【作者】 曹冬艳；

【导师】 杨晓明；

【作者基本信息】 南京航空航天大学 ， 企业管理， 2009， 硕士

【摘要】 目前,我国银行业正处于深化内部改革、扩大对外开放的关键时期,一方面,国有商业银行、股份制商业银行以及城市商业银行纷纷登陆资本市场,商业银行之间的资本运作活动日益频繁,资本回报的压力显著增加;另一方面,随着中国金融领域逐步放开,外资银行纷纷抢滩中国大陆,银行同业之间的竞争日益激烈。在我国商业银行经营环境发生深刻变化的情况下,构建以价值创造为核心的管理体系,实现银行价值最大化已成为多数商业银行的共识。基于此,本文借鉴已有的研究成果,研究我国商业银行的价值驱动因素,为商业银行实施价值管理提供参考,对提升我国商业银行价值具有重要意义。本文首先通过对前人研究成果的归纳总结,对有关企业价值及企业价值驱动因素的理论进行了梳理。其次,采用杜邦分析的思路,并结合商业银行具体业务特点,将EVA指标层层分解,在排除了非关键因素和不可控的宏观政策因素后,得出了商业银行经营管理者可操纵的四个关键价值驱动因素,并给出了对应于这些价值驱动因素的关键绩效指标。在此基础上,构建了相应的计量模型对其进行实证检验。实证研究结果表明:现阶段,成本费用控制和风险防范对商业银行的价值增长至关重要;传统的存贷款业务依旧是银行利润的重要来源,对商业银行的价值增长具有重要贡献;金融创新对商业银行价值增长起到显著的推动作用,但是目前由于我国多数商业银行金融创新能力不强,非利息收入对银行价值增长的贡献有限。最后,根据实证研究的结论提出了我国商业银行实施价值管理提升银行价值的对策建议,帮助商业银行经营管理者实现银行价值最大化的经营目标。更多还原

【Abstract】 At present, Chinese banking has been carrying out deeper inner reforms and opening itself up to the outside world in more areas. On one hand, state commercial banks, joint-stock commercial banks and city commercial banks have listed in capital market one after another. And capital operation between commercial banks has taken place more frequently. Thus, the pressure for return on capital has increased greatly. On the other hand, with restrictions on Chinese financial industry being lifted step by step, foreign banks pour in china’s mainland in succession. So the competition between banks has become increasingly severe. When great changes have taken place in Chinese commercial banks’operating environments, most banks have realized the importance of maximizing the banks’value by constructing a management system, the core of which is value creation. Thus, this paper, on the basis of existing research achievements, studies value drivers of Chinese commercial banks in order to provide some references for commercial banks to implement value management. And it will have great significance on improving Chinese banks’value.The paper firstly summarizes the theories about enterprise value and value drivers on the basis of existing research achievements. Secondly, the paper, taking the characteristics of commercial banks’idiographic business into consideration, finds value drivers of commercial banks with resolving EVA in the way of Du Pont Analysis. After excluding the factors which are not important and out of control, the paper provides four controllable key value drivers and corresponding KPIs for the managers of commercial banks. And then, the paper constructs math models to verify the conclusion. The results of the empirical research shows that at present, cost control and risk prevention are of utmost importance for commercial banks’value increase; and banks’traditional deposit and loan business is still the important source of banks’profit and makes great contribution to banks’value increase; finance innovation also drives banks’value, however, as most Chinese commercial banks do not have sufficient ability to realize finance innovation, non-interest income has limited contribution to banks’value increase. Finally, according to the results of empirical research, the paper proposes suggestions for commercial banks to implement value-based management to improve banks’value, helping banks’managers to realize the object of maximizing banks’value.更多还原