基于财报表分析的上市公司投资价值研究

参考文献[1]杨俊杰,孙启亮,程颐颢,胡洋风.基于会计学指标的上市公司投资价值浅析[J].商场现代化,2015(01):207.[2]袁智勇.基于财务指标体系的中国上市公司投资价值分析[J].财会学习,2015(14):172-173.[3]余怒涛,李红琨,戴建红.基于财务报表基本面信息的上市公司盈余质量评价[J].山西财经大学学报,2012,34(09):115-124.[4]林文灵.

游戏公司的投资价值分析[D].厦门大学,2017.[5]汪淑林.

我国旅游类上市公司投资价值研究[D].安徽农业大学,2017.[6]石欣雨.

金融软件行业上市公司企业价值评估[D].重庆大学,2018.[7]向德伟.如何从财务角度评价上市公司的投资价值[J].财务与会计,1999(03):33-34.[8]郑向前.

基于因子分析法对我国生物制药上市公司投资价值分析[D].西南财经大学,2010.[9]李绍鹏.

基于现金流贴现模型和改进模型的深市A股上市公司投资价值分析[D].云南大学,2011.[10]王九生.

基于市盈率模型的中兴通讯股份有限公司投资价值分析[D].华东理工大学,2012.[11]Bao-sen,

Wang,Juan,

Li,Jian-min,

Sun.

The

Study

on

the

Evaluation

System

of

Investment

Value

of

Listed

Companies

on

the

GEM[J].

