我国券商类上市公司价值评估探讨——相对估值方法的应用分析

《我国券商类上市公司价值评估探讨——相对估值方法的应用分析》由会员上传分享，免费在线阅读，更多相关内容在学术论文-天天文库。

1、ABSTRACTHighlyconnectedwiththecapitalmarket，China'ssecuritiesindustryhasdevelopedrapidlyinthepastfewyears，along诵nltheopportunitiessuchaseconomicgrowth,capitalmarketdevelopment,improvementofindustryregulationandcorporategovemanee，continuousintroductionandpilotofbusinessinnovation,ete．Relyingon

2、thefuturedevelopmentofChina'seconomy,securitiescompaniesstillhaveabigroominbusinessinnovation,organizationalinnovationandproductinnovation,China'ssecuritiesindustryisstillastageofrapiddevelopment．Ontheotherhand，theweaknessofsingleprofitsmodel，greatfluctuationsofcorporateperformanceandstockpri

3、ceshowevidentlyinthisstockmarket'ssharpcollapse．TheinadequacyoftheChinesestockmarketandthefeatureofChina'ssecuritiesindustrythatishighcorrelationwiththestockmarketandhi曲Bcoefficientleadtoadifficultsituationofstockvaluationoflistedcompaniesofsecurities．Thethesiswillanalyzethecommonlyusedvaluat

4、ionmethods，thecharacteristicsandthestatusquoofthesecuritiesindustry,andtrytogetamoreappropriatevaluationmethodforthesecuritieslistedcompanies．Asthetrendofthecapitalmarketsandcashflowofthesecurities’performanceinthefuturemoredifficulttopredict,therelativevaluationmethodismuchmoreconvenientandv

5、isually-oriented,thusmoreappropriatecompared、析ththeabsolutevaluationmethod．Afteranalysis，atcurrenteconomicandmarketenvironment,thevaluationofthedivisionandvaluationofthePBareconsideredasthecomparativelyreasonableandpracticalwayofrelativevaluation；功epriceofthesecuritieslistedfirmshavebeenclose

6、toareasonablerange，ofwhicharelativelyreasonablepriceofCITICis16-25RMBpershare，hasbeenunder-estimated，andothersecuritieshasmoreorleSSover-estimated．Keywords：listedcompaniesofsecuritiestherelativevaluationmethodmvaluationofthedivisionPEPB4一、引言1．1选题背景和研究意义2008年是全球经济和金融动荡的一年，美国次贷危机引起的全球金融风暴，大量金融企

7、业陷入困境和破产，昔日风光无限的华尔街五大投行瞬间全部消失，但经济衰退、股市下跌、国家救助还在继续。虽然中国经济受美国次贷危机的间接影响还未完全显现，但长久以来经济发展的不平衡，持续的宏观调控，以及市场对未来经济发展前景的不乐观已经使中国的股市从过去两年疯狂上涨的巅峰急速下跌了70％。作为这场股市风云变幻直接参与者的中国证券行业，虽然盈利模式和风险来源有别于美国投行，但仍旧“靠天吃饭"的传统盈利模式，使其业绩和股价表现更加跌宕起伏。根据Wind四级分类，投资银行业与经纪业指数从2