进行比较分析,最终选择了近年来国际上比较流行的EVA评估方法,以用友公司为样例,对我国股市软件类上司公司的经营业绩及其投资价值进行了评估与分析,旨在研究如何运用EVA评估方法对单个公司业绩做出评价,进而对比发掘具有投资价值的企业,供投资者做决策时进行参考。更多还原

【Abstract】 In recent years, the industry transformation and the technological development are under way in the global software area, which brings huge development opportunity for China’s software industry. In recent years, China’s software industry has achieved a rapid and sustained development, showing a rapid growth with the government policy support. Software industry is listed as the country’s priority industry in China’s economic growth, which has an extremely important strategic meaning.In 2008, after the attack of a series of negative factors, the world’s high sustained economic growth came to an end, and for the first time negative growth possibly appeared to global economy after the II war. Although China’s software companies did not fall consecutively, and the phenomenon such as obvious recession and massive layoffs have not appeared in software industry under the entire international industry environment, but the confidence of the investor won’t be as strong as previous years, and investors are more cautious and careful when choosing the direction of investment. To capture the investment opportunities in the software industry, it is very important to apply the appropriate evaluation method to recognize the intrinsic value of listed software companies correctly.At present, the study about enterprise evaluation in China is mainly derived from theories in western countries. In practice, the evaluation method and model of listed companies with enterprises accounting profits are widely used. Through research and analysis of the characteristics of software companies, this paper clarifies the operation law and intrinsic investment value. After comparison between different evaluation methods, the paper finds EVA, which has become more and more popular around the world in recent years, the most appropriate method. Taking UFIDA Software company as a sample, the paper assesses and analyzes the operation performance and investment value of listed software company. The purpose is to study how to apply EVA evaluation method to evaluate the performance of a certain company, thus to indentify the right investment objective. It will be very helpful for the investor to make a better decision.更多还原