本文關(guān)鍵詞：我國金融控股公司投資價值研究　出處：《中國海洋大學(xué)》2012年碩士論文　論文類型：學(xué)位論文

  更多相關(guān)文章： 金融控股公司 投資價值 超越成本對數(shù)函數(shù) EVA

【摘要】：2008年爆發(fā)金融危機，此次危機從美國次貸危機開始迅速蔓延至全球，并在許多國家造成了嚴(yán)重的影響。在美國包括雷曼兄弟在內(nèi)的大批金融機構(gòu)倒閉，而像高盛這樣的投資銀行業(yè)轉(zhuǎn)為銀行控股的公司。此次危機對金融業(yè)的沖擊使人們開始反思到底何種經(jīng)營模式更適應(yīng)現(xiàn)在社會的需求，作為混業(yè)經(jīng)營的金融控股公司越來越受到青睞。我國雖然法律明確禁止金融業(yè)混業(yè)經(jīng)營，但是也存在像中國銀行、工商銀行、建設(shè)銀行、中信集團、光大集團等在內(nèi)的金融控股公司存在。從世界范圍來看，許多發(fā)達(dá)國家的金融業(yè)發(fā)展也逐步走向混業(yè)經(jīng)營的模式，因此探究金融控股公司的投資價值、清楚金融控股公司的發(fā)展前景對于我國金融業(yè)的發(fā)展有著重要的意義。 如何衡量一家公司或是一個行業(yè)的投資價值是眾多學(xué)者研究過的課題，在以往的研究中大多集中在公司經(jīng)營狀況、公司市場價值等方面，采用的方法包括股價模型、資本資產(chǎn)定價模型以及EVA等方法。作為特殊企業(yè)的金融控股公司的價值如何衡量還應(yīng)該結(jié)合金融機構(gòu)本身經(jīng)營的特點以及金融控股公司的特點。 金融控股公司有別于其他分業(yè)經(jīng)營的金融機構(gòu)的一大特點是經(jīng)營的混業(yè)性，其經(jīng)營內(nèi)容包括銀行、保險、證券、基金等一系列的金融服務(wù)。金融業(yè)務(wù)的繁多從一定程度上也就決定了金融機構(gòu)的規(guī)模龐大，隨著規(guī)模的擴大，企業(yè)的經(jīng)營往往會出現(xiàn)三種不同的情況，包括利潤擴大、利潤不變和利潤縮小。也就是出現(xiàn)規(guī)模報酬增加、規(guī)模報酬不變和規(guī)模報酬遞減。金融控股公司與分業(yè)經(jīng)營的金融機構(gòu)相比是否能夠提升經(jīng)營業(yè)績也應(yīng)該成為衡量投資價值的標(biāo)準(zhǔn)之一。因此，本論文將規(guī)模報酬作為衡量金融控股公司投資價值的標(biāo)準(zhǔn)之一。就其本質(zhì)而言，金融控股公司還是企業(yè)，因此傳統(tǒng)的衡量公司投資價值的方法也應(yīng)成為其標(biāo)準(zhǔn)之一。衡量一個企業(yè)的績效能夠在一定程度上考察企業(yè)的經(jīng)營狀況，EVA在考察企業(yè)績效時彌補了以往各種衡量方式的缺陷，充分考慮了其機會成本，彌補了以往沒有考察權(quán)益資本成本的缺點。 論文首先對金融控股公司和投資價值理論進(jìn)行了論述，對金融控股公司的基本內(nèi)涵、其發(fā)展的相關(guān)理論依據(jù)、主要類型和投資價值進(jìn)行了詳細(xì)分析；隨后對分析投資價值的模型方法進(jìn)行了總結(jié)，，列舉了進(jìn)行投資分析常用的集中模型方法；對金融控股公司投資價值的分析主要分為兩個部分，第一個部分是對典型金融控股公司進(jìn)行了基本面分析；第二個部分進(jìn)行了詳細(xì)分析，從規(guī)模經(jīng)濟和績效兩個角度進(jìn)行研究。論文的研究對象選取國內(nèi)10家有金融控股公司背景的銀行和無金融控股公司背景的銀行，分別運用超越成本對數(shù)函數(shù)和EVA模型從規(guī)模經(jīng)濟和績效兩個角度對各家銀行的投資價值進(jìn)行分析。通過這兩個方面的分析最后對我國金融控股公司的發(fā)展前景進(jìn)行了展望。 論文的分析結(jié)果表明各家銀行均表現(xiàn)出了規(guī)模經(jīng)濟現(xiàn)象，而有金融控股公司背景的銀行更加明顯；經(jīng)濟增加值的分析結(jié)果顯示有金融控股公司背景的銀行總體高于沒有金融控股公司的銀行。兩個方面的研究表明，金融控股公司投資價值較為優(yōu)越，這也從一個側(cè)面反映出我國金融行業(yè)發(fā)展的方向，文章的最后對金融控股公司的前景進(jìn)行了展望。
[Abstract]:In 2008 the outbreak of the financial crisis, the crisis from the U.S. subprime mortgage crisis began to spread rapidly to the world, and caused a serious impact in many countries. The collapse of a large number of financial institutions in the United States, including the Lehman brothers, and like Goldman's investment banking for bank holding companies. The impact of the crisis on the financial sector so that people began to what kind of reflection business model is more adapt to the current needs of society, as the financial holding company of mixed operation become more and more popular in our country. Although the law expressly prohibit financialmixed operation, but there are also like the Bank of China, industrial and commercial bank, construction bank, CITIC Group, China Everbright Group, the existence of the financial holding company from the world. The scope of view, the development of the financial sector in many developed countries also gradually to the Mixedoperation mode, so the research of financial holding company's investment value, clear financial The development prospect of the holding company is of great significance to the development of our financial industry.
