EVA指标对我国上市商业银行绩效评价的有效性研究

发布时间：2018-05-04 01:15

本文选题：EVA + 商业银行　；参考：《天津大学》2012年硕士论文

【摘要】：随着我国资本市场的发展和商业银行上市步伐的加快，商业银行的投资价值和市场表现日益受到关注。而经济增加值(EVA)作为一种先进的绩效评价工具，九十年代初一经推出，在理论界和实务界便倍受推崇。将EVA指标引入商业银行管理和评价之中，对于准确衡量商业银行的绩效，提高商业银行的价值创造能力，具有重要的作用。本文首先回顾了国内外关于EVA体系的理论和实践研究结果，对EVA的内涵进行了阐述，认为其既是一个财务评价指标，又是一个市场绩效指标。在此基础上，本文进一步探讨了适用于商业银行的EVA模型，并选取2009-2010年度全部商业银行的公开数据，采用因子分析和多元线性回归的方法，进行实证研究。研究得到的结论如下：1.从内部财务绩效来看，EVA与传统财务指标存在较强的相关性，也就是说EVA能有效地衡量商业银行的内部财务绩效；2.从外部市场表现来看，当前EVA尚不能有效的反映商业银行在资本市场中的表现。根据实证分析的结果，我们认为，目前可以把EVA作为一个全面有效的绩效指标引入到商业银行内部财务评价中，但是，由于我国资本市场尚不够完善，公司的内在价值与市场价值偏离较大，尚不能将EVA作为一个外部指标来衡量上市商业银行的市场表现。本文采取了理论研究与实证分析相结合、以实证分析为主的研究方法。在理论研究过程中，根据商业银行的特点，，结合会计学和经济学原理，构建了适用于商业银行的EVA模型。在实证分析中，应用了CAPM模型、剩余收益模型等研究工具，采用了因子分析和多元线性回归相结合的研究方法。
[Abstract]:With the development of China's capital market and the quickening pace of commercial banks' listing, the investment value and market performance of commercial banks have been paid more and more attention. As an advanced performance evaluation tool, the economic value added (EVA) is highly praised in the theoretical and practical circles in the beginning of 90s. The EVA index is introduced into the management of commercial banks. And evaluation plays an important role in accurately measuring the performance of commercial banks and improving the value creation ability of commercial banks.
This paper first reviews the theoretical and practical results of EVA system at home and abroad, expounds the connotation of EVA, and thinks that it is both a financial evaluation index and a market performance index. On this basis, this paper further discusses the EVA model applicable to commercial banks, and selects all commercial banks in 2009-2010. Open data, using factor analysis and multiple linear regression methods to carry out an empirical study. The conclusions are as follows: 1. from the perspective of internal financial performance, there is a strong correlation between EVA and the traditional financial indicators, that is, EVA can effectively measure the internal financial performance of commercial banks; 2. from the external market performance, the current EVA It is not yet effective to reflect the performance of commercial banks in the capital market. According to the results of empirical analysis, we think that EVA can be introduced into the internal financial evaluation of commercial banks as a comprehensive and effective performance index. However, because our capital market is not yet perfect, the intrinsic value of the company deviates from the market value. EVA can not be used as an external indicator to measure the market performance of listed commercial banks.
In this paper, the EVA model suitable for commercial banks is constructed in the course of theoretical research, according to the characteristics of commercial banks and the principles of accounting and economics. In the empirical analysis, the CAPM model, the residual income model and other research tools are applied to the empirical analysis. The research method combining factor analysis and multiple linear regression is used.

【学位授予单位】：天津大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F830.42;F224

【参考文献】