重新评估银行市账率:深入分析经济周期中的股票成分

Q4 Business, Management and Accounting
Fernando García Martínez, Juan Domínguez Jiménez, Ricardo Queralt Sánchez de las Matas
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引用次数: 0

摘要

本研究探讨了 2005 年至 2020 年期间欧洲银行市账率的演变,在此期间,不同国家的大多数银行的市账率都低于 1。通过将银行的会计权益分解为投资者贡献和盈利派生部分,本研究旨在评估权益的每个组成部分如何影响这些比率,并研究它们的动态在此期间是否发生了变化。我们弥补了以往研究中的不足,即没有广泛研究单个股权组成部分如何影响整体市净率。这一点至关重要,尤其是在特定成分的增加弥补了其他成分的下降,从而稳定了总股本价值的情况下。我们的研究方法包括使用随机效应面板数据模型进行回归分析。研究结果表明,与盈利相关的股权成分对市盈率有重大影响。相比之下,加强实体偿付能力的投资者出资似乎影响甚微。此外,我们的分析还突出表明,市净率与《损益表》中报告的损益和分配的股息之间存在显著的二次关系。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
Reevaluating Bank Price-to-Book Ratios: An In-Depth Analysis of Equity Components across Economic Cycles
This study explores the evolution of price-to-book (P/B) ratios among European banks from 2005 to 2020, a period where most banks in different countries had a P/B ratio below 1. By dissecting banks’ accounting equity into investor contributions and earnings-derived components, this research aims to evaluate how each component of equity affects these ratios and investigates whether their dynamics shifted during the period. We address a gap in prior research that has not extensively examined how individual equity components affect the overall P/B ratio. This aspect is crucial, especially in scenarios where the increase of specific components compensates for declines in others, thereby stabilizing total equity values. Our methodology involves regression analyses using a panel data model with random effects. The findings reveal that earnings-related equity components significantly influence P/B ratios. In contrast, investor contributions, which strengthen the solvency of the entity, appear to have a minimal impact. Additionally, our analysis highlights a significant quadratic relationship between the P/B ratios and both the profit or loss reported on Income Statements and distributed dividends.
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来源期刊
CiteScore
4.50
自引率
0.00%
发文量
512
审稿时长
11 weeks
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