The Study Based On Income-real Options Valuation Of Commercial Banks

Along with the unceasing deepening reforming in our commercial bank, as well as our financial industry's comprehensive opening from 2006, the way that introduce the strategic investors to promote the bank value and then to IPO becomes the important action to speed up the development of our commercial bank. Specially the foreign strategic investors enter China, world famous enterprise such as Citibank, the International finance corporation, the Hong Kong and Shanghai Bank, Deutsche Bank and so on holds shares in our commercial bank successively by each way. This has initiated the new bank reorganization and the merger and acquisition tide. In the process of introducting the strategic investor and the remanufacture in our commercial bank, the bank value became the focal point, even caused the big discussion of the state-owned bank "cheap selling",because lack the full fundment reserch.Therefore, from the theory angle analyse commercial bank value assessment question deeply, it has the significant theory and the practical significance. Based on the thoughts of the above question, this article attempts to seek for one kind method which is reasonable or quite supervise to regard introduces the strategic investor when our country commercial bank carries on the bank value assessment in the theory and the practice.The bank is a quite special profession, compares with the ordinary enterprise, regardless of from the property, the debt, the exterior supervision or the management and operation, presents the big particularity. In order to prevent the bank the excessive centralism and the blind competition, various countries have implemented the strict supervision to the commercial bank itinerant. In the bank value, the proportion which the intangible asset occupies is bigger than the proportion which the tangible asset occupies by far. Moreover, speaking of our country commercial bank, also has the special system background and the stockholder's rights structure, as well as has the big market rate of increment, so there is a problem which should be paid attention when carries on bank value assessment.The paper introduced the enterprise value theories and research and this article research technique and the angle specifically in the first part. In the article main body, when introduces the strategic investors in commercial bank, the artical analyse the present situation of the bank value assessment and the problem, then introduced specifically the strategic growth option value best method which the existing several value assessment method, and has proven the real options is theoretically analyzes the commercial bank value when to introduce strategic investor. Then, established based on the income-real options analysis commercial bank value assessment model, and take the Huaxia bank as the example, carries on the actual utilization to the model. This article the method which unifies with the stockholder's rights free cash flow mensuration and the real options to the Xuaxia bank in introduces time the strategic investor's bank value to carry on the appraisal, has consummated the growth option value in the traditional commutation cash flow method's foundation. Finally, in view of real options's limitation, unifies our country Commercial bank's actual situation, regarding this appraised the method to make a supplement suggestion and the explanation.