论文标题:内蒙华电投资价值分析
The Study on the Development Strategy of Agricultural Insurance in Inner Mongolia
论文作者 何洁
论文导师 王维晓,论文学位 硕士,论文专业 工商管理
论文单位 内蒙古大学,点击次数 367,论文页数 54页File Size2360k
2004-05-15论文网 http://www.lw23.com/lunwen_972202/ 内蒙华电;投资价值
"NMHD" investment;worth analysis
近年来，我国国民经济的迅速发展极大地拉动了对电力工业的消费需求，特别是2002年国家电力体制改革方案的实施，使得发电类电力企业面临新的机遇和挑战。“内蒙华电”作为西电东送的主力发电企业，在新的机遇面前，积极发挥自身优势，进一步完善现代企业制度，业务发展生机勃勃。本文拟在对“内蒙华电”进行调查、分析和评价的基础上，就其投资价值提出一些观点。全文将从电力行业发展状况、内蒙华电在全国同行业中的地位、公司财务状况、公司价值评估、公司未来盈利预测和公司面临的风险六个方面进行探讨。其中，公司价值评估部分，本文采用贴现的自由现金流量法进行评估。公司价值的概念在国外早在50年代中期就有人提出，近几十年来，公司价值理论得到了广泛的研究，但由于我国存在着诸如资本市场的有效性较低等限制条件，公司价值模型在我国实践中应用较少。本文从公司自由现金流量的角度探讨公司价值。
In recent years ,the quick development of our country national economy pulls to consumption require in electric power industrial ,specially the national electric power system reformation in 2002 makes electric power enterprise to face new opportunity with challenge. "NMHD" as the mainly generating electricity enterprise that send electricity to east from west ,it is positive to develop the oneself advantage and perfect modern enterprise system . This paper intends to put forward the some standpoint for its investment worth after analyzing and ascending "NMHD " .The paper will study "NMHD" in six aspects : the whole electric power profession development condition ,company position in the whole country ,company financial standing ,company worth valuation ,company future earnings and risk that company faces . The paper proceeds method of the free cash flow to valuate company worth . The concept of company valuation is put forward for someone in the middle of as early as 50"s . In the last several decades ,company valuation got extensive research .But this theory applies the less in our country because the capital market exists some limited term such as the lower usefulness . This paper will study company investment worth from the angle of the free cash flow .
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