Research On Investment Value Of China's Listed Banks

With the acceleration of China's financial sector system, bank listing has become the inevitable tend of development of China's banking industry. Listed banks as a new force in the stock market, they are causing more and more attention, in terms of asset size, ability of influence or growth trend. Therefore, this thesis uses the scientific method to evaluate investment value of listed banks to guide investors. Results in this thesis can also provide proposal for listed banks to improve the operating level and profitability.This thesis firstly describes the traditional valuation methods, including discounted cash flow method, relative valuation method and options valuation method, and analyzes the advantages and disadvantages of these methods to point out that EVA evaluation method is reasonable and scientific. As result of EVA is applicable to traditional manufacturing and banking industry is particular, so EVA needs to be adjusted to establish banks EVA valuation model. This thesis examines two aspects of investment value of listed banks, firstly calculate EVA of list banks from 2005 to 2009 and use it to analyze the historical operating performance of listed banks. Using prediction and proportional method estimate EVA of list banks from 2010 to 2015 in view of data from 2005 to 2009 financial statements. Reuse two-stage EVA model calculate the value of companies in 2010 and the stock value per share, and with the Shanghai and Shenzhen stock markets in the real price comparison to identify value of investment banks. Finally, from the macroeconomic situation, banking industry background and empirical analysis three aspects, made specific investment strategies.