Journal

of

Convergence

Information

Technology,2010,5(5).[12]张雪玲.基于财务报表的企业投资价值评估研究[D].西安理工大学,2018.[13]《财务分析》，池国华等，2015版[14]苏月.基于相对估值模型的股票投资综述——以A企业为例[J].区域治理,2019(50):182-186.[15]赵海.基于相对估值方法的股票价值投资策略分析[D].山西财经大学,2010.致谢首先我要感谢代婷老师！本文从选题到完成的整个过程中，得到了代老师的热情帮助和精心指导。代老师严谨的治学态度、渊博的专业知识、敏锐的学术眼光、精益求精的精神给我留下了深刻的印象，并对我的学习和工作产生极大地促进作用。在即将完成四年学业之际，我还要感谢黄国威老师对我在四年学习和生活中的关心和教诲，在此，我还要感谢郑筱甜老师、张杰老师、原虹老师、邓涵老师等，感谢在四年的学习生活中给我帮助和支持的老师们。老师，您辛苦了。您的教诲，我将铭记于心。再次感谢老师们。本文在写作过程中参考了大量的文献资料，主要文献资料已开列出来，本文的有些句子或段落引自这些参考文献。在此向所有的作者表示深深的感谢！附录附录一：芒果超媒股份有限公司2018年合并资产负债表单位：元项目期末余额期初余额流动资产：货币资金2,526,409,541.402,160,174,822.45应收票据及应收账款1,434,076,919.841,261,915,320.31其中：应收票据93,200,000.0055,236,444.00应收账款1,340,876,919.841,206,678,876.31预付款项2,010,093,252.71887,172,946.53其他应收款76,062,850.2973,214,849.14其中：应收利息140,008.534,658,182.58存货2,214,812,395.091,329,598,688.81其他流动资产403,909,258.641,556,194,527.32流动资产合计8,665,364,217.977,268,271,154.56可供出售金融资产96,836,483.3387,950,000.00长期股权投资215,541,625.9723,507,917.23固定资产207,007,011.52251,907,515.91无形资产2,856,319,746.251,869,177,294.03长期待摊费用65,989,740.9371,624,848.51递延所得税资产3,938,878.584,516,886.05其他非流动资产379,080.00非流动资产合计3,446,012,566.582,308,684,461.73资产总计12,111,376,784.559,576,955,616.29流动负债：短期借款196,097,600.0035,953,000.00应付票据及应付账款3,629,798,813.262,444,167,336.01预收款项1,548,908,099.251,241,607,407.98应付职工薪酬431,382,836.47357,126,818.18应交税费133,505,920.73136,061,559.73其他应付款180,049,111.27377,424,045.75其中：应付利息224,226.31其他流动负债59,715,071.7441,833,040.54流动负债合计6,179,457,452.724,634,173,208.19长期应付款2,500,000.002,500,000.00长期应付职工薪酬33,450,000.0060,670,000.00预计负债9,127,973.601,466,158.00递延收益212,587,159.24112,899,189.79非流动负债合计257,665,132.84177,535,347.79负债合计6,437,122,585.564,811,708,555.98所有者权益：股本990,023,518.00401,000,000.00资本公积3,641,091,029.733,740,237,980.56盈余公积84,782,321.7182,364,048.73未分配利润923,476,426.2880,376,166.81归属于母公司所有者权益合计5,639,373,295.724,303,978,196.10少数股东权益34,880,903.27461,268,864.21所有者权益合计5,674,254,198.994,765,247,060.31负债和所有者权益总计12,111,376,784.559,576,955,616.29附录二：芒果超媒股份有限公司2018年合并利润表项目本期发生额上期发生额一、营业总收入9,660,661,413.728,271,005,101.01其中：营业收入9,660,661,413.728,271,005,101.01二、营业总成本8,744,486,267.797,527,371,256.91其中：营业成本6,082,772,751.375,774,341,404.10税金及附加97,903,564.7870,618,986.57销售费用1,801,461,805.401,180,591,070.08管理费用461,550,996.24367,682,671.60研发费用220,555,885.64190,054,324.09财务费用-24,198,811.58-22,998,626.70其中：利息费用14,167,593.2011,139,250.75利息收入42,647,994.2837,898,394.41资产减值损失104,440,075.94-32,918,572.83加：其他收益29,600,362.397,074,772.52投资收益（损失以“－”号填列）31,403,830.5948,556,989.87其中：对联营企业和合营企业的投资收益-7,966,291.26-4,497,870.27资产处置收益（损失以“-”号填列）-1,741.95-280,202.09三、营业利润（亏损以“－”号填列）977,177,596.96798,985,404.40加：营业外收入14,848,693.6732,411,033.77减：营业外支出45,026,167.5322,780,074.46四、利润总额（亏损总额以“－”号填列）947,000,123.10808,616,363.71减：所得税费用19,425,726.313,097,873.83五、净利润（净亏损以“－”号填列）927,574,396.79805,518,489.88（一）持续经营净利润（