企业投资价值评价方法的比较研究

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企业投资价值评价方法的比较研究(选题审批表,任务书,毕业论文13700字)
——以锦江投资为例
摘  要:本文在比较市盈率和经济增加值两种投资价值评价方法的基础上,以旅游上市企业—锦江投资为对象,研究发现:①2000年-2003年该企业的市盈率波动异常,严重偏离实际情况,EVA也呈现负值,但在可接受范围之内,这都表明在中国股市整体发展不是很理想的大局势下,其投资价值不高;②2004年开始,尤其是在2005年股权分置改革之后,该企业的EVA大幅提升,市盈率也在正常范围内浮动,投资价值明显有了很大提高;③市盈率计算简单,很容易直观看出企业的投资价值,却容易受一些因素影响不能很精准地反映企业的投资价值,而EVA计算时虽比较复杂但考虑的因素较多。因此,相比之下,经济增加值更符合实际情况,也能更真实地体现企业的投资价值。
关键词:投资价值;市盈率;经济增加值;比较

The Comparison and Studies of Enterprise’s Investment Evaluative Method
——Take Jinjiang Investment as an Example
Abstract:This article is based on the comparison between two evaluation of investment value: the P/E radio and the EVA, it take travels Listed enterprise - Jinjiang investment as the object, the research discovered: ①This enterprise's PE fluctuation was unusual in the years of 2000-2003, the serious deviation from the actual situation, EVA also presented the negative value, but under the acceptable circumstance. This indicated was not under the very ideal big situation its value of each contribution is not high in the Chinese Stock market integral development; ②Beginning in 2004, especially in 2005 after the split share structure reform , The company's EVA significantly improved, PE were within normal range fluctuations, Investment value has been greatly improved significantly. ③PE ratio calculation is simple, Intuitively easy to see the investment value of companies. Is vulnerable to a number of factors can not be very accurately reflect the company’s investment value. Although the EVA calculation more complex to consider, the comparison EVA is more realistic than the PE ratio. Also reflect more realistically the value of business investment.
 Key words:Investment Value;PE;EVA;Compare

目    录
摘要………………………………………………………………………………1
关键词……………………………………………………………………………1
一、绪论……………………………………………………………………2
    (一)研究意义……………………………………………………………2
(二)国内外研究现状…………………………………………………………2
        1国外研究现状………………………………………………………2
        2国内研究现状………………………………………………………3
    (三)简要评述………………………………………………………………5
二、 投资价值的评价方法……………………………………………………………6
(一)上市公司投资价值的理论基础…………………………………………6
(二)市盈率模型………………………………………………………………6
1 市盈率的定义……………………………………………………………6
2 用市盈率指标研究企业投资价值的依据………………………………6
(三)经济增加值评估方法……………………………………………………7
1 EVA的定义 ………………………………………………………………7
2 用EVA指标研究企业投资价值的依据…………………………………8
三、投资价值评价方法的比较………………………………………………………8
(一)市盈率法的优劣势 ………………………………………………………8
1 市盈率的优势……………………………………………………………8
2 市盈率的劣势……………………………………………………………8
(二)EVA方法的优劣势 ………………………………………………………8
1 EVA的优势……………………………………………………………… 8
2 EVA的劣势……………………………………………………………… 9
四、企业投资价值评价方法的比较分析……………………………………………9
(一)样本选取及其依据…………………………………………………………9
(二)锦江投资的投资价值评价方法的比较 …………………………………10
1 市盈率的具体应用………………………………………………………10
2 EVA的具体应用 …………………………………………………………11
3 市盈率和EVA的比较分析………………………………………………13
五、结束语……………………………………………………………………………14
参考文献……………………………………………………………………………14
致谢…………………………………………………………………………………15