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The Investment Analysis of the Financial Holding Companies in China

Author: ZhaoYi
Tutor: HuangRuiFen
School: Ocean University of China
Course: Finance
Keywords: financial holding company investment beyond the cost of logarithmicfunctions EVA
CLC: F832.39
Type: Master's thesis
Year: 2012
Downloads: 216
Quote: 0
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Abstract


The2008financial crisis which because of the U.S. subprime mortgage crisisquickly spreaded from the U.S. to the other countries in the world, and it had seriousimpact in many countries. A large number of financial institutions in the United States,including the Lehman Brothers collapsed, and also some of the investment bankbecaome a bank holding company such as Goldman Sachs. The impact of the crisis onthe financial sector make people think what kind of business model can adopted thesitutaion in the world, the financial holding company which as as a mixed operationget more and more popular. Although China has laws explicitly prohibit financialmixed operation, but there exist, including financial holding companies like Bank ofChina, ICBC, Construction Bank, CITIC Group and Everbright Group. From a globalperspective, in many developed countries, the financial model began to the mixedoperation mode, so explore the investment value of the financial holding company,clearly the prospects for the development of the financial holding company has animportant significance for the development of China’s financial industry.How to measure the investment value of a company or an industry became animportant subject for many scholars, in previous studies are mostly concentrated inthe operating conditions, including the company’s market value, using the stock model,capital asset pricing model and the EVA. How do you measure the value of thefinancial holding company as a special enterprise should also be combined with thefinancial institutions operating characteristics and the characteristics of the financialholding company.A major feature of the financial holding company which is different from otherfinancial institutions separate operation is the operation of mixed industry, its businessincludes banking, insurance, securities, funds and other financial services. The rangeof financial business to some extent also determines the scale of the financialinstitutions. With the expansion of the scale, corporate management often there willbe three different situations, including margin expansion, rofit unchanged and profitsshrink. Which can be said to increase the returns to scale, constant returns to scale anddecreasing returns to scale. Compared to separate operation of financial institutionswhether the financial holding company enhance the results of operations should alsobecome one of the standard measure of investment value. Therefore, this paper returnsto scale as one of the criteria to measure the investment value of the financial holdingcompany. To the nature, the financial holding company is an enterprise, so thetraditional measure of investment value should also become one of the criteria. Tomeasure the performance of an enterprise can examine the business situation ofenterprises, the EVA can make up the defects of various measures and fully considerthe opportunity cost to make up for the shortcomings of the past did not examine the cost of equity capital.The paper first discusses the theory of financial holding companies andinvestment value, and analyzed of the development of domestic and foreignfinancial holding company; analysis on the basis of the development of the foreignfinancial holding company, learn from their development experience, summed up thecriteria: economies of scale and performance. The study of the paper selected10domestic bank financial holding company background and non-bank financial holdingcompany background, respectively, use beyond the cost of logarithmic functions andEVA models from economies of scale and performance of the investment value of thebanks analysis. Finally, through the analysis of these two aspects of the prospect thispaper look into the future of the financial holding company in China.The paper analysis results show that the banks show the phenomenon ofeconomies of scale, and the Bank of the financial holding company background moreobvious; economic value-added analysis results show that the overall bank financialholding company background higher than bank financial holding company. Twoaspects of the research shows that superior investment value of the financial holdingcompany, which also reflected the direction of the development of China’s financialindustry from a side direction, in the end of the article this paper look into the futureof the financial holding company.

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CLC: > Economic > Fiscal, monetary > Finance, banking > China's financial,banking > Financial organizations, banks > Other financial organizations
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