商业银行经营与管理Chap5 [中文]
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Copyright © 2002 by The McGraw-Hill Companies, Inc. All rights reserved.
7
§2. Profitability Ratios获利能力比率
A Surrogate for Stock Value股票价值的替代物 1、Key Profitability Ratios in Banking银行的主要获利能力比率
Net Income After Taxes (2) Return on Assets (ROA) = Total Assets
资产收益率=税后净收益/总资产
•An indicator of managerial efficiency, indicates how capably the bank management has converted its assets into net earnings管理效率的指标，显示银行将资产转换成净收益的能力
Net Profit Margin纯利润率
Effectiveness of Expense Management成本管理效率
Asset Utilization资产利用率
Portfolio Management Policies资产组合管理政策
Copyright © 2002 by The McGraw-Hill Companies, Inc. All rights reserved.
Copyright © 2002 by The McGraw-Hill Companies, Inc. All rights reserved.
Copyright © 2002 by The McGraw-Hill Companies, Inc. All rights reserved.
6
Value of Bank’s Stock if Earnings Growth is Constant 收益增长率不变时银行的股价
D1 P0 = k -g k f g
D1：Expected dividend on bank stock in period 1第一期 的预期红利 k：rate of discount reflecting the perceived level of risk attached to investing in the bank stock折现率 g：expected constant growth rate at which bank stock dividends will grow each year预期股利增长率 •k=10% g=6%($5) •P0=5/(10%-6%)=$125/per share
Net Income After Taxes (1) Return on Equity Capital (ROE) = Total Equity Capital
股本收益率=税后净收益/总股本
•A measure of the rate flowing to the bank’s stockholders衡量银行股东的收 益率
•A measure how large a spread between interest revenues and interest costs banks have been able to achieve.衡量银行可实现 的利息收入和成本之间的差额 Net Noninterest Income (4) Net Noninterest Margin = Total Assets
收入差额=（略）
Copyright © 2002 by The McGraw-Hill Companies, Inc. All rights reserved.
10
2、Useful Profitability Formulas
Total assets ROE = ROA × Total equity capital
3
Measuring and Evaluating Bank Performance 银行绩效测评
§1. Maximizing the Value of the Banks 银行的价值最大化 § 2. Profitability Ratios获利能力比率 §3. Bank Risks银行风险 §4. Using Financial Ratios and Other Analytical Tools to Track Bank Performance用财务比率和其他 分析工具来评估银行的绩效
NetIncome Taxes NetIncome Taxes After After Total assets = × Total Equity Capital Total assets Total Equity Capital 净利润 总营业收入 总资产 = × × 总营业收入 总资产 总股本
Copyright © 2002 by The McGraw-Hill Companies, Inc. All rights reserved.
Copyright © 2002 by The McGraw-Hill Companies, Inc. All rights reserved.
4
§1. Maximizing the Value of the Banks 银行的价值最大化
A key objective for any bank 银行的关键目标 ∞ E(D t) Value of the Bank’s Stock P0 = (1 + r) t t=0 银行股票的价值 P0：Value of the bank’s stock E(Dt)：Stockholder dividends expected to be paid in future period未来预期红利 k：discount factor (based on a minimum acceptable rate of return tied to the bank’s perceived level of risk) 贴现因子（根据由银行的风险级别决定的最低要求回 报率）
净营业毛利=（营业收入总额-营业支出总额）/总资产
(6) Earnings Per Share (EPS) = Net Income After Taxes Common Equity Shares Outstanding
每股收益=税后净利润/已发行的普通股股数
Total itterest income Total itterest expense (7) Earning spread = − Total earning assets Total int erest − bearing lia.
13
4、An efficiency equation效率百度文库式
Net income after taxes 1. Tax management efficiency ROE = ratio税收管理效率比率 Net income before taxes 2. Operating efficiency and Net income before taxes expense control经营效率和 × Total operating revenue 成本控制 3. Asset management Total operating revenue × efficiency (AU)资产管理效 Total assets 率 4. Funds management Total assets × efficiency (EM)资金管理效 Total equity capital 率 1 × 2 = NPM NPM × 3 = ROA ROA × 4 = ROE
∑
Copyright © 2002 by The McGraw-Hill Companies, Inc. All rights reserved.
