商业银行估值（Valuation of commercial banks）.docVIP

商业银行估值（Valuation of commercial banks） Hello! You can refer to it! Thank you for adopting! Based on the analysis of the valuation model of commercial banks, this paper aims to establish an analytical framework to enhance the strategic management of commercial banks. First, the value and value evaluation of enterprises 1. the value of enterprises Valuation is the understanding and judgment of enterprise value. The value of an enterprise has two concepts: book value and market value. Book value can be regarded as the net asset of accounting standard accounting, that is, total assets minus liabilities. Although the number of subjects in the accounting standards introduced fair value (fair value), but on the whole is still at the historical cost as the standard, so it can not reflect the future of enterprises; based on financial data is shown in the balance sheet assets amount and composition, and can not fully reveal the quality of assets. Market value is the price of an enterprise in the capital market (including non-listed companys merger and acquisition transaction). It reflects the future profitability of an enterprise. The enterprise is a kind of commodity which is traded in the capital market. It is difficult for the non professional investors to determine its value, which requires the professional institutions in the capital market to estimate the value. 2. valuation methods Valuation is the process of simulation and quantification of various factors affecting the future profits of enterprises, and also the process of judging and measuring various uncertainties and risks outside the enterprise. The results of valuation will vary with the choice and determination of relevant factors by researchers, but the analytical framework, namely the valuation model, should be basically the same. Discounted Cash Flow (DCF) is usually used in valuation, that is to say, to predict the future cash flow of enterprises and take the cost of capital as the discount rate to get its p