Research On The Evaluation Method Of Industry Investment Value Of China's Investment Holding Enterprises

Since the third Plenary Session of the 18th CPC Central Committee,China's state-owned enterprises are facing reform.Among them,the large state-owned investment holding enterprise group is the focus of reform.As an investment holding company,we need to withdraw from certain industries,select and enter some industries with good market prospect but relatively unfamiliar,in order to realize the capital flow and value-added.Choose what industry as its development direction,is the most important issue facing investment holding companies,the correct choice of the industry is related to the success or failure of the enterprise investment.Therefore,how to evaluate the investment value of the industry scientifically is the key to the survival and development of the enterprise.In this paper,the theory and method of industry investment value assessment and industry attractiveness are introduced in detail,including its background,characteristics and significance,as well as the status quo of domestic and foreign development and application.Secondly,it is necessary to define and define the investment holding enterprises,the definition and definition of the industry,and the characteristics and problems of the evaluation of the investment value of the industry in China.Then,according to the scholars for the industry to assess the investment value of China's view,investment holding enterprise the urgent demand,China's traditional industry investment value assessment method of the analysis of advantages and disadvantages of the three together to build China's investment holding enterprise framework to evaluate the investment value of industry.In this paper,the evaluation of the investment value is divided into two parts;a part of the industry is related to the attractiveness of the industry,a part of the industry related to the internal correlation.Industry relevance relates to the existing industry of a certain enterprise,they both have a lot of heterogeneity,and there are a lot of subjective judgments.Because this paper is a research on the evaluation of investment value of investment holding enterprise in our country,it is an objective and universal question.Therefore,this paper has not made in-depth study of the relevance of the industry,only the method is proposed.Again,according to the characteristics of China's investment holding enterprise,combined with the theory of the attractiveness of the industry,designed a set of industry investment attractiveness evaluation index,as the state-owned holding enterprises I evaluate the investment value of the industry on the basis of.At the same time,the paper introduces how to implement each stage of the modelThe last is the empirical study,this paper selects the Shanghai and Shenzhen two,A shares of listed companies as research samples,the attractiveness of the industry based on the angle of listed companies 2013-2015 investment value for three consecutive years in the industry ranking,the dynamic changes of vertical integration of the industry for three consecutive years,and the combination of industry policy and market changes,the corresponding explanation.At the end of the article,the paper puts forward the suggestions and points out the deficiencies of the study,and hopes to provide help for future research.