5
Value of a Bank’s Stock Rises When: 下列情况银行股价上升
Expected Dividends Increase预期红利的增长 Risk of the Bank Falls银行风险的降低 Combination of Expected Dividend Increase and Risk Decline两者的结合
11
3、Breaking Down ROE
ROE = Net Income/ Total Equity Capital
ROA = Net Income/Total Assets
Equity Multiplier = Total Assets/Equity Capital
x
Net Profit Margin = Asset Utilization = x Net Income/Total Operating Revenue Total Operating Revenue/Total Assets
净非利息差额=净非利息收入/总资产
•A measure noninterest revenues relative to noninterest costs 非利息 收入和成本的比较的方法 •(3) ～(5) indicate how well banks have been able to keep the growth of revenues ahead of rising costs.3~5显示银行保持收入 增长高于成本增长的能力
Copyright © 2002 by The McGraw-Hill Companies, Inc. All rights reserved.
8
Key Profitability Ratios in Banking (cont.)
主要获利能力比率（续）
净利差=净利息收入/总资产
Net Interest Income (3) Net Interest Margin = Total Assets
1
Copyright © 2002 by The McGraw-Hill Companies, Inc. All rights reserved.
Measuring and Evaluating Bank Performance银 行绩效评估
Chapter
2
5
The purpose of this chapter is to discover what analytical tools can be applied to a bank’s financial statements so that management and the public can identify the most critical problems inside each bank and develop ways to deal with those problems. 本章的教学目的是：探索应用于银行财务报表的分析工具，通过 这些工具，管理者和公众可以发现银行内部最关键的问题并解决 这些问题。 Copyright © 2002 by The McGraw-Hill Companies, Inc. All rights reserved.
Copyright © 2002 by The McGraw-Hill Companies, Inc. All rights reserved.
9
Key Profitability Ratios in Banking (cont.) 主要获利能力比率（续）
Total Operating Revenues Total Operating Expenses (5) Net Bank Operating Margin = Total Assets
x
Copyright © 2002 by The McGraw-Hill Companies, Inc. All rights reserved.
12
ROE Depends On:股本收益率决定于：
Equity Multiplier股本乘数
Leverage or Financing Policies财务政策的杠杆
7
§2. Profitability Ratios获利能力比率
A Surrogate for Stock Value股票价值的替代物 1、Key Profitability Ratios in Banking银行的主要获利能力比率
Net Income After Taxes (2) Return on Assets (ROA) = Total Assets
资产收益率=税后净收益/总资产
•An indicator of managerial efficiency, indicates how capably the bank management has converted its assets into net earnings管理效率的指标，显示银行将资产转换成净收益的能力
Net Profit Margin纯利润率
Effectiveness of Expense Management成本管理效率
Asset Utilization资产利用率
Portfolio Management Policies资产组合管理政策
Copyright © 2002 by The McGraw-Hill Companies, Inc. All rights reserved.
Copyright © 2002 by The McGraw-Hill Companies, Inc. All rights reserved.
Copyright © 2002 by The McGraw-Hill Companies, Inc. All rights reserved.
6
Value of Bank’s Stock if Earnings Growth is Constant 收益增长率不变时银行的股价
D1 P0 = k -g k f g
D1：Expected dividend on bank stock in period 1第一期 的预期红利 k：rate of discount reflecting the perceived level of risk attached to investing in the bank stock折现率 g：expected constant growth rate at which bank stock dividends will grow each year预期股利增长率 •k=10% g=6%($5) •P0=5/(10%-6%)=$125/per share
Net Income After Taxes (1) Return on Equity Capital (ROE) = Total Equity Capital
股本收益率=税后净收益/总股本
•A measure of the rate flowing to the bank’s stockholders衡量银行股东的收 益率
•A measure how large a spread between interest revenues and interest costs banks have been able to achieve.衡量银行可实现 的利息收入和成本之间的差额 Net Noninterest Income (4) Net Noninterest Margin = Total Assets
收入差额=（略）
Copyright © 2002 by The McGraw-Hill Companies, Inc. All rights reserved.
