泸州老窖投资价值分析

《泸州老窖投资价值分析》由会员上传分享，免费在线阅读，更多相关内容在学术论文-天天文库。

1、-AbstractWiththedevelopmentofsecuritymarketinthelasttenyears,Chinahasgradually establishedasoundregulationandsupervisionsystem.Moreandmorepeoplebeganto acceptthevalueinvestmentphilosophyandfocusontheintrinsicvalueofthe enterprise.WineculturehasalonghistoryinChina.Wineoccupiesanirreplaceable po

2、sitioninpeople'slives.Withthecontinuousimprovementofpeople'sliving standardsandconsumptioncontinuestostrengthen,theliquorindustrywillcertainly startanewgrowthpoint.LuZhouLaoJiaohastheworld'slargestcommunityofpits. Ithasconstantlystrengthenitsinfrastructure,andhasbuiltindustryleadingtechnology

3、advantagesintheChineseliquorindustry.Therefore,thispaperchooseLuZhouLao Jiaoastheresearchobject.Throughthecomprehensiveresearchonitsfinancialquality, thispaperchoosetheresidualincomevaluationmodelasthetooltomeasurethe company’sinvestmentvalue.Thenprovideusefulinvestmentadvicetoinvestors. First

4、ly,thispapercomparedvariesvaluationtheoriesandchooseOhlson’s residualincomevaluationmodelasthetool.Thispapermadeimprovementsbyusing DuPontfinancialanalysissystembasedonthepreviousmodeltoimproveits applicability.Secondly,basedonindustryresearch,thispaperanalysisLuZhouLao Jiao’suniquecorporatego

5、vernancestructureandindustryposition.Thenfinancialratio methodwasusedtoanalyzethecorporate’soperationability,profitability,liquidityand cashflow.Basedontheaboveanalysisandthecomprehensivegraspofthecompany, thispaperreasonablypredicteditsvalueinearly2013.Thecomprehensiveanalysis showedthatLuZho

6、uLaoJiao’sfinancialconditionisgood.Withanannualcompound growthrateofover20%,thecompanymaintainedrapiddevelopmentbefore2010. Althoughliquorindustrystartedtodeclinein2011duetotheimpactofthe increasinglyintensemarketcompetitionandnationalpoliciesasawhole,butLu ZhouLaoJiaoactivelyrespondtomarketch

7、angesandshowedstronggrowthinthe industrylevel.LuZhouLaoJiao’sintrinsicvaluewasfoundtobeundervaluedbythe marketafterthevaluation.Thevaluationreflectsthevalueofitsinvestmentinthe future.Keywords:LuZhouLaoJiao,ResidualIncomeValuationModel,