中国各银行领先全球估值排名

中国各银行领先全球估值排名 　　在全球银行市净率（股价除以每股净资产）排行榜上，中国几家银行在前五名中占据四席，巩固了自己“估值最高”金融机构的地位。 　　Chinese banks have cemented their position as the most highly valued financial institutions, taking four of the top five slots in a ranking of banks' share prices as a multiple of their book values. 　　招商银行、中信银行、中国工商银行和建设银行排在前四位，紧随其后的是巴西伊塔乌联合银行，它们的市净率均高于3。 　　China Merchants Bank, China Citic, ICBC and China Construction Bank lead the table, followed by Itaú Unibanco of Brazil, all with a price-to-book multiple of more than three. 　　在过去六年里，全球最大50家银行的平均市净率已从2“腰斩”为1。 　　Over the past six years, the average price-to-book value of the biggest 50 banks has halved from two to one. 　　这说明投资者认为，这些银行的平均价值并不高于其账面价值。西方银行当前的市值大多远低于其账面价值。 　　This means that investors believe the average bank is worth no more than the value of its balance sheet. Most western banks are trading at well below their book value. 　　但彭博的数据显示，投资者正为新兴市场银行付出越来越高的溢价。在全球市值最大的50家银行中，招商银行的市净率排名第一，为4.3倍。 　　But investors are attaching a growing premium to emerging markets banks, led by China Merchants, the most highly rated of the biggest 50 banks by market capitalisation, on a multiple of 4.3, according to Bloomberg data. 　　十年前，美国银行曾在该排行榜上占尽上风。排在前五位的是纽约梅隆银行、英国劳埃德银行、摩根士丹利、花旗集团和富国银行。 　　At the start of the last decade, the US dominated the rankings. The top five were Bank of New York Mellon, Lloyds of the UK, Morgan Stanley, Citigroup and Wells Fargo. 　　而就在去年，美国合众银行还排在首位，富国银行也在前十名之列。 　　Only last year US Bancorp topped the table and Wells Fargo was in the top 10. 　　过去一年里，估值最高的中国各银行估值上升了一倍；西方银行的估值却有所下降。这些变化反映出，投资者对新兴市场（特别是中国和巴西）信心越来越强。 　　The changes, which have seen the top-rated Chinese banks double in valuation over the past year as western rivals have been derated, reflect growing confidence in emerging markets, particularly China and Brazil. 　　这些变化还表明，投资者担心，有毒资产以及迫使银行增加资本和流动资金的努力，会影响西方金融机构的盈利能力。 　　They indicate concerns about the profitability of western institutions stemming from toxic assets and the drive to force banks to increase capital and liquid funds. 　　连在过去一年里得到蓬勃发展的西方投资银行，也在市净率排行榜上被甩在后面。高盛排名第22位，摩根大通排名第31。 　　Even western investment banks that have thrived over the past year have been left behind in the price-to-book league table. Goldman Sachs is ranked 22nd and JPMorgan 31st. 　　野村证券银行业分析师罗伯特•劳表示：“西方市场正普遍经历它们20年来最糟糕的前景，这一点也体现在估值中。” 　　“Western markets generally are experiencing their worst prospects for 20 years, and that's in the valuations,” Robert Law, banks analyst at Nomura, said. 　　“而中国则被认为是一个尤其不易受全球衰退影响的地区。” 　　“China in particular is a region that is perceived as less vulnerable to global downturn.” 　　尽管中国各银行的估值曾在2008年因投资者的不安情绪而遭受冲击，但它们所受影响有限，再加上政府刺激措施的积极作用，它们的估值得以回升。 　　Although Chinese bank valuations were hit by investor nervousness in 2008, the limited fallout they suffered – combined with positively received government stimulus measures – have allowed them to bounce back. 　　受益者还包括某些次要发达经济体，这些经济体以监控措施严格而著称，在次贷问题上的直接或间接风险敞口又有限。次贷问题是导致本次危机的根本原因。 　　Some fringe developed economies with a reputation for tough regulatory controls and limited direct or indirect exposure to the subprime problem at the root of the crisis have benefited. 　　尤其是加拿大和澳大利亚的银行，它们在该排行榜上的位次有所攀升。 　　Canadian and Australian banks in particular climbed the price-to-book rankings.