导　　师： 崔毅

学科专业： 1202

授予学位： 硕士

作　　者： ;

机构地区： 华南理工大学

摘　　要： 2011年新股破发现象严重，初步研究表明新股破发的主要原因是发行价格高估。本文通过对化工板块破发新股高盟新材的分析，探索发行价格是否高估对长期投资价值的影响。研究内容主要包括股票估值理论探讨以及新股高盟新材的行业情况、财务、经营状况以及价值评估。股票价值理论包括相对估值法（市盈率P//E,市净率P//B）和绝对估值法（现金流折现DCF模型，资本资产定价模型CAPM）。将雷达图展开到平面直角坐标更加直观地描述公司整体财务现状，采用杜邦财务分析法分析该公司的财务报表，评价该公司的财务及经营状况并选择合适的估值理论进行评估。结论：破发新股高盟新材的企业经营状况良好，但是存在超募资金的情况，企业的价值被高估。 The phenomena of depreciatory new stocks was very common in2011. The preliminaryresearch indicated that the major reason of depreciatory new stocks was the overestimation ofthe issue price. We explored the influence of overestimation of issue price on the value oflong-term investment by analyzing Gao Meng Xin Cai, one of the depreciatory new stocks inchemical industry. The research is composed of both theory of stock value estimation andanalysis of Gao Meng Xin Cai, including situation in the industry, finance, management andvalue estimation of the company. The theory of stock value estimation includes relative valuevaluation method /(P//E model and P//B model/) and absolute value valuation method/(Discounted cash flow model and capital asset pricing model/). Planimetric rectangularcoordinates, which was produced by unfolding traditional radar map, was used to depict thewhole financial situation more directly. DuPont financial analysis method was adopted toanalyze the financial statement. Evaluate the finance and management of the company andfinally estimate the value of the company using reasonable estimation theory. Conclusion: themanagement of Gao Meng Xin Cai, a depreciatory new stock, is good, but its fund is ultra-collected, leading to overestimated value of the enterprise.

关 键 词： 破发新股 高盟新材 价值评估

分 类 号： [F832.51]

领　　域： [经济管理]