基于EVA商业银行价值评估研究

发布时间：2018-03-23 16:07

本文选题：EVA　切入点：经济增加值　出处：《西南财经大学》2012年硕士论文

【摘要】：EVA能够真实反映企业价值,将股东财富与企业决策联系在一起,着眼于企业的长期发展,引导企业科学的价值观。如今国际以及国内的许多大型企业已经引进EVA管理体系,同时显示了其引导企业创造价值的先进性。目前,中国金融市场已经全面开放,中国金融机构面临着很大的挑战,尽管我国现代商业银行较国外起步较晚,但已与发达国家银行业价值创造理念相接轨,很多国家的银行已经在绩效考核当中融入价值创造评价指标；EVA诞生于市场经济高度发达的美国,而中国由于历史和现实的原因,市场经济起步较晚,企业所处环境以及经营状况和国外的企业有很大的不同,从而对于EVA管理体系在中国上市公司的应用价值的研究非常必要。如何正确评价上市公司的真实价值也是投资者关心的问题,因而对EVA估值模型的具体运用的研究也是非常必要的。我国的银行业也逐步开始引入EVA指标进行管理。2002年,中国建设银行开始应用EVA指标对分行以及风险进行考核,从定性考核转向定量考核。中国工商银行于2005年引入EVA理念,中国农业银行也于当年制订了以经济增加值为核心的绩效考核制度。我国商业银行都在积极探索经济增加值在薪酬激励、预算管理、经营绩效评估、成本管理等方面的应用。EVA先进的管理理念能够帮助商业银行进行目标管理,实现企业价值以及员工自身价值最大化,从价值管理角度出发正确引导商业银行健康持续发展,因而现代商业银行应该根据自身情况逐步引入EVA价值体系。我国商业银行在完善公司治理结构和规范运营机制的同时,应不断积极借鉴国外商业银行先进的EVA评价理论和方法,提高经营管理能力和价值创造能力。因此,本文在阐述EVA理论以及公司价值评估理论和方法的基础上,结合商业银行特点,将EVA理论具体运用到商业银行价值评估当中,并通过实证分析,以国内最大的国有商业银行—中国工商银行作为代表,通过对其EVA的具体计算以及企业价值的评估,希望能够对商业银行运用EVA理论改善经营状况,提高价值创造能力提供借鉴；同时也为投资者针对我国上市银行价值投资提供建议。本文在对EVA理论及估值模型在商业银行的应用研究过程中,综合运用了规范分析法、案例分析法等研究方法,思路如下：首先对EVA理论以及企业价值评估理论进行陈述和分析,然后将EVA价值评估模型具体至商业银行的特殊性中分析运用,总结出有关商业银行EVA的计算方法。其次,以中国工商银行为例,对EVA估值模型进行实际运用,并对具体计算中的要素进行敏感性分析,从而为商业银行价值提升提供建议。最后,针对我国商业银行更好的运用EVA管理体系提供政策建议。本文主要分为以下几个部分：第一部分是导论,首先介绍了我国商业银行运用EVA理论的背景,主要从EVA的先进性以及商业银行所处环境需求进行分析；其次对本文的研究目的以及意义进行总结,同时陈述了研究的主要思路和框架；最后对本文的预期创新以及不足之处进行了阐述。第二部分是文献综述,首先对有关EVA理论研究的文献进行介绍,对于国内外学者研究分为三个方面进行介绍,主要包括EVA的价值相关性方面、业绩评价方面以及价值管理方面的总结陈述；然后对有关企业价值评估方面的文献进行了简单介绍。第三部分是理论分析。首先对EVA理论进行了全面的介绍,通过对EVA定义的介绍引出先进的“4M”管理体系、EVA的计算公式以及会计调整事项以及原则；然后对企业价值评估理论进行分析,对常用的现金流折现法、股利折现法、市场比较法以及剩余收益法进行了简单介绍,最后对EVA价值评估理论进行了阐述。第四部分对商业银行运用EVA理论进行了具体的分析。首先总结了银行业与普通行业的差别及特点,然后根据EVA的计算公式,分别对营业净利润、资本成本率以及资本构成进行了具体的分析,为后面的具体运用提供理论基础。第五部分是EVA估值模型在中国工商银行中的具体运用。详细计算了中国工商银行2007年至2010年的EVA；然后通过不同假设,将单阶段EVA估值模型以及两阶段EVA估值模型运用到中国工商银行价值评估当中,得出不同的理论估价供投资者参考；最后通过对不同指标的敏感性分析为商业银行提高企业价值提供建议。第六部分为政策建议,通过EVA理论以及EVA估值模型在商业银行的具体运用,为我国商业银行成功实践EVA管理体系提供内外部的政策建议。通过对中国工商银行EVA估值模型的具体运用,本文主要得出以下观点：(1)中国工商银行在证券市场存在价值低估的现象。(2)折现率对企业价值的敏感性很高,降低权益资本率可以使企业价值大幅提高。(3)在保证资本充足率以及加强内控的前提下,提高权益乘数,在一定范围内增加负债,可以提高商业银行价值。(4)提高净利润率可以显著提高商业银行的企业价值,提升商业银行价值的主要方面就是提高中间业务占主营业务收入的比重。(5)商业银行应注意提高贷款质量,从而使不良贷款率下降,同时提高管理水平,提高贷款规模利用率,最终提高资产利用率,提升银行竞争力,并使其发挥长期效应。 EVA指标在我国成功推广,需要针对本土具体情况具体实施。EVA理论成功运用,不仅需要企业内部积极配合,同时也需要外部资本市场的不断进步和完善。