【作者】 肖文；

【导师】 黎玉柱；

【作者基本信息】 武汉科技大学 ， 企业管理， 2002， 硕士

【摘要】 证券投资是随着市场经济的发展和资本市场的建立应运而生，而资本市场的形成和发展是把财务报表分析和证券投资联系起来的根本原因。然而，现时中国证券市场投机气氛甚浓，财务报表分析与证券投资仅存在弱相关性，即广大投资者在证券投资中对财务报表分析的重要性认识普遍存在弱化现象，这不仅是由于中国证券市场不成熟、不完善造成的，广大投资者在证券投资中过于偏重于运用技术分析方法也有很大的关系。诚然技术分析方法在确定股票买卖时点和短期投资上具有优越性，但是，它对于仅仅建立10余年、尚处于初级阶段的中国证券市场来说，它的负面影响和局限性同样不可忽视。因此，广大投资者特别是中小投资者运用基础分析方法特别是财务报表分析方法来指导证券投资决策，不仅能够有效避免被庄家操纵，优化个人理财，而且能够促进资本市场和市场经济的健康发展和社会的稳定，从而增进整个社会的福利。 基于此，本论文试图从财务管理、经济学、投资学和数理统计学的有关理论出发，采用理论分析和案例分析相结合的研究方法，对财务报表分析与证券投资存在弱相关性的原因进行深入分析，并在此基础上提出了改进的建议。全文共分六章： 第一章，引言。该章主要论述财务报表分析与证券投资相关性研究的意义和作用。以此说明对财务报表分析与证券投资相关性进行研究的必要性。 第二章，财务报表分析。该章主要论述财务报表分析的内涵、分类、目的和作用、核心，并在此基础上，构建一套对财务报表进行系统、全面、科学评价的指标体系。 第三章，证券投资分析。该章主要论述证券投资分析两种基本方法：基本分析方法和技术分析方法，并对两种分析方法的理论依据、特点、适用范围、内容进行描述，重点对基本分析方法中的公司分析特别是财务报表分析方法进行论述。最后对我国目前证券投资分析的现状进行描述。以此说明对基础面的分析特别是对公司财务报表这一层次基础面分析的重要性。 第四章，财务报表分析与证券投资相关性的实证研究。该章综合运用前面所论述的理论和分析方法通过对湖北蓝田股份有限公司和辽宁远洋渔业两只股票历年报表的分析，揭示在目前中国证券市场上，财务报表分析与证券投资存在弱相关性；另一方面，通过对这两只股票的实证研究，尝试了运用财务报表分析方法发现和识别虚假或粉饰报表可行性。 第五章，结论、建议、对策。该章在上一章分析的基础上，得到两 个结论及四条建议和对策。两个结论：财务报表分析的是一种非常重要 分析工具；财务报表分析与证券投贾存在弱相关性，并分析了其中的原 由。四条建议和对策：投资者特别是中小投资者应树立理性投资观念； 完善和健全资本市场各项法律法规和机制，加强证券监管；积极推进公 司治理结构的合理高效：规范和整顿社会中介机构，增强其执业的独立 性。一 第六章，结语。对前述各章的结论和启示做出总结性归纳。更多还原

【Abstract】 With the development of market economics and establishment of capital market, security investment comes out. And it is the establishment and development of capital market that contacts financial statement analysis with security investment. However, the air of speculation is thick in the current security market in china, that is, it is weaker for a large number of investors to recognize the importance of financial statement analysis in security investment. It is not only because the Chinese security market is not ripe and perfect, but also because the investors too emphasize on utilizing the methods of technical analysis in security investment. Although the methods of technical analysis have advantage on deciding the time of buying and selling share and short-period investment, their disadvantage and limitation can not be ignored in primary security market in china which has been set up for ten years or so. Therefore, using basic analytic methods, especially the methods of financial statement analysis, to guide decision of security investment, a lot of investors, especially individual investors, not only efficiently escape being controlled by banker and managing personal asset efficiently, but also can promote the healthy development of capital market and stability of society in order to improve welfare of the whole society.On the basis of the above, the paper focuses on contributing factors and counter measures for the weak related quality between financial statement analysis and security investment. And it is chiefly divided into the following five chapters:Chapter 1: Introduction. The chapter focuses on discussing significance and function of research on the related quality between financial statement analysis and security investment in order to illustrate the necessity of studying the related quality.Chapter 2: Financial statement analysis. The chapter emphasizes on discussing the meaning, classification, aim and function, core of financial statement analysis, On the basis of these, a set of financial ratios which evaluate financial statement systematically, comprehensively and scientifically are constructed.Chapter 3: Security investment analysis. The chapter focuses on twobasic analytic tools in security investment analysis: basic analysis means and technical analysis means. It describes their theory grounds, character, scope and content. It finally describes the current state of security investment analysis in our country in order to illustrate the importance of the basic analysis for financial statement of the company. Chapter 4: The experimental research on the related quality between financial statement analysis and security investment. By analyzing several years of financial statement of Hubei Lantian and Liaoning Yuye, the chapter synthetically utilizes the above theory and analytic methods to announce the weak related quality between financial statement and security investment in the present security market in china. On the other hand, by ways of the experimental research on the two shares, the attempt of the feasibility of finding and distinguishing false and beautified statement is done through using financial statement analysis.Chapter 5: conclusion, suggestion, counter measures. On the basis of the above analysis, the chapter gives two conclusions and four pieces of suggestion and counter measures. Two conclusions are as follows: Financial statement analysis is a very important analytic tool; there is the weak related quality between financial statement analysis and security investment and the causes are explained. Four pieces of suggestion and counter measures are as follows: The investors, especially middle-small investors, should build up ideas of rational investment; completing all kinds of laws, regulations and market mechanism of security market, strengthening the control over the security market; Making the administration structure of the company reasonable and efficient; Standardizing and governing medium organization in order to strengthen their independence.更多还原