The Value Research Of Banking Listed Company In Chinese A Share Market

This thesis studies the value evaluation of banking listed companies in Chinese A Share Market,in the stock market,the asset price is decided by its intrinsic value.There are a lot of kinds of value analytical method,because of the special of the banking,in this thesis,the model of Dynamic P/B method and Free Cash Flow method are used to assess the value of banking listed companies.Before the year 2006,when the P/B model was used to assess the commercial companies in China,the P/B data of developed stock market abroad were adopted,it was less considered that the premium price because of the supernormal growth of Chinese economic development.As a matter of fact,because of the excess growth of Chinese economic relative to world average,it is being given golden opportunity that Chinese small and medium-sized bank,from now on their size and profit will be growed fast,so the investor will be payback generously.There are six chapters in this thesis.The 1^st chapter recounted the background, meaning and framework of research;the 2^nd chapter describe the basic feature of Chinese banking at present and future,analysis the position of listed banking companies;the 3^rd chapter discusses the financial situation and Corporate Governance of each company;the 4^th chapter studies the influence factor of profitability,predict the profitability in the future;the 5^th chapter assess the value of commercial bank by Dynamic P/B model and Discount Cash Flow method;the 6^th chapter we draw the conclusion and indicate the limitations of this research.There are three conclusion in this thesis.Firstly,the Chinese banking's profitability will reach and surpass the world average;secondly,we got the value evaluation of Chinese banking listed companies; finally,the trading price of the BOC and ICBC were on the low side when they introduced strategy investor from abroad.