本文最后针对我国商业银行成功建立EVA管理体系,从外部条件和内部条件提供相应的政策建议： (1)促进中国资本市场逐步成熟,要重视公司治理,培育市场机制,加强监管力度,完善基础制度建设,优化上市公司及市场结构,提高中介机构专业化程度；推进市场经济建设,要加强市场经济建设,转变政府职能,完善国家宏观调控体系,建立和完善社会保障体系,深化金融改革,健全金融调控机制,完善社会主义市场经济法制,加快信用体系建设；优化会计环境,要建立以新会计准则为核心的信息披露体系,健全会计法规体系,完善会计准则,建立适合我国的人才应用机制,提高人员素质,改善公司治理结构,规范公司治理机制,最终净化会计环境,营造诚实守信的社会氛围。 (2)加强企业内部思想文化建设,做好对基层人员的培训工作,形成价值导向的企业文化；加快科技开发步伐、改造和完善现有数据库,尽快建立一个大容量的管理信息系统,提高数据采集的效率和准确性,为EVA的推进提供强有力的支撑；做好组织机构和体制调整的准备工作,逐步强化以客户为中心,以产品为线索的业务条线经营管理力度,并适时进行机构“扁平化”改造。本文的创新点在于：第一,把EVA理论具体运用到商业银行价值管理中去,由于国内文献通常探讨EVA估值方法在一般企业的运用,具体运用到商业银行的很少,并且大多数限于定性研究,定量研究不多。本文重点探索EVA价值评估方法在商业银行价值评估中的运用。第二,将EVA模型估价运用到样本工商银行中,结合同时期银行资本市场中表现,从实证角度为投资者提供建议。第三,对于分解出的商业银行价值的因素,进行敏感性分析,对银行的经营和财务状况提出相应的建议。本文的不足之处在于：第一,本文采用的EVA估值方法是基于商业银行历史财务数据的基础,对于中国工商银行未来表现的预测,该预测是建立在很多假设上的,对商业银行未来预测的不确定性很大,同时理论界对于商业银行估值的文献缺乏,在计算过程中主观性较强,对估值结果难免存在偏差；第二,由于自金融危机之后,我国股市行情一直未走强,对于估值的结果没有通过市场表现进行验证,也一定程度上削弱了估值的全面性。
[Abstract]:EVA can reflect the value of the enterprise, the shareholder wealth and corporate decision-making together, focus on long-term development of enterprises, and guide enterprises to scientific value. Now many international and domestic large enterprises have adopted EVA management system, and show the advanced nature of leading enterprises to create value. At present, the financial market has been fully China open, Chinese financial institutions are facing great challenges, although the modern commercial banks in China started late than foreign countries, but with the banks in developed countries the concept of value creation practice, many countries have in bank performance assessment into the creation of value evaluation index; EVA was born in the highly developed market economy of the United States, but due to China the history and reality, the market economy started late, the business environment and business conditions and abroad are very different from the EVA Research on the application value of management system in China's listed companies is very necessary. How to correctly evaluate the true value of listed companies is also a concern for investors. Therefore, the study of the specific application of EVA valuation model is also very necessary.
