企业投资价值分析——以海天味业为例.pdf

河北经贸大学经济管理学院毕业论文 企业投资价值分析——以海天味业为 例 专业名称： 财务管理 班 级： C 财管 14-4 学生姓名： 田佳兵 指导教师： 马 莉 完成时间： 2018 年 4 月 摘 要 国人对于食品安全的日益关注，人民对于调味品的需求也逐渐转向健 康和美味兼具。我国的调味品行业保持了连续 7 年增长幅度超过 10%的水 平，并且随着需求的转变，未来的增长前景依然很乐观。近几年来，餐饮 行业出现回暖，有望拉动调味品行业得到进一步的增长。了解一家企业的 价值，需要结合近几年的发展布局以及业务增长的动力进行分析。读懂了 一家企业的价值，可以洞悉企业过去的成长核心能力有哪些，与同行业相 比，可以发现优势和弱项。企业的投资价值分析，需要综合运用财务报表 分析、经济学，同时还要熟悉企业的盈利能力、运营能力、偿债能力和发 展能力。本文以海天味业为例，主要从报表分析、价值评估的两个角度， 具体使用比率分析法、自由现金流量折现模型对海天味业的价值进行分 析，并借此判断企业的未来的投资价值。 关键词： 投资价值；财务比率分析；自由现金流量；海天味业；调 味品行业 Abstract Chinese people pay more and more attention to food safety. Peoples demand for condiments is turning to health and delicious food. The condiment industry in China has maintained a growth rate of over 10% for 7 consecutive years, and with the change of demand, the growth prospect of the seasoning industry is still optimistic. In recent years, the catering industry has been recovering, which is expected to stimulate further growth of the condiment industry. To understand the value of an enterprise, we need to combine the development layout in recent years and the driving force of business growth. Having read the value of an enterprise, we can see clearly what the core competencies of the past growth are, and we can see weaknesses in comparison with the same industry. The analysis of the investment value of the enterprise requires the comprehensive apply of financial statements analysis, economics, and also to be familiar with the profitability, operational ability, debt service and development ability of the enterprise. Taking the sea sky flavor as an example, this paper mainly analyzes the value of s