新能源行业上市公司投资价值实证分析——基于改进的因子分析模型

Empirical analysis of investment value of listed companies in new energy industry——Improved factor analysis model

以A股上市的27家新能源公司为研究对象,利用2014-2018年面板数据,选取较为科学合理的11个财务指标作为基础性指标,采用因子分析法计算各公司近五年的因子综合得分,运用Topsis法得到上市公司的最优因子方案贴近度,进一步分析各上市公司投资价值。研究结果表明,我国约82.35%的新能源上市公司的最优因子方案贴近度分布在0.3~0.7,研究样本中仅有17.65%的上市公司的最优因子方案贴近度大于0.7,表明我国新能源上市公司投资价值有待提升。对新能源上市公司提出相关建议。

Taking 27 new energy companies listed on the A-share market as object, using panel data from 2014-2018, we select more than 11 financial indicators as basic indicators and use factor analysis to calculate the comprehensive factor score of each company in the past five years. Topsis method is used to obtain the best factor scheme of the listed companies, and the investment value of listed companies is further analyzed. The results show that the optimal factor scheme of 82.35% of listed companies in China is distributed between 0.3~0.7, and only 17.65% of the listed have the optimal factor scheme degree greater than 0.7, which indicates that the investment value of the listed needs to be improved. Finally, some suggestions are offered here.