10
2、Useful Profitability Formulas
Total assets ROE = ROA × Total equity capital
3
Measuring and Evaluating Bank Performance 银行绩效测评
§1. Maximizing the Value of the Banks 银行的价值最大化 § 2. Profitability Ratios获利能力比率 §3. Bank Risks银行风险 §4. Using Financial Ratios and Other Analytical Tools to Track Bank Performance用财务比率和其他 分析工具来评估银行的绩效
NetIncome Taxes NetIncome Taxes After After Total assets = × Total Equity Capital Total assets Total Equity Capital 净利润 总营业收入 总资产 = × × 总营业收入 总资产 总股本
Copyright © 2002 by The McGraw-Hill Companies, Inc. All rights reserved.
Copyright © 2002 by The McGraw-Hill Companies, Inc. All rights reserved.
4
§1. Maximizing the Value of the Banks 银行的价值最大化
A key objective for any bank 银行的关键目标 ∞ E(D t) Value of the Bank’s Stock P0 = (1 + r) t t=0 银行股票的价值 P0：Value of the bank’s stock E(Dt)：Stockholder dividends expected to be paid in future period未来预期红利 k：discount factor (based on a minimum acceptable rate of return tied to the bank’s perceived level of risk) 贴现因子（根据由银行的风险级别决定的最低要求回 报率）
净营业毛利=（营业收入总额-营业支出总额）/总资产
(6) Earnings Per Share (EPS) = Net Income After Taxes Common Equity Shares Outstanding
每股收益=税后净利润/已发行的普通股股数
Total itterest income Total itterest expense (7) Earning spread = − Total earning assets Total int erest − bearing lia.
13
4、An efficiency equation效率百度文库式
Net income after taxes 1. Tax management efficiency ROE = ratio税收管理效率比率 Net income before taxes 2. Operating efficiency and Net income before taxes expense control经营效率和 × Total operating revenue 成本控制 3. Asset management Total operating revenue × efficiency (AU)资产管理效 Total assets 率 4. Funds management Total assets × efficiency (EM)资金管理效 Total equity capital 率 1 × 2 = NPM NPM × 3 = ROA ROA × 4 = ROE
∑
Copyright © 2002 by The McGraw-Hill Companies, Inc. All rights reserved.
5
Value of a Bank’s Stock Rises When: 下列情况银行股价上升
Expected Dividends Increase预期红利的增长 Risk of the Bank Falls银行风险的降低 Combination of Expected Dividend Increase and Risk Decline两者的结合
11
3、Breaking Down ROE
ROE = Net Income/ Total Equity Capital
ROA = Net Income/Total Assets
Equity Multiplier = Total Assets/Equity Capital
x
Net Profit Margin = Asset Utilization = x Net Income/Total Operating Revenue Total Operating Revenue/Total Assets
净非利息差额=净非利息收入/总资产
•A measure noninterest revenues relative to noninterest costs 非利息 收入和成本的比较的方法 •(3) ～(5) indicate how well banks have been able to keep the growth of revenues ahead of rising costs.3~5显示银行保持收入 增长高于成本增长的能力
Copyright © 2002 by The McGraw-Hill Companies, Inc. All rights reserved.
8
Key Profitability Ratios in Banking (cont.)
主要获利能力比率（续）
净利差=净利息收入/总资产
Net Interest Income (3) Net Interest Margin = Total Assets
1
Copyright © 2002 by The McGraw-Hill Companies, Inc. All rights reserved.
Measuring and Evaluating Bank Performance银 行绩效评估
Chapter
2
5
The purpose of this chapter is to discover what analytical tools can be applied to a bank’s financial statements so that management and the public can identify the most critical problems inside each bank and develop ways to deal with those problems. 本章的教学目的是：探索应用于银行财务报表的分析工具，通过 这些工具，管理者和公众可以发现银行内部最关键的问题并解决 这些问题。 Copyright © 2002 by The McGraw-Hill Companies, Inc. All rights reserved.
Copyright © 2002 by The McGraw-Hill Companies, Inc. All rights reserved.
9
Key Profitability Ratios in Banking (cont.) 主要获利能力比率（续）
Total Operating Revenues Total Operating Expenses (5) Net Bank Operating Margin = Total Assets
x
Copyright © 2002 by The McGraw-Hill Companies, Inc. All rights reserved.
12
ROE Depends On:股本收益率决定于：
Equity Multiplier股本乘数
Leverage or Financing Policies财务政策的杠杆