民生银行股票价值分析

发布时间：2018-01-23 06:27

本文关键词： 民生银行 EVA 价值分析　出处：《河北科技大学》2013年硕士论文　论文类型：学位论文

【摘要】：随着社会经济的快速发展，我国商业得到了迅猛发展。如何衡量其真实经营业绩和内在价值经济增加值成为新的焦点。本文介绍了EVA的含义和计算方法，根据商业银行的具体情况对计算公式进行了适当调整，并以民生银行股份有限公司为例详细介绍了该公司经济增加值的计算过程，又以EVA值为基础进行企业价值评估。民生银行作为国内主要股份制商业银行，近几年一直有着良好的经营业绩，截至2012年年末，集团资产总额、负债总额均突破三万亿元大关；其中净资产收益率达到了25.24%；以手续费及佣金收入为主的中间收入占总营业收入的比重不断增大。但公司的资产管理效率较低，，还需要改善。分别运用EVA估值法和股权自由现金流量估值模型对民生银行进行了价值评估，由于商业银行不同于一般的工商业企业，在计算过程中对两个模型的一般计算公式进行了适当调整，确定了民生银行的企业价值。本文还对民生银行所处的市场环境及其流动性和资产质量情况分别进行了分析说明，此外还比较分析了民生银行近三年的贷款迁徒率以衡量商业银行的风险变化程度，又民生银行盈利能力较强说明公司具有一定风险弥补能力，所以总体来看民生银行近期不会产生任何经营风险。通过与股权自由现金流模型的估值结果进行比较分析，虽然两种模型的计算方法不同，但结果都表明民生银行现在的价值被完全低估。
[Abstract]:With the rapid development of social economy, Chinese business has developed rapidly. How to measure its real business performance and intrinsic value added value becomes a new focus. This paper introduces the meaning and calculation method of EVA. According to the specific situation of commercial banks, the calculation formula is adjusted appropriately, and taking Minsheng Bank Co., Ltd. as an example, the calculation process of economic added value of the company is introduced in detail. On the basis of EVA value, enterprise value evaluation is carried out. Minsheng Bank, as the main joint-stock commercial bank in China, has a good operating performance in recent years. As of the end of 2012, the total assets and liabilities of the group exceeded 3 tillion yuan. The rate of return on net assets has reached 25.24; The proportion of intermediate income to total operating income is increasing, but the efficiency of asset management of the company is low, and it needs to be improved. Respectively using EVA valuation method and equity free cash flow valuation model to evaluate the value of Minsheng Bank, because commercial banks are different from the general industrial and commercial enterprises. In the course of calculation, the general formulas of the two models are adjusted appropriately, and the enterprise value of Minsheng Bank is determined. This paper also analyzes the market environment, liquidity and asset quality of Minsheng Bank. In addition, the paper also compares and analyzes the loan migration rate of Minsheng Bank in the past three years to measure the degree of risk change of commercial banks, and the strong profitability of Minsheng Bank shows that the company has a certain capacity to make up for risks. So overall, Minsheng Bank will not produce any operating risks in the near future. Compared with the valuation results of the equity free cash flow model, although the two models have different calculation methods, the results show that the value of Minsheng Bank is completely undervalued.
【学位授予单位】：河北科技大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.33;F832.51

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