基于EVA的我国上市银行业绩评价研究
发布时间：2018-08-31 12:14
【摘要】：随着经济全球化的不断发展，我国越来越多的银行选择在海内外上市融资。截至2013年底，共有16家商业银行在内地上市，包括五家国有大型股份制商业银行、八家全国性股份制商业银行、三家城市商业银行。银行业是中国金融业的核心，它的重要经济地位和高风险性决定了其经营管理的有效性对整个行业乃至国民经济都有深刻影响。近几年，越来越多的外资银行涌入中国市场，凭借其雄厚的资金实力、优越的管理模式、超强的产品创新能力和灵活的营销策略对我国商业银行的业绩、管理、产品等诸多方面带来巨大的影响和冲击。面对挑战，我国本土银行要摈弃依赖拼规模、靠利差的传统盈利模式，加大非利息收入的比例，同时以传统财务指标为核心的业绩评价体系也凸显不足。如何构建科学的银行业绩评价体系，优化银行资本配置，增强银行抵御风险能力，引导管理者的目标趋于企业价值最大化已成为当今我国银行业亟需解决的重要课题。 传统的以利润为核心的绩效评价体系没有考虑权益资本成本和经营风险，认为权益资本是免费的，无法衡量管理者为股东真正创造的财富；而EVA最大的改进就是在传统的利润指标中扣除权益资本成本，更准确地反映出企业的盈利能力，有利于企业价值最大化目标的实现。 本文首先介绍了我国上市银行EVA业绩评价的背景、意义和国内外研究现状，然后介绍了有关EVA的基本理论，并将其与传统财务指标对比，阐释EVA指标在业绩评价方面的优越性；其次介绍了EVA理论在商业银行的具体计算方法，并根据2012年公布的年报数据，计算16家上市银行的EVA、REVA和ROE的值，以找出我国沪深两市上市银行的整体业绩情况，为招商银行的分析做铺垫。再次以招商银行为例进行具体分析，，并按时间序列分为横向比较和纵向比较两部分。横向比较是将招商银行2012年的财务指标跟各大银行对比，从EVA的角度评价招商银行的经营业绩，并找出其在各大上市银行中的真实盈利能力排名；纵向比较则拿招商银行2010年到2012年的EVA与传统财务指标对比分析，以EVA的角度重新审视其近三年的获利能力。通过以上比较找出EVA与传统财务指标产生差距的原因，从数据上证明EVA的优越性，并提出改善经营业绩的对策。在上述理论和案例相结合的基础上，本文最后一部分提出完善我国银行业实施EVA业绩评价体系的建议，并最终提出提升我国上市商业银行经营绩效的措施。
[Abstract]:With the development of economic globalization, more and more banks in China choose to go public and raise funds at home and abroad. By the end of 2013, 16 commercial banks had listed on the mainland, including five large state-owned joint-stock commercial banks, eight national joint-stock commercial banks and three urban commercial banks. The banking industry is the core of China's financial industry, its important economic status and high risk determine the effectiveness of its management of the entire industry and even the national economy has a profound impact. In recent years, more and more foreign banks have poured into the Chinese market. With their strong capital strength, superior management model, super product innovation ability and flexible marketing strategy, the performance and management of commercial banks in China are being managed. Products and other aspects of the tremendous impact and impact. Facing the challenge, the local banks in our country should abandon the traditional profit model of relying on the scale and interest margin, increase the proportion of the non-interest income, and at the same time, the performance evaluation system with the traditional financial index as the core also highlights the insufficiency. How to set up a scientific bank performance evaluation system, optimize the bank capital allocation, enhance the bank's ability to resist risks, and guide the managers to maximize the enterprise value has become an important subject that needs to be solved in our country's banking industry. The traditional performance evaluation system with profit as the core does not consider the cost of equity capital and the risk of operation. It holds that equity capital is free of charge and can not measure the wealth created by managers for shareholders. The biggest improvement of EVA is to deduct the cost of equity capital from the traditional profit index, which reflects the profitability of the enterprise more accurately and is conducive to the realization of the goal of maximizing the value of the enterprise. This paper first introduces the background, significance and research status of EVA performance evaluation of listed banks in China, then introduces the basic theory of EVA, compares it with traditional financial indicators, and explains the superiority of EVA in performance evaluation. Secondly, it introduces the specific calculation method of EVA theory in commercial banks, and calculates the EVA,REVA and ROE of 16 listed banks according to the annual report data published in 2012, in order to find out the overall performance of the listed banks in Shanghai and Shenzhen stock markets. For the analysis of China Merchants Bank to do the groundwork. Thirdly, taking China Merchants Bank as an example, it is divided into two parts: horizontal comparison and vertical comparison according to the time series. Horizontal comparison is to compare the financial indicators of China Merchants Bank in 2012 with the major banks, evaluate the operating performance of China Merchants Bank from the perspective of EVA, and find out its real profitability ranking among the major listed banks. The vertical comparison takes the EVA of China Merchants Bank from 2010 to 2012 and the traditional financial index to analyze, and reexamines the profitability of China Merchants Bank in the past three years from the perspective of EVA. Through the above comparison, we find out the reason of the gap between EVA and traditional financial index, prove the superiority of EVA from the data, and put forward the countermeasure to improve the business performance. On the basis of the above theories and cases, the last part of this paper puts forward some suggestions to perfect the performance evaluation system of EVA in China's banking industry, and finally puts forward some measures to improve the performance of listed commercial banks in China.
