央企上市公司EVA的价值相关性

发布时间：2018-03-08 19:18

本文选题：EVA　切入点：价值相关性　出处：《江西财经大学》2012年硕士论文　论文类型：学位论文

【摘要】：如何评估企业的价值一直是证券界探索的重要课题,也是投资者日益关心的问题。随着我国资本市场的快速发展,以企业为交易标的的业务大量涌现,企业价值越发成为管理当局关注的核心问题。长期以来,传统财务指标在评估企业价值方面占据着主导地位,但伴随着知识经济时代的到来,企业的竞争环境、经营风险、运营模式等都发生了巨大变化,传统评价方法越来越偏离企业的价值,因此迫切需要寻找一种能够更加准确、公允、科学地衡量企业价值的新方法。经济增加值(Economic Value Added,简称EVA)概念正是在克服传统财务指标缺陷的基础上提出的,它最突出的亮点是考虑了权益资本成本,反映了一定时期内企业为股东创造的财富,并因此得到了国外众多知名公司的青睐。在我国,按照国资委的要求,自2010年起,所有中央企业将全面引入EVA业绩考核新体系。尽管EVA评价指标的优越性己得到了诸多企业的证明,但其是否适用于我国的资本市场,是否能够较传统财务指标更加准确地衡量我国央企上市公司的企业价值尚需得到进一步的证明。本文首先系统地总结了有关EVA及其价值相关性的国内外文献,对EVA与企业价值相关的理论进行概述,然后在对EVA与企业价值的相关性进行理论分析的基础上提出了本文的研究假设。为了验证研究假设,本文选取了在我国沪深两市A股上市的中央企业实际控制的上市公司2008至2010年数据作为研究样本,按照国资委发布的《中央企业负责人经营业绩考核暂行办法》中规定的经济增加值考核细则自行计算得到EVA指标数据,然后运用描述性统计、相关系数分析及多元回归模型考察了我国央企上市公司EVA与企业价值的相关性,并与传统财务指标(每股收益和净资产收益率)的价值相关性进行了比较。为保证研究结论的稳健性,本文还进行了稳健性检验,分析结果与主测试结果一致。在文章结尾部分,本文对研究所存在的局限性和不足做出了说明,并为进一步的研究指出了方向。最后,本文根据研究结论提出了相关的政策建议,如中央企业提升EVA的主要途径以及EVA在我国推广的难点分析及解决思路。本文得到的主要研究结论如下：首先,EVA指标与企业价值显著正相关,即EVA的价值相关性较强,以EVA为主导的业绩评价方法可以有效地引导中央企业的管理者更加客观、公正地进行管理决策,以实现企业价值的最大化,EVA指标值得在我国中央企业进行大力推广运用；其次,EVA指标在解释企业价值变动方面优于传统财务指标(每股收益和净资产收益率),在这三个指标中,EVA的价值相关性最强,其次是每股收益,最后是净资产收益率。传统的业绩评价指标忽略了权益资本成本,而EVA不仅考虑了权益资本成本,并在一定程度土消除了现行会计制度下存在的会计扭曲,从而体现了企业在某个时期创造或毁损的财富量,真正成为了股东所定义的利润。从理论上看,EVA比传统财务指标更能解释企业价值,我们的实证研究结果也证实了这一点。因此,国资委发布的《中央企业负责人经营业绩考核暂行办法》中将EVA指标取代原来的净资产收益率指标占据基本考核指标中的40个基本分的做法是合理的,在央企推行EVA业绩评价法是非常有效的。尽管如此,我们的实证结果也显示,EVA指标不能完全替代传统财务指标(每股收益和净资产收益率),传统财务指标仍然具有较高的信息价值,并且考虑到现实中对于EVA指标还未形成强制性的统一披露规范以及EVA指标计算的复杂性和投资者所获信息的局限性,传统财务指标仍不失为一种衡量企业价值的非常简便实用的评价方法。对于外界投资者和企业的管理者来说,仍应继续重视和关注企业的传统财务指标,并结合EVA指标来综合评价企业价值。
[Abstract]:How to evaluate the value of the enterprise has been an important topic in the securities industry to explore, investors are increasingly concerned with the problem. With the rapid development of China's capital market, the enterprise transactions have emerged, enterprise value becomes the core issue management authorities concerned. For a long time, the traditional financial indicators occupy a dominant position in the the assessment of enterprise value, but with the advent of knowledge economy era, the competitive environment, business risk, business model have undergone tremendous changes. More and more deviated from the traditional evaluation methods of enterprise value, there is an urgent need for a more accurate and fair, the new scientific method to measure the value of the enterprise economic value added. (Economic Value Added, referred to as EVA) was born to overcome the defects of traditional financial indicators based on the proposed, it highlights the most prominent is the equity capital The cost reflects the enterprise in a certain period of time to create wealth for shareholders, and therefore a number of well-known foreign companies. In our country, in accordance with the requirements of the SASAC, since 2010, all central enterprises will introduce a comprehensive EVA evaluation system. Although the superiority of EVA evaluation index has been proved by many enterprises but, it is suitable for the capital market of our country, whether can be more than the traditional financial indicators of China's central enterprises accurately measure the value of listed companies still need to be further proof.
