《浅析云南白药投资价值》毕业学术论文.docVIP

PAGE 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，公司的价值分析越来越受到投资大众的重视，对企业价值进行准确及时的评估成为投资者做出投资决策、进行有效理财的重要环节。随着“十二五”的出台，我国中药产业有望迎来“黄金十年”。而云南白药作为中药产业“老大哥”，其未来投资价值引人注目。本文以云南白药为研究对象，从偿债能力、盈利能力、营运能力、发展能力四个方面对其进行财务分析；对绝对估值法和相对估值法进行简介，阐述相对估值法的适用性，并且运用相对估值法中的PE+PEG法对其股价进行评估，得到目前云南白药股票可以买入的结论，为投资者提供借鉴。 关键词：云南白药、财务分析、相对估值法 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）………………………………………………………………5 2.1.2贴现现金流模型（DCF）……………………………………………………………5 2.2相对估值法………………………………………………………………………………5 2.2.1市盈率法（PE）………………………………………………………………………6 2.2.2 PEG法……