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我国婴幼儿奶粉企业价值评估_MBA硕士毕业论文DOC

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文本描述
摘要
随着我国资本市场的日渐成熟,证券市场的不断完善,投资者的投资风格已
慢慢从热衷于投机转向注重投资价值,所以,投资者想要准确的判断其上市公司
的投资价值,就必须做出全面的分析和较科学的判断,增加投资者判断的合理性
和科学性,减少盲目性,降低投资风险。本文基于目前国内生育政策调整这一历
史性的变迁背景下,对婴幼儿奶粉企业进行价值重新估值,以贝婴美企业为例,
通过市场对比法、资产价值评估法、现金流量折现模型分析法和股利贴现模型分
析法对其全面的价值评估,从而确定该企业的投资价值,帮助投资者提供较及时
有效的投资思路

本研究共有五个章节,其内容如下:
第一章 绪论,提出本文的研究背景和研究意义、国内外研究综述和研究内
容和研究方法

第二章 企业价值评估方法概述,分别从市场价比较法、资产价值评估法、
现金流量模型分析法和股利折现模型评估法进行了概述,为后文的企业价值评估
打下基础

第三章 二胎政策下贝婴美公司的现状分析,首先以公司概况入手,从经营
分析到财务分析进行了多方面全方位的分析,其中有贝婴美公司的主营业务的分
析、以五力模型和 SWOT 为主的公司战略管理分析及财务分析等,主要研究了该
公司的四大财务指标(偿债能力的、盈利能力、营运能力和成长能力)的强弱

第四章 婴幼儿奶粉行业中的代表企业--贝婴美公司进行了价值评估分析,
主要以“现金流量折现模型”和“股利折现模型”两种模型进行了评估分析,得
出贝婴美公司未来股票价值在 8.298 元-209.90 元

最后得出结论,以贝婴美公司为代表的婴幼儿奶粉行业的价值上升空间较大,
现阶段只是处于二胎政策放开的转折点,未来具有较高的投资价值,具备较强的
投资价值,同时,给婴幼儿奶粉行业中的其他中小企业提出提升自身价值的建议

关键词:投资价值;财务风险;贝因美奶粉;价值;评估工商管理硕士专业学位论文
II
Abstract
I was with the gradual maturity of the capital market, the stock market continues
to improve, the investor&39;s investment style has been slowly from the speculative
industry to focus on investment value, therefore, to conduct a comprehensive analysis
and judgment on the investment value of the listed companies, help investors to know
as much as possible to increase investment, rational and scientific judgment of
investors, reduce blindness, reduce the risk of investment. The change of current
fertility policy adjustment based on the historic and caused the entire infant formula
industry revaluation, and the intrinsic value of deingmate company to conduct a
comprehensive analysis, in order to provide investment real and timely new ideas for
investors.
This paper is divided into five chapters:
The first chapter summarizes the research background, the main problems and
significance of the study, the research framework.
The second chapter overview of enterprise value evaluation method, comparative
method, respectively from the market price of the assets valuation method, cash flow
model are summarized and the dividend discount model assessment analysis,
evaluation and lay the foundation for the enterprise value.
The third chapter analyses the current two-child policy under deingmate compan
y, the first company to start from the situation, business analysis to financial analysis c
onducted a comprehensive analysis of many aspects, including deingmate analysis, th
e company&39;s main business is dominated by the five forces model and SWOT compan
y strategic management analysis and financial analysis. A study on the solvency, profi
tability, operation ability and growth ability.
The fourth chapter in the infant formula industry on behalf of the enterprise -- dei
ngmate company assesses the value analysis, mainly in the discounted cash flow mo
del and dividend discount model two models are evaluated, the value of the compa
ny&39;s future deingmate shares in 8.298 yuan -209.90 yuan.
Conclusion to deingmate company as the representative of the infant formula ind我国婴幼儿奶粉企业价值评估研究--以贝婴美奶粉为例
III
ustry value rose a larger space, at present only at the turning point of two-child policy
liberalization, the future has higher investment value, strong investment value, at the s
ame time, to other small and medium-sized enterprises in the infant formula industry
put forward suggestions to enhance its value.
Key words: investment value; financial risk; Beingmate milk powder; value;
evaluation工商管理硕士专业学位论文
IV
目 录
摘要 I
Abstract..........II
目 录..........IV
1 绪 论..........1
1.1 研究背景及意义1
1.1.1 研究背景.1
1.1.2 研究意义.3
1.2 国内外研究综述3
1.2.1 国外研究综述....3
1.2.2 国内研究综述....4
1.3 研究内容和路线5
1.3.1 研究内容.5
1.3.2 研究路线..6
2 企业价值评估方法概述.........8
2.1 市场比较法..........8
2.2 资产价值评估法.8
2.3 现金流量贴现法.8
2.4 股利折现模型评估法.. 9
3 二胎政策下贝婴美公司的现状分析..........10
3.1 外部环境分析..10
3.1.1 我国婴幼儿奶粉市场发展规模...... 10
3.1.2 国内婴幼儿奶粉市场面临的问题..11
3.1.3 国内婴幼儿奶粉市场未来发展机会.........11
3.2 内部环境分析..13
3.2.1 公司概况.........13
3.2.2 主营业务分析...13
3.2.4 营销分析...........17
3.2.5 财务分析...........17
4 贝婴美公司的价值评估
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