本文選題：EVA　切入點(diǎn)：經(jīng)濟(jì)增加值　出處：《西南財(cái)經(jīng)大學(xué)》2012年碩士論文

【摘要】：EVA能夠真實(shí)反映企業(yè)價(jià)值,將股東財(cái)富與企業(yè)決策聯(lián)系在一起,著眼于企業(yè)的長(zhǎng)期發(fā)展,引導(dǎo)企業(yè)科學(xué)的價(jià)值觀。如今國(guó)際以及國(guó)內(nèi)的許多大型企業(yè)已經(jīng)引進(jìn)EVA管理體系,同時(shí)顯示了其引導(dǎo)企業(yè)創(chuàng)造價(jià)值的先進(jìn)性。目前,中國(guó)金融市場(chǎng)已經(jīng)全面開(kāi)放,中國(guó)金融機(jī)構(gòu)面臨著很大的挑戰(zhàn),盡管我國(guó)現(xiàn)代商業(yè)銀行較國(guó)外起步較晚,但已與發(fā)達(dá)國(guó)家銀行業(yè)價(jià)值創(chuàng)造理念相接軌,很多國(guó)家的銀行已經(jīng)在績(jī)效考核當(dāng)中融入價(jià)值創(chuàng)造評(píng)價(jià)指標(biāo)；EVA誕生于市場(chǎng)經(jīng)濟(jì)高度發(fā)達(dá)的美國(guó),而中國(guó)由于歷史和現(xiàn)實(shí)的原因,市場(chǎng)經(jīng)濟(jì)起步較晚,企業(yè)所處環(huán)境以及經(jīng)營(yíng)狀況和國(guó)外的企業(yè)有很大的不同,從而對(duì)于EVA管理體系在中國(guó)上市公司的應(yīng)用價(jià)值的研究非常必要。如何正確評(píng)價(jià)上市公司的真實(shí)價(jià)值也是投資者關(guān)心的問(wèn)題,因而對(duì)EVA估值模型的具體運(yùn)用的研究也是非常必要的。 我國(guó)的銀行業(yè)也逐步開(kāi)始引入EVA指標(biāo)進(jìn)行管理。2002年,中國(guó)建設(shè)銀行開(kāi)始應(yīng)用EVA指標(biāo)對(duì)分行以及風(fēng)險(xiǎn)進(jìn)行考核,從定性考核轉(zhuǎn)向定量考核。中國(guó)工商銀行于2005年引入EVA理念,中國(guó)農(nóng)業(yè)銀行也于當(dāng)年制訂了以經(jīng)濟(jì)增加值為核心的績(jī)效考核制度。我國(guó)商業(yè)銀行都在積極探索經(jīng)濟(jì)增加值在薪酬激勵(lì)、預(yù)算管理、經(jīng)營(yíng)績(jī)效評(píng)估、成本管理等方面的應(yīng)用。EVA先進(jìn)的管理理念能夠幫助商業(yè)銀行進(jìn)行目標(biāo)管理,實(shí)現(xiàn)企業(yè)價(jià)值以及員工自身價(jià)值最大化,從價(jià)值管理角度出發(fā)正確引導(dǎo)商業(yè)銀行健康持續(xù)發(fā)展,因而現(xiàn)代商業(yè)銀行應(yīng)該根據(jù)自身情況逐步引入EVA價(jià)值體系。我國(guó)商業(yè)銀行在完善公司治理結(jié)構(gòu)和規(guī)范運(yùn)營(yíng)機(jī)制的同時(shí),應(yīng)不斷積極借鑒國(guó)外商業(yè)銀行先進(jìn)的EVA評(píng)價(jià)理論和方法,提高經(jīng)營(yíng)管理能力和價(jià)值創(chuàng)造能力。 因此,本文在闡述EVA理論以及公司價(jià)值評(píng)估理論和方法的基礎(chǔ)上,結(jié)合商業(yè)銀行特點(diǎn),將EVA理論具體運(yùn)用到商業(yè)銀行價(jià)值評(píng)估當(dāng)中,并通過(guò)實(shí)證分析,以國(guó)內(nèi)最大的國(guó)有商業(yè)銀行—中國(guó)工商銀行作為代表,通過(guò)對(duì)其EVA的具體計(jì)算以及企業(yè)價(jià)值的評(píng)估,希望能夠?qū)ι虡I(yè)銀行運(yùn)用EVA理論改善經(jīng)營(yíng)狀況,提高價(jià)值創(chuàng)造能力提供借鑒；同時(shí)也為投資者針對(duì)我國(guó)上市銀行價(jià)值投資提供建議。 