| The opening degree in China's Capital Market has been concerned by the international community for a long time,as the further expansion of the opening degree of the capital market has been not only one of the overall requirements to promote the healthy and stable operation of the capital market,but also an important measure to improve the cross-entry capital cooperation.It's stated clearly by 19 th CPC National Congress that we should vigorously promote the formation of a new pattern of all-round opening up.In recent years,with the successful start of the Shanghai-Hong Kong Stock Connect and the Shenzhen-Hong Kong Stock Connect,the pace of opening China's Capital Market to the outside world has been speeding up.China's A-share was successfully included in the MSCI index on June 1st,2018.With regards to the stock selection criteria,the MSCI Index preparation committee selected a total of 226 eligible components in the Shanghai and Shenzhen stock markets of China to be included in the emerging markets index of MSCI and the global index.Among the more than 200 constituent stocks,it covers more than 50 industries of A-share in our country in which the banking sector has 19 listed banks selected MSCI constituent stocks,ranking in the first of all industries.Against the background of China's A-share inclusion in the MSCI Index,taking selection of 19 listed Banks selected in the MSCI Index,combined with the relevant knowledge of finance,economics and management,and based on the annual reports published by listed banks,and by the use of the economic value added method,this paper carried on the construction of a single-stage economic value added valuation model.The investment value of these 19 listed banks selected in MSCI index is made an analysis by means of qualitative analysis and quantitative analysis.The main work of this paper is as follows: first of all,the relevant literature at home and abroad was read,the theory and evaluation method of investment value was made a summary,and the economic value added method suitable for evaluating the investment value of listed banks in our country was selected;in addition,the annual data of listed banks selected in the MSCI index were collected,and the economic value added of listed banks in 2015-2017 was calculated based on the adjustment of accounting subjects.Besides,by selecting a single-stage increase value valuation model to calculate the actual value of each listed bank at the end of 2018,it's compared the real value of each share with the stock price to judge the degree of the investment value.In the end,based on the order of investment value,the 19 listed banks listed in the MSCI index are divided into four groups,such as the severely undervalued group,the relative undervalued group,the corresponding value group and the overvalued group and it's also given appropriate investment advice to investors for each group.Some suggestions for investors to correctly judge the investment value of listed banks are put forward based on the empirical conclusion of this paper and it's also proposed that the investors should change the investment style and adhere to the value investment under the new environment.In order to increase in bank value,attract more investors and face the opportunities and challenges under the new environment,the paper puts forward some policy proposals on how to reduce the cost and increase the performance of the listed banks. |
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