Analysis on the Investment Value of Industrial and Commercial Bank of China
|School||Dalian University of Technology|
|Keywords||Enterprise Value Fundamentals Free cash flow|
Enterprise value theory of continuous development and improvement of the corporate strategic objectives identified provide a basis for investors to provide a reference value analysis , value management has become a business and investor decision-making analysis and other fields important theoretical foundation. Especially in recent years , China's securities market matures, investors should abandon the speculation , and establish a rational investment , value investing philosophy , attention to the intrinsic value of the enterprise , to better grasp the direction of investment . This paper describes analysis of well-known theory of enterprise value to start , the use of securities investment, financial management, business valuation and other relevant theories and methods of analysis , analysis of the macro economic environment, the impact on investment from the financial industry is characterized by analysis of the business banking industry status and development trends, both from the basic and Commercial Bank of China 's readiness to face the development , management philosophy , business ability , account statements and other aspects of a comprehensive analysis. Integrated use of the theory of business valuation relative valuation method ( earnings, book value ) and absolute valuation method ( discounted cash flow method ) , the overall value of China Industrial and Commercial Bank of China were assessed through a comprehensive analysis and comparison, too Industrial and Commercial Bank of China with good investment value conclusion. This paper attempts to integrate a variety of business valuation methods , longitudinal analysis of the past five years, the overall value of China Industrial and Commercial Bank of China , the horizontal and the other a representative value of commercial banks compared to investors in China's ICBC has an investment value of more and objective evaluation, as investors choose to invest in the object reference.