净亏损以“－”号填列）927,574,396.79805,518,489.88（二）终止经营净利润（净亏损以“－”号填列）归属于母公司所有者的净利润865,568,532.45715,151,479.15少数股东损益62,005,864.3490,367,010.73七、综合收益总额927,574,396.79805,518,489.88归属于母公司所有者的综合收益总额865,568,532.45715,151,479.15归属于少数股东的综合收益总额62,005,864.3490,367,010.73八、每股收益：（一）基本每股收益0.920.79（二）稀释每股收益0.920.79附录三：芒果超媒股份有限公司2017年合并资产负债表项目期末余额期初余额流动资产：货币资金1,104,919,514.871,024,866,521.56应收票据及应收账款其中：应收票据应收账款215,586,155.24152,346,185.66预付款项200,336,381.88197,119,445.78其他应收款12,090,767.9821,977,308.60其中：应收利息4,658,182.588,623,001.11存货73,707,167.21101,690,186.40其他流动资产383,886,387.72537,600,389.83流动资产合计1,995,184,557.482,044,223,038.94可供出售金融资产60,000,000.0060,000,000.00长期股权投资16,652,002.0411,329,764.69固定资产115,638,755.81120,211,173.60在建工程440,099.75无形资产47,108,827.7950,970,500.94长期待摊费用35,178,644.3743,507,953.15递延所得税资产4,516,886.057,195,843.17非流动资产合计279,095,116.06293,655,335.30资产总计2,274,279,673.542,337,878,374.24流动负债：短期借款35,953,000.00应付票据及应付账款293046805.70464158954.11预收款项109,457,783.4597,022,460.57应付职工薪酬34,029,108.6730,443,742.42应交税费5,952,394.743,488,482.28其他应付款30,804,341.7136,609,950.44其他流动负债41,833,040.5436,902,958.60流动负债合计551,076,474.81668,626,548.42递延收益3,945,805.125,259,856.04非流动负债合计3,945,805.125,259,856.04负债合计555,022,279.93673,886,404.46所有者权益：股本401,000,000.00401,000,000.00资本公积677,824,905.78673,394,021.19盈余公积82,364,048.7375,690,649.19未分配利润517,751,008.19469,931,965.22归属于母公司所有者权益合计1,678,939,962.701,620,016,635.60少数股东权益40,317,430.9143,975,334.18所有者权益合计1,719,257,393.611,663,991,969.78负债和所有者权益总计2,274,279,673.542,337,878,374.24附录四：芒果超媒股份有限公司2017年合并利润表项目本期发生额上期发生额一、营业总收入2,983,760,658.383,219,279,125.21其中：营业收入2,983,760,658.383,219,279,125.21二、营业总成本2,930,630,544.133,200,345,163.81其中：营业成本2,305,787,848.772,537,390,051.42税金及附加14,347,717.3412,308,775.16销售费用526,287,009.90561,449,421.02管理费用113,688,385.54118,376,376.07财务费用-30,738,779.31-29,471,995.15资产减值损失1,258,361.89292,535.29投资收益（损失以“－”号填列）2,142,344.5729,357,583.20资产处置收益（损失以“-”号填）-233,929.93-1,129,322.52其他收益7,074,772.52三、营业利润（亏损以“－”号填列）62,113,301.4147,162,222.08加：营业外收入4,494,079.2617,547,057.03减：营业外支出148,884.31567,259.78四、利润总额（亏损总额以“－”号填列） 66,458,496.3664,142,019.33减：所得税费用2,678,957.12287,520.17五、净利润（净亏损以“－”号填列）63,779,539.2463,854,499.16（一）持续经营净利润（净亏损以“－”号填列）63,835,170.1166,660,551.77（二）终止经营净利润（净亏损以“－”号填列）-55,630.87-2,806,052.61归属于母公司所有者的净利润72,537,442.5166,528,081.88少数股东损益-8,757,903.27-2,673,582.72七、综合收益总额63,779,539.2463,854,499.16归属于母公司所有者的综合收益总额72,537,442.5166,528,081.88归属于少数股东的综合收益总额-8,757,903.27-2,673,582.72八、每股收益：（一）基本每股收益0.180.17（二）稀释每股收益0.180.17附录五：芒果超媒股份有限公司2016年合并资产负债表项目期末余额期初余额流动资产：货币资金1,024,866,521.561,324,504,836.39应收票据12,730,396.02应收账款152,346,185.6653,220,990.90预付款项197,119,445.78134,573,924.21应收利息8,623,001.117,027,774.42其他应收款21,977,308.608,235,234.68存货101,690,186.40232,721,089.43其他流动资产537,600,389.83368,063,071.46流动资产合计2,044,223,038.942,141,077,317.51可供出售金融资产60,000,000.00长期股权投