本文在對(duì)EVA理論及估值模型在商業(yè)銀行的應(yīng)用研究過(guò)程中,綜合運(yùn)用了規(guī)范分析法、案例分析法等研究方法,思路如下：首先對(duì)EVA理論以及企業(yè)價(jià)值評(píng)估理論進(jìn)行陳述和分析,然后將EVA價(jià)值評(píng)估模型具體至商業(yè)銀行的特殊性中分析運(yùn)用,總結(jié)出有關(guān)商業(yè)銀行EVA的計(jì)算方法。其次,以中國(guó)工商銀行為例,對(duì)EVA估值模型進(jìn)行實(shí)際運(yùn)用,并對(duì)具體計(jì)算中的要素進(jìn)行敏感性分析,從而為商業(yè)銀行價(jià)值提升提供建議。最后,針對(duì)我國(guó)商業(yè)銀行更好的運(yùn)用EVA管理體系提供政策建議。 本文主要分為以下幾個(gè)部分： 第一部分是導(dǎo)論,首先介紹了我國(guó)商業(yè)銀行運(yùn)用EVA理論的背景,主要從EVA的先進(jìn)性以及商業(yè)銀行所處環(huán)境需求進(jìn)行分析；其次對(duì)本文的研究目的以及意義進(jìn)行總結(jié),同時(shí)陳述了研究的主要思路和框架；最后對(duì)本文的預(yù)期創(chuàng)新以及不足之處進(jìn)行了闡述。 第二部分是文獻(xiàn)綜述,首先對(duì)有關(guān)EVA理論研究的文獻(xiàn)進(jìn)行介紹,對(duì)于國(guó)內(nèi)外學(xué)者研究分為三個(gè)方面進(jìn)行介紹,主要包括EVA的價(jià)值相關(guān)性方面、業(yè)績(jī)?cè)u(píng)價(jià)方面以及價(jià)值管理方面的總結(jié)陳述；然后對(duì)有關(guān)企業(yè)價(jià)值評(píng)估方面的文獻(xiàn)進(jìn)行了簡(jiǎn)單介紹。 第三部分是理論分析。首先對(duì)EVA理論進(jìn)行了全面的介紹,通過(guò)對(duì)EVA定義的介紹引出先進(jìn)的“4M”管理體系、EVA的計(jì)算公式以及會(huì)計(jì)調(diào)整事項(xiàng)以及原則；然后對(duì)企業(yè)價(jià)值評(píng)估理論進(jìn)行分析,對(duì)常用的現(xiàn)金流折現(xiàn)法、股利折現(xiàn)法、市場(chǎng)比較法以及剩余收益法進(jìn)行了簡(jiǎn)單介紹,最后對(duì)EVA價(jià)值評(píng)估理論進(jìn)行了闡述。 第四部分對(duì)商業(yè)銀行運(yùn)用EVA理論進(jìn)行了具體的分析。首先總結(jié)了銀行業(yè)與普通行業(yè)的差別及特點(diǎn),然后根據(jù)EVA的計(jì)算公式,分別對(duì)營(yíng)業(yè)凈利潤(rùn)、資本成本率以及資本構(gòu)成進(jìn)行了具體的分析,為后面的具體運(yùn)用提供理論基礎(chǔ)。 第五部分是EVA估值模型在中國(guó)工商銀行中的具體運(yùn)用。詳細(xì)計(jì)算了中國(guó)工商銀行2007年至2010年的EVA；然后通過(guò)不同假設(shè),將單階段EVA估值模型以及兩階段EVA估值模型運(yùn)用到中國(guó)工商銀行價(jià)值評(píng)估當(dāng)中,得出不同的理論估價(jià)供投資者參考；最后通過(guò)對(duì)不同指標(biāo)的敏感性分析為商業(yè)銀行提高企業(yè)價(jià)值提供建議。 第六部分為政策建議,通過(guò)EVA理論以及EVA估值模型在商業(yè)銀行的具體運(yùn)用,為我國(guó)商業(yè)銀行成功實(shí)踐EVA管理體系提供內(nèi)外部的政策建議。 通過(guò)對(duì)中國(guó)工商銀行EVA估值模型的具體運(yùn)用,本文主要得出以下觀點(diǎn)：(1)中國(guó)工商銀行在證券市場(chǎng)存在價(jià)值低估的現(xiàn)象。