十六家上市银行投资价值分析

发布时间：2018-05-05 16:56

本文选题：金融风险 + 股票投资价值　；参考：《兰州大学》2012年硕士论文

【摘要】：金融危机以来,A股市场在经历了三年的调整之后,银行板块整体市盈率已经不足10倍,明显低于A股均值。随着国内货币政策的逐步放宽,可以说银行股的投资价值已经初步显现。本文结合金融危机的大背景,参照“国有商业银行绩效综合考评法”,通过研究上市银行的风险防范能力、盈利能力、企业成长性、偿债能力四大类指标来衡量其公司价值,然后遵循“价值投资”的指导思想,将公司价值作为上市银行股票投资价值的判断依据,通过比较分析的方法,对16家上市银行的投资价值进行排序,为投资者投资这一板块提供参考。在选择财务指标时,本文以遵循指标的概括性、关键性、层次性和相关性以及银行业的特殊性为原则,选取了四大类11项财务指标作为上市银行投资价值评价模型的指标基础,然后对其进行无量纲化处理,最终得出各项财务指标对应的量化值。在研究方法上,本文利用层次分析法计算出各项财务指标的权重系数,将指标的量化值乘以对应的权重系数,结合线性加权法最终构建了上市银行投资价值综合评价模型,通过这一模型对16家上市银行的投资价值进行综合评价。
[Abstract]:Since the financial crisis, after three years of adjustment in the A-share market, the overall price-earnings ratio of the banking sector has been less than 10 times, significantly lower than the A-share average. With the gradual relaxation of domestic monetary policy, it can be said that the investment value of bank stocks has shown. Based on the background of the financial crisis and referring to the comprehensive evaluation method of the performance of state-owned commercial banks, this paper measures the corporate value of listed banks by studying the risk prevention ability, profitability, enterprise growth and solvency. Then follow the guiding ideology of "value investment", take the company value as the judgment basis of stock investment value of listed bank, through the method of comparative analysis, carry on the ranking to the investment value of 16 listed banks. For investors to invest in this plate to provide reference. In the selection of financial indicators, based on the principle of following the general, critical, hierarchical and relevance of the indicators and the particularity of the banking industry, this paper selects 11 financial indicators of four major categories as the index basis of the evaluation model of the investment value of listed banks. Then the dimensionless processing is carried out, and the corresponding quantization value of each financial index is obtained. In the research method, this paper calculates the weight coefficient of each financial index by AHP, multiplies the quantization value of the index by the corresponding weight coefficient, and finally constructs the comprehensive evaluation model of the investment value of listed bank combined with the linear weighting method. The investment value of 16 listed banks is evaluated by this model.
【学位授予单位】：兰州大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.3;F224

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