中国平安股东权益价值评估研究

发布时间：2018-04-17 22:12

本文选题：中国平安 + 股东权益价值评估　；参考：《华北电力大学》2017年硕士论文

【摘要】：随着改革的深入,越来越多的企业开始兼并重组,走上了多元化经营之路,并且开始倾向于集团整体上市。本文主要针对多元化金融服务集团企业——中国平安进行股东权益价值评估研究,以期对投资者进行价值投资、上市公司市值管理以及对其他多元化经营集团企业的估值研究具有一定的借鉴意义。目前针对多元化企业的评估研究主要是采用分部估值,即针对不同业务单元进行分别评估,然后加总作为多元化企业的股东权益价值。通过对中国平安这类多元化金融服务集团企业进行深入研究,认为分部估值存在着诸多争议:信息的可得性制约着分部估值能否顺利实施;同时,分部估值也忽略了整体性资产对不同子公司之间的协同价值、大额的集中性成本、持股结构复杂及关联内部交易等问题,从而影响评估结果的准确性。所以,本文提出针对诸如中国平安这类多元化金融服务集团企业,应该把其看成一个聚合的整体,基于聚合估值的理念,直接采用FCFE模型对企业进行股东权益价值评估,然后用P/B估值模型作为辅助验证。同时,针对中国平安业务多元化和A股及H股市场两地上市的特点,对其可比公司选取的特殊性进行了深入分析,提出采用各业务单元所处行业贝塔系数来取代单个公司的回归贝塔,然后根据业务权重加权平均分别求得中国平安在A股市场和H股市场的贝塔值。除此之外,对无风险利率的“风险性”进行了分析,提出了基于国债利率下行风险及国家信用风险溢价的无风险利率。本文在聚合估值的理念下,基于FCFE模型对中国平安在A股及H股市场分别进行了股东权益价值评估,基于P/B估值模型同样给出了评估价值,对其评估结果进行了深入分析,验证了估值的合理性,并针对国内外投资者进行投资决策、管理者进行经营管理决策以及评估师进行多元化企业评估方法的选择给出了相关建议。
[Abstract]:With the deepening of the reform, more and more enterprises begin to merge and reorganize, take the road of diversified management, and begin to tend to the group as a whole.This article mainly aims at the diversified financial services group enterprise-China Ping an to carry on the shareholder equity value appraisal research, in order to carry on the value investment to the investor,Market value management of listed companies and valuation of other diversified groups have some reference significance.At present, the research on the evaluation of diversified enterprises is mainly based on the divisional valuation, that is, to evaluate the different business units separately, and then add up the value of shareholders' rights and interests as a diversified enterprise.Through the in-depth study of the diversified financial services group enterprises such as Ping an of China, it is concluded that there are many controversies in the division valuation: the availability of information restricts the smooth implementation of the division valuation; at the same time,Division valuation also ignores the synergetic value of global assets to different subsidiaries, the large centralized cost, the complexity of shareholding structure and related party internal transactions, which affects the accuracy of the evaluation results.Therefore, this paper puts forward that the diversified financial services group enterprises such as Ping an of China should be regarded as an integrated whole. Based on the concept of aggregate valuation, the FCFE model is directly used to evaluate the equity value of shareholders.Then the P-P-B valuation model is used as the auxiliary verification.At the same time, in view of the characteristics of China Ping an business diversification and the dual listing of A-share and H-share markets, the particularity of the selection of comparable companies is deeply analyzed.The Beta coefficient of each business unit is proposed to replace the return beta of a single company, and then the beta value of China Ping an in A share market and H share market is obtained according to the weighted average of business weight.In addition, the "risk" of risk-free interest rate is analyzed, and the risk-free interest rate based on the downward risk of national debt interest rate and the premium of national credit risk is put forward.Based on the idea of aggregate valuation, this paper evaluates the shareholder's equity value of China Ping an in A-share and H-share markets based on FCFE model, and gives the evaluation value based on the P / B valuation model, and analyzes the evaluation results deeply.The rationality of valuation is verified, and some suggestions are given for investors at home and abroad to make investment decisions, managers for management decisions and appraisers for the selection of diversified enterprise evaluation methods.
【学位授予单位】：华北电力大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F842.3;F832.51;F840.4

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