越南銀行評價研究－以亞洲商業銀行為例

Valuation of stock in Vietnamese banking industry: a case study at Asia commercial bank

黎氏紅(Thi Hong)

指導教授 ： 林鳴琴

朝陽科技大學/管理學院/財務金融系/碩士(2014年)

摘要

越南在加入世界貿易組織後，獲得許多來自全球經濟整合的好處，但也面臨許多挑戰。其中，尤以銀行業發展非常迅速。因此，投資人一直以來非常關注銀行業的股價變動。本研究使用本益比模型、股價銷售比模型、 市價帳面價值比模型及現金流量折現模型，來預測亞洲商業銀行的股價。研究結果顯示，四個模型中，市價帳面價值比模型最能預測股價，本益比模型、股價銷售比模型及現金流量折現模型則較無法預測實際股價。

關鍵字

銀行 ； 商業銀行 ； 股票價格 ； 企業評價

並列摘要

After six years joining the world trade organization (WTO), Vietnam has enjoyed a lot of merits from its economic global integration; However it also faced with many challenges. In line with the broader achievement, banking sector regime has evolved quickly. The stock price of banking sector has always been an important issue for investors. This study uses four models as price-earnings ratio model, price-sales ratio model, market - to - book ratio model, and discounted cash flow model to present valuation of stocks in vietnamese banking industry: a case study for Asia Commercial Bank. The empirical results reveal the valuation based on price-earnings ratio model, price-sales ratio model and discount cash flow model are unreasonable. And the expected share price in the market - to - book ratio model is the most reasonable.

並列關鍵字

Vietnam ； commercial bank ； stock prices ； valuation

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