A Research On Evaluation Of China's Non-listed Commercial Banks Based On FCFE Model

From 2015 to 2017,China's banking industry began to face a situation in which operating profit continued to decline.From the perspective of industry development,the Matthew effect will encourage a large number of mergers and acquisitions in the banking industry of China,and the smaller banks will be merged.The past ten years have been a decade of gold development in China's banking industry.Until now,no valuation model for listed banks in China has experienced a complete inspection cycle.In this sense,the current valuation system of bank equity is still in the process of exploration.This paper mainly studies the valuation of non-listed commercial banks in China.The discounted cash flow valuation model(FCFE)is used as the valuation method in the study of H Bank equity valuation.At the same time,Price-to-book ratio valuation method is also used to value H Bank and explore a reasonable valuation interval.There are six chapters in total.Chapterl mainly introduces the background,the significance,the framework and the theoretical basis of the valuation research.Chapter2 analyzes the situation of China Bank and the development trend of the industry.Chapter3 studies H Bank in multiple dimensions,which lays the foundation for the selection of comparable parameters in the empirical analysis of the next chapter.Chapter4 values H Bank by the two-stage FCFE valuation model.Chapter5 compares the different valuation results of the two method,and draws the valuation range.The sixth chapter is the conclusion.There are a large number of non-listed commercial banks in China and there are many individual differences.The research on the equity value of non-listed commercial banks must be based on an in-depth analysis of the embedded value of enterprises.From this view,the absolute valuation method has more operability.From the perspective of free equity cash flow,this paper discusses the enterprise value of non-listed commercial banks,and conducts a more in-depth study on how to calculate the ? value in the discount rate.In this paper,the FCFE valuation method and the Price-to-book ratio valuation method are both used to analyze the valuation of non-listed commercial banks,and the valuation range is obtained.