基于因子分析法的华录百纳投资价值研究
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摘要
以华录百纳影视股份有限公司为例,建立了包括总体盈利和知本能力、无形资产和偿债能力、资产管理和营运能力、国有背景和资质能力、资源配置和成长能力五大类指标的投资价值评价的指标体系,并以该公司2013-2016年的财务数据作为样本,采用因子分析方法对其进行了投资价值研究。实证结果表明,华录百纳影视股份有限公司的盈利能力、偿债能力较强,具有国资背景,口碑和资质都不错,但营运能力有待提高,总体成长性较好,具有长期投资价值。
This paper takes the HLBN Film and Television Company Ltd as an example to establish the index system of investment value evaluation. The five factors that measure the investment value of the company are the overall profitability and knowledge ability factor, intangible assets and solvency factor, asset management and operation ability factor, state background and qualification ability factor, resource allocation and growth factor. Based on the financial data of the company from 2013 to 2016, this paper uses the factor analysis method to study the investment value. Through the empirical analysis, the profitability and solvency of HLBN Film Company Ltd is strong. With state-owned background, the reputation and qualifications are good, but the operational capacity is to be improved, the overall growth ability is good. Therefore, HLBN Film and Television Company Ltd. has long-term investment value.
This paper takes the HLBN Film and Television Company Ltd as an example to establish the index system of investment value evaluation. The five factors that measure the investment value of the company are the overall profitability and knowledge ability factor, intangible assets and solvency factor, asset management and operation ability factor, state background and qualification ability factor, resource allocation and growth factor. Based on the financial data of the company from 2013 to 2016, this paper uses the factor analysis method to study the investment value. Through the empirical analysis, the profitability and solvency of HLBN Film Company Ltd is strong. With state-owned background, the reputation and qualifications are good, but the operational capacity is to be improved, the overall growth ability is good. Therefore, HLBN Film and Television Company Ltd. has long-term investment value.
引文
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[2]威廉·F·夏普.投资组合理论与资本市场(中译本)[M].北京:机械工业出版社,2001.
[3]费歇尔·布莱克,迈伦·斯科尔斯. 期权定价与公司债务[J].经济资料译丛, 1998, (4):30-38.
[4]罗杰莫林,杰瑞尔.公司价值[M].张平淡,译.北京:企业管理出版社, 2002.
[5]罗琰,刘晓星.基于投资者情绪的均值-方差投资组合选择研究[J].湖南财政经济学院学报,2016,(5):14-20.
[6]张建涛.从经营业绩视角审视能源公司股权结构优化——以上市公司为例[J].前沿,2017,(2):63-66.
[7]阿扎克.兼并、收购和公司重组[M].北京:机械工业出版社,2011.
[8]潘骞. EVA价值评估模型在资产评估中的应用[J].中国资产评估, 2003, (6):21-24.
[9]李琳,刘婧竹.基于因子分析的中国汽车上市公司综合绩效评价[J].科学时代, 2013,(5):56-59.
[10]王竞达,瞿卫菁.创业板公司并购价值评估问题研究——基于我国2010、2011年创业板公司并购数据分析[J].会计研究, 2012,(10):26-34.
[11]童梓.融资对企业投资效率的影响研究[J].湖南财政经济学院学报, 2017, (3):85-93.
[12]胡振,范秀芳.创业板上市公司抗风险性影响因素实证研究[J].会计之友, 2013, (3):60-63.
[13]赵翠苹. 基于因子分析法的我国医药行业上市公司投资价值分析[D].郑州:河南大学,2016.