This paper summarized the related EVA and the value relevance of the literature at home and abroad, the enterprise value and EVA related theories are summarized, and then analyses the basic theory of the correlation of the enterprise value and EVA put forward the hypothesis of this research. In order to verify the research hypotheses, this paper selects the data of actual control in 2008 to 2010 China's two stock markets of Shanghai and Shenzhen A shares listed central enterprises listed companies as research samples, is responsible for the provisions of performance evaluation provisional measures > in the economic value added assessment rules to calculate EVA index data according to the SASAC issued the "central enterprises, then use descriptive statistics, correlation analysis and multiple regression models to examine the relationship between EVA and enterprise of China's central enterprises listed company value, and with the traditional financial indicators (EPS and ROE) in the value relevance Compared. In order to ensure the robustness of the research results, this paper also made a robust test results and analysis, the main test results. In the end, this paper has research on the limitations and shortcomings made, and pointed out the direction for further research. Finally, the paper puts forward relevant policy suggestions according to the research as a conclusion, the main way to improve the EVA of the central enterprises as well as EVA in the difficulties of China's promotion of analysis and solution.
The main conclusions are as follows: firstly, a significant positive correlation between EVA index and the enterprise value, the value of EVA strong correlation, with EVA as the main performance evaluation method can effectively guide the central enterprise managers more objective and impartial management decision-making, to realize the maximization of enterprise value, EVA index is worth vigorously promote the use in China's central enterprises; secondly, EVA index changes the traditional financial index is better than in the interpretation of the enterprise value (earnings per share and net assets yield), these three indicators, the most relevant value of EVA, followed by the earnings per share, the last is the rate of return on net assets. The traditional performance evaluation index ignoring the cost of equity capital, and EVA not only consider the cost of equity capital, and the elimination of the current accounting system under the existing accounting distortions in a certain degree of soil, which reflects the enterprise in a certain time Create wealth or damaged, and truly become the definition of shareholder's profit. In theory, EVA can explain the enterprise value more than the traditional financial indicators, our empirical results also confirmed this point. Therefore, the SASAC issued a "central enterprise responsible for the performance test of the 40 basic points of nuclear the interim measures will replace the original EVA > index of net asset yield occupy basic assessment indicators in the practice is reasonable, in the central enterprises to implement the EVA evaluation method is very effective. Nevertheless, our empirical results also show that the EVA index can not completely replace the traditional financial index (earnings per share and net assets yield rate), information value of traditional financial index is still high, and taking into account the letter received unity of reality for EVA index has not yet formed a mandatory disclosure norms and EVA index calculation complexity and investors The limitation of the evaluation is very simple and practical method for the traditional financial index is a measure of the value of the enterprise. For outside investors and managers, should continue to pay great attention to the traditional financial indicators of enterprises, combined with the EVA index to evaluate the enterprise value.

【学位授予单位】：江西财经大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F275;F832.51;F224

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