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论文编号：	8207
作者编号：	2220130902
上传时间：	2016/6/3 0:57:52
中文题目：	A公司引入战略投资者后的盈利预测研究
英文题目：	A study of A company''''s profit forecast after introducing strategy investment
指导老师：	黄福广
中文关键字：	战略投资者;盈利预测;互联网金融
英文关键字：	strategic investors; profit projection;internet finance
中文摘要：	本文主要是针对引入战略投资者资本市场机制，探讨提升管理企业价值的管理方法。选取案例A公司处于互联网金融行业，引入战略投资者时期，正是资本市场热衷互联网行业投资时期。互联网经济高速发展深刻的改变着人们的生活，创业者和投资者纷纷涌入技术创新和资本运作的洪流中。我们也开始观察到互联网行业发展已经不仅仅停留于行业的创新和发展，更加深刻的开始关注，整体产业生态链的开拓和升级。诸多的互联网公司引入战略投资者已经成为公司发展的毕经之路，对于这种市场机制探讨和研究也更加受到关注。 我们选择其中一个方面，战略投资者入驻之后的盈利预测。在资本市场上，盈利预测在提供了“预测信息”的沟通桥梁。在参与资本市场的过程中，战略投资者，由于存在“两权分离”、“信息不对称”在获得信息方面处于劣势，通过盈利预测方式，拟投资企业要通过技术方法，向战略投资者提供未来企业的盈利能力及成长性，并分析影响盈利能力及成长能力因素是否合理。通过盈利预测方法是可以达到预期的目标。 引入战略投资者之后要通过盈利预测来分析效果和战略预期达成的可行性，以便于未来实现既定的资本退出目的。战略投资者通常寻找的拟投资企业或处于相似行业，或处于产业链条上的一个环节。其投资不尽在于获取财务回报，更看重其战略意图。对于互联网的拓荒者来说，他们更加关注的是互补、整合和取得未来整体产业链的制高点。这些企业获取资金支持只是基本的要求，更加希望投资企业的核心技术能力、管理经验等，从而提升自身在行业的布局能力，投资后能获得技术、产品、上下游业务或其他方面的互补，在通过资本重组等方式形成核心的竞争能力，不停提升自身的盈余和发展生长能力，终极占有行业的重要地位。 本文引入A公司作为案例公司，通过建立财务模型，分析财务模型的模拟报表，定性并且定量的说明影响公司成长性因素。分析过程中我们发现，收入的持续性、盈利的成长性、成长期的稳定性及公司治理层是影响A公司成长性和盈利性的主要因素。通过这种分析与研究，会计上的盈利预测是可以为战略投资者提供可靠的投资决策的信息的。
英文摘要：	This paper is an attempt to explore management methods for improving the value of the managed enterprise by introducing strategic investors and the capital market mechanism. In the case study selected, Company A is in the Internet finance industry at a stage where strategic investors are introduced and Internet finance is hot to the capital market. While the Internet economy is profoundly changing the way that people live, startups and investors are competing to get into technological innovation and capital operations. As we have also observed, the development of the Internet industry is no longer confined to its own innovation and development; it is already beginning to pay close attention to the development and upgrade of the whole industry chain. As bringing in strategic investors is inevitable to numerous Internet companies and their development, the investigation and study of this market mechanism also draws more attention. We have selected one aspect of our subject matter: profit projection after the introduction of strategic investors. As is common is the capital market, profit projection serves as a channel of communications for “projection information”. In the process of participating in the capital market, strategic investors are often disadvantaged in information access due to the “separation of powers” and “information asymmetry”. Through profit projection, a potential enterprise needs, by technical means, to provide strategic investors with information about its future profitability and growth potential and analyze if the factors affecting the profitability and growth potential are reasonable. In other words, the profit projection method can help achieve the expected objective. After the introduction of strategic investors, it is necessary to analyze the result and feasibility in the expected strategic objective through profit projection in order to realize the objective of capital exit. Enterprises interesting strategic investors are often those in similar industries or on the same industry chain. Obtaining finance support is just a basic requirement for such enterprises, which actually hope for the investments to go to their core technological capabilities, managerial experience, etc. in order to improve their ability of making strategic deployments in the industry; in effect, they hope to be complemented in terms of technology, products, downstream and upstream businesses, or others, develop their core competiveness by such means as capital restructuring, continue to improve their profitability and development and growth potential, and ultimately attain an important position in the industry. With Company A as a case study and through a financial model, this paper analyzes the simulated report generated by this model and quantitatively and qualitatively explains the factors affecting corporate growth. As we have noticed in the process, the continuity of revenue, growth of profit, stability of the growth period, and corporate governance are the main factors that affect the growth potential and profitability of Company A. Based on this analysis and study, we have found that the profit projection in terms of accounting provides reliable information for decision making.
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