交通银行的股权价值评估

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1、ContentsChapter1Introduction·················································································1Section1Researchbackground⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯1Section2Themeaningandframeworkoftheresearch·⋯·⋯·⋯-·⋯··⋯·····⋯⋯·⋯······⋯··2Section3Summaryoftheevaluation

2、theory⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯‘3Chapter2MacroeconomicanalysisofChina。············································6Section1MacroeconomicoperationanalysisofChina。⋯·⋯····⋯⋯··⋯·····⋯⋯··⋯·····⋯·6Section2MacroeconomicpolicyanalysisofChina⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯14Section3SummaryofMacr

3、oeconomicanalysis⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯··15Chapter3EnvironmentanalysisofChina’Sbanking’·····························17Section1Marketings臼ucnl陀analysisofChina’Sbanking⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯·17Section2CompetitivesituationanalysisofChina’Sbanking⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯·20Section3Developmenttrend

4、sofChina’Sbanking⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯··24Chapter4BankofCommunicationsanalysis‘·········································27Section1Corporationprofile⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯¨27Section2Operatinganalysis⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯29Section3Financialanalysis⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯

5、⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯·33Chapter5BankofCommunicationsequityvaluation‘···························51Section1ThemethodofFCFE⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯·5lSection2ThemethodofP／EandP／Bmodel⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯·60Chapter6BankofCommunicationsequityvaluation。························

6、···64Section1Investmentrisksidentification⋯·····⋯⋯⋯·⋯·⋯⋯⋯·······⋯⋯·-····⋯···⋯···⋯···64Section2Investmentrecommendations⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯⋯66References····································································································67Appendix·····

7、·································································································69Postscript·····”··”··”·····””······””··················”·······¨·········¨···········¨¨·····¨¨··¨76Vn第一章绪论随着中国经济的快速发展和改革开放逐步推进，中国的资本市场也得到迅速发展和完善，证券投资趋于理性，投资理念更多关注上市公司自身的投

8、资价值分析。同时，中国金融机构改革也得到逐步深化，商业银行经营状况得到有效改善，经营业绩显著提升，然而这些成果并未充分在资本市场上得到体现，正如很多研究机构认为目前上市银行价值明显被低估。基于此，本章主要从研究背景、研究意义和框架以及