【学位授予单位】：河南大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.33
本文编号：2214955
[Abstract]:With the development of economic globalization, more and more banks in China choose to go public and raise funds at home and abroad. By the end of 2013, 16 commercial banks had listed on the mainland, including five large state-owned joint-stock commercial banks, eight national joint-stock commercial banks and three urban commercial banks. The banking industry is the core of China's financial industry, its important economic status and high risk determine the effectiveness of its management of the entire industry and even the national economy has a profound impact. In recent years, more and more foreign banks have poured into the Chinese market. With their strong capital strength, superior management model, super product innovation ability and flexible marketing strategy, the performance and management of commercial banks in China are being managed. Products and other aspects of the tremendous impact and impact. Facing the challenge, the local banks in our country should abandon the traditional profit model of relying on the scale and interest margin, increase the proportion of the non-interest income, and at the same time, the performance evaluation system with the traditional financial index as the core also highlights the insufficiency. How to set up a scientific bank performance evaluation system, optimize the bank capital allocation, enhance the bank's ability to resist risks, and guide the managers to maximize the enterprise value has become an important subject that needs to be solved in our country's banking industry. The traditional performance evaluation system with profit as the core does not consider the cost of equity capital and the risk of operation. It holds that equity capital is free of charge and can not measure the wealth created by managers for shareholders. The biggest improvement of EVA is to deduct the cost of equity capital from the traditional profit index, which reflects the profitability of the enterprise more accurately and is conducive to the realization of the goal of maximizing the value of the enterprise. This paper first introduces the background, significance and research status of EVA performance evaluation of listed banks in China, then introduces the basic theory of EVA, compares it with traditional financial indicators, and explains the superiority of EVA in performance evaluation. Secondly, it introduces the specific calculation method of EVA theory in commercial banks, and calculates the EVA,REVA and ROE of 16 listed banks according to the annual report data published in 2012, in order to find out the overall performance of the listed banks in Shanghai and Shenzhen stock markets. For the analysis of China Merchants Bank to do the groundwork. Thirdly, taking China Merchants Bank as an example, it is divided into two parts: horizontal comparison and vertical comparison according to the time series. Horizontal comparison is to compare the financial indicators of China Merchants Bank in 2012 with the major banks, evaluate the operating performance of China Merchants Bank from the perspective of EVA, and find out its real profitability ranking among the major listed banks. The vertical comparison takes the EVA of China Merchants Bank from 2010 to 2012 and the traditional financial index to analyze, and reexamines the profitability of China Merchants Bank in the past three years from the perspective of EVA. Through the above comparison, we find out the reason of the gap between EVA and traditional financial index, prove the superiority of EVA from the data, and put forward the countermeasure to improve the business performance. On the basis of the above theories and cases, the last part of this paper puts forward some suggestions to perfect the performance evaluation system of EVA in China's banking industry, and finally puts forward some measures to improve the performance of listed commercial banks in China.
【学位授予单位】：河南大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.33
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