基于EVA的我國上市銀行業(yè)績評價研究
發(fā)布時間：2018-08-31 12:14
【摘要】：隨著經(jīng)濟全球化的不斷發(fā)展，我國越來越多的銀行選擇在海內外上市融資。截至2013年底，共有16家商業(yè)銀行在內地上市，包括五家國有大型股份制商業(yè)銀行、八家全國性股份制商業(yè)銀行、三家城市商業(yè)銀行。銀行業(yè)是中國金融業(yè)的核心，它的重要經(jīng)濟地位和高風險性決定了其經(jīng)營管理的有效性對整個行業(yè)乃至國民經(jīng)濟都有深刻影響。近幾年，越來越多的外資銀行涌入中國市場，憑借其雄厚的資金實力、優(yōu)越的管理模式、超強的產(chǎn)品創(chuàng)新能力和靈活的營銷策略對我國商業(yè)銀行的業(yè)績、管理、產(chǎn)品等諸多方面帶來巨大的影響和沖擊。面對挑戰(zhàn)，我國本土銀行要擯棄依賴拼規(guī)模、靠利差的傳統(tǒng)盈利模式，加大非利息收入的比例，同時以傳統(tǒng)財務指標為核心的業(yè)績評價體系也凸顯不足。如何構建科學的銀行業(yè)績評價體系，優(yōu)化銀行資本配置，增強銀行抵御風險能力，引導管理者的目標趨于企業(yè)價值最大化已成為當今我國銀行業(yè)亟需解決的重要課題。 傳統(tǒng)的以利潤為核心的績效評價體系沒有考慮權益資本成本和經(jīng)營風險，認為權益資本是免費的，無法衡量管理者為股東真正創(chuàng)造的財富；而EVA最大的改進就是在傳統(tǒng)的利潤指標中扣除權益資本成本，更準確地反映出企業(yè)的盈利能力，有利于企業(yè)價值最大化目標的實現(xiàn)。 本文首先介紹了我國上市銀行EVA業(yè)績評價的背景、意義和國內外研究現(xiàn)狀，然后介紹了有關EVA的基本理論，并將其與傳統(tǒng)財務指標對比，闡釋EVA指標在業(yè)績評價方面的優(yōu)越性；其次介紹了EVA理論在商業(yè)銀行的具體計算方法，并根據(jù)2012年公布的年報數(shù)據(jù)，計算16家上市銀行的EVA、REVA和ROE的值，以找出我國滬深兩市上市銀行的整體業(yè)績情況，為招商銀行的分析做鋪墊。再次以招商銀行為例進行具體分析，，并按時間序列分為橫向比較和縱向比較兩部分。橫向比較是將招商銀行2012年的財務指標跟各大銀行對比，從EVA的角度評價招商銀行的經(jīng)營業(yè)績，并找出其在各大上市銀行中的真實盈利能力排名；縱向比較則拿招商銀行2010年到2012年的EVA與傳統(tǒng)財務指標對比分析，以EVA的角度重新審視其近三年的獲利能力。通過以上比較找出EVA與傳統(tǒng)財務指標產(chǎn)生差距的原因，從數(shù)據(jù)上證明EVA的優(yōu)越性，并提出改善經(jīng)營業(yè)績的對策。在上述理論和案例相結合的基礎上，本文最后一部分提出完善我國銀行業(yè)實施EVA業(yè)績評價體系的建議，并最終提出提升我國上市商業(yè)銀行經(jīng)營績效的措施。
[Abstract]:With the development of economic globalization, more and more banks in China choose to go public and raise funds at home and abroad. By the end of 2013, 16 commercial banks had listed on the mainland, including five large state-owned joint-stock commercial banks, eight national joint-stock commercial banks and three urban commercial banks. The banking industry is the core of China's financial industry, its important economic status and high risk determine the effectiveness of its management of the entire industry and even the national economy has a profound impact. In recent years, more and more foreign banks have poured into the Chinese market. With their strong capital strength, superior management model, super product innovation ability and flexible marketing strategy, the performance and management of commercial banks in China are being managed. Products and other aspects of the tremendous impact and impact. Facing the challenge, the local banks in our country should abandon the traditional profit model of relying on the scale and interest margin, increase the proportion of the non-interest income, and at the same time, the performance evaluation system with the traditional financial index as the core also highlights the insufficiency. How to set up a scientific bank performance evaluation system, optimize the bank capital allocation, enhance the bank's ability to resist risks, and guide the managers to maximize the enterprise value has become an important subject that needs to be solved in our country's banking industry. The traditional performance evaluation system with profit as the core does not consider the cost of equity capital and the risk of operation. It holds that equity capital is free of charge and can not measure the wealth created by managers for shareholders. The biggest improvement of EVA is to deduct the cost of equity capital from the traditional profit index, which reflects the profitability of the enterprise more accurately and is conducive to the realization of the goal of maximizing the value of the enterprise. This paper first introduces the background, significance and research status of EVA performance evaluation of listed banks in China, then introduces the basic theory of EVA, compares it with traditional financial indicators, and explains the superiority of EVA in performance evaluation. Secondly, it introduces the specific calculation method of EVA theory in commercial banks, and calculates the EVA,REVA and ROE of 16 listed banks according to the annual report data published in 2012, in order to find out the overall performance of the listed banks in Shanghai and Shenzhen stock markets. For the analysis of China Merchants Bank to do the groundwork. Thirdly, taking China Merchants Bank as an example, it is divided into two parts: horizontal comparison and vertical comparison according to the time series. Horizontal comparison is to compare the financial indicators of China Merchants Bank in 2012 with the major banks, evaluate the operating performance of China Merchants Bank from the perspective of EVA, and find out its real profitability ranking among the major listed banks. The vertical comparison takes the EVA of China Merchants Bank from 2010 to 2012 and the traditional financial index to analyze, and reexamines the profitability of China Merchants Bank in the past three years from the perspective of EVA. Through the above comparison, we find out the reason of the gap between EVA and traditional financial index, prove the superiority of EVA from the data, and put forward the countermeasure to improve the business performance. On the basis of the above theories and cases, the last part of this paper puts forward some suggestions to perfect the performance evaluation system of EVA in China's banking industry, and finally puts forward some measures to improve the performance of listed commercial banks in China.
