基于EVA视角的我国上市商业银行盈利能力评价体系研究

发布时间：2018-11-22 07:00

【摘要】：上市商业银行的盈利能力是银行赖以生存发展的物质基础。在经历了2006年我国金融业对外资银行全面开放和2008年金融危机的冲击之后，商业银行目前正在从注重资本规模的传统粗放型扩张模式向注重风险控制、经营效益和资产质量的集约型增长方式转变，其经营管理的目标也从单纯的规模的增长转向了银行的价值最大化方面。因此，如何评价银行的盈利能力是否实现了银行价值最大化和增加了股东财富成为目前我国上市商业银行的投资者和管理者亟待关注的问题。经济增加值(EVA)是20世纪80年代美国思腾思特管理公司提出并已经被广泛运用的新型财务评价指标，相对于现行会计准则下计算出来的会计利润，EVA成功的引入资本成本的概念，同时通过对相关科目的会计调整来修正会计准则对利润存在的潜在误差和扭曲，能够克服通过净利润衡量商业银行盈利能力的缺陷，帮助商业银行正确评价自身的盈利能力，树立资本成本意识，因此，本文以EVA指标为导向，进一步修正以会计利润为核心的传统财务指标体系,构建一个以传统盈利能力评价指标为基础，以EVA相关指标为核心的盈利能力评价体系，从而全面的评价商业银行的盈利能力。本文主要采取了理论研究和应用分析相结合的方法。在理论研究方面，本文首先介绍了商业银行的盈利模式、概念、相关的评价内容和指标体系，商业银行盈利能力的内涵，并对传统的盈利能力评价指标进行分析，指出其存在的缺陷是忽略资本成本了和相关风险因素，因此无法将经营者的利益与银行价值最大化、股东财富最大化相联系。在此基础上引进了EVA理论，系统介绍了EVA的一般概念、理论基础、计算公式、会计调整原则和调整项目，然后利用EVA的评价指标,并结合商业银行实际确定了其税后净经营利润、资本总额、资本成本率的计算方法，探索构建了上市商业银行盈利能力评价体系，从理论上与传统的盈利能力评价指标进行比较分析。在应用分析方面，本文以我国16家上市商业银行2009年至2011年的相关数据为样本数据，结合构建的以EVA为基础的商业银行盈利能力评价体系为基础，计算出各商业银行的相关评价指标进行总体分析。同时将以EVA为导向修正后的相关评价指标值与传统的盈利能力评价指标进行对比分析，，反映出以EVA为基础的商业银行盈利能力评价指标由于考虑了全部资本成本，更能反映银行真实的盈利能力。最后提出了在EVA评价体系下提高我国上市商业银行盈利能力的意见和建议。
[Abstract]:The profitability of listed commercial banks is the material basis for their survival and development. After the financial industry of our country fully opened to foreign banks in 2006 and the financial crisis of 2008, commercial banks are changing from the traditional extensive expansion mode focusing on capital scale to the focus on risk control. With the transformation of the intensive growth mode of operation efficiency and asset quality, the goal of operation and management has also changed from the growth of simple scale to the value maximization of banks. Therefore, how to evaluate whether the profitability of banks can maximize the value of banks and increase the wealth of shareholders has become an urgent concern for investors and managers of listed commercial banks in China. Economic value added (EVA) is a new type of financial evaluation index put forward by American Stenster Management Company in the 1980s and has been widely used, compared with the accounting profit calculated under the current accounting standards. EVA successfully introduces the concept of the cost of capital, and corrects the potential error and distortion of the profit by adjusting the accounting rules, which can overcome the defect of measuring the profitability of commercial banks by net profit. In order to help commercial banks evaluate their profitability correctly and set up the consciousness of capital cost, this paper, guided by EVA, further modifies the traditional financial index system, which takes accounting profit as the core. This paper constructs an evaluation system of profitability based on the traditional profitability evaluation index and the core of EVA index, so as to comprehensively evaluate the profitability of commercial banks. This paper mainly adopts the method of combining theory research with application analysis. In the aspect of theoretical research, this paper first introduces the profit model, concept, evaluation content and index system of commercial banks, the connotation of profitability of commercial banks, and analyzes the traditional evaluation index of profitability. It is pointed out that its defects are to ignore the cost of capital and related risk factors, so it is impossible to link the interests of the operator with the maximization of bank value and the maximization of shareholder wealth. Based on the introduction of EVA theory, the general concept, theoretical basis, calculation formula, accounting adjustment principles and adjustment items of EVA are introduced systematically, and then the evaluation index of EVA is used. Combined with the actual commercial banks to determine the net operating profit, total capital, capital cost rate calculation methods, explore the construction of listed commercial banks profitability evaluation system, In theory and the traditional profitability evaluation indicators are compared and analyzed. In the aspect of application analysis, this paper takes the relevant data of 16 listed commercial banks from 2009 to 2011 as sample data, and constructs a commercial bank profitability evaluation system based on EVA. Calculate the commercial banks of the relevant evaluation indicators for the overall analysis. At the same time, the relative evaluation index value based on EVA is compared with the traditional profitability evaluation index, which reflects that the commercial bank profitability evaluation index based on EVA takes all the capital cost into account. More can reflect the bank's real profitability. Finally, some suggestions are put forward to improve the profitability of China's listed commercial banks under the EVA evaluation system.
【学位授予单位】：中国海洋大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.33

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