(2)折現(xiàn)率對(duì)企業(yè)價(jià)值的敏感性很高,降低權(quán)益資本率可以使企業(yè)價(jià)值大幅提高。(3)在保證資本充足率以及加強(qiáng)內(nèi)控的前提下,提高權(quán)益乘數(shù),在一定范圍內(nèi)增加負(fù)債,可以提高商業(yè)銀行價(jià)值。(4)提高凈利潤(rùn)率可以顯著提高商業(yè)銀行的企業(yè)價(jià)值,提升商業(yè)銀行價(jià)值的主要方面就是提高中間業(yè)務(wù)占主營(yíng)業(yè)務(wù)收入的比重。(5)商業(yè)銀行應(yīng)注意提高貸款質(zhì)量,從而使不良貸款率下降,同時(shí)提高管理水平,提高貸款規(guī)模利用率,最終提高資產(chǎn)利用率,提升銀行競(jìng)爭(zhēng)力,并使其發(fā)揮長(zhǎng)期效應(yīng)。 EVA指標(biāo)在我國(guó)成功推廣,需要針對(duì)本土具體情況具體實(shí)施。EVA理論成功運(yùn)用,不僅需要企業(yè)內(nèi)部積極配合,同時(shí)也需要外部資本市場(chǎng)的不斷進(jìn)步和完善。本文最后針對(duì)我國(guó)商業(yè)銀行成功建立EVA管理體系,從外部條件和內(nèi)部條件提供相應(yīng)的政策建議： (1)促進(jìn)中國(guó)資本市場(chǎng)逐步成熟,要重視公司治理,培育市場(chǎng)機(jī)制,加強(qiáng)監(jiān)管力度,完善基礎(chǔ)制度建設(shè),優(yōu)化上市公司及市場(chǎng)結(jié)構(gòu),提高中介機(jī)構(gòu)專(zhuān)業(yè)化程度；推進(jìn)市場(chǎng)經(jīng)濟(jì)建設(shè),要加強(qiáng)市場(chǎng)經(jīng)濟(jì)建設(shè),轉(zhuǎn)變政府職能,完善國(guó)家宏觀調(diào)控體系,建立和完善社會(huì)保障體系,深化金融改革,健全金融調(diào)控機(jī)制,完善社會(huì)主義市場(chǎng)經(jīng)濟(jì)法制,加快信用體系建設(shè)；優(yōu)化會(huì)計(jì)環(huán)境,要建立以新會(huì)計(jì)準(zhǔn)則為核心的信息披露體系,健全會(huì)計(jì)法規(guī)體系,完善會(huì)計(jì)準(zhǔn)則,建立適合我國(guó)的人才應(yīng)用機(jī)制,提高人員素質(zhì),改善公司治理結(jié)構(gòu),規(guī)范公司治理機(jī)制,最終凈化會(huì)計(jì)環(huán)境,營(yíng)造誠(chéng)實(shí)守信的社會(huì)氛圍。 (2)加強(qiáng)企業(yè)內(nèi)部思想文化建設(shè),做好對(duì)基層人員的培訓(xùn)工作,形成價(jià)值導(dǎo)向的企業(yè)文化；加快科技開(kāi)發(fā)步伐、改造和完善現(xiàn)有數(shù)據(jù)庫(kù),盡快建立一個(gè)大容量的管理信息系統(tǒng),提高數(shù)據(jù)采集的效率和準(zhǔn)確性,為EVA的推進(jìn)提供強(qiáng)有力的支撐；做好組織機(jī)構(gòu)和體制調(diào)整的準(zhǔn)備工作,逐步強(qiáng)化以客戶(hù)為中心,以產(chǎn)品為線(xiàn)索的業(yè)務(wù)條線(xiàn)經(jīng)營(yíng)管理力度,并適時(shí)進(jìn)行機(jī)構(gòu)“扁平化”改造。 本文的創(chuàng)新點(diǎn)在于：第一,把EVA理論具體運(yùn)用到商業(yè)銀行價(jià)值管理中去,由于國(guó)內(nèi)文獻(xiàn)通常探討EVA估值方法在一般企業(yè)的運(yùn)用,具體運(yùn)用到商業(yè)銀行的很少,并且大多數(shù)限于定性研究,定量研究不多。本文重點(diǎn)探索EVA價(jià)值評(píng)估方法在商業(yè)銀行價(jià)值評(píng)估中的運(yùn)用。