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论文编号：	6015
作者编号：	2120112340
上传时间：	2013/12/10 16:44:49
中文题目：	中国工商银行股权价值评估研究
英文题目：	Research on the Equity valuation of the Industrial and Commercial Bank of China
指导老师：	王曼舒
中文关键字：	股权价值评估 中国工商银行 权益现金流法 市场法
英文关键字：	：Equity valuation the Industrial and Commercial Bank of China Equity cash flow method Market approach
中文摘要：	改革开放以来，我国银行业取得了巨大发展，商业银行一直居于整个社会金融资源配置的中心地位，在国民经济中发挥着举足轻重的作用。但是与此同时，随着我国加入世界贸易组织，银行业的发展也面临越来越多的挑战，需要我们不断推进金融体制的深化改革来予以解决。在金融体制的深化改革过程中，涉及银行业的资本运作活动会越来越多。另外，商业银行无论在改革历程中，还是在我国目前的资本市场上均存在价值的低估问题。因此，解决好商业银行价值评估问题便显得尤为重要，它既是商业银行进行资本运作的基础，也将有助于我们认识和分析社会资本的形成、资金的使用效率和国民经济持续增长等问题。这也是本文写作目的所在。 本文在比较诸多价值评估方法基础上，以中国工商银行作为研究对象，采用股权现金流量模型对其价值进行评估，并得到一定的研究成果。本文由以下章节构成：第一章为引言，介绍了进行商业银行价值评估研究的背景及意义，归纳总结了本文的总体写作思路，并提出了本文的创新点。第二章为相关理论回顾和文献综述，主要对企业价值评估理论的发展历程进行了简要回顾，并介绍了价值评估理论的最新发展情况。第三章为中国工商银行基本面及财务分析，介绍了工商银行的基本业务、股权结构、组织架构及基本财务分析。第四章为中国工商银行股权价值评估影响因素，从宏观因素、行业因素两个维度对影响工商银行估值的因素进行介绍。第五章为工商银行的价值评估部分。在该部分选取了工行2006-2013年相关财务数据，以权益现金流法对其价值进行了评估，并通过市场法对评估结果进行验证。第六章为研究结论与展望。该部分对全文进行了总结，得出了相应的结论，并指出了本文研究的不足之处以及以后的改进方向。 通过对工商银行进行价值评估研究，本文得出如下两点结论。一方面工商银行的整体发展情况良好，但是存在金融创新能力不足的问题；另一方面，本文发现工商银行同样存在价值被低估的问题。
英文摘要：	Since the reform and opening-up policy was put into Practice, China’s banking industry has gained a great progress, commercial banks are playing a core and decisive role in the social financial resources allocation and national economy. At the same time, however, with the access of our country into WTO，the development of banking industry is facing more and more challenges, which asks us to deepen the reform in finance field so as to solve these problems in banking industry. Along with the reform in finance field, there are more and more capital operations involved in banking industry. Besides，with the development of capital market, the valuation system of commercial banks has also been given more abundant connotations. All these ask for the valuation of banking industry, because on one hand, it is the foundation of capital operations, on the other hand, accurate and scientific valuation of commercial banks can help us analyze and understand the formation of social capital, fund utilization rate and the national economy growth better, which are the purpose of writing this paper. In this paper, we take the Industrial and Commercial Bank of China as our research case, and make use of equity cash flow method to make a valuation based on the valuation methods above. This paper includes six sections. In the first section, this paper introduces the background of valuation research on commercial banks, gives the significance of commercial banks’ valuation, and then summarizes the framework of this paper. In the second section, this paper gives a review on the development process of enterprise valuation theories and summarizes the research achievements of scholars at home and aboard, and then gives a brief summary of several methods of commercial bank valuation. The third part gives a brief introduction of the Industrial and Commercial Bank of China. In this part，this paper introduces its basic business, its ownership structure, its organization structure and its basic financial analysis. On the basis of research above, the fourth part takes the Industrial and Commercial Bank of China as an example. We carry on our analysis from the macro factors and industry factors this bank faces. The fifth section is the valuation of the Industrial and Commercial Bank of China. In this part, we select relevant financial data of 2006 - 2012 of this bank and try to use equity cash flow method to make a valuation，and then make use of market approach for validation. Finally, in the sixth section, this paper tries to make a summary and draw a corresponding conclusion based on the research above. Besides, this paper will also point out the deficiency of this study and its improvement in the future. Through the research on the Industrial and Commercial Bank of China, this paper shows that on the one hand, the development of the Industrial and Commercial Bank of China is good and satisfying, but there are some problems exist in the commercial banks of our country, such as the lack of financial innovation ability and profitability, business convergence and so on. On the other hand, this paper found that industrial and commercial bank of the problem of value underestimated remains the same.
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