民生银行作为国内主要股份制商业银行，近几年一直有着良好的经营业绩，截
至 2012 年年末，集团资产总额、负债总额均突破三万亿元大关；其中净资产收益率
达到了 25.24%；以手续费及佣金收入为主的中间收入占总营业收入的比重不断增大。
但公司的资产管理效率较低，还需要改善。
分别运用 EVA 估值法和股权自由现金流量估值模型对民生银行进行了价值评
估，由于商业银行不同于一般的工商业企业，在计算过程中对两个模型的一般计算
公式进行了适当调整，确定了民生银行的企业价值。
本文还对民生银行所处的市场环境及其流动性和资产质量情况分别进行了分析
说明，此外还比较分析了民生银行近三年的贷款迁徒率以衡量商业银行的风险变化
程度，又民生银行盈利能力较强说明公司具有一定风险弥补能力，所以总体来看民
生银行近期不会产生任何经营风险。
通过与股权自由现金流模型的估值结果进行比较分析，虽然两种模型的计算方
法不同，但结果都表明民生银行现在的价值被完全低估。
关键词 民生银行；EVA；价值分析
Abstract
With the rapid development of social economy, business has made a great progress in
our country . How to measure its operating performance and economic value added (EVA)
becomes a new focus. This article describes the meaning and calculation method of EVA.
According to the specific conditions of commercial banks, it makes some adjustments to
computational formula. Taking Minsheng Bank for an example, this paper introduces
the computational process of EVA in detail. And then makes enterprise value assessment
based on the EVA value.
As a major domestic joint-stock commercial banks, Minsheng Bank has always had a
good operating performance in recent years. By the end of 2012, both the total assets and
the total liabilities exceeds three trillion yuan mark, and the return on equity is 25.24%,
the proportion of Intermediate business income mainly in fee and commission in operating
income continues to grow. But with lower efficiency of the company's asset management,
it also needs to be improved.
This paper values the Minsheng bank by EVA and equity free cash flow valuation
method respectively. Due to the commercial banks is different from other companies, it
makes some adjustments in the calculation process of the two models to determine the
Minsheng Bank's corporate value.
This paper also analyses the market environment , liquidity and asset quality of
Minsheng Bank. In addition, comparative analysis of the Minsheng Bank loan migration
rate for nearly three years to measure the degree of change risk of commercial banks, and
the Minsheng Bank profitability strong description of the company has some ability to
compensate for the risk, so the recent overall Minsheng Bank will not produce any
operational risks.
Compared with the free cash flow of equity valuation results, although the
calculation method of two models is different, the results show that the value of Minsheng
Bank now is completely underestimated
Keywords Minsheng Bank Economic value added Value analysis
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