【作者】 李强；

【导师】 蒋冠； 徐良栋；

【作者基本信息】 云南大学 ， 工商管理， 2011， 硕士

【摘要】 近几年,我国的证券市场正以前所未有的速度发展,但我国证券市场尚处于初级阶段,价格波动较大,市场中非理性成分还比较大,因此证券投资者应当摒弃投机心理,树立理性的投资理念,采取价值投资策略。公司价值研究包括三个方面：一、分析公司所在行业的投资价值,在值得投资的行业选择公司。二、利用合法公开的信息(主要是公司的财务报告)评估其前景,并通过公司年报分析公司的经营管理能力。三、评估证券市场的资本成本,并用它来衡量相对于公司前景的股价区域。我们可以通过行业的分析,获得我们需要投资的行业,然后通过公司财务报表的数据及预测和公司在经营管理上的信息披露,运用公司价值评估的一系列模型,来获得一个相对有效的公司价值范围,并同时结合证券市场的资本定价来寻找公司价值并与证券市场定价的差异,来判断公司目前创造价值的能力。本文以血液制品行业上市公司为例,探索如何研究上市公司的内在投资价值。首先介绍了中国血液制品行业的宏观经济背景,并对血液制品行业整体的成长性、周期性和市场竞争状况进行了详细分析,然后以财务报表为基础分析了此行业三家代表公司(华兰生物,天坛生物和上海莱士)的赢利能力、偿债能力、经营能力、发展能力,以及公司所具有的投资价值。最后本文通过市盈率法、市赢增长比率法和自由现金流量折现法等价值评估方法评估了血液制品行业中三家代表公司的价值。得出的结论是血液制品行业是一个值得投资的行业。在这个行业中,华兰生物和上海莱士是最值得关注的。更多还原

【Abstract】 The last few years, the stock market in china is developed with unprecedented speed, but the stock market in china is still in its infancy.Price fluctuations and irrational components is still relatively large, so investors should abandon speculation mentality, establish a rational investment philosophy, then adopt the value investment strategy. A reasearch of corporate value contains three aspects:First, analyze the investment value of the industry which company place in, choose the company in the worthy industry. Second, use the legitimate public information (mainly the company’s financial reports) to assess their prospects, and the company’s management capabilities through the company’s annual report. Third, assess the cost of capital securities, and use it to measure the possibly prospects for the company’s share price area. Though the analysis of the industry,we can know how to invest, and through the company’s financial report and the company’s the disclosure information of management, we can use a company’s valuation model to obtain a relatively effective value range of the company, and combine with the capital stock value and price to find the company and the stock market pricing differences to judge the company’s current ability to create value. In this paper, taking the listed companies of the blood products industry, we explore the intrinsic investment value.The paper firstly introduce the blood products industry’s macro-economic background, and is detailed to analyze the overall industry growth, periodicity and competitive market conditions, then analyzes the three typical companies on the basis of the financial statements(Hualan Biological Engineering.INC, Beijing Tiantan Biological Products Co.,LTD and Shanghai RAAS Blood Products Co.,Ltd) including their profitability, solvency, management ability, development ability, and the company investment value. Finally, the paper calculates the value of the three companies through valuation methods as PEG method,PEmethod and DCF method, to conclude that the blood products industry is a worthwhile investment industry. In this industry, Hualan Biological Engineering.INC and Shanghai RAAS Blood Products Co.,Ltd is the worthest to pay attention to.更多还原