本文關(guān)鍵詞： 上市商業(yè)銀行 EVA 經(jīng)營(yíng)績(jī)效 股價(jià) 相關(guān)性　出處：《西北農(nóng)林科技大學(xué)》2013年碩士論文　論文類型：學(xué)位論文

【摘要】：目前中國(guó)正處在高速發(fā)展階段,銀行利潤(rùn)保持持續(xù)較快增長(zhǎng)，體現(xiàn)了經(jīng)濟(jì)成長(zhǎng)所帶來(lái)的好處。我國(guó)銀行上市比較晚，上市時(shí)間相對(duì)國(guó)外銀行較短，我國(guó)的銀行業(yè)在規(guī)模和競(jìng)爭(zhēng)能力等方面與國(guó)外銀行業(yè)存在著很大的差距，國(guó)內(nèi)的研究主要集中在了銀行績(jī)效方面的研究，致力于尋求一種能夠有效衡量績(jī)效的方法。而國(guó)內(nèi)對(duì)上市商業(yè)銀行與股價(jià)波動(dòng)相關(guān)性的研究相對(duì)國(guó)外較少。但隨著我國(guó)銀行的國(guó)際步伐加快，銀行業(yè)的國(guó)際化趨勢(shì)逐漸成為銀行發(fā)展的動(dòng)力。股票市場(chǎng)作為反映情況經(jīng)濟(jì)變化的晴雨表，更應(yīng)形真實(shí)地反映我國(guó)上市商業(yè)銀行的經(jīng)營(yíng)狀況。研究表明，EVA與股票市價(jià)具有高度的相關(guān)性，EVA的增加意味著股票價(jià)格的上漲和股東財(cái)富的增加，更形象真實(shí)地反映我國(guó)上市商業(yè)銀行的經(jīng)營(yíng)狀況，使經(jīng)營(yíng)績(jī)效能夠形象地說(shuō)明、預(yù)測(cè)股價(jià)的變化。 本文利用相關(guān)性分析方法，在市場(chǎng)有效性、持續(xù)經(jīng)營(yíng)等假設(shè)的前提下，通過(guò)我國(guó)上市的五家股份制商業(yè)銀行，HB銀行、MB銀行、PB銀行、FB銀行、ZB銀行十年的財(cái)務(wù)數(shù)據(jù)分別計(jì)算整理其稅后凈營(yíng)業(yè)利潤(rùn)、資本總額、資本成本率，計(jì)算經(jīng)濟(jì)增加值，分別對(duì)經(jīng)營(yíng)績(jī)效進(jìn)行評(píng)價(jià)，研究其與股價(jià)波動(dòng)的相關(guān)性。并且從影響股票價(jià)格的因素、股票價(jià)格及股票期權(quán)對(duì)公司績(jī)效的影響、規(guī)模因素控制績(jī)效變量的變化、財(cái)務(wù)報(bào)表信息披露的充分性與市場(chǎng)反映的滯后性以及銀行的長(zhǎng)期盈利和短期盈利性等五個(gè)方面，分析了我國(guó)上市商業(yè)銀行經(jīng)營(yíng)績(jī)效與股價(jià)波動(dòng)相關(guān)性差異的原因以及提出了相應(yīng)的對(duì)策建議。 本文研究認(rèn)為，EVA對(duì)上市商業(yè)銀行股票價(jià)格具有顯著的影響，，并且在一定的時(shí)期內(nèi)具有滯后性，但由于股票價(jià)格受多方面因素的影響，因此對(duì)其相關(guān)性差異的原因進(jìn)行了總結(jié)、分析，提出相應(yīng)的對(duì)策建議。并且為投資者、管理者提供決策依據(jù)，合理改善各項(xiàng)指標(biāo)，幫助政策制定者掌握上市商業(yè)銀行運(yùn)行情況，促進(jìn)我國(guó)銀行業(yè)健康穩(wěn)定的發(fā)展。
[Abstract]:China is currently in a stage of rapid development, the profits of banks to maintain sustained and rapid growth, reflects the benefits of economic growth. China's listed banks relatively late, relatively short time to market of foreign banks, China's banking industry in the scale and competition with foreign banks there is a big gap, domestic research the research mainly focused on the bank's performance, to seek an effective method to measure the performance. But the domestic correlation research of listed commercial banks and stock price volatility relative to foreign banks in China is less. But with the international pace, the trend of internationalization of banking industry has gradually become the power bank stock market as a barometer of development. Reflect the situation of economic change, should form a true reflection of China's listed commercial banks operating conditions. The results show that EVA is highly correlated with the stock market The increase of EVA means the rise of stock price and the increase of shareholder wealth. It reflects the business status of China's listed commercial banks better, and enables business performance to vividly illustrate and predict the change of stock price.
This paper uses correlation analysis method, in the premise of market efficiency, continuity hypothesis, by China's five listed joint-stock commercial bank, HB bank, MB bank, PB bank, FB bank, ZB bank financial data for the ten years were calculated to reorganize its net operating profit after tax, the total capital cost of capital. Rate calculation, economic value added, respectively, to evaluate the operating performance, and to study the correlation between the stock price volatility. And from the stock price influence factors, influencing the stock price and stock options to the company performance, change of scale factors to control the performance variables, the five aspects of the market and fully reflect the information disclosure of financial statements the lag and the bank's long-term profitability and short-term profitability, analyzes the reasons of China's listed commercial banks operating performance and stock price fluctuation correlation difference and put forward the corresponding countermeasures and suggestions.
鏈枃鐮旂┒璁や負(fù),EVA瀵逛笂甯?jìng)鍟嗕笟閾惰鑲〖湪洵h(huán)鏍煎叿鏈夋樉钁楃殑褰卞搷,騫朵笖鍦ㄤ竴瀹氱殑鏃舵湡鍐呭叿鏈夋粸鍚庢

本文編號(hào)：1549744