| Since the industrial revolution, energy has been the driving force of social and economic development. Each generation of energy evolution result a tremendous progress in productivity and industrial revolution.Over the past century, benefit from the massive use of fossil fuels, human beings has created a brilliant civilization. However, non-renewable fossil fuels will eventually face the dilemma of depletion. Also, it is clear that no country in the world is untouched by the negative environmental effects of petroleum extraction, such as greenhouse effect. Facing to the challenges of energy and environment issues, a consensus has been reached globally: the energy-providing situation is currently non-continual. Under the situation of continuous reduction in traditional sources of energy, the new energy industry has been well developed and will turn into the coming popular industry.As the continuous reduction in the conventional sources of energy, the new energy industry has grown in strength and will become the next hot industry. The development of capital market of new energy industry has provided the more investments channel and the transaction variety for the investor.Institutional investors and ordinary investors are facing the problem that how to measure the investment value of listed companies from different angles and how to control market risks. By analyzing the present means of investment domestically and internationally and combining with the specific condition of the securities market in China,the thesis established the evaluation indexes system of the investment value on new energy industry listed firms. Then the principal components analysis is used to filtrate the indexes in order to avoid the overlap among the information.Many indexes are turned to comprehensive indexes which influence the power plants'competition ability.The comprehensive indexes are irrelevant with each other but hold the main information of the original variable. At last there is a comprehensive analysis of 44 new energy listed companies.In this paper, the author analyze the background of the current China's securities market, represent the importance of analysis on the investment value of listed companies; review the evaluation methods of domestic and foreign listed companies of investment value; and give a brief introduction of research ideas and methods of this paper. In the second part: The theoretical basis of investment value evaluation of listed companies. Briefly represent the theory of investment value evaluation of listed companies; from macro level, meso level, and micro-level, respectively, analyze the main factors that affect the investment value of listed companies. Then the author Comprehensive analysis of company investment value includes macroeconomic analysis, industry analysis, and company analysis. This article analyzes the energy industry and the macroeconomic environment from the perspective of qualitative. In the index system and evaluation of the new energy industry investment value of listed companies, based on the qualitative analysis, this part starts commonly used indicators of the market; evaluation ranking of value of listed companies; design a index system of the new energy industry investment value of listed companies; use the principal component analysis of indicators for screening; transfer a single indicator to an overall indicator of the impact on investment value to avoid information duplication. At last is the case research of investment value evaluation of the new listed companies in the energy industry. First, select forty-four listed companies in new energy industry to evaluate the investment value accordance with the model in Part IV; second, analyze the evaluation results; third, analyzes four companies as representatives for details; last but not least, give investment advice. Summarize the work on thesis and draw a conclusion that the new energy industry is valuable for investment. At the same time, the establishment of index system and model will contribute to the analysis of other industries and companies.On the base of a large number of documents available, the paper analysis the company fundamentals through the macro, meso and micro angles from the investor point of view.Using the investment value of comprehensive evaluation methods evaluate the investment value on the new energy industry in China listed companies. First, evaluate the overall quality of listed companies, including corporate profitability, solvency, asset management capabilities, growth, equity structure, and on the basis of these, focused on solving enterprises to invest in the value of the index system settings, evaluation methods, combined with its market value analysis of investment performance.Based on these studies, drawing the following conclusions. The new energy industry is the industry with high investment value in recent years. The thesis established the evaluation indexes system of the investment value on new energy industry listed firms. Combining the current situation of the investment value evaluation of new energy listed companies, and the theoretical contents of the evaluation of new energy listed companies, the new characteristics of listed companies in the energy industry and the impact of factors was built to evaluate the new energy industry investment value of listed companies in the evaluation index system.Established the value of the investment evaluation model. Using principal component analysis, make the multi-variable indicator system integrated into a variable. Meanwhile, the use of principal component as an indicator of the contribution rate of the weight value, avoid the subjective evaluation to determine the weight of the impact of the results. Using the established model to empirical analysis.Based on the principal component analysis model, the thesis made an empirical analysis ofthe investment value to the new energy industry listed companies. Selected forty-four listed companies in new energy industry to evaluate the investment value accordance with the model analyzed the evaluation results and also analyzed four companies as representatives for details; last but not least, give investment advice. |
PDF Full Text Request