發(fā)布時(shí)間：2018-05-02 14:34

  本文選題：證券業(yè)上市公司 + 投資價(jià)值�。� 參考：《安徽大學(xué)》2012年碩士論文

【摘要】：隨著金融體制的深化改革和開放,國(guó)外大型證券公司、外資通過參股或并購(gòu)等方式紛紛加入到中國(guó)的證券行業(yè)中,作為行業(yè)的領(lǐng)頭羊我國(guó)證券業(yè)上市公司正面臨著激烈的市場(chǎng)競(jìng)爭(zhēng)。2011年作為“十二五”規(guī)劃的開局之年,中央提出建立多層次的資本市場(chǎng)體系,這對(duì)于我國(guó)證券業(yè)上市公司來(lái)說是很好的機(jī)遇。因此,如何提高我國(guó)證券業(yè)上市公司投資價(jià)值來(lái)吸引更多的投資者加入是目前值得研究的課題。 本文開篇首先梳理了國(guó)內(nèi)外學(xué)者對(duì)上市公司投資價(jià)值評(píng)價(jià)方面的研究,并介紹了相關(guān)概念的界定和理論基礎(chǔ)。然后闡述了目前我國(guó)證券業(yè)上市公司的發(fā)展現(xiàn)狀和存在的問題,具體分析影響證券業(yè)上市公司投資價(jià)值的外部因素和公司內(nèi)部因素。并在此基礎(chǔ)上結(jié)合我國(guó)證券業(yè)上市公司的特點(diǎn),遵循評(píng)價(jià)指標(biāo)選取的原則,從盈利性、抗風(fēng)險(xiǎn)性、成長(zhǎng)性和市場(chǎng)勢(shì)力四個(gè)方面構(gòu)建了一套適合我國(guó)證券業(yè)上市公司投資價(jià)值的評(píng)價(jià)指標(biāo)體系。本文將評(píng)價(jià)對(duì)象選定為中信證券、海通證券、國(guó)金證券、太平洋證券等9家上市證券公司,結(jié)合這9家上市證券公司2008-2010年數(shù)據(jù),對(duì)這些公司的投資價(jià)值作出客觀評(píng)價(jià)。 本文采用因子分析法對(duì)9家樣本公司進(jìn)行實(shí)證分析,分別從均值、年度、個(gè)體三個(gè)角度綜合評(píng)價(jià)并對(duì)得分排名得出有意義的結(jié)論,結(jié)果顯示投資價(jià)值排名前三位的是中信證券、海通證券、國(guó)元證券,并從實(shí)證分析中發(fā)現(xiàn)我國(guó)證券業(yè)上市公司投資價(jià)值存在的一些問題：整體投資價(jià)值較低,公司發(fā)展強(qiáng)弱懸殊；盈利能力水平普遍較低；風(fēng)險(xiǎn)控制及市場(chǎng)能力有限等。最后根據(jù)實(shí)證分析的結(jié)果,結(jié)合影響我國(guó)證券業(yè)上市公司投資價(jià)值的因素,提出從完善投資者利益保護(hù)機(jī)制、逐步放松證券公司業(yè)務(wù)范圍的限制、擴(kuò)展融資渠道、擴(kuò)大資本實(shí)力和規(guī)模、開展業(yè)務(wù)創(chuàng)新優(yōu)化盈利模式、提高風(fēng)險(xiǎn)控制能力等方面提高我國(guó)證券業(yè)上市公司的投資價(jià)值。
[Abstract]:With the deepening of the reform and opening up of the financial system, foreign large securities companies and foreign investors have joined China's securities industry by means of equity participation or mergers and acquisitions. As the leader in the industry, the listed companies in our securities industry are facing fierce market competition. In 2011, as the opening year of the 12th Five-Year Plan, the Central Committee proposed the establishment of a multi-level capital market system. This is a good opportunity for listed companies in our securities industry. Therefore, how to improve the investment value of listed companies in China's securities industry to attract more investors is a subject worth studying at present. At the beginning of this paper, the research on the evaluation of investment value of listed companies is reviewed, and the definition and theoretical basis of related concepts are introduced. Then it expounds the current situation and existing problems of the listed companies in the securities industry in China, and analyzes the external and internal factors that affect the investment value of the listed companies in the securities industry. On this basis, combined with the characteristics of listed companies in China's securities industry, and following the principle of selecting evaluation indicators, from the perspective of profitability and risk resistance, This paper constructs a set of evaluation index system suitable for the investment value of listed companies in China's securities industry in four aspects of growth and market power. This paper selects 9 listed securities companies such as CITIC Securities, Haitong Securities, Guojin Securities, Pacific Securities and so on, and makes an objective evaluation of the investment value of these companies based on the data of these nine listed securities companies from 2008 to 2010. This paper makes an empirical analysis of 9 sample companies by factor analysis, evaluates them comprehensively from three angles of mean, year and individual and draws a meaningful conclusion. The results show that the top three of investment value are CITIC Securities. Haitong Securities, Guoyuan Securities, and from the empirical analysis found that there are some problems in the investment value of listed companies in China's securities industry: the overall investment value is low, the development of the company is strong and weak, the level of profitability is generally low; Limited risk control and market capability. Finally, according to the results of empirical analysis, combined with the factors that affect the investment value of listed companies in China's securities industry, this paper proposes to improve the protection mechanism of investors' interests, gradually relax the restrictions on the business scope of securities companies, and expand the financing channels. Expanding capital strength and scale, carrying out business innovation, optimizing profit mode, improving risk control ability and so on, improving the investment value of listed companies in securities industry of our country.
【學(xué)位授予單位】：安徽大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2012
【分類號(hào)】：F832.51;F224

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