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论文编号：	12935
作者编号：	2320190592
上传时间：	2021/12/14 14:59:57
中文题目：	显示面板行业投资价值研究——基于京东方和深天马的跨案例比较
英文题目：	Research on Investment Value of Panel Display Industry -- Based on Cross Case Comparison Between BOE and Shenzhen Tianma
指导老师：	古志辉
中文关键字：	显示面板;哈佛分析框架;价值评估;投资组合
英文关键字：	Display panel;Harvard analytical framework;Value evaluation;Investment portfolio
中文摘要：	证券市场作为资本市场的重要组成部分，在优化社会资源配置、价格发现和支持实体经济方面都具有重要作用。相较国外发达市场，我国证券市场不论是制度规则完善程度还是投资者的投资理念上都存在着较大的差距，尤其大部分个人投资者对于行业和上市公司的投资价值没有一个正确的认识。因此，如何科学、客观、合理地衡量上市公司的投资价值，是我国证券市场发展的重要课题。在当前大力支持高新技术企业融资发展的背景下，急需寻找恰当的研究方法和估值模型为投资者决策提供支持，是本文讨论的重点问题。 显示技术是电子信息产业的重要组成部分，电视、计算机、平板、手机等都离不开显示技术的支撑。显示面板行业经过30余年的产业化发展，生产重心几度转移，从日本到韩国、中国台湾再到中国大陆，这背后与所在国家或地区的经济发展、产业政策和市场结构密切相关。目前国内显示面板产业正处于高速发展期，伴随着国内面板厂商在全球市场逐步掌握话语权，龙头厂商具有较高的投资价值。本文据此选择以显示面板行业的龙头公司为例，探讨适用于先进制造企业的研究方法和估值模型。 本文从外部财务投资者的角度出发，以显示面板行业为研究切入点，选取国内显示面板龙头企业京东方科技集团股份有限公司（下文简称“京东方”）和天马微电子股份有限公司（下文简称“深天马”）作为案例企业进行比较分析。首先针对研究背景、意义、内容、方法和主要研究结果进行了介绍；然后进行相关理论回顾，重点阐释了哈佛分析框架、企业战略管理理论、财务分析理论、投资组合理论及估值理论；接着运用哈佛分析框架，从宏观环境和产业结构两个层面对显示面板行业进行分析，从会计、财务、前景三个方面对两家公司做出分析与评价；接下来运用公司自由现金流折现模型对二者进行价值评估，计算出各自的内含股价，同时为了让投资者能够较为直观快速的通过报表指标了解案例公司的经营水平，构建了财务指标跟踪模型；最后提出投资建议并指出投资风险。
英文摘要：	As an important part of the capital market, the securities market plays an important role in optimizing the allocation of social resources, price discovery and supporting the real economy. Compared with foreign developed markets, China's securities market has a large gap in both the perfection of system rules and the investment philosophy of investors. In particular, most individual investors do not have a correct understanding of the investment value of industries and listed companies. Therefore, how to scientifically, objectively and reasonably measure the investment value of listed companies is an important topic for the development of China's securities market. Under the background of supporting the financing development of high-tech enterprises, it is urgent to find appropriate research methods and valuation models to support investors' decision-making, which is the key issue discussed in this paper. Display technology is an important part of the electronic information industry. TV, laptop, tablet and mobile phone are inseparable from the support of display technology. After 30 years of industrialization, the main production areas have been transferred from Japan to Korea, Taiwan and Chinese mainland. This is closely related to the economic development, industrial policy and market structure of the country or region. At present, the domestic display panel industry is in a period of rapid development. With the domestic panel manufacturers gradually mastering the voice in the global market, the leading manufacturers have high investment value. Therefore, this paper chooses the leading companies in the panel display industry as an example to explore the research methods and valuation models suitable for advanced manufacturing enterprises. From the perspective of external financial investors, this paper studies the display panel industry, and selects BOE Technology Group Co., Ltd. and Tianma Microelectronics Co., Ltd. as case enterprises for comparative analysis. Firstly, this paper introduces the research background, significance, content, methods and main research results; Then it reviews the relevant theories, focusing on Harvard analysis framework, enterprise strategic management theory, financial analysis theory, portfolio theory and valuation theory; Then this paper uses the Harvard analysis framework to analyze the display panel industry from two aspects of macro environment and industrial structure, and analyzes the case company from three aspects of accounting, finance and prospect; Next, the FCFF model is used to evaluate the value of the case enterprise and calculate their embedded share prices. At the same time, in order to enable investors to intuitively and quickly understand the operation level of the case company through the report indicators, a financial index tracking model is constructed; Finally, this paper puts forward investment suggestions and points out investment risks for investors.
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