第二,將EVA模型估價(jià)運(yùn)用到樣本工商銀行中,結(jié)合同時(shí)期銀行資本市場(chǎng)中表現(xiàn),從實(shí)證角度為投資者提供建議。第三,對(duì)于分解出的商業(yè)銀行價(jià)值的因素,進(jìn)行敏感性分析,對(duì)銀行的經(jīng)營(yíng)和財(cái)務(wù)狀況提出相應(yīng)的建議。 本文的不足之處在于：第一,本文采用的EVA估值方法是基于商業(yè)銀行歷史財(cái)務(wù)數(shù)據(jù)的基礎(chǔ),對(duì)于中國(guó)工商銀行未來(lái)表現(xiàn)的預(yù)測(cè),該預(yù)測(cè)是建立在很多假設(shè)上的,對(duì)商業(yè)銀行未來(lái)預(yù)測(cè)的不確定性很大,同時(shí)理論界對(duì)于商業(yè)銀行估值的文獻(xiàn)缺乏,在計(jì)算過(guò)程中主觀性較強(qiáng),對(duì)估值結(jié)果難免存在偏差；第二,由于自金融危機(jī)之后,我國(guó)股市行情一直未走強(qiáng),對(duì)于估值的結(jié)果沒(méi)有通過(guò)市場(chǎng)表現(xiàn)進(jìn)行驗(yàn)證,也一定程度上削弱了估值的全面性。
[Abstract]:EVA can reflect the value of the enterprise, the shareholder wealth and corporate decision-making together, focus on long-term development of enterprises, and guide enterprises to scientific value. Now many international and domestic large enterprises have adopted EVA management system, and show the advanced nature of leading enterprises to create value. At present, the financial market has been fully China open, Chinese financial institutions are facing great challenges, although the modern commercial banks in China started late than foreign countries, but with the banks in developed countries the concept of value creation practice, many countries have in bank performance assessment into the creation of value evaluation index; EVA was born in the highly developed market economy of the United States, but due to China the history and reality, the market economy started late, the business environment and business conditions and abroad are very different from the EVA Research on the application value of management system in China's listed companies is very necessary. How to correctly evaluate the true value of listed companies is also a concern for investors. Therefore, the study of the specific application of EVA valuation model is also very necessary.
