發(fā)布時(shí)間：2018-10-26 16:12

【摘要】：隨著近些年市場(chǎng)的不斷發(fā)展完善,全球化進(jìn)程的不斷加劇,商業(yè)銀行間的重組、并購(gòu)、參股等資本運(yùn)作活動(dòng)也日益增多,使得商業(yè)銀行的價(jià)值評(píng)估越來越重要。囿于商業(yè)銀行經(jīng)營(yíng)特殊性、資產(chǎn)結(jié)構(gòu)的特殊性、風(fēng)險(xiǎn)的特殊性以及監(jiān)管的特殊性,對(duì)其股權(quán)價(jià)值評(píng)估非比對(duì)一般企業(yè)的價(jià)值評(píng)估,目前沒有哪一種評(píng)估方法能夠準(zhǔn)確的評(píng)估出商業(yè)銀行的股權(quán)價(jià)值,當(dāng)下對(duì)商業(yè)銀行股權(quán)價(jià)值評(píng)估比較常用的是股權(quán)現(xiàn)金流法。但是對(duì)該方法對(duì)商業(yè)銀行評(píng)估的適用性,卻鮮有人對(duì)其格物致知。本文首先從理論分析入手,從商業(yè)銀行相較于其它企業(yè)的特殊性剖析得出商業(yè)銀行對(duì)其股權(quán)價(jià)值評(píng)估時(shí)應(yīng)當(dāng)選擇股權(quán)現(xiàn)金流法對(duì)其評(píng)估。然后從實(shí)證分析論證,通過構(gòu)建股權(quán)現(xiàn)金流模型,用該模型對(duì)典型案例即華夏銀行的股權(quán)價(jià)值進(jìn)行評(píng)估得出評(píng)估價(jià)值,同理用該方法對(duì)我國(guó)16家樣本(上市商業(yè)銀行)的股權(quán)價(jià)值進(jìn)行評(píng)估并得評(píng)估價(jià)值,與16家樣本的流通價(jià)值做配對(duì)T檢驗(yàn)和相關(guān)檢驗(yàn)。進(jìn)而說明股權(quán)現(xiàn)金流模型對(duì)我國(guó)商業(yè)銀行價(jià)值評(píng)估的適用性。
[Abstract]:With the continuous development of the market in recent years, the process of globalization continues to intensify, the reorganization of commercial banks, mergers and acquisitions, equity participation and other capital operations are also increasing, making the value evaluation of commercial banks more and more important. Due to the particularity of commercial bank management, the particularity of asset structure, the particularity of risk and the particularity of supervision, the valuation of equity value of commercial bank is not equal to that of ordinary enterprise. At present, there is no evaluation method that can accurately evaluate the equity value of commercial banks. At present, stock cash flow method is commonly used to evaluate the equity value of commercial banks. However, few people know the applicability of this method to commercial bank evaluation. This paper begins with the theoretical analysis and analyzes the particularity of commercial banks compared with other enterprises. It is concluded that commercial banks should choose equity cash flow method to evaluate their equity value. Then from the empirical analysis and demonstration, through the construction of equity cash flow model, using this model to evaluate the typical case, namely, Huaxia Bank equity value to obtain the evaluation value. In the same way, the equity value of 16 samples (listed commercial banks) in China is evaluated by this method, and the matched T test and correlation test are made with the circulation value of 16 samples. The applicability of equity cash flow model to the value evaluation of commercial banks in China is illustrated.
【學(xué)位授予單位】：云南大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2016
【分類號(hào)】：F832.33;F830.42
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本文編號(hào)：2296283