【作者】 冯娟；

【导师】 王宗军；

【作者基本信息】 华中科技大学 ， 企业管理， 2005， 硕士

【摘要】 90 年代以来,全球经济一体化影响到各个领域和地区,信息技术和高新技术的广泛应用,行业因素对风险投资企业的影响越来越大。市场对于价值投资理念的认同,使得投资机会逐渐向以行业变迁为基准的投资形式转型。近年来,投资者在投资评估时也开始以行业及其企业为主体研究对象,“行业——企业”这一自上而下的研究模式成为企业投资评价主流研究方向。本文首先分析了企业评价的要素和基于行业比较的企业评价的意义,回顾了从工业化开始至今企业评价理论的发展历程:随着宏观经济环境的变化,企业评价理论也在不断发展并适应着时代的变迁。随后分析了国内外常见的企业业绩评价体系,以及我国行业研究和评价的现状,然后,在国内外理论研究和实践的基础上,对构建我国风险投资综合评价体系提出了一些需要引起注意的关键问题。接着,分别构建了行业比较模型和风险投资企业评价模型。行业比较模型主要侧重于在盈利、运营、成长、偿债和亏损性五个方面对区域内各行业进行比较和评价; 风险投资企业评价模型则讨论了评价指标处理和利用因子分析方法构建评价模型。最后,在前述理论分析和模型构建的基础上,文章对某省39 个工业二级子行业和26 家投资企业进行了实证研究,得出了一些很有意义的结论。实证研究表明:行业之间具有明显差异,其优势特征各不相同,企业评价应考虑行业因素; 因子分析方法避免了主观赋权的人为因素,而且可以更好了解企业的优势和劣势所在; 投资企业评价最重要的因素是赢利性,但成长性和运营效率也占据重要地位。更多还原

【Abstract】 Since the 1990s, global economic integration affects every field and region. With the extensive application of IT and high new technology, industry feature play an increasing role in enterprise evaluation. A gradual change in investment opportunity is based on industry analysis. In recent years, the main object in investment project assessment begins on industry and its enterprise. “Industry—enterprise”, this top to bottom study pattern become the mainstream direction in enterprise investment appraisement research. This paper first analyses the significance and essential factor of enterprise evaluation based on industry comparison. Then reviews the development in enterprise evaluation from industrialization so far. After that, enterprise evaluation criteria at home and abroad, as well as the present situation of industry analysis in our country, are discussed. In the foundation of practice and theoretical research, several special factors referring to China are put forward. Then, the paper respectively discusses industry comparison model and enterprise evaluation model. The first model assesses industry from five factors, that is profitability, operating efficiency, development ability, and debt repaying and loss degrees. The second part discusses handling evaluation criteria and establishes a model using factor analysis. At the end of the paper, an empirical study of the 39 sub-industries and the 26 investment enterprises in one province is made. The empirical study finds that there are obvious differences between industries. Industry feature must be considered in enterprise evaluation. Compared with other subjective assessment methods, Factor analysis is not only an objective, all-round comprehensive analysis method, but also find the strengths and weaknesses of an enterprise. The most important factor in performance evaluation is profitability, but operating efficiency and development ability also be stressed.更多还原