绿色EVA的计量及价值相关性分析

发布时间：2018-06-29 22:43

本文选题：绿色EVA + 价值相关性　；参考：《北京交通大学》2017年硕士论文

【摘要】：基于环境污染的现实背景,可持续发展战略提出的政策背景,在宏观层面,各国把生态环境的保护以及社会的可持续发展作为经济发展的努力方向,在微观层面,企业尤其是大企业把自身的可持续发展作为企业成长的迫切追求。生产经营中的环境保护和提高资源利用率是企业可持续发展的必然要求,因此企业的业绩评价也应该相应地引入环境因素作为评价标准。基于国资委出台的EVA考核办法,我们研究了考虑了环境因素后的企业业绩评价指标,即绿色EVA指标的构建和价值相关性研究。本文采用规范研究、案例研究以及实证研究相结合的方法,通过规范研究和案例研究完成指标构建,并通过实证研究初步证明绿色EVA指标的价值相关性,其中,指标的构建是以传统EVA为基础,通过定义贡献环境成本,对传统EVA进行调整而得到的。本文的研究成果如下:(1)构建了在当前具有可操作性的绿色EVA指标。从传统的EVA值出发,首先定义贡献环境成本,然后区分资本化贡献环境成本和费用化贡献环境成本,按照资本化部分和费用化部分对EVA计算影响的不同,分别计算资本化调整值和费用化调整值,从而得出对传统EVA调整值,进一步得出绿色EVA值。(2)案例的方式展示指标计算和应用,并利用构建的绿色EVA计算方法计算出41家企业的绿色EVA数值。以河钢股份为例,对构建的指标计算过程进行中展示,初步证明指标的有用性,并通过该计算方法计算出41家企业的绿色EVA值,用于进行进一步研究。(3)利用计算出的绿色EVA值进行实证研究,以证明绿色EVA指标和企业价值的相关性。首先进行相对信息含量和增量信息含量研究,证明了绿色EVA具有更高的相对信息含量同时也具有增量信息含量。其次,绿色EVA、传统EVA和传统财务指标分别对企业价值的解释力度进行比较,证明绿色EVA指标和传统EVA指标一样有效,并且绿色EVA和传统财务指标结合的综合评价更有效。本文的研究意义在于:(1)可操作的业绩评价指标。相比目前许多关于考虑了环境因素的指标体系构建后不具有可操作性的现状,本文构建绿色EVA的直接意义在于提供了一个具有可操作性的考虑了环境因素的业绩评价指标。(2)改善企业现行绩效考核,充实我国财务管理体系和内容。现有的绩效考核指标大都忽视了对环境影响的考虑,考核目标具有短期性。针对这种现状,近年来绿色财务管理体系的提出显得意义重大,而EVA在业绩评价体系中的作用,决定了绿色EVA必将成为绿色财务管理体系的重要组成部分,完善企业的业绩考核指标,丰富和充实我国现有的财务管理体系,尤其是绿色财务管理体系。(3)鼓励加大环保投资力度,引导企业贯彻可持续发展的理念。因为考虑环保因素后的绿色EVA能使重视环境保护、环保投资较多、环保得分较高的企业因多投入环保支出EVA增加,有助于鼓励企业自觉加大环保投资力度,改进了传统EVA评价指标在环保激励方面的不足。通过为企业提供了一套更加符合企业可持续发展的业绩评价体系,引导企业贯彻环境保护和可持续发展的理念。
[Abstract]:Based on the realistic background of environmental pollution and the policy background of sustainable development strategy, at the macro level, the protection of the ecological environment and the sustainable development of the society are the direction of economic development. At the micro level, enterprises, especially large enterprises, take their sustainable development as an urgent pursuit of enterprise growth. The environmental protection in the camp and the improvement of the utilization of resources are the necessary requirements for the sustainable development of the enterprise. Therefore, the enterprise performance evaluation should also be introduced to the environmental factors as the evaluation standard. Based on the EVA assessment method issued by the SASAC, we have studied the performance evaluation index of the enterprise after considering the environmental factors, that is, the construction of green EVA index. Based on normative research, case study and empirical research, this paper completes index construction through normative research and case study, and proves the value relevance of green EVA indicators through empirical research. The construction of the index is based on the traditional EVA and defines the cost of the contribution by defining the environment. The research results of the traditional EVA are as follows: (1) a green EVA index, which is operable at present, is constructed. Starting from the traditional EVA value, the contribution environment cost is first defined, then the environmental cost and the cost contribution environment of the capitalization contribution are differentiated, and the capitalization part and the cost part are made to the EVA. The adjustment value of capitalization and the cost adjustment value are calculated separately, thus the adjustment value of the traditional EVA is obtained, and the green EVA value is further obtained. (2) the example of the case is calculated and applied, and the green EVA value of the 41 enterprises is calculated by using the green EVA calculation method constructed. The index of the construction of the River Steel shares is taken as an example. The calculation process is demonstrated, and the usefulness of the index is preliminarily proved, and the green EVA value of 41 enterprises is calculated by this calculation method. (3) using the calculated green EVA value for empirical study to prove the correlation between the green EVA index and the enterprise value. First, the relative information content and the incremental information are contained. The quantity study shows that green EVA has higher relative information content and also has incremental information content. Secondly, green EVA, traditional EVA and traditional financial indexes are compared to the explanation of enterprise value respectively. It is proved that green EVA index is as effective as the traditional EVA index, and the combination of green EVA and traditional financial index is a comprehensive evaluation. The value of the study is more effective. The significance of this paper is: (1) operational performance evaluation indicators. Compared with the current situation that many of the index systems that consider the environmental factors are not operable, the direct significance of the construction of green EVA is to provide an operational evaluation index of environmental factors. (2) In order to improve the current performance appraisal of the enterprise and enrich the financial management system and content of our country, the existing performance evaluation indexes mostly ignore the consideration of the environmental impact, and the assessment target is short term. In recent years, the introduction of the green financial management system is significant, and the role of EVA in the performance evaluation system has decided green. Color EVA will become an important part of the green financial management system, improve the performance evaluation index of the enterprise, enrich and enrich the existing financial management system in our country, especially the green financial management system. (3) encourage the strengthening of environmental investment and guide the enterprise to carry out the concept of sustainable development. The green EVA after consideration of environmental protection factors The enterprises which can pay more attention to environmental protection, more environmental protection investment and higher environmental protection score have increased their investment in environmental protection expenditure EVA, which helps to encourage enterprises to consciously increase investment in environmental protection and improves the shortage of traditional EVA evaluation indicators in environmental incentives. To guide enterprises to implement the concept of environmental protection and sustainable development.
【学位授予单位】：北京交通大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F426.31;F406.7

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