文档介绍：华中科技大学
硕士学位论文
我国高新技术上市公司投资价值评估研究
姓名:陈昱
申请学位级别:硕士
专业:工商管理
指导教师:夏新平
20060430
摘要
高新技术产业已经成为推动我国经济发展的重要增长点,而且是最具发展潜力的
产业。因而高新技术上市公司的股票倍受投资者的青睐。但是,许多高新技术上市
公司的业绩不尽如人意。高新技术上市公司面临着巨大的发展潜力,同时 0 也承受
着极大的风险。因此,研究高新技术企业的特点,探索其价值构成和评估方法,使
我们对高新技术企业的价值度量更接近真实情况,减少和防范风险,推动我国高新
技术产业的发展具有重要意义。
本文采用理论与实践相结合,规范研究、定性研究与案例研究、定量研究相结
合的研究方法。首先根据公司价值的有关理论,在对目前运用的公司价值评估模型
和评估技术进行分析和比较基础上,结合高新技术上市公司高创新性、高风险、高
价值、高壁垒等高新技术企业特点,选择折现现金流模型对高新技术上市公司--浙江
医药股份有限公司的价值进行评估。然后通过对浙江医药的历史绩效分析,建立浙
江医药的战略构想,并将这种构想转化为财务预测,评估出公司的内在价值,并在
此基础之上得出投资结论。最后还运用市场法对该公司进行了评估并做出简明的比
较分析。
浙江医药的投资价值分析提供了较完整的运用折现现金流量模型来评估高新技
术上市公司价值的过程。随着国内股改的进一步推行和投资者对企业内在价值投资
理念的重视,作为运用于绝对评估方法的折现现金流量模型也将得到广泛的应用。

关键词:高新技术公司价值评估折现现金流量
I
Abstract
High-tech industry has been an import point of growth to push the development of
economy in China, and it is also one of the most potential industries. So the stock of these
companies has been very popular among the investors. However, the performance of these
panies is not satisfied. There are many kinds of opportunity for listed High-tech
company, at the same time, it will take a lot of risks. So it is important for us to research
the characters of panies, to find their value structure and the evaluation method,
then we will learn the real value structure of panies and reduce the risk. And it is
also very important to push the development of the hi-tech industry in China.
This article has been introduced qualitative and quantitative study and case study.
Firstly, according to some theories pany value and the characters of hi-tech
companies such as high creative, high risk, high value, high barrier, the article has been
used discount cash flow model to evaluate the value of Zhejiang medicine limited
company. Secondly, to establish the future strategy by analysis its historical performance.
then transfer future strategy into financé forcast and evaluate the inner value to get
investment result. Thirdly, to analysis the e