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An Analysis Of The Correlation Between Investment Value Of Listed Companies In Environmental Protection Services And Stock Market

Posted on:2018-05-05Degree:MasterType:Thesis
Country:ChinaCandidate:L Q ZhangFull Text:PDF
GTID:2359330515983954Subject:Technical Economics and Management
Abstract/Summary:PDF Full Text Request
In recent years,with the increasing of the national income,investment is paid more and more attention for public.However,the glorious period of the primary industry and the second industry is over,the third industry represented by the service industry is gradually becoming the object of investors.The environment protection service industry as a new industry of the sunrise industry,in the "second five" plan,the State Council said to develop the environment protection service industry vigorously,and in the "third five" plan,the investment of environment more than twice,it shows the efforts to develop the environment protection service industry.Now the environmental protection service industry is developing rapidly,many high-tech enterprises have to upgrade and expand the scale toward a more large-scale and standardized direction.With the help of the policy,the environmental protection service industry gradually develop and attract the attention of the investors.Therefore,the investment value of listed companies in the environmental protection service industry is measured and linked with the realization of the stock market,on the one hand,it can help investors to improve their investment efficiency and avoid investment risks,allowing investors to make more rational investment decisions.On the other hand,it can help the listed companies of the environmental service industry to expand the scale of financing and supple the operating funds,so as to improve the operational scale and efficiency.First of all,on the basis of reading relevant literatures of the investment value of listed companies and its correlation with the stock market,it analyzes the present situation and development trend of the environmental protection service industry.Secondly,according to the two different theory of the investment value of listed companies,we choose the value school and the fundamental analysis method as the basis of paper.Thirdly,we collects the relevant data of the financial indicators from 2013 to 2015,and calculates the investment value score of the listed companies through the factor analysis method,so obtains the comprehensive score ranking and development trends of the listed companies.Finally,by comparing the listed companies’ investment value and stock price ranking,we found that the two result are not consistent.So we carry out the correlation and regression analysis,according to the theoretical and empirical analysis of the results,we make some recommendations for invest.The results of the research indicate:(1)The financial status of the listed companies in environmental protection service industry is positively correlated with the investment value,among many indicators that reflect the investment value of the listed companies,the most contribute issue is profitability,followed by the growth ability,solvency ability,expansion ability and operational capacity.Therefore by improving the profitability of the listed companies,it can effectively improve the investment value.(2)The ranking of investment value of the listed companies in environmental protection service industry is not consistent with that of stock value,some stocks are overvalued or underestimated.Disney environmental protection and environmental protection’s investment value score higher than its stock value from 2013 to 2015,it was "underestimated" for three consecutive years.On the contrary,God fog environmental protection and China Tian Ying’s investment value score lower than its stock value from 2013 to 2015,it was "overestimated" for three consecutive years.(3)For the stock price,the total asset turnover rate of the listed company have the greatest impact on the stock price,followed by the investment value,so the stock price can’t accurately reflect its investment value.For the stock market,the annual average price and year-to-year price rise of the listed company can reflect the investment value in a certain extent,while the remaining indicators are basically irrelevant.
Keywords/Search Tags:environmental protection service industry, listed company, investment value, stock market, correlation
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