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Study on Value Analysis and Valuation of Listed Banks in China

Author: HuYanJun
Tutor: JiYiCheng
School: Xiamen University
Course: Asset evaluation
Keywords: Enterprise Valuation Free Cash Flow of Equity (FCFE) Economic Value Added
CLC: F832.51
Type: Master's thesis
Year: 2009
Downloads: 539
Quote: 2
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Abstract


In the process of consummating the market economy system and the capital market, the theories and the methods of the valuation become the hot topic which the people pay more attention day by day .With the valuation of listed banks in China concept promotion and application in the management and analysis of investment, choosing the suitable valuation method is very important. This thesis introduces and concludes the present theories and the methods of the valuation. Based on the characters of listed banks in china, we put the models of free cash flow of equity (FCFE) and economic value added (EVA) on emphasis. In order to choose the suitable valuation methods and models, we assess the enterprise value of listed banks in China with the reality.This thesis has five parts. Firstly, it discusses the backgrounds and significances. Secondly, the thesis elaborates the theories and the models of the enterprise valuation. Beginning with analyzing the definition of enterprise value, the author discusses the factors which influence the enterprise value. And in this part, the enterprise valuation methods and the models are introduced in detail. Thirdly, on the foundation of theoretical analysis, carrying on the analysis from our country’s capital market environment and the characters of the banks in China value aspect, the thesis elaborates the restraints on choosing the models which are used to evaluate the enterprise value of listed banks. Considering the condition of each valuation method, the author concludes that income approach is the most suitable to the constraints, especial the models of free cash flow of equity (FCFE) and economic value added (EVA).Finally, the thesis chooses Xing Ye bank as the appraisal subject. Thinking about the macro-economic conditions, the industry environment and the fundamental conditions of the appraisal enterprise, the author selects the models of free cash flow of equity (FCFE) and economic value added (EVA) to evaluate the enterprise value. According to the results, the thesis compares the differences of the two models. After comparison, the author tries to find the reasons to the differences and the methods to improve. At the same time, the thesis gives some suggestions in this thesis for further study.

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CLC: > Economic > Fiscal, monetary > Finance, banking > China's financial,banking > Financial market
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