我国银行业上市公司市盈率影响因素研究

发布时间：2018-03-23 17:37

本文选题：银行业　切入点：市盈率　出处：《复旦大学》2012年硕士论文

【摘要】：随着我国资本市场的不断发展成熟,投资者理性的投资方式逐步取代传统非理性的投资思维,投资理念越来越趋于以上市公司市盈率的分析为主。而银行业是我国金融业的核心,其稳定和发展对于国民经济起着至关重要的作用,但我国银行业上市公司的高利润率和低市盈率并存现象一直受到证券分析师和投资者的关注。本文通过宏观及微观两个层面的研究,旨在揭示我国银行业上市公司市盈率的影响因素及其影响程度,并希望为投资者的投资决策提供参考与帮助。本文共有六章。第一章主要阐述本文的选题背景及意义,研究对象,目标及思路。第二章主要概述了市盈率理论及国内外相关文献的回顾。第三章介绍了本文要研究的八个影响我国银行业上市公司市盈率的因素。第四章详细介绍了样本的选择,研究变量的计算方法以及本文的具体分析方法。第五章首先对我国银行业上市公司市盈率进行了描述性的统计分析,然后进行了实证研究。第六章为本文的研究结论、难点及局限。本文在研究中主要分析了影响我国银行业上市公司市盈率水平的四个宏观经济层面因素和四个上市银行经营因素,对于市盈率的解释度为84.01%,不足之处在于对一些如管理人员的管理水平、品牌效应、多元化水平等非量化因素未能考虑在内。
[Abstract]:With the continuous development and maturity of China's capital market, investors' rational investment mode is gradually replacing the traditional irrational investment thinking. The investment concept is more and more based on the analysis of the price-earnings ratio of listed companies, and the banking industry is the core of our financial industry, and its stability and development play a vital role in the national economy. However, the coexistence of high profit margin and low P / E ratio of listed companies in China's banking industry has always been the concern of securities analysts and investors. The purpose of this paper is to reveal the influencing factors and extent of the price-earnings ratio of listed companies in China's banking industry, and to provide reference and help for investors to make investment decisions. There are six chapters in this paper. The first chapter mainly describes the background and significance of this topic, the research object, The second chapter summarizes the theory of price-earnings ratio and the review of relevant literature at home and abroad. The third chapter introduces the eight factors that this paper will study that affect the price-earnings ratio of listed companies in China's banking industry. Chapter four introduces the selection of samples in detail. The fifth chapter analyzes the price / earnings ratio of listed companies in China's banking industry, and then carries on the empirical research. Chapter 6 is the conclusion of this paper. Difficulties and limitations. In this paper, we mainly analyze four macroeconomic factors and four operating factors of listed banks that affect the level of price-earnings ratio of listed companies in China's banking industry. The explanation of price-earnings ratio is 84.01, but the deficiency is that some non-quantitative factors, such as management level, brand effect and diversification level, can not be taken into account.
【学位授予单位】：复旦大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.51

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