基于市场法的DZ银行股权价值评估案例研究

发布时间：2018-03-16 15:20

本文选题：商业银行　切入点：企业价值　出处：《辽宁大学》2016年硕士论文　论文类型：学位论文

【摘要】：近几年来,随着我国企业不断做大做强和注册制的即将放开,公众对企业价值尤为关注。在我国,很多大型企业尤其是国企必须对外界披露企业价值及一系列指标情况,方便投资者以及审计机构的监督。因此即使资产评估法尚未确立,资产评估部门也应该抓住这个契机,推动资产评估行业的发展。观察我国,市场法的相关理论在我国尚不完善,实践限制条件相对较多,因此市场法在我国的评估应用尚未全面普及,我国的资产评估行业与西方国家相比还有很大的差距。因此,本文特地将理论和案例结合分析研究市场法在商业银行上的应用,主要分为以下几个部分：第一部分说明选题背景、研究意义和入文献综述国内外的相关理论,比如在价值比率的选取和完善方面、在可比企业的选择方面和在银行价值评估参考指标的选择方面。第二部分案例描述,分为DZ银行基本情况介绍和评估内容两个方面。其中评估背景分析大致介绍了当下经济环境下和监管环境下商业银行的主要影响因素以及如何影响。第三部分案例分析,具体脉络如下：首先叙述评估的技术路线,市场法的简单介绍和如何进行市场法的改进,其中市场法的改进主要体现在以下几个方面：价值比率的选择、可比企业的权重和评估系数的调整,价值比率的选择涉及运用层次分析法对盈利能力指标和风险控制能力指标进行分析。其次是财务指标的测算,主要从以下几个方面分析收益情况和行业特有指标,比如不良贷款比率和资本充足率。接下来是可比企业的确定、可比企业权重的确定和可比指标的确定。其中,运用变异系数法可以根据不同可比企业可比指标的变异程度确定可比企业权重。而可比指标又由一般指标和特殊指标组成。在本文中,由于商业银行的特殊性,一般指标即反映DZ银行的盈利能力,特殊指标即反映DZ银行的风险控制能力。再接下来就是从银行规模上和股权流动性和控制力上对银行评估价值做进一步地调整。最后就是利用公式具体计算处理的过程,得出结果,确定价值。通过我国商业银行价值评估的方法研究,一方面可以向投资者以及其他利益相关者提供定价的依据,从而有助于他们做出正确的投资决策；另一方面,可以更清楚的了解商业银行的价值以及影响其价值的一些主要因素,从而有助于为评价判断商业银行股权转让成交价格是否合理提供参考。
[Abstract]:In recent years, as Chinese enterprises continue to expand and strengthen and the registration system is about to be liberalized, the public is particularly concerned about the value of enterprises. In China, many large enterprises, especially state-owned enterprises, must disclose the value of enterprises and a series of indicators to the outside world. It is convenient for investors and audit institutions to supervise. Therefore, even if the asset appraisal law has not yet been established, asset appraisal departments should seize this opportunity to promote the development of the asset appraisal industry. The relevant theories of market method are not perfect in our country, and there are many practical restrictions. Therefore, the application of market method in our country has not been fully popularized, and there is still a big gap between our country's asset appraisal industry and western countries. In this paper, the application of market method in commercial banks is mainly divided into the following parts: the first part explains the background of the topic, the significance of the research and the relevant theories at home and abroad. For example, in the selection and improvement of value ratio, in the choice of comparable enterprises and in the selection of reference indicators for bank valuation. It is divided into two aspects: introduction of basic situation of DZ bank and content of evaluation. The background analysis of evaluation briefly introduces the main influencing factors and how to influence the commercial bank under the current economic environment and the regulatory environment. The third part of the case study, The details are as follows: first, describe the technical route of evaluation, the brief introduction of market method and how to improve the market method, in which the improvement of market method is mainly reflected in the following aspects: the choice of value ratio, The adjustment of the weight and evaluation coefficient of comparable enterprises and the selection of value ratio involve the analysis of profitability index and risk control ability index by AHP. The second is the calculation of financial index. Mainly from the following aspects to analyze the income situation and industry-specific indicators, such as non-performing loan ratio and capital adequacy ratio. The next is the determination of comparable enterprises, the determination of the weights of comparable enterprises and the determination of comparable indicators. The coefficient of variation method can be used to determine the weight of comparable enterprises according to the degree of variation of comparable indexes of different comparable enterprises. And the comparable indicators are composed of general indicators and special indicators. In this paper, because of the particularity of commercial banks, The general index reflects the profitability of DZ Bank. The special index reflects the risk control ability of DZ bank. Then it further adjusts the bank evaluation value from the bank scale, equity liquidity and control. Finally, it is the process of calculating and dealing with the bank by using the formula. On the one hand, it can provide the basis of pricing for investors and other stakeholders, thus help them to make the right investment decision; on the other hand, We can clearly understand the value of commercial banks and some main factors that affect the value of commercial banks, which is helpful to evaluate and judge whether the transaction price of equity transfer of commercial banks is reasonable or not.
【学位授予单位】：辽宁大学
【学位级别】：硕士
【学位授予年份】：2016
【分类号】：F832.51;F832.33

【相似文献】