我国金融控股公司投资价值研究

发布时间：2018-01-07 23:14

本文关键词：我国金融控股公司投资价值研究　出处：《中国海洋大学》2012年硕士论文　论文类型：学位论文

【摘要】：2008年爆发金融危机，此次危机从美国次贷危机开始迅速蔓延至全球，并在许多国家造成了严重的影响。在美国包括雷曼兄弟在内的大批金融机构倒闭，而像高盛这样的投资银行业转为银行控股的公司。此次危机对金融业的冲击使人们开始反思到底何种经营模式更适应现在社会的需求，作为混业经营的金融控股公司越来越受到青睐。我国虽然法律明确禁止金融业混业经营，但是也存在像中国银行、工商银行、建设银行、中信集团、光大集团等在内的金融控股公司存在。从世界范围来看，许多发达国家的金融业发展也逐步走向混业经营的模式，因此探究金融控股公司的投资价值、清楚金融控股公司的发展前景对于我国金融业的发展有着重要的意义。如何衡量一家公司或是一个行业的投资价值是众多学者研究过的课题，在以往的研究中大多集中在公司经营状况、公司市场价值等方面，采用的方法包括股价模型、资本资产定价模型以及EVA等方法。作为特殊企业的金融控股公司的价值如何衡量还应该结合金融机构本身经营的特点以及金融控股公司的特点。金融控股公司有别于其他分业经营的金融机构的一大特点是经营的混业性，其经营内容包括银行、保险、证券、基金等一系列的金融服务。金融业务的繁多从一定程度上也就决定了金融机构的规模庞大，随着规模的扩大，企业的经营往往会出现三种不同的情况，包括利润扩大、利润不变和利润缩小。也就是出现规模报酬增加、规模报酬不变和规模报酬递减。金融控股公司与分业经营的金融机构相比是否能够提升经营业绩也应该成为衡量投资价值的标准之一。因此，本论文将规模报酬作为衡量金融控股公司投资价值的标准之一。就其本质而言，金融控股公司还是企业，因此传统的衡量公司投资价值的方法也应成为其标准之一。衡量一个企业的绩效能够在一定程度上考察企业的经营状况，EVA在考察企业绩效时弥补了以往各种衡量方式的缺陷，充分考虑了其机会成本，弥补了以往没有考察权益资本成本的缺点。论文首先对金融控股公司和投资价值理论进行了论述，对金融控股公司的基本内涵、其发展的相关理论依据、主要类型和投资价值进行了详细分析；随后对分析投资价值的模型方法进行了总结，，列举了进行投资分析常用的集中模型方法；对金融控股公司投资价值的分析主要分为两个部分，第一个部分是对典型金融控股公司进行了基本面分析；第二个部分进行了详细分析，从规模经济和绩效两个角度进行研究。论文的研究对象选取国内10家有金融控股公司背景的银行和无金融控股公司背景的银行，分别运用超越成本对数函数和EVA模型从规模经济和绩效两个角度对各家银行的投资价值进行分析。通过这两个方面的分析最后对我国金融控股公司的发展前景进行了展望。论文的分析结果表明各家银行均表现出了规模经济现象，而有金融控股公司背景的银行更加明显；经济增加值的分析结果显示有金融控股公司背景的银行总体高于没有金融控股公司的银行。两个方面的研究表明，金融控股公司投资价值较为优越，这也从一个侧面反映出我国金融行业发展的方向，文章的最后对金融控股公司的前景进行了展望。
[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.

【学位授予单位】：中国海洋大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.39

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