EVA Enterprise Value Evaluation Based On Behavioral Asset Pricing Theory

According to the China Banking Regulatory Commission in 2013 data show, there are currently more than 40000 banking institutions, its share of total assets of more than 80% financial institutions. As China’s financial market opening degree deepens unceasingly, American Citigroup, Standard Chartered Bank of Japan come in great numbers, in a variety of ways to expand China financial market. In the face of the fierce market competition, our country commercial bank merger & acquisition, restructuring cases will continue to increase. In this case, the commercial bank value assessment is more and more important.The current assessment of the value of commercial banks mainly based on effectiveness in the market, the researchers think that the investors are rational people, in specific investment behavior in the pursuit of interest maximization, risk aversion and can be no cost to obtain useful information. On the basis of the effectiveness of the market, the company’s share price can be effectively pricing, market prices reflect the true value of the company. The efficient market based pricing is still occupy the mainstream position, but in many cases, the market premise validity and cannot achieve, the stock price can not reflect the value of the company is normal. In this case, some scholars put forward the behavioral asset pricing theory, based on effective market theory to perfect.From the development of China’s capital market, the stock market of our country is a typical "policy tendency", the premise of the market effectiveness of distance still has a certain distance. In this foundation, take the market as the premise to carry out effective appraisal of commercial bank market value, inevitably biased, also cannot guarantee the accuracy of evaluation results. Based on this, this paper is based on the behavioral asset pricing model, hand wants to avoid errors in market validity to assess the value of listed commercial banks, on the other hand, starting from the actual situation of our country, in order to more in line with the behavioral asset pricing model to the situation of our country commercial bank to assess the value of. Through this study, hope to BAPM based EVA can accurately assess the value evaluation to the value of the bank, and ultimately achieve a measure of the actual value of the bank, the important significance of guiding the investors to find investment opportunities. This paper is divided into five parts:The first part mainly introduces the selected topic background and research in the field of dynamic and development trend, and the research methods and innovations of this article is outlined and deficiencies.The second part mainly introduces the behavioral asset pricing theory and its feasibility for enterprise value assessment, for later on into the EVA assessment model.The third part mainly introduces several common enterprise value assessment theory and according to the particularity of commercial Banks to choose the most suitable for the commercial bank value assessment model EVA model, and introduce the behavior asset pricing theory EVA model constructs the new model.The fourth part, with Minsheng bank, as a case to introduce behavioral asset pricing theory of EVA value evaluation method to evaluate value of Minsheng bank.The fifth part is mainly to this article make a summary and outlook for the future.