RE模型和AEG模型估值研究

Valuation Research on RE Model and AEG Model

对剩余收益模型(RE)和异常收益模型(AEG)在我国证券市场上的适用性进行了研究。首先对这两个模型进行了比较分析,然后根据分析师对北京银行的财务预测,用模型对其流通股价值进行了评估,并做了敏感性分析。在不考虑未来出现相关新信息的假设下,得出其在不同情景下的价值区间和相应的杠杆远期市盈率和杠杆市净率。

This paper is to inspect the applicability of RE and AEG models in China ＇ssecurity market. It gives a comparative analysis of Residual Earnings model and Abnormal Earnings Growth model first, and then makes a equity valuation on Bank of Beijing using RE model and AEG model according to the financial forecast,and makes a sensitivity analysis. Taking no account of relative news in future, the paper gets a price horizon, levered forward P/E ratio and levered P/B ratio under different scenarios.