EVA评价体系下上市公司经营绩效与资本结构相关性的实证分析

发布时间：2018-05-30 15:44

本文选题：资本结构 + 公司绩效　；参考：《西南财经大学》2012年硕士论文

【摘要】：2010年1月22日,国资委决定从中央企业负责人第三任期开始,在中央企业中全面推行经济增加值(EVA)业绩考核。但是,EVA不只是一种业绩考核指标,更重要的是企业经营者的经营管理理念的全面转变,根据企业自身经营情况建立一个基于EVA的价值管理体系是必要的。而资本结构影响并决定着上市公司的治理结构,继而影响上市公司的经营绩效。一个合理的公司资本结构可以提高公司的治理效率,由于资本结构是企业的相关利益者权利和义务的结果,因此规范企业行为,可以提高企业绩效。以往的学者只是从某个行业进行分析资本结构与公司绩效的关系,但是行业特征是资本结构一个非常重要的影响因素,因此本文将分行业研究资本结构对公司绩效的影响,并且利用EVA评价体系下的单位经济增加值(DEVA)来评价上市公司的经营绩效,主要是考虑到EVA是一个相对数指标,不便于不同规模的上市公司比较分析,使用DEVA会使本文的研究更有说服力,期望给我国上市公司的经营管理起到一定的指导作用。本文着眼于上市公司资本结构与公司绩效的相关性研究,利用EVA评价体系下的单位经济增加值(DEVA)来评价上市公司的经营绩效,然后研究它与资本结构的关系。文章首先筛选出符合条件的上市公司,最终选取出深、沪两市A股制造业(机械、设备、仪表)(153家),水电煤气(48家),信息技术(57家),批发零售(64家)和房地产业(64家)五个行业共386家的上市公司为研究对象。然后,对这386家公司的截面数据进行多元线性回归,发现在分析时段2008-2010年,样本公司面板数据的资产负债率与公司绩效呈不太显著地负相关；国有股与公司绩效的关系不确定;流通股比例与股权集中度与公司绩效显著相关。同时,本文还对五个行业进行了对比分析,研究发现：除了信息技术行业的资产负债率与公司绩效正相关外,其他行业的资产负债率与公司绩效关系呈负相关；股权结构与公司绩效的关系不明确；水电煤气、批发零售和房地产业的成长性与公司绩效存在线性正相关关系；机械设备仪表业的成长性与公司绩效负相关；信息技术行业成长性与公司绩效不存在显著的相关性。最后,本文从实证结论的视角提出了优化公司资本结构的建议,并阐述了本文研究的局限性。
[Abstract]:On January 22, 2010, SASAC decided to implement the EVA (Economic value added) performance appraisal in the central enterprises from the third term of the head of the central enterprise. However, EVA is not only a performance evaluation index, but also a comprehensive change of the business manager's management concept. It is necessary to establish a value management system based on EVA according to the enterprise's own operating conditions. The capital structure influences and determines the governance structure of the listed company, and then affects the operating performance of the listed company. A reasonable corporate capital structure can improve the efficiency of corporate governance, because the capital structure is the result of the rights and obligations of the relevant stakeholders of the enterprise, so standardizing the enterprise behavior can improve the performance of the enterprise. Previous scholars only analyze the relationship between capital structure and corporate performance from a certain industry, but industry characteristics are a very important factor affecting capital structure, so this paper will study the impact of capital structure on corporate performance by industry. And using the unit economic added value (DEVA) under the EVA evaluation system to evaluate the operating performance of listed companies, mainly considering that EVA is a relative index, which is not convenient for the comparative analysis of listed companies of different scales. The use of DEVA will make the research of this paper more persuasive, hoping to play a guiding role in the management of listed companies in our country. This paper focuses on the study of the correlation between capital structure and corporate performance of listed companies, using the unit economic added value (EVA) under the EVA evaluation system to evaluate the operating performance of listed companies, and then studies the relationship between capital structure and capital structure. The article first selects the listed companies that meet the requirements, and finally selects the Shenzhen, Shanghai and Shanghai A-share manufacturing industries (machinery, equipment, A total of 386 listed companies in five industries, including 153 meters, 48 hydropower and gas plants, 57 information technology companies, 64 wholesale and retail companies, and 64 real estate companies, were studied. Then, the cross-section data of 386 companies are analyzed by multivariate linear regression. It is found that in the period of 2008-2010, the asset-liability ratio of sample company panel data is not significantly negatively correlated with corporate performance, and the relationship between state-owned shares and corporate performance is uncertain. The proportion of tradable shares and the degree of ownership concentration are significantly related to corporate performance. At the same time, the paper makes a comparative analysis of the five industries, and finds that, except for the positive correlation between the asset-liability ratio and corporate performance in the information technology industry, there is a negative correlation between the asset-liability ratio and the corporate performance in other industries; The relationship between ownership structure and corporate performance is not clear, the growth of hydropower gas, wholesale and retail and real estate industry has a linear positive correlation with corporate performance, the growth of mechanical equipment and instrumentation industry is negatively correlated with corporate performance. There is no significant correlation between IT industry growth and corporate performance. Finally, from the perspective of empirical conclusions, this paper puts forward suggestions to optimize the capital structure of companies, and expounds the limitations of this study.
【学位授予单位】：西南财经大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F275;F832.51;F224

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