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论文编号：	2539
作者编号：	2220070542
上传时间：	2010/6/12 12:10:56
中文题目：	天津港股份公司投资价值分析
英文题目：	The Analysis on Investment value for Tianjin Port Co.Ltd.
指导老师：	齐寅峰
中文关键字：	天津港股份公司 市盈率模型 CAPM模型 投资价值
英文关键字：	Tianjin Port Corporation P/E Model Capital Asset Pricing Model (CAPM) Investment value
中文摘要：	股票价格变动的可预测性一直是金融学的焦点问题，同时也产生了多种的分析方法和流派。本文以天津港股份公司为研究对象，以公司上市以来历年年报及股价数据资料为基础，对天津港股份公司的投资价值进行了多角度的分析，旨在为投资者及投资爱好者提出一个分析上市公司投资价值的操作性思路，并对投资天津港股份公司给出一个合理的投资建议。 本文在对天津港股份公司的财务状况进行分析时，运用了比较分析法、比率分析法等基本的财务分析方法，详细分析了天津港的财务状况。在对天津港股票估值过程中，首先运用了市盈率分析法，在对天津港业绩进行分析的基础上，对每股收益进行了合理的预测，通过选取合理的市盈率，得出公司的股票理论价格在11.25元至13.50元之间；然后运用了CAPM模型，给出行业平均市盈率水平下的公司股票的理论价格在10.98元至13.18元之间。观察现在天津港股份公司的股价，目前市场价格偏低，未来仍有一定的上升空间，值得投资 本文最终为天津港股份公司的投资者提供了比较准确合理的投资价值范围，也为投资者的投资决策提供了理论依据，同时提供了分析某一具体上市公司投资价值的操作性路径。
英文摘要：	The predictability of the changing of stock price has always being the focus of finance, which contributes to a variety of analysis methods and schools of thought. This paper takes Tianjin Port Corporation as research object, based on the over years annual reports and stock market data since it went to public, makes analysis from different angles, with the purpose of providing an operational analysis mentality of the investment value of listed companies to the investors, as well as a reasonable investment suggestion regarding Tianjin Port Corporation. In this paper, when analyze the financial position of Tianjin Port Corporation, the analysis methods, such as comparative analysis, ratio analysis, and other basic financial analysis are utilized to describe the company’s financial position in detail. When evaluate the stock value of Tianjin Port Corporation, the price-earnings model is adopted firstly. Based on the estimation of the performance of the company, making reasonable prediction on earnings per share, and by selecting appropriate price-earnings ratio, obtain the theoretical stock prices of the company, which should be at the range of 11.25 and 13.50. Secondly by using the Capital Asset Pricing Model (CAPM), conclude that the theoretical stock price of the company whose P/E Ratio is under the industry average should be ranged from 10.98 to 13.18. While the current market price of Tianjin Port Corporation now is underestimated, there is still room for its growth in future and worth the investment. Finally, this paper provides more accurate and reasonable investment value range of Tianjin Port Corporation to investors, which not only presents a theoretical basis for investment decision, but also an operational analysis approach regarding the investment value of a certain listed company.
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