电气设备行业上市公司定向增发中的财务投资

论文总字数：20261字

摘 要

目前，随着经济全球化的迅速发展，财务投资越来越受到机构和个人投资者的关注。财务投资种类的增多也使得投资者更加注意投资的宏观战略。如何选择财务投资项目可以获得最佳利润成为投资者最为关注的焦点。定向增发作为现金上市公司再融资的热门选择，愈来愈多的投资者开始选择参与定向增发项目来为自己赢得可观的利润。而如何选择一个优质的，可靠的定向增发项目也是投资者所要考虑的问题。

电气设备行业作为定向增发中的一个热门行业，近年来定向增发融资规模靠前。2016年以来，随着国内市场的需求逐渐放缓，越来越多的电气设备企业将目光转向国外市场，为了争取更多的盈利机会走出国门。智能电网与特高压建设正在如火如荼地进行，风电光伏产业弃风弃光有了明显的改善，各种清洁能源的研发和使用比例也在不断提高……沿着“一带一路”的区域，一路走来，可以看到我们的电气设备行业硕果累累，我们正将“中国制造”这张名片散发到世界各地。

本文从众多定向增发的热门行业中选取了电气设备行业进行分析，并以在2016年电气设备行业进行定向增发项目的上市公司——易事特（股票代码：300376）为例，进行参与定向增发项目的浅析。随着国家诸多鼓励政策的出台，越来越多的企业集团倡导发展清洁能源和新兴产业，带着“中国制造”和“中国创造”的名片走出国门。易事特集团可以说是其中的代表，企业积极发展光伏产业和生产新能源产品。近几年易事特在A股市场的表现非常强势，在同行业中优势明显。公司拥有世界级的研发平台与技术团队，拥有高效卓越的服务机制，拥有近80家全资或控股子公司，拥有全球各地268个客户中心……在江苏扬州、北京经济技术开发区和东莞松山湖都着它的研究制造基地。易事特集团历经近30年的艰苦创业与睿智经营，如今已经发展为电气设备行业的龙头企业。

本文从财务管理的角度出发，结合证券的基本分析和技术分析。通过分析电气设备行业、分析证券一级市场和二级市场、分析所选上市公司近三年的财务报表，运用巴菲特财务报表分析理论、杜邦分析、酒田战法、道氏理论、葛氏法则、波浪理论、MACD、BOLL指标，来分析预测投资者如何在定向增发的投资中找准时机，获取最大收益。

关键词：定向增发；财务投资；电气设备；易事特

the Financial Investment in the Private Placement of Electrical Equipment Industry Listed Companies

Abstract

At present, with the rapid development of economic globalization, financial investment by insititutional and individual investors more and more attention. Increasing financial investment types also makes investors pay more attention to the macroscopic strategic investment projects can get the best profit has become the focus of most investors. Consider cash as a popular choice of refinancing of listed companies, more and more investors began to choose to participate in the purchase project won substantial profits for themselves. And how to choose a high quality, reliable directional secondary project is what investors to consider problem.

Electrical equipment industry as a popular industry in the private placement, private financing scale in recent years. Since 2016, as the domestic market demand is slowing, and more and more foreign enterprises to focus on the electrical equipment market, in order to strive for more profit opportunities abroad. Smart grids and the construction of uhv is picking up, abandoned discard wind wind power photovoltaic industry have improved, all kinds of clean energy in the development and use of the proportion also unceasingly to improve... All the way along the "area" of the area, along the way, you can see our fruits electrical equipment industry, we are made in china the card, which was distributed to all over the world.

This paper selected from many popular choices for the purchase of electrical equipment industry is analyzed, and the electrical equipment industry in 2016 for the purchase project of the listed companies - easy (stock code: 300376), for example, to participate in the purchase project is analysed. As countries many encouraging policy, more and more enterprise groups, developing clean energy and emerging industries, with "made in China" and "China to create" card abroad. Easy group is one of the representative, the enterprise positive development of photovoltaic industry and new energy products. Easy in recent years, in the performance of the a-share market is very strong, the obvious advantages in the industry. The company has world-class research and development platform and technical team, with efficient service mechanism, has nearly 80 wholly-owned or holding subsidiaries, has 268 clients around the world center of... In yangzhou, jiangsu province, Beijing economic and technological development zone and dongguan songshan lake all its research manufacturing base. Easy group after nearly 30 years of hard work and intelligent management, now has developed into electrical equipment industry leading enterprises.

In this paper, from the perspective of financial management, combining securities fundamental analysis and technical analysis. Through the analysis of electrical equipment industry, analyzing the primary market and secondary market securities, analysis of the selected nearly three years of financial statements of listed companies, using the theory of buffett"s financial statement analysis, dupont analysis, sakata methods, dow theory , law, wave theory, MACD goeldi, among indicators, to analyze and predict how investors in private investment in alignment with time, get the most benefits.

Keywords: Private Placement ; Financial Investment ; Electrical Equipment

目 录

摘 要 I

Abstract II

第一章 绪 论 1

1.1 研究背景 1

1.2 研究内容和意义 1

1.2.1 研究内容 1

1.2.2 研究意义 1

1.3 研究方法和框架 2

1.3.1 研究方法 2

1.3.2 研究框架 2

1.4 文献综述 2

第二章 参与电气设备行业定向增发的意义 4

2.1定向增发的定义与作用 4

2.1.1定向增发的定义 4

2.1.2定向增发的作用 4

2.2 电气设备行业分析 4

2.2.1 电气设备行业概况 4

2.2.2 电气设备行业2016定向增发的上市公司 5

2.2.3电气设备定增企业按主营业务细分 5

2.3参与电气设备行业定向增发的意义 6

第三章 电气设备行业优质定增项目的选择 7

3.1 以易事特（股票代码：300376）公司定向增发项目为例 7

3.2 财务报表分析（结合财务管理理论与巴菲特理论） 8

3.2.1 盈利能力分析 8

3.2.2营运能力分析 9

3.2.3偿债能力分析 9

3.2.4发展能力分析 9

3.2.5杜邦分析 10

3.3增发说明书分析 12

第四章 参与易事特定增项目的时机 13

4.1 电气设备行业基本面分析 13

4.1.1全球基本面 13

4.1.2国内基本面 13

4.1.3市场表现 14

4.2股票分析 15

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