Research On Investment Valuation Of China’s Marine Listed Companies

Securities markets play an important role in the national economy for financialintermediation, optimizing the allocation of resources and promoting economicdevelopment. The investment value of listed companies is a hot topic in the securitiesinvestment analysis. Correct understanding of the value of listed companies hassignificant reference for investors’ rational investment and the company management,so the research of the investment value by use of different methods and models is thefocus topic in the field of securities investment analysis.With the marine economy becoming a new economic growth point, the marineindustry occupy an increasingly important role in economic development, marinelisted company is an active force for financing in capital markets, and a positive factorto drive the development of marine economy.The national policy set off investmentboom of the ocean shares in the capital markets. Marine listed companies have uniquecharacteristics for the relation with marine economy.Therefore,in this context, thescientific evaluation of the investment value of marine listed companies as to valueresearch and rational investment has important theoretical and practical significance.This thesis aims to build a comprehensive evaluation index system of marinelisted companies through the analysis of the characteristics of marine listed companies,do comprehensive assessment of the investment value of marine listed companies, andprovide references and suggestions for investors, operators, and government.First of all, the thesis define the meaning of marine industry,marine listedcompanies and investment value of listed companies, then analyze the influencingfactors on investment value,through reviewing commonly used assessment method todetermine the research methods used in this article, which provide theoretical basisfor the paper. Secondly, analyze the factors affecting the investment value of marinelisted companies from three aspects, including the macroeconomic level, themeso-industry level and the micro company level. Thirdly, according to the characteristics of marine listed companies and affecting factors, combined with theprinciples in the build of comprehensive assessment index system of the investmentvalue and design the comprehensive assessment index system from the traditionalfinancial ability and future investment potential, which has detailed indicators. Finally,the thesis make a comprehensive assessment of investment value of marine listedcompanies by use of catastrophe progression method, and do correlation test betweenempirical results with the traditional investment value index to verify the validity ofthe assessment model, and put forward relevant suggestions from different subjectsbased on the results. In this process, the paper use Stochastic Frontier Analysis andgray relational analysis for the calculation of special indicators in the index system,use principal component analysis to determine the importance of indicators.The innovations and research results in this thesis are as follows:1. According to the characteristics of marine listed companies, this thesis builds acomprehensive evaluation index system, including indicators of financial value andinvestment potential. The financial value indicators can be subdivided intoprofitability, asset quality, solvency, and grow ability four total subsystems. Theinvestment potential indicators include innovation and development capacity,industry’s prospect and the capital expansion ability three total subsystems. Therefore,the comprehensive evaluation index system of marine listed companies is designed.2. The catastrophe progression method is introduced into the empirical analysisof marine listed companies, so as to make comprehensive assessment of investmentvalue of marine listed companies. The study found that there is discrepancy betweendifferent industries and different listed companies in the same industry. To ensure theaccuracy of this study, then the paper use a correlation analysis to test the empiricalresults, the correlation tests show that in the1%level of confidence, empiricalanalysis results has passed correlation test, proving that this method enjoy goodapplicability in the assessment of investment value in marine listed companies.