毕业论文析云南白药投资价值.doc

浅析云南白药投资价值 摘 要 企业价值评估在目前资本市场不断发展和完善的背景下具有极其重要的现实意义Abstract Enterprise value evaluation has extremely important practical significance in the current capital market development and perfection of the background, value analysis of the companys increasingly by the investing public attention, the enterprise value of accurate and timely assessment to make investment decisions for investors, an important part of effective financial management. With the introduction of Twelfth Five Year Plan, the traditional Chinese medicine industry is expected to usher in the golden ten years. Yunnan Baiyao as traditional Chinese medicine industry big brother, the future investment value attract sb.s attention. In this paper, Yunnan Baiyao as the research object, from the financial analysis of the four aspects of solvency, profitability, operation ability, development ability; carries on the synopsis to the absolute and relative valuation method, expounds the applicability of the relative valuation method, and the use of evaluation on its stock price relative valuation method PE+PEG method, at present Yunnan Baiyao stock can buy at the conclusion, provides the reference for the investors. Keywords: Yunnan Baiyao; financial analysis; the relative valuation method 目 录 1绪论………………………………………………………………………………………………………4 1.1背景与意义………………………………………………………………………………4 1.2云南白药基本情况………………………………………………………………………4 1.2.1公司简介 ……………………………………………………………………………4 1.2.2行业发展前景及竞争优势分析…………………………………………………4 2股票投资价值评估方法简介………………………………………………………………5 2.1绝对估值法………………………………………………………………………………5 2.1.1股利折现模型（DDM）……………………………………………………………… 2.1.2贴现现金流模型（DCF）……………………………………………………………………………………………………………………………………………5 2.2.1市盈率法（PE）………………………………………………………………………6 2.2.2 PEG法…………………………………………………………………………………6 2.2.3市净率法（PB）……………………………………………………………………6 2.3绝对估值法和相对估值法的比较……………………………………………………6 3云南白药财务状况分析………………………………………………………………………7 3.1偿债能力分析……………………………………………………………………………7 3.1.1短期偿债能力………………………………………………………………………7 3.1.2长期偿债能力……………………………………………………………………