建筑业上市公司资本结构对EVA影响的研究
发布时间：2018-07-25 11:07
【摘要】：经济增加值(EVA)这一概念最初由国资委提出,目的是考核央企绩效,其优势是去除了投入资本的成本而反映出公司更加真实的价值创造能力。近年来,随着人们对资本利用率的重视程度逐渐提升,EVA成为最受追捧的业绩评价指标之一。资本成本作为EVA计算公式中的减项决定了EVA的高低,而资本结构又是影响资本成本的重要因素,因此合理安排资本结构对公司来说十分重要,有助于提高公司治理效率、控制风险并达到企业价值最大化。建筑业作为国民经济基础产业,与其他产业有着不可分割的联系,同时也带动了它们的发展,为我国经济能保持稳定高速发展做出了突出贡献。然而,在看似高额的净利润和较大的资产规模下,其资本利用效率和价值创造能力并不高,与此同时建筑业还受国家供给侧改革影响,我国房地产和固定资产投资增速放缓,造成建筑行业工程项目需求下降,资金短缺,收回的部分金额难以偿还高负债的本息,行业形势十分严峻。为了缓解这一不利状况,本文将如何通过改变建筑业上市公司的资本结构进而提升其EVA作为研究重点。文章在与资本结构相关的理论基础上进行深入研究,以建筑业上市公司为研究样本,选取了2011—2015年在沪深两所上市的建筑业公司,对其进行了资本结构与EVA现状分析,并对反映资本结构的各项指标对EVA的影响进行理论分析分析进而提出相关的研究假设;其次,为了准确的分析我国建筑业上市公司资本结构与EVA之间的关系,采用多元回归的方法构建了各项指标与EVA之间函数模型,分析每项指标对EVA产生怎样的影响。检验结果表明,建筑业上市公司流动负债率、有息负债率和股权集中度对经济增加值率有负影响;长期资本负债率和高级管理人员持股比例对经济增加值有正影响。资产负债率与经济增加值呈二次函数关系,当资产负债率为50.71%时,企业存在最大的经济增加值。本文最后根据前面的研究结论,提出以下优化建筑业行业上市公司资本结构提高其经济增加值的政策建议:将资产负债率控制在合适的范围内、减少流动负债率并增加长期资本负债率、减少有息负债率、保持适当的股权集中度并增加高级管理人员持股比例。
[Abstract]:The concept of economic added value (EVA) was first put forward by SASAC for the purpose of evaluating the performance of central enterprises. Its advantage is that it removes the cost of capital investment and reflects the more real value creation ability of the company. In recent years, EVA has become one of the most popular performance evaluation indexes with the attention to capital utilization. The capital cost, as a subtract in the EVA formula, determines the level of EVA, and the capital structure is an important factor affecting the capital cost. Therefore, it is very important for the company to arrange the capital structure reasonably, which is helpful to improve the efficiency of corporate governance. Control risks and maximize corporate value. As the basic industry of national economy, the construction industry is closely related to other industries, and it also promotes their development, which has made outstanding contribution to the stable and high speed development of our country's economy. However, under the seemingly high net profit and large asset scale, the efficiency of capital utilization and the ability to create value are not high. At the same time, the construction industry is also affected by the state supply-side reform, and the growth rate of real estate and fixed asset investment in China slows down. As a result of the construction industry project demand decline, capital shortage, recovery of part of the amount difficult to repay the high debt principal and interest, the industry situation is very serious. In order to alleviate this disadvantage, this paper focuses on how to change the capital structure of listed companies in construction industry and improve their EVA. On the basis of the theory related to capital structure, this paper takes the listed companies of construction industry as the research sample, selects the construction companies listed in Shanghai and Shenzhen in 2011-2015, and analyzes the capital structure and EVA status. The influence of capital structure on EVA is analyzed theoretically and the relevant research hypotheses are put forward. Secondly, in order to analyze the relationship between capital structure and EVA of listed companies in construction industry, The multivariate regression method was used to construct the functional model between each index and EVA, and the influence of each index on EVA was analyzed. The test results show that the current debt ratio, interest-bearing debt ratio and equity concentration ratio of listed companies in construction industry have negative effects on the economic added value ratio, while the long-term capital debt ratio and the proportion of senior managers holding shares have a positive effect on the economic added value. The relationship between asset-liability ratio and economic added value is quadratic. When the asset-liability ratio is 50.71, the enterprise has the largest economic added value. Finally, according to the previous research conclusions, this paper puts forward the following policy recommendations to optimize the capital structure of listed companies in the construction industry to increase their economic added value: to control the asset-liability ratio within a suitable range, Reduce the current debt ratio and increase the long-term capital debt ratio, reduce the interest-bearing debt ratio, maintain appropriate equity concentration and increase the proportion of senior managers.
【学位授予单位】：东北农业大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F426.92;F406.7
本文编号：2143638
[Abstract]:The concept of economic added value (EVA) was first put forward by SASAC for the purpose of evaluating the performance of central enterprises. Its advantage is that it removes the cost of capital investment and reflects the more real value creation ability of the company. In recent years, EVA has become one of the most popular performance evaluation indexes with the attention to capital utilization. The capital cost, as a subtract in the EVA formula, determines the level of EVA, and the capital structure is an important factor affecting the capital cost. Therefore, it is very important for the company to arrange the capital structure reasonably, which is helpful to improve the efficiency of corporate governance. Control risks and maximize corporate value. As the basic industry of national economy, the construction industry is closely related to other industries, and it also promotes their development, which has made outstanding contribution to the stable and high speed development of our country's economy. However, under the seemingly high net profit and large asset scale, the efficiency of capital utilization and the ability to create value are not high. At the same time, the construction industry is also affected by the state supply-side reform, and the growth rate of real estate and fixed asset investment in China slows down. As a result of the construction industry project demand decline, capital shortage, recovery of part of the amount difficult to repay the high debt principal and interest, the industry situation is very serious. In order to alleviate this disadvantage, this paper focuses on how to change the capital structure of listed companies in construction industry and improve their EVA. On the basis of the theory related to capital structure, this paper takes the listed companies of construction industry as the research sample, selects the construction companies listed in Shanghai and Shenzhen in 2011-2015, and analyzes the capital structure and EVA status. The influence of capital structure on EVA is analyzed theoretically and the relevant research hypotheses are put forward. Secondly, in order to analyze the relationship between capital structure and EVA of listed companies in construction industry, The multivariate regression method was used to construct the functional model between each index and EVA, and the influence of each index on EVA was analyzed. The test results show that the current debt ratio, interest-bearing debt ratio and equity concentration ratio of listed companies in construction industry have negative effects on the economic added value ratio, while the long-term capital debt ratio and the proportion of senior managers holding shares have a positive effect on the economic added value. The relationship between asset-liability ratio and economic added value is quadratic. When the asset-liability ratio is 50.71, the enterprise has the largest economic added value. Finally, according to the previous research conclusions, this paper puts forward the following policy recommendations to optimize the capital structure of listed companies in the construction industry to increase their economic added value: to control the asset-liability ratio within a suitable range, Reduce the current debt ratio and increase the long-term capital debt ratio, reduce the interest-bearing debt ratio, maintain appropriate equity concentration and increase the proportion of senior managers.
【学位授予单位】：东北农业大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F426.92;F406.7
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