文档介绍：华中科技大学硕士学位论文
Abstract
In recent years, China’s securities market is developing at an unprecedented pace.
However, China's securities market is still at the preliminary stage, with greater price
fluctuation; and non-rational conception in the market is still existed. Securities investors
should abandon speculative mentality, establish a rational investment concept and adopt
value investment strategy. Research pany value includes two aspects: First, make
use of legitimate public information (mainly pany's financial report) to assess its
prospects. Second, assess the capital cost of securities market and make use of it to
measure the stock price relative to pany's prospects. We will obtain a series of
corporate value assessment models to judge pany's existing ability to create value.
The paper takes China Yangtze Power Co. Ltd. in power industry as an example to
explore how to study on the intrinsic investment value of panies. It firstly
carries out analysis on the macroeconomic background related with power industry
companies and the overall growth, periodicity petitiveness of power industry;
then, on the basis of the financial statement of China Yangtze Power Co. Ltd., it carries out
analysis on pany's profit- making ability, debt-paying ability, operating ability,
developing ability and etc., as well as parison with other panies in
power industry. Finally, the paper calculates the value of China Yangtze Power Co. Ltd.
through valua tion methods as PE method, PB method and DCF method. We draw a
conclusion and put forward invest strategy.
Key words : Investment value, industry analysis, company analysis, China Yangtze Power
Co. Ltd
II
独创性声明
本人声明所呈交的学位论文是我个人在导师指导下进行的研究工作及取得
的研究成果。尽我所知,除文中已经标明引用的内容外,本论文不包含任何其他
个人或集体已经发表或撰写过的研究成果。对本文的研究做出贡献的个人和集
体,均已在文中以明确方式标明。本人完全意识到,本声明的法律结果由本人承
担。
学位论文作者签名:胡寒芬
日期:2007 年 10 月 24 日
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