【學位授予單位】：河南大學
【學位級別】：碩士
【學位授予年份】：2014
【分類號】：F832.33
本文編號：2214955
[Abstract]:With the development of economic globalization, more and more banks in China choose to go public and raise funds at home and abroad. By the end of 2013, 16 commercial banks had listed on the mainland, including five large state-owned joint-stock commercial banks, eight national joint-stock commercial banks and three urban commercial banks. The banking industry is the core of China's financial industry, its important economic status and high risk determine the effectiveness of its management of the entire industry and even the national economy has a profound impact. In recent years, more and more foreign banks have poured into the Chinese market. With their strong capital strength, superior management model, super product innovation ability and flexible marketing strategy, the performance and management of commercial banks in China are being managed. Products and other aspects of the tremendous impact and impact. Facing the challenge, the local banks in our country should abandon the traditional profit model of relying on the scale and interest margin, increase the proportion of the non-interest income, and at the same time, the performance evaluation system with the traditional financial index as the core also highlights the insufficiency. How to set up a scientific bank performance evaluation system, optimize the bank capital allocation, enhance the bank's ability to resist risks, and guide the managers to maximize the enterprise value has become an important subject that needs to be solved in our country's banking industry. The traditional performance evaluation system with profit as the core does not consider the cost of equity capital and the risk of operation. It holds that equity capital is free of charge and can not measure the wealth created by managers for shareholders. The biggest improvement of EVA is to deduct the cost of equity capital from the traditional profit index, which reflects the profitability of the enterprise more accurately and is conducive to the realization of the goal of maximizing the value of the enterprise. This paper first introduces the background, significance and research status of EVA performance evaluation of listed banks in China, then introduces the basic theory of EVA, compares it with traditional financial indicators, and explains the superiority of EVA in performance evaluation. Secondly, it introduces the specific calculation method of EVA theory in commercial banks, and calculates the EVA,REVA and ROE of 16 listed banks according to the annual report data published in 2012, in order to find out the overall performance of the listed banks in Shanghai and Shenzhen stock markets. For the analysis of China Merchants Bank to do the groundwork. Thirdly, taking China Merchants Bank as an example, it is divided into two parts: horizontal comparison and vertical comparison according to the time series. Horizontal comparison is to compare the financial indicators of China Merchants Bank in 2012 with the major banks, evaluate the operating performance of China Merchants Bank from the perspective of EVA, and find out its real profitability ranking among the major listed banks. The vertical comparison takes the EVA of China Merchants Bank from 2010 to 2012 and the traditional financial index to analyze, and reexamines the profitability of China Merchants Bank in the past three years from the perspective of EVA. Through the above comparison, we find out the reason of the gap between EVA and traditional financial index, prove the superiority of EVA from the data, and put forward the countermeasure to improve the business performance. On the basis of the above theories and cases, the last part of this paper puts forward some suggestions to perfect the performance evaluation system of EVA in China's banking industry, and finally puts forward some measures to improve the performance of listed commercial banks in China.
【學位授予單位】：河南大學
【學位級別】：碩士
【學位授予年份】：2014
【分類號】：F832.33
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