發(fā)布時間：2018-05-02 14:34

  本文選題：證券業(yè)上市公司 + 投資價值　； 參考：《安徽大學》2012年碩士論文

【摘要】：隨著金融體制的深化改革和開放,國外大型證券公司、外資通過參股或并購等方式紛紛加入到中國的證券行業(yè)中,作為行業(yè)的領頭羊我國證券業(yè)上市公司正面臨著激烈的市場競爭。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體系,這對于我國證券業(yè)上市公司來說是很好的機遇。因此,如何提高我國證券業(yè)上市公司投資價值來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內(nèi)外學者對上市公司投資價值評價方面的研究,并介紹了相關概念的界定和理論基礎。然后闡述了目前我國證券業(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)上市公司投資價值的外部因素和公司內(nèi)部因素。并在此基礎上結(jié)合我國證券業(yè)上市公司的特點,遵循評價指標選取的原則,從盈利性、抗風險性、成長性和市場勢力四個方面構(gòu)建了一套適合我國證券業(yè)上市公司投資價值的評價指標體系。本文將評價對象選定為中信證券、海通證券、國金證券、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),對這些公司的投資價值作出客觀評價。 本文采用因子分析法對9家樣本公司進行實證分析,分別從均值、年度、個體三個角度綜合評價并對得分排名得出有意義的結(jié)論,結(jié)果顯示投資價值排名前三位的是中信證券、海通證券、國元證券,并從實證分析中發(fā)現(xiàn)我國證券業(yè)上市公司投資價值存在的一些問題：整體投資價值較低,公司發(fā)展強弱懸殊；盈利能力水平普遍較低；風險控制及市場能力有限等。最后根據(jù)實證分析的結(jié)果,結(jié)合影響我國證券業(yè)上市公司投資價值的因素,提出從完善投資者利益保護機制、逐步放松證券公司業(yè)務范圍的限制、擴展融資渠道、擴大資本實力和規(guī)模、開展業(yè)務創(chuàng)新優(yōu)化盈利模式、提高風險控制能力等方面提高我國證券業(yè)上市公司的投資價值。
[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.
【學位授予單位】：安徽大學
【學位級別】：碩士
【學位授予年份】：2012
【分類號】：F832.51;F224

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