电子行业上市公司财务报表中的投资密码

论文总字数：23979字

摘 要

电子行业是我国目前经济市场上参与定向增发较为活跃的行业。本文选取深圳万润科技股份有限公司（Shenzhen Mason Technologies Co. ,Ltd.）作为分析标的。主要由于万润科技于2016年11月28日获批通过了定增项目，这为研究提供了最新的样本资料，也使得分析更具价值和时效。

本文主要通过财务报表分析和巴菲特财务分析法去评析标的公司的价值，以期明确投资的基准预期。另一方面，运用有价证券投资的技术分析去评判标的二级市场价格所处的高低位置。最终，通过二级市场价格和财务报表的价值判断的比较，明确是否需要参与一级市场的定向增发项目。

关键词：定向增发 公司业绩 财务分析 杜邦分析 巴菲特分析法 酒田战法 均线理论 波浪理论 MACD分析 BOLL分析

English Title

Abstract

Private placement is one of the most important financing methods after the reform of shareholding structure in China. The foreign financial market started early and matured, which provides a paradigm for the research of private placement in China. Its focus is mainly concentrated in the following four aspects:

First, it is about the motivation of private placement. This includes four aspects: the information asymmetry theory, the financial supervision theory, the shareholder control right theory and the risk degree theory.

Second, it is on the issue of private placement discount. This problem mainly involves three aspects, including compensation cost theory, cost theory of information mining and liquidity compensation theory;

Third, it is on the issue of private placement effect. In this regard, based on different countries and regions of the financial management requirements, there are positive effects represented by Europe and the United States and New Zealand, Singapore, represented by the negative effects of two kinds of results;

Fourth, it is on the private placement on the impact of corporate performance issues. This aspect of the study involves the shareholding ratio of institutional investment and other issues.

Through the subject matter of the financial and technical analysis, to achieve the target selection and investment operation point of confirmation. The purpose of the company is to participate in private placement, to participate in private placement to the enterprise impact.

The electronics industry is China"s current economic market participation in private placement is more active in the industry. This paper selects Shenzhen Mason Technologies Co., Ltd. as the object of analysis. Mainly due to Wanrun on November 28, 2016 approved the adoption of a fixed project, which provides the latest sample data, but also makes the analysis more valuable and time.

This article is mainly through the financial statement analysis and Buffett financial analysis method to assess the value of the underlying company, with a view to a clear benchmark for investment expectations. On the other hand, is about using the technical analysis of portfolio investment to judge the level of the underlying market price of the location. Finally, through the secondary market price and financial statements to determine the value of the comparison, a clear need to participate in the primary market of private placement projects.

目 录

摘 要 I

Abstract II

第一章 绪 论 4

1.1 研究背景及目的 4

1.2 研究内容及方法 4

1.3论文框架 2

第二章 定向增发研究的文献综述 3

2.1 前言 3

2.2 关于定向增发的动机研究 3

2.3关于定向增发的折价问题 4

2.5关于定向增发的公告效应 4

2.6 关于定向增发对企业业绩的影响 4

2.7结语评述 5

第三章 电子行业定向增发造就投资新机会 6

3.1电子行业定向增发现状 6

3.2定向增发对电子行业上市公司股价及业绩的影响 7

3.3 标的企业简介 8

3.4 定向增发项目介绍 9

第四章 基于杜邦分析的定增价值评估 11

4.1 财务数据评析 11

4.1.1 资产负债表分析 11

4.1.2 利润表分析 12

4.1.3 现金流量表分析 13

4.2 杜邦分析 14

第五章 基于巴菲特方法的定增价值评估 16

5.1股东权益收益率分析 16

5.2经营结构判断 16

5.3安全边际 17

5.4 每股净资产 18

第六章 投资标的的技术分析 19

6.1 趋势判断 19

6.1.1 均线理论 19

6.1.2 MACD理论 19

6.2 阶段判断 20

6.2.1 均线理论 20

6.2.2 MACD理论 20

6.2.3 BOLL理论 20

6.3形态分析 21

6.4结论 21

结 语 22

7.1定向增发和企业财务表现的联系 22

7.2 定向增发对二级市场股票价格的影响 22

7.3 结语 22

致 谢 23

参考文献（References） 24

第一章 绪 论

1.1 研究背景及目的

近年以来，随着高新技术的日新月异。财务投资的手段日渐丰富多样。对于单个企业而言，实现资产的增值保值，获得更多的利润是其发展的必然要求。面对多种投资技术和手段，只有深入了解最新最有效地获利方式，才能保证企业长久的运营存货。

对于企业日常运行而言，高效率短周期的现金流动是关系到生产运作的重要因素。另一方面，面对复杂的市场变化，国家宏观的经济政策、利率变动、生产成本的变化、新兴产业带来的挑战与机遇，企业更需要运用多种方式保证合法经营所获得收入保值增值。

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