银行股权估值方法选择分析

发布时间：2018-01-29 23:52

  本文关键词： 经典股权估值理论 商业银行特性 股利折现法　出处：《金融论坛》2010年07期 　论文类型：期刊论文

【摘要】：本文以中国商业银行股权估值为研究对象,分析一般企业4种经典股权估值理论和方法,从商业银行经营特性和制度性特征出发,结合中国商业银行最近几年股利政策的变化趋势,研究4种经典估值方法对商业银行股权估值的适用性。研究发现,股利折现法(DDM)是最适宜中国商业银行股权估值的方法,同时应辅以P/B、P/E验证。向国内、国际著名投资银行和机构投资者的分析师、投资者发放近70份调查问卷的结果支持了本文的结论。应加强对机构投资者和散户的培训和教育,使基金经理们逐步从简单使用P/E、P/B估值方法转变到DDM结合P/E、P/B的运用。
[Abstract]:This paper takes the stock valuation of Chinese commercial banks as the research object, analyzes four kinds of classical stock valuation theories and methods of general enterprises, starting from the management characteristics and institutional characteristics of commercial banks. Combined with the trend of dividend policy of Chinese commercial banks in recent years, this paper studies the applicability of four classical valuation methods to stock valuation of commercial banks. Dividend discounted method is the most suitable method for Chinese commercial bank equity valuation, and should be supplemented by P / B / P / E verification to domestic and international famous investment banks and institutional investors. The results of nearly 70 questionnaires issued by investors support the conclusion of this paper. We should strengthen the training and education of institutional investors and retail investors so that fund managers can gradually use PrE from simple to simple. The P / B valuation method has shifted to the use of DDM combined with P / E / P / B.
【作者单位】： 中国工商银行战略管理与投资者关系部;
【分类号】：F832.51
【正文快照】： 银行业作为中国金融体系的核心和实体经济融资的主要渠道,在国民经济中占有举足轻重的地位。目前, 我国银行业金融法人机构共有5 000多家,其中有7家银行在国内A股和香港H股两地上市,有7家仅在国内A股 市场上市,中国农业银行也将于2010年上市。今后会有越来越多的商业银行通过，

本文编号：1474697