China's banking industry has gradually introduced EVA management.2002, Construction Bank China used the EVA index of branch and risk assessment, from qualitative evaluation into quantitative assessment. ICBC in 2005 introduced the concept of EVA, the Agricultural Bank of China also when for added value as the core of the performance appraisal system to the economy. China's commercial banks are actively exploring the economic value added in the salary incentive, budget management, performance evaluation, cost management and other aspects of the application of.EVA advanced management concepts can help commercial banks to carry out the target management, realizing the value of enterprises and employees to maximize the value of their own, starting to correctly guide the healthy and sustainable development of commercial banks from the perspective of value management therefore, modern commercial banks should according to their own situation to gradually introduce EVA value system. China's commercial banks to improve the corporate governance structure While standardizing the operation mechanism, we should continuously learn from the advanced EVA evaluation theories and methods of foreign commercial banks, so as to improve management and value creation ability.
Therefore, this paper on the basis of the introduction of EVA theory and corporate valuation theories and methods, combined with the characteristics of commercial banks, the EVA theory is applied to assess the value of commercial banks, and through empirical analysis, the largest state-owned commercial banks and ICBC as a representative, by evaluating the specific calculation of its EVA and enterprise value and we hope to be able to improve the operating conditions of commercial banks using the EVA theory, provide a reference to improve the ability to create value; at the same time also provide investors with suggestions for China's listed banks investment value.
Based on the EVA theory and Application Research of valuation model in the process of commercial bank, the integrated use of normative analysis, the following research method, case analysis method: first to make a statement and Analysis on the evaluation of the EVA theory and the theory of enterprise value, then the EVA value assessment and analysis using the special model specific to the commercial bank. And summarizes the calculation method about the EVA of the commercial banks. Secondly, the ICBC as an example, the EVA valuation model for practical use, and analyze the sensitivity of the specific calculation of the elements, so as to enhance the value of the commercial bank to provide suggestions. Finally, provide policy suggestions for better application of EVA management system of commercial banks in China.
This article is divided into the following parts:
The first part is the introduction, first introduced our country commercial bank using EVA theory background, mainly from the EVA advanced and the environment of commercial bank needs analysis; secondly, the purpose and significance of this study are summarized, and stated the main ideas and framework of the research; finally the expected innovation and deficiencies discussed in this paper.
The second part is the literature review, the literature of theoretical research on EVA are introduced, the research of domestic and foreign scholars are divided into three aspects, including the value relevance of EVA, performance evaluation and value management of summary statements; then the relevant documents of the enterprise value evaluation are introduced.
The third part is the theoretical analysis. Firstly, the theory of EVA are introduced, based on the definition of EVA introduces the advanced "4M" management system, the calculating formula of EVA and accounting adjustment and principle; and then on the enterprise value evaluation theory to analyze the commonly used discounted cash flow method, dividend discount method, market comparison method and residual income method are introduced, finally the EVA value evaluation theory in this paper.
The fourth part makes a concrete analysis of the commercial bank by using EVA theory. Firstly summarizes the differences and characteristics of the banking industry and general industry, and then according to the formula EVA, respectively, of the net operating profit, capital cost and capital structure are analyzed in detail, for the specific application and provide a theoretical basis.
