基于EVA的平安银行的投资价值分析

发布时间：2018-08-14 14:18

【摘要】：银行业是我国国民经济体系的重要组成部分,是我国金融体系的核心,银行业的健康发展是国家金融体系安全和稳定的一个重要因素。传统的企业价值评估方法有两种：相对估值法和绝对估值法。两种传统的价值评估方法虽然都能够从企业不同方面来考察企业的投资价值,但是它们都没有考虑到企业投资的资金成本。EVA (Economic Value Added)又称经济增加值,经济学上称作经济利润,是企业经过会计调整以后的净利润与企业所有资本成本相减之后所剩下的利润,用EVA来对企业进行价值评估,不仅考虑了企业债务资本的成本,而且充分考虑了企业权益资本的成本,能够更加真实地反映企业的投资价值。本文首先对商业银行价值评估的理论进行简要概述,为后面的叙述做一个铺垫。文章主体部分,对当前主流的银行价值评估方法进行简要评述,指出它们在实际应用中所存在的不足。接着,通过对EVA估值法的介绍以及它与其他估值法优点比较,从理论上说明把它运用到商业银行价值评估的优越性。再次,通过EVA评估模型构造,并以中国平安银行为例,对模型进行实际数据运用。从案例的角度来去验证前文的理论分析。
[Abstract]:The banking industry is an important part of our national economic system and the core of our financial system. The healthy development of the banking industry is an important factor for the security and stability of the national financial system. There are two traditional valuation methods: relative valuation method and absolute valuation method. Although the two traditional valuation methods can examine the investment value of enterprises from different aspects, they do not take into account the capital cost of enterprise investment. Eva (Economic Value Added) is also called economic added value, and it is called economic profit in economics. The net profit of the enterprise after accounting adjustment is the remaining profit after the cost of all capital of the enterprise is reduced. The EVA is used to evaluate the value of the enterprise, which not only takes into account the cost of the capital of the enterprise's debt, Moreover, the cost of equity capital is fully considered, which can reflect the investment value of enterprises more truthfully. Firstly, this paper gives a brief overview of the theory of value evaluation of commercial banks, which lays the groundwork for the following narration. In the main part of this paper, the author makes a brief comment on the current mainstream methods of bank valuation, and points out their shortcomings in practical application. Then, through the introduction of EVA valuation method and its advantages compared with other valuation methods, the advantages of applying it to commercial bank valuation are theoretically explained. Thirdly, the model is constructed by EVA, and the actual data of the model is applied to Ping an Bank of China as an example. From the perspective of a case to verify the previous theoretical analysis.
【学位授予单位】：华东理工大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F832.33

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