基于EVA的煤炭行业上市公司业绩评价应用研究

发布时间：2018-08-20 15:06

【摘要】：煤炭矿产资源作为我国重要的基础能源,不仅是民用化工和机械动力的主要原料,还对炼焦、机电、冶金、交通运输等相关行业的兴衰产生重要影响,是关系我国经济可持续发展的重要因素,而煤炭企业在我国经济发展中发挥着至关重要的作用。企业经营业绩评价体系在整个企业价值评价系统中占有举足轻重的地位,科学合理的业绩评价方法可以优化企业资本结构,提高企业治理水平,推动上市公司实现价值增长。当前我国煤炭上市公司根据会计利润的原理,主要以净利润、剩余收益、现金流量三种业绩评价方法为主。但是,在现行的业绩评价体系中还存在一些问题,如权益成本考量缺位、净利润存在某种程度的失真和扭曲、易导致管理者的短期行为等,不利于煤炭上市公司的可持续发展。经济增加值(EVA, Economic Value Added)将股权成本和债务成本从税后净利润中扣除,考虑了股权资本的机会成本,更准确地反映了企业经过生产经营所创造的价值。本文将EVA业绩评价方法引入我国现有的市场经济条件中,基于企业业绩评价的相关理论,在介绍了关于EVA的理论背景、基本原理、优点及局限性等基本知识的基础上,结合煤炭行业具体情况,对EVA基本计算公式进行适当的调整,构建出全新的、适合我国煤炭上市公司的业绩评价体系,旨在使我国煤炭上市公司正确评价并提高自身的经营业绩,推动内部资本约束的形成。为了证明EVA业绩评价指标的有效性,本文以我国2010年34家煤炭上市公司为实证样本,构建了回归模型,采用规范与实证分析相结合的方法,对三种业绩评价指标进行了综合比较研究,得出基于EVA指标的业绩评价体系有效性的结论,说明EVA指标体系能更准确地评价企业业绩,反映上市公司创造的价值。随后运用EVA评价指标对我国34家煤炭上市公司业绩从各个方面进行了比较研究,详细而全面地分析了其经营状况和其中存在的优势与不足,进而得出了EVA指标对我国煤炭上市公司业绩评价的启示。目前,虽然有些国内学者将EVA指标引入煤炭上市公司进行了一定研究,但仅仅运用EVA基本公式,而未结合煤炭行业特点做出具体调整。本文的创新之处在于结合煤炭行业特点对特殊会计科目,如煤炭勘探费等,进行了调整,更加科学地构建了煤炭上市公司EVA业绩评价模型,在此基础上还对我国34家煤炭上市公司业绩进了比较和全面的评价,籍以为我国煤炭企业经营管理者提供有价值信息和新的业绩评价理念,提高企业业绩。
[Abstract]:As an important basic energy source in China, coal mineral resources are not only the main raw materials for civil chemical and mechanical power, but also have an important impact on the rise and fall of coking, electromechanical, metallurgical, transportation and other related industries. Coal enterprises play an important role in the economic development of our country. Enterprise performance evaluation system plays an important role in the whole enterprise value evaluation system. Scientific and reasonable performance evaluation method can optimize the capital structure of enterprises, improve the level of corporate governance, and promote the value growth of listed companies. At present, according to the principle of accounting profit, three kinds of performance evaluation methods of coal listed companies in our country are mainly net profit, surplus income and cash flow. However, there are still some problems in the current performance evaluation system, such as the absence of consideration of equity cost, the distortion and distortion of net profit to some extent, which can easily lead to the short-term behavior of managers, which is not conducive to the sustainable development of coal listed companies. (EVA, Economic Value Added) deducts the cost of equity and debt from the net profit after tax, considers the opportunity cost of equity capital, and more accurately reflects the value created by the enterprise through production and operation. This paper introduces the method of EVA performance evaluation into the current market economy conditions of our country. Based on the relevant theories of enterprise performance evaluation, this paper introduces the basic knowledge of EVA, such as its theoretical background, basic principle, advantages and limitations, etc. According to the specific situation of coal industry, the basic calculation formula of EVA is adjusted appropriately, and a new performance evaluation system suitable for coal listed companies in China is constructed. The purpose of this paper is to make the coal listed companies in China evaluate and improve their own business performance and promote the formation of internal capital constraints. In order to prove the effectiveness of the EVA performance evaluation index, this paper takes 34 coal listed companies in China as the empirical sample, constructs the regression model, and adopts the method of combining normative and empirical analysis. This paper makes a comprehensive comparative study of three kinds of performance evaluation indexes and draws the conclusion that the performance evaluation system based on EVA index is effective. It shows that the EVA index system can more accurately evaluate the performance of enterprises and reflect the value created by listed companies. Then the performance of 34 coal listed companies in China is compared with each other by using EVA evaluation index, and the operating situation and its advantages and disadvantages are analyzed in detail and comprehensively. Furthermore, the enlightenment of EVA index to the performance evaluation of coal listed companies in China is obtained. At present, although some domestic scholars have introduced the EVA index into the coal listed companies for certain research, they only use the basic formula of EVA, but do not make specific adjustment according to the characteristics of coal industry. The innovation of this paper lies in the adjustment of special accounting subjects, such as coal exploration fees, combined with the characteristics of the coal industry, and a more scientific model of EVA performance evaluation for coal listed companies is constructed. On the basis of this, the performance of 34 coal listed companies in China is compared and comprehensively evaluated, so as to provide valuable information and new concept of performance evaluation for the managers of coal enterprises in our country, and to improve the performance of enterprises.
【学位授予单位】：太原理工大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F406.72;F832.51;F224

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