本文關(guān)鍵詞： 經(jīng)典股權(quán)估值理論 商業(yè)銀行特性 股利折現(xiàn)法　出處：《金融論壇》2010年07期 　論文類型：期刊論文

【摘要】：本文以中國(guó)商業(yè)銀行股權(quán)估值為研究對(duì)象,分析一般企業(yè)4種經(jīng)典股權(quán)估值理論和方法,從商業(yè)銀行經(jīng)營(yíng)特性和制度性特征出發(fā),結(jié)合中國(guó)商業(yè)銀行最近幾年股利政策的變化趨勢(shì),研究4種經(jīng)典估值方法對(duì)商業(yè)銀行股權(quán)估值的適用性。研究發(fā)現(xiàn),股利折現(xiàn)法(DDM)是最適宜中國(guó)商業(yè)銀行股權(quán)估值的方法,同時(shí)應(yīng)輔以P/B、P/E驗(yàn)證。向國(guó)內(nèi)、國(guó)際著名投資銀行和機(jī)構(gòu)投資者的分析師、投資者發(fā)放近70份調(diào)查問(wèn)卷的結(jié)果支持了本文的結(jié)論。應(yīng)加強(qiáng)對(duì)機(jī)構(gòu)投資者和散戶的培訓(xùn)和教育,使基金經(jīng)理們逐步從簡(jiǎn)單使用P/E、P/B估值方法轉(zhuǎn)變到DDM結(jié)合P/E、P/B的運(yùn)用。
[Abstract]:This paper takes the stock valuation of Chinese commercial banks as the research object, analyzes four kinds of classical stock valuation theories and methods of general enterprises, starting from the management characteristics and institutional characteristics of commercial banks. Combined with the trend of dividend policy of Chinese commercial banks in recent years, this paper studies the applicability of four classical valuation methods to stock valuation of commercial banks. Dividend discounted method is the most suitable method for Chinese commercial bank equity valuation, and should be supplemented by P / B / P / E verification to domestic and international famous investment banks and institutional investors. The results of nearly 70 questionnaires issued by investors support the conclusion of this paper. We should strengthen the training and education of institutional investors and retail investors so that fund managers can gradually use PrE from simple to simple. The P / B valuation method has shifted to the use of DDM combined with P / E / P / B.
【作者單位】： 中國(guó)工商銀行戰(zhàn)略管理與投資者關(guān)系部;
【分類號(hào)】：F832.51
【正文快照】： 銀行業(yè)作為中國(guó)金融體系的核心和實(shí)體經(jīng)濟(jì)融資的主要渠道,在國(guó)民經(jīng)濟(jì)中占有舉足輕重的地位。目前, 我國(guó)銀行業(yè)金融法人機(jī)構(gòu)共有5 000多家,其中有7家銀行在國(guó)內(nèi)A股和香港H股兩地上市,有7家僅在國(guó)內(nèi)A股 市場(chǎng)上市,中國(guó)農(nóng)業(yè)銀行也將于2010年上市。今后會(huì)有越來(lái)越多的商業(yè)銀行通過(guò)，

本文編號(hào)：1474697