China's banking industry has gradually introduced EVA management.2002, Construction Bank China used the EVA index of branch and risk assessment, from qualitative evaluation into quantitative assessment. ICBC in 2005 introduced the concept of EVA, the Agricultural Bank of China also when for added value as the core of the performance appraisal system to the economy. China's commercial banks are actively exploring the economic value added in the salary incentive, budget management, performance evaluation, cost management and other aspects of the application of.EVA advanced management concepts can help commercial banks to carry out the target management, realizing the value of enterprises and employees to maximize the value of their own, starting to correctly guide the healthy and sustainable development of commercial banks from the perspective of value management therefore, modern commercial banks should according to their own situation to gradually introduce EVA value system. China's commercial banks to improve the corporate governance structure While standardizing the operation mechanism, we should continuously learn from the advanced EVA evaluation theories and methods of foreign commercial banks, so as to improve management and value creation ability.
Therefore, this paper on the basis of the introduction of EVA theory and corporate valuation theories and methods, combined with the characteristics of commercial banks, the EVA theory is applied to assess the value of commercial banks, and through empirical analysis, the largest state-owned commercial banks and ICBC as a representative, by evaluating the specific calculation of its EVA and enterprise value and we hope to be able to improve the operating conditions of commercial banks using the EVA theory, provide a reference to improve the ability to create value; at the same time also provide investors with suggestions for China's listed banks investment value.
Based on the EVA theory and Application Research of valuation model in the process of commercial bank, the integrated use of normative analysis, the following research method, case analysis method: first to make a statement and Analysis on the evaluation of the EVA theory and the theory of enterprise value, then the EVA value assessment and analysis using the special model specific to the commercial bank. And summarizes the calculation method about the EVA of the commercial banks. Secondly, the ICBC as an example, the EVA valuation model for practical use, and analyze the sensitivity of the specific calculation of the elements, so as to enhance the value of the commercial bank to provide suggestions. Finally, provide policy suggestions for better application of EVA management system of commercial banks in China.
This article is divided into the following parts:
The first part is the introduction, first introduced our country commercial bank using EVA theory background, mainly from the EVA advanced and the environment of commercial bank needs analysis; secondly, the purpose and significance of this study are summarized, and stated the main ideas and framework of the research; finally the expected innovation and deficiencies discussed in this paper.
The second part is the literature review, the literature of theoretical research on EVA are introduced, the research of domestic and foreign scholars are divided into three aspects, including the value relevance of EVA, performance evaluation and value management of summary statements; then the relevant documents of the enterprise value evaluation are introduced.
The third part is the theoretical analysis. Firstly, the theory of EVA are introduced, based on the definition of EVA introduces the advanced "4M" management system, the calculating formula of EVA and accounting adjustment and principle; and then on the enterprise value evaluation theory to analyze the commonly used discounted cash flow method, dividend discount method, market comparison method and residual income method are introduced, finally the EVA value evaluation theory in this paper.
The fourth part makes a concrete analysis of the commercial bank by using EVA theory. Firstly summarizes the differences and characteristics of the banking industry and general industry, and then according to the formula EVA, respectively, of the net operating profit, capital cost and capital structure are analyzed in detail, for the specific application and provide a theoretical basis.
The fifth part is the specific application of EVA valuation model in the ICBC. The ICBC from 2007 to 2010 EVA is calculated in detail; then through different assumptions, the single stage EVA two stage EVA valuation model and valuation model is applied to the assessment of the value of the ICBC in different valuation theory for investors; finally, provide recommendations for commercial banks to improve the enterprise value through sensitivity analysis of different indicators.
The sixth part is policy recommendations. Through the specific application of EVA theory and EVA valuation model in commercial banks, it provides internal and external policy recommendations for China's commercial banks to successfully practice EVA management system.
