本文關(guān)鍵詞：我國(guó)商業(yè)銀行價(jià)值評(píng)估方法研究　出處：《西南財(cái)經(jīng)大學(xué)》2012年碩士論文　論文類型：學(xué)位論文

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【摘要】：目前,我國(guó)正在大力推進(jìn)金融改革,商業(yè)銀行的改制上市、金融企業(yè)的重組、以及外資和民間資本進(jìn)駐中國(guó)銀行業(yè)等現(xiàn)象越來(lái)越普遍,同時(shí),這也引發(fā)了人們對(duì)商業(yè)銀行是否“賤賣”的激烈辯論。我國(guó)銀行業(yè)在引進(jìn)外資時(shí),不少人認(rèn)為存在著估價(jià)過(guò)低的問(wèn)題,究其原因,是存在評(píng)估方法上的缺陷以及一些重要價(jià)值的遺漏。 通過(guò)我國(guó)商業(yè)銀行價(jià)值評(píng)估的方法研究,一方面可以向投資者以及其他利益相關(guān)者提供定價(jià)的依據(jù),從而有助于他們做出正確的投資決策；另一方面,可以更清楚的了解商業(yè)銀行的價(jià)值以及影響其價(jià)值的一些主要因素,從而有助于提高我國(guó)商業(yè)銀行的自身價(jià)值。 本文采用了理論與案例相結(jié)合的方式,將文章一共分成了五部分來(lái)論述： 第一部分首先簡(jiǎn)要介紹了本文的研究背景以及研究意義,其次論述了文章的研究思路和研究框架,最后簡(jiǎn)要概括了本文的預(yù)期研究貢獻(xiàn)。 第二部分羅列了國(guó)外對(duì)商業(yè)銀行價(jià)值評(píng)估方法的研究歷程,即從二十世紀(jì)初到至今為止國(guó)外相關(guān)的代表性觀點(diǎn)和論著。同時(shí),也對(duì)國(guó)內(nèi)的價(jià)值評(píng)估研究動(dòng)態(tài)進(jìn)行了——闡述。 第三部分首先分別介紹了企業(yè)價(jià)值評(píng)估四類基本方法的假設(shè)前提、內(nèi)容、特點(diǎn)以及適用范圍等。隨后,論文簡(jiǎn)要介紹了商業(yè)銀行較之其他企業(yè)的特殊性。章節(jié)的最后,論述了如何合理地選擇商業(yè)銀行的價(jià)值評(píng)估方法。 第四部分以招商銀行為例,首先進(jìn)行了簡(jiǎn)要的案例介紹,其次運(yùn)用了三種方法來(lái)進(jìn)行案例分析,最后比較與分析了三種方法的評(píng)估結(jié)果。 第五部分為研究結(jié)論及思考。根據(jù)前文的研究理論與案例分析,得出了本文的研究結(jié)論,并提出了影響商業(yè)銀行價(jià)值的幾個(gè)關(guān)鍵因素,同時(shí)也分析了本文研究的缺陷與不足。 本文的主要貢獻(xiàn)在于：第一,把現(xiàn)金流量折現(xiàn)值法、經(jīng)濟(jì)增加值法以及市場(chǎng)法應(yīng)用到了招商銀行的案例中,這不僅為我們理解商業(yè)銀行的財(cái)務(wù)狀況和經(jīng)營(yíng)成果提供了借鑒,而且也為利益相關(guān)者(如投資者)提供了定價(jià)的依據(jù)。第二,本文提出了影響商業(yè)銀行價(jià)值的主要因素,為我國(guó)商業(yè)銀行提高其自身價(jià)值提供了十分重要的理論基礎(chǔ)。同時(shí),本文也存在著諸多不足：第一,論述了影響企業(yè)價(jià)值的因素,但是這些因素具體怎么影響企業(yè)價(jià)值以及在多大程度上影響企業(yè)價(jià)值沒(méi)有做深入的研究。第二,在使用現(xiàn)金流量折現(xiàn)法評(píng)估招商銀行價(jià)值時(shí),怎樣更好地估算折現(xiàn)率以及預(yù)測(cè)未來(lái)現(xiàn)金流量也有待探究。
[Abstract]:At present, China is vigorously promote financial reform, restructuring and listing of commercial banks, financial restructuring, and more and more foreign and private capital entered the China banking sector is more common, at the same time, it also raised the specter of commercial bank is "cheapen intense debate. China's banking industry in attracting foreign investment, many people think there are undervalued, the reason is the defect on the assessment methods and some important value.
By using the method of value evaluation of commercial banks in China, on the one hand, can provide a basis for pricing to investors and other stakeholders, to help them make the right investment decisions; on the other hand, can more clearly understand the value of commercial banks and some main factors affecting its value, which is helpful to improve the the value of China's commercial banks.
This article adopts the combination of theory and case, and divides the article into five parts.
The first part briefly introduces the background and significance of the research. Secondly, it discusses the research ideas and research framework of the article, and finally summarizes the expected research contributions of this paper.
The second part lists the research process of value assessment methods of commercial banks abroad, which are related representative viewpoints and treatises from the beginning of twentieth Century to the present.
The third part of the first hypothesis, four basic methods of enterprise value evaluation of the content, characteristics and scope of application. Then, the thesis briefly introduces the particularity of commercial banks compared with other enterprises. At last, discusses how to choose the value evaluation method of commercial bank reasonably.
The fourth part takes China Merchants Bank as an example. First, a brief case is introduced, followed by three methods for case analysis. Finally, the evaluation results of three methods are compared and analyzed.
The fifth part is the research conclusion and thinking. According to the previous research theory and case analysis, we draw the conclusions of this study, and put forward several key factors that affect the value of commercial banks, and also analyze the shortcomings and shortcomings of this research.
The main contribution of this paper is: first, the discounted cash flow value method, economic value added approach and market approach is applied to the case of the merchants bank, not only for our understanding of the commercial bank's financial condition and operating results to provide a reference, but also for the stakeholders (such as investors) provides a basis for pricing. Second, this paper presents the main factors affecting the value of commercial banks, provides an important theoretical basis for China's commercial banks to improve its value. At the same time, this paper also has many shortcomings: first, discussed the influencing factors of enterprise value, but these factors how to influence the enterprise value and enterprise value in a large extent not do in-depth research. Second, the discounted cash flow method assessment of the value of China Merchants Bank, how to better estimate the discount rate and to forecast future cash flow It needs to be explored, too.

【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
【分類號(hào)】：F832.33

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