Study on the Influencing Factors of the Price-earnings Ratio of Chinese Bank Listed Companies
Date Issued
2014
Date
2014
Author(s)
Hoe, Kuok-Wee
Abstract
Finance is the core of modern economy. Banks lead the financial system in China and they also play a role in supporting and accelerating the development of domestic economy. It lasts more than 30 years since the reform and opening in 1978. During these 30 years, the China banks developed in prosperity. The strengths increase as well as the ability to withstand risk. At the mean time, the corporate governance has improved and institutions stably worked. Since 2004, the China government promoted the reform of government-owned banks and introduced foreign techniques and reform organizations to solve the inefficiency of government employee problems. In the end, it successfully lowers bad debt ratio and also enhances loan business.
Due to the rapid growth of China economy, the entrepreneurs have mass demand on capitals. With these capitals, they make a fortune. However, compared to the entrepreneurs, the profitability of China banks is still weak. The P/E ratio of listed banks in China is significantly lower than companies in other industry.
This study compares the P/E ratio between China banks and non-China banks and it also concerns the factors that influence P/E ratio, including both firm specific and macro-economic factors.
Subjects
中國大陸
銀行業
市盈率
影響因素
Type
thesis
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ntu-103-R01723069-1.pdf
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