资11,329,764.69固定资产120,211,173.60119,662,947.46在建工程440,099.75无形资产50,970,500.9456,303,661.79长期待摊费用43,507,953.1551,696,749.64递延所得税资产7,195,843.178,484,296.99非流动资产合计293,655,335.30236,147,655.88资产总计2,337,878,374.242,377,224,973.39流动负债：短期借款50,000,000.00应付票据158,285,000.00173,200,434.40应付账款305,873,954.11313,857,358.22预收款项97,022,460.5795,730,452.87应付职工薪酬30,443,742.4229,953,421.09应交税费3,488,482.282,550,356.78应付利息28,602.74其他应付款36,609,950.4449,497,920.79其他流动负债36,902,958.6030,986,044.55流动负债合计668,626,548.42745,804,591.44非流动负债：递延收益5,259,856.046,420,911.33非流动负债合计5,259,856.046,420,911.33负债合计673,886,404.46752,225,502.77所有者权益：股本401,000,000.00401,000,000.00资本公积673,394,021.19673,394,021.19盈余公积75,690,649.1968,791,748.99未分配利润469,931,965.22435,164,783.54归属于母公司所有者权益合计1,620,016,635.601,578,350,553.72少数股东权益43,975,334.1846,648,916.90所有者权益合计1,663,991,969.781,624,999,470.62负债和所有者权益总计2,337,878,374.242,377,224,973.39附录六：芒果超媒股份有限公司2016年合并利润表项目本期发生额上期发生额一、营业总收入3,219,279,125.212,797,607,221.71其中：营业收入3,219,279,125.212,797,607,221.71二、营业总成本3,200,345,163.812,720,191,193.89其中：营业成本2,537,390,051.422,046,085,924.06税金及附加12,308,775.1610,562,821.66销售费用561,449,421.02564,074,872.89管理费用118,376,376.07123,507,742.79财务费用-29,471,995.15-25,580,361.42资产减值损失292,535.291,540,193.91投资收益（损失以“－”号填列）29,357,583.20三、营业利润（亏损以“－”号填列）48,291,544.6077,416,027.82加：营业外收入18,297,794.6410,215,379.06其中：非流动资产处置利得750,737.612,720.00减：营业外支出2,447,319.91632,226.17其中：非流动资产处置损失1,880,060.13211,377.65四、利润总额（亏损总额以“－”号填列）64,142,019.3386,999,180.71减：所得税费用287,520.17-5,745,617.98五、净利润（净亏损以“－”号填列）63,854,499.1692,744,798.69归属于母公司所有者的净利润66,528,081.8895,095,881.79少数股东损益-2,673,582.72-2,351,083.10七、综合收益总额63,854,499.1692,744,798.69归属于母公司所有者的综合收益总额66,528,081.8895,095,881.79归属于少数股东的综合收益总额-2,673,582.72-2,351,083.10八、每股收益：（一）基本每股收益0.170.25（二）稀释每股收益0.170.25附录七：芒果超媒股份有限公司2015年合并资产负债表项目期末余额期初余额流动资产：货币资金1,324,504,836.39996,505,294.07应收票据12,730,396.0286,877,816.55应收账款53,220,990.9021,213,747.43预付款项134,573,924.2173,752,171.77应收利息7,027,774.423,910,404.32其他应收款8,235,234.6813,072,659.30买入返售金融资产存货232,721,089.4357,673,713.10其他流动资产350,505,685.5957,358,646.72流动资产合计2,123,519,931.641,310,364,453.26固定资产119,662,947.4649,794,120.16在建工程38,960,591.73无形资产56,303,661.7960,397,327.26长期待摊费用51,696,749.648,917,671.23递延所得税资产8,484,296.992,585,095.46其他非流动资产1,477,540.63非流动资产合计236,147,655.88162,132,346.47资产总计2,359,667,587.521,472,496,799.73流动负债：短期借款50,000,000.00应付票据173,200,434.40应付账款313,857,358.22318,025,715.31预收款项95,730,452.8764,849,685.74应付职工薪酬29,953,421.0928,706,144.49应交税费-15,007,029.0911,442,342.44应付利息28,602.74其他应付款49,497,920.7929,971,468.64其他流动负债37,406,955.8857,540,324.43流动负债合计734,668,116.90510,535,681.05负债合计734,668,116.90510,535,681.05所有者权益：股本401,000,000.00331,000,000.00资本公积673,394,021.19177,990,467.94盈余公积68,791,748.9956,286,003.96未分配利润435,164,783.54396,684,646.78归属于母公司所有者权益合计1,578,350,553.72961,961,118.68少数股东权益46,64