中国民生银行股份有限公司投资价值分析
发布时间：2018-08-07 13:11
【摘要】：摘要：在当今国际经济缓慢复苏、国内经济增速放缓以及中国资本市场逐步规范的背景下,如何对上市银行投资价值进行评估是投资者、债权人和银行管理者共同面临的问题。 中国民生银行是资产规模增长最快的股份制商业银行。本文站在投资者的角度,本着理论与实践相结合的原则,基于上市公司投资价值的有关理论和前人的研究成果,收集、整理了大量我国银行业和民生银行的数据资料。任何一个公司的生存和发展都受到宏观环境的约束,特别是对银行业来说,上市银行是受到国家最为严格监管的公司,与其他上市公司不同,货币政策和其他的银行业监管政策、法律法规对商业银行的经营业绩有着明显而直接的影响。通过对银行业管理制度环境,银行业的发展趋势和竞争状况的分析让我们对银行业有一个全景式的把握；通过对民生银行的基本情况、业务经营状况和资产质量管理、公司治理、风险控制能力的分析使我们把握对民生银行有影响的关键的驱动力；财务报表是进行财务分析的重要信息来源,尽管它们记录的是过去某一时点或某一期间的财务状况、经营成果和现金流量。本文以净资产收益率为核心,通过对民生银行的盈利能力、经营与成长能力,偿债能力以及现金流的结构、创造能力与保障能力等方面的财务分析来了解民生银行的业务动力。在业务状况分析和财务状况分析的基础上,对民生银行未来一段时期的财务状况和现金流量进行预测,并通过自由现金流量模型和市盈率、市净率法对民生银行进行投资价值估值。最后得出结论：在目前的市场状况下,民生银行具有一定的投资价值。
[Abstract]:Abstract: in the context of the slow recovery of the international economy, the slowdown of domestic economic growth and the gradual standardization of China's capital market, how to evaluate the investment value of listed banks is a common problem for investors, creditors and bank managers.
The people's livelihood bank of China is the fastest growing stock commercial bank. From the perspective of investors, this paper collects and collects a large number of data of China's banking and Minsheng Bank Based on the principle of combining theory with practice, the theory of investment value of listed companies and the results of previous research. The survival and development are constrained by the macro environment. Especially for the banking industry, the listed banks are most strictly regulated by the state, different from other listed companies, monetary policy and other banking regulatory policies, and laws and regulations have a clear and direct impact on the business performance of commercial banks. The management system environment, the development trend of the banking industry and the analysis of the competition situation let us have a panoramic view of the banking industry. Through the basic situation of the people's livelihood bank, the business operation situation and the asset quality management, the corporate governance, the risk control ability analysis make us hold the key driving force to the Minsheng Bank. Financial statements are an important source of information for financial analysis, although they record the financial situation of a certain time point or a period of time, the operating results and cash flow. This article, based on the net income rate as the core, creates the ability to profit, business and growth, solvency and the structure of cash flow for the people's livelihood bank. On the basis of business situation analysis and financial situation analysis, the financial situation and cash flow of Minsheng Bank are predicted on the basis of business situation analysis and financial situation analysis, and the investment price of Minsheng Bank is carried out by the free cash flow model and the market earnings ratio and the city net rate method. Value estimation. Finally, it is concluded that Minsheng Bank has certain investment value under current market conditions.
【学位授予单位】：北京交通大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F830.42
本文编号：2170129
[Abstract]:Abstract: in the context of the slow recovery of the international economy, the slowdown of domestic economic growth and the gradual standardization of China's capital market, how to evaluate the investment value of listed banks is a common problem for investors, creditors and bank managers.
The people's livelihood bank of China is the fastest growing stock commercial bank. From the perspective of investors, this paper collects and collects a large number of data of China's banking and Minsheng Bank Based on the principle of combining theory with practice, the theory of investment value of listed companies and the results of previous research. The survival and development are constrained by the macro environment. Especially for the banking industry, the listed banks are most strictly regulated by the state, different from other listed companies, monetary policy and other banking regulatory policies, and laws and regulations have a clear and direct impact on the business performance of commercial banks. The management system environment, the development trend of the banking industry and the analysis of the competition situation let us have a panoramic view of the banking industry. Through the basic situation of the people's livelihood bank, the business operation situation and the asset quality management, the corporate governance, the risk control ability analysis make us hold the key driving force to the Minsheng Bank. Financial statements are an important source of information for financial analysis, although they record the financial situation of a certain time point or a period of time, the operating results and cash flow. This article, based on the net income rate as the core, creates the ability to profit, business and growth, solvency and the structure of cash flow for the people's livelihood bank. On the basis of business situation analysis and financial situation analysis, the financial situation and cash flow of Minsheng Bank are predicted on the basis of business situation analysis and financial situation analysis, and the investment price of Minsheng Bank is carried out by the free cash flow model and the market earnings ratio and the city net rate method. Value estimation. Finally, it is concluded that Minsheng Bank has certain investment value under current market conditions.
【学位授予单位】：北京交通大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F830.42
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，本文编号：2170129
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