The Valuation Method Research Of Listed Security Companies

Since 1990 the establishment of China’s stock market has developed rapidly. Securities company as an important intermediary in the stock market, has developed quickly. With the rapid economic growth, the innovation and business development is also rising faster and faster, brokerage business will face more investor test, and the broker will eventually move towards mass market roads, so the reasonable valuation brokerage companies is especially important. Reasonable valuation method is not only to provide investment reference to investors, but also a better response brokerage business performance. But the securities industry is still facing two major problems, one is the securities industry and capital markets are highly correlated, therefore the level of performance is also closely linked with the market volatility, are "dependent on the weather," the industry, increasing the instability of the securities industry, increasing difficulty brokerage business valuations, studies have shown that the brokerage had the highest price-earnings ratio of 900 times, with a reasonable level of earnings a huge difference; on the other hand, the development of urgently needed brokerage business innovation and risk transfer in the future with the steady development of economic environment, industry Governance needs to do more standardized information disclosure transparency, reasonable operating norms, the brokers profit model is much richer, so the future business development of the enormous potential of brokerage earnings will be more diverse channels. Based on these two aspects, a reasonable assessment of how to assess the valuation of the securities company is needed. This article will discuss the following three aspects.First, the first method currently used to assess the theoretical analysis and the actual situation of the brokerage elaborate its applicability from the theoretical level.Second, the main choice of EVA and relative valuation method, securities of listed companies on China’s current value of the company carried out. In terms of sample screening to elect 12 brokerage firms, and calculate EVA index 2010-2012, through the following two EVA objectivity verify:(1) Compare EVA and earnings per share, net assets ratio to analyze the growth and relevance;(2) were constructed type MVA and EVA, MVA and per unit EVA, EPS regression model. In relative value assessment methodologies, the main application of the law and the division of a single earnings forecast plus and method to analyze the extent of the market value of securities in 2015 deviation from a reasonable rangeThird, CITIC Securities brokerage industry is the leading enterprises, using EVA and relative value of their stock assessment methods to predict draw objective enterprise value of CITIC Securities Company.