基于EVA模型的银行价值评估研究——以Z银行为例

Research on Bank Valuation Based on EVA Model:Taking Bank Z as an Example

以Z银行为代表的城市商业银行在服务地方经济发展的过程中发挥了重要作用,但在当前国内外复杂的经济背景下,对于此类资本实力相对薄弱的区域性商业银行,我们更需持续关注其市场价值及创造能力,这要求首先应准确把握银行价值现状与增值潜力。文章从财务管理的视角出发,在概述EVA估值法的基础上,选择Z银行2018—2022年年报数据,应用EVA估值模型评估Z银行的企业价值,研究表明:无论是历史期还是预测期,Z银行每年的EVA值均为正数,且总体上由高速增长渐趋于平稳;与公司内在价值相比,当前Z银行的股票市场价值总体偏低,这同国内大多数商业银行在资本市场表现不佳的情况基本相似。建议Z银行强化资本与风险管理、市值管理,包括做好利润管理,在股市回购或增持以传递利好信息等。

City commercial banks represented by Bank Z have played an important role in the process of serving local economic development.However,in the current complex economic background at home and abroad,for such regional commercial banks with relatively weak capital strength,we need to continue to pay attention to their market value and creative ability,which requires an accurate grasp of the current situation and appreciation potential of bank value.From the perspective of financial management,based on an overview of the EVA valuation method,this paper selects the 2018—2022 annual report data of Bank Z and applies the EVA valuation model to evaluate the enterprise value of Bank Z.The research shows that in both the historical period and the forecast period,the annual EVA value of Bank Z is positive.In general,the rapid growth is gradually stable.Compared with the intrinsic value of the company,the current stock market value of Bank Z should is generally low,which is basically similar to the poor performance of most domestic commercial banks in the capital market.It is suggested that Bank Z strengthen capital and risk management and market value management,including profit management,and buyback or increase of shares in the stock market to convey favorable information.