The fifth part is the specific application of EVA valuation model in the ICBC. The ICBC from 2007 to 2010 EVA is calculated in detail; then through different assumptions, the single stage EVA two stage EVA valuation model and valuation model is applied to the assessment of the value of the ICBC in different valuation theory for investors; finally, provide recommendations for commercial banks to improve the enterprise value through sensitivity analysis of different indicators.
The sixth part is policy recommendations. Through the specific application of EVA theory and EVA valuation model in commercial banks, it provides internal and external policy recommendations for China's commercial banks to successfully practice EVA management system.
The specific use of ICBC EVA valuation model, this paper draws the following points: (1) the ICBC is underestimated in the stock market. (2) the discount rate sensitivity of the enterprise value is very high, reducing the rate of equity capital can make a substantial increase in enterprise value (3) in the premise of ensuring capital adequacy ratio and strengthening internal control, improve the equity multiplier, increase liabilities in a certain range, can improve the value of commercial banks. (4) increase the net profit rate of commercial banks can significantly improve the enterprise value, mainly to enhance the value of commercial banks is to increase the intermediate business accounted for the proportion of main business income. (5) commercial banks should pay attention to improve the quality of loans, in order to decrease non-performing loan ratio, and improve the level of management, improve the utilization rate of the size of the loan, and ultimately improve asset utilization, enhance the competitiveness of the bank, and make it play Long term effect.
EVA index in China's successful promotion, according to local specific conditions to implement.EVA theory, enterprises not only need to actively cooperate with the internal and external capital markets also need continuous improvement. Finally, China's commercial banks for the successful establishment of EVA management system, provide the corresponding policy recommendations from the external and internal conditions:
(1) Chinese promote capital market gradually mature, should pay attention to corporate governance, develop the market mechanism, strengthen supervision and improve the basic system construction, optimize the structure of the listed companies and market intermediaries, improve the professional level; promote the construction of market economy, to strengthen the construction of market economy, the transformation of government functions, improving the national macro-control system, establish and improve the social security system, deepen financial reform, improve the financial control mechanism, improve the socialist market economic system, accelerate the construction of credit system; optimize accounting environment, to establish information disclosure system with new accounting standards as the core, perfect the laws and regulations of accounting system, improve accounting standards, the establishment of China's talent mechanism, improve the quality of personnel and improve the corporate governance structure, standardize corporate governance mechanism, the final purification of accounting environment and create a social atmosphere of honesty and trustworthiness.
(2) to strengthen the internal ideological and cultural construction, good for the grass-roots staff training, the formation of value oriented corporate culture; to accelerate the pace of technological development, reform and improve the existing database management information system, the establishment of a large capacity as soon as possible, improve the efficiency and accuracy of data collection, provides a strong support for the promotion of EVA; good organization and system adjustment of the preparatory work, and gradually strengthen the customer-centric, to the product management efforts clues of the business lines, and timely "flat" transformation.
The innovation of this paper lies in: first, the EVA theory is applied to the value of commercial bank management, because the domestic literature usually discuss EVA valuation methods in the use of general business, rarely apply to specific commercial banks, and the majority of qualitative research, not much quantitative research. This paper focuses on the application of EVA evaluation method in evaluation the value of commercial banks. In second, the EVA model is applied to the sample in the industrial and Commercial Bank valuation, performance of bank capital market in the same period, from the perspective of providing advice to investors. Third factors for the decomposition of the value of commercial banks, the sensitivity analysis, puts forward the corresponding suggestions for the bank's operations and financial condition.
The inadequacies of this article are: first, the EVA valuation method used in this paper is based on the historical financial data of commercial banks based on the forecast for the future performance of the ICBC, the prediction is based on many assumptions on the very large forecast for future commercial banks at the same time uncertainty theory for the valuation of commercial banks lack of literature, in the calculation process of subjectivity, the valuation results will inevitably exist deviation; second, since the financial crisis, China's stock market has not been strong, the valuation results did not verify the market, but also to some extent weaken the overall valuation.

【学位授予单位】：西南财经大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.33;F224

【引证文献】