How to measure a company or industry investment value is animportant subject for many scholars, in the past research mostly focused on the company's operating conditions, the company market value. The methods used include stock price model, capital asset pricing model and the EVA. The characteristics of the financial holding company as a special enterprise how do you measure the value should also be combined with financial institutions operating characteristics and financial holding company.
The financial holding company has a characteristic different from other financial institutions is mixed operation, the business including banking, insurance, securities, funds and other financial services. There are a series of financial services from a certain extent determines the scale of large financial institutions, with the expansion of the scale, the business will often appear three different situations, including profit and profit margin expansion, the same is also reduced. The scale of increasing returns, decreasing constant returns to scale and returns to scale. The financial holding company of separate management and financial institutions compared to whether can improve business performance should also become one of the standard measure of investment value. So in this paper, the returns to scale as a measure of investment value of the financial holding company. The essence of the financial holding company or enterprise, so the traditional measure of the company The method of investment value should also become one of the standard. A measure of corporate performance to study the operating conditions of enterprises to a certain extent, EVA overcomes the defects of various measures of enterprise performance, considering the opportunity cost, to make up for the past has not investigated the cost of equity capital.
This paper first discusses the theory of financial holding company and the investment value of the basic connotation of the financial holding company, the relevant theoretical basis of its development, a detailed analysis of main types and investment value; then the analysis of the investment value of the model is summarized, enumerates the investment analysis methods commonly used centralized model; analysis of the financial holding company investment value is mainly divided into two parts, the first part of the typical financial holding company of fundamental analysis; second part of a detailed analysis, from two perspectives of economies of scale and performance. The research object of the thesis selected 10 domestic financial holding companies and non bank background the financial holding company background bank, respectively use beyond the cost of logarithmic function and EVA model from two aspects of economies of scale and performance of investment banks Through the analysis of these two aspects, the prospects of the development of China's financial holding companies are prospected.
The analysis results of this paper show that the banks show the phenomenon of economies of scale, and the financial holding company background banks more obvious; economic value-added analysis results show that the financial holding company background banks overall higher than bank financial holding company. Two aspects of research show that the superior investment value of the financial holdingcompany. This also reflects from one aspect of the development of China's financial industry, the financial holding company in the future.

【學(xué)位授予單位】：中國海洋大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2012
【分類號】：F832.39

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