The specific use of ICBC EVA valuation model, this paper draws the following points: (1) the ICBC is underestimated in the stock market. (2) the discount rate sensitivity of the enterprise value is very high, reducing the rate of equity capital can make a substantial increase in enterprise value (3) in the premise of ensuring capital adequacy ratio and strengthening internal control, improve the equity multiplier, increase liabilities in a certain range, can improve the value of commercial banks. (4) increase the net profit rate of commercial banks can significantly improve the enterprise value, mainly to enhance the value of commercial banks is to increase the intermediate business accounted for the proportion of main business income. (5) commercial banks should pay attention to improve the quality of loans, in order to decrease non-performing loan ratio, and improve the level of management, improve the utilization rate of the size of the loan, and ultimately improve asset utilization, enhance the competitiveness of the bank, and make it play Long term effect.
EVA index in China's successful promotion, according to local specific conditions to implement.EVA theory, enterprises not only need to actively cooperate with the internal and external capital markets also need continuous improvement. Finally, China's commercial banks for the successful establishment of EVA management system, provide the corresponding policy recommendations from the external and internal conditions:
(1) Chinese promote capital market gradually mature, should pay attention to corporate governance, develop the market mechanism, strengthen supervision and improve the basic system construction, optimize the structure of the listed companies and market intermediaries, improve the professional level; promote the construction of market economy, to strengthen the construction of market economy, the transformation of government functions, improving the national macro-control system, establish and improve the social security system, deepen financial reform, improve the financial control mechanism, improve the socialist market economic system, accelerate the construction of credit system; optimize accounting environment, to establish information disclosure system with new accounting standards as the core, perfect the laws and regulations of accounting system, improve accounting standards, the establishment of China's talent mechanism, improve the quality of personnel and improve the corporate governance structure, standardize corporate governance mechanism, the final purification of accounting environment and create a social atmosphere of honesty and trustworthiness.
(2) to strengthen the internal ideological and cultural construction, good for the grass-roots staff training, the formation of value oriented corporate culture; to accelerate the pace of technological development, reform and improve the existing database management information system, the establishment of a large capacity as soon as possible, improve the efficiency and accuracy of data collection, provides a strong support for the promotion of EVA; good organization and system adjustment of the preparatory work, and gradually strengthen the customer-centric, to the product management efforts clues of the business lines, and timely "flat" transformation.
The innovation of this paper lies in: first, the EVA theory is applied to the value of commercial bank management, because the domestic literature usually discuss EVA valuation methods in the use of general business, rarely apply to specific commercial banks, and the majority of qualitative research, not much quantitative research. This paper focuses on the application of EVA evaluation method in evaluation the value of commercial banks. In second, the EVA model is applied to the sample in the industrial and Commercial Bank valuation, performance of bank capital market in the same period, from the perspective of providing advice to investors. Third factors for the decomposition of the value of commercial banks, the sensitivity analysis, puts forward the corresponding suggestions for the bank's operations and financial condition.
The inadequacies of this article are: first, the EVA valuation method used in this paper is based on the historical financial data of commercial banks based on the forecast for the future performance of the ICBC, the prediction is based on many assumptions on the very large forecast for future commercial banks at the same time uncertainty theory for the valuation of commercial banks lack of literature, in the calculation process of subjectivity, the valuation results will inevitably exist deviation; second, since the financial crisis, China's stock market has not been strong, the valuation results did not verify the market, but also to some extent weaken the overall valuation.

【學(xué)位授予單位】：西南財(cái)經(jīng)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2012
【分類(lèi)號(hào)】：F832.33;F224

【引證文獻(xiàn)】

相關(guān)碩士學(xué)位論文 前1條

1 張靜;Q銀行風(fēng)險(xiǎn)資產(chǎn)價(jià)值評(píng)估案例研究[D];青島理工大學(xué);2013年

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本文編號(hào)：1654183