国家控股、资本成本与EVA考核

发布时间：2018-01-02 11:33

本文关键词：国家控股、资本成本与EVA考核　出处：《首都经济贸易大学》2012年硕士论文　论文类型：学位论文

【摘要】：我国历经三十多年国企改革，目的是为了能够保护国有资产，防止资产流失，促使企业经营和管理更加有效。一直以来，衡量企业绩效的指标纷繁众多，但是没有一个指标能够把股权资本成本考虑在内。随着EVA这一概念的诞生，用EVA指标来衡量企业经营成果、价值创造能力已经事在必行。近年来，我国国企也陆续引进EVA这一全新的企业绩效考核指标。EVA，即经济增加值（Economic ValueAdded），把股权资本成本和债务资本成本全部考虑在内，能够准确的衡量企业的价值创造能力。EVA的计量是用税后净营业利润扣除加权平均资本成本。本文从股权结构与企业绩效之间的相关关系方面对文献进行系统的梳理，同时回顾了资本成本的估算方法、EVA理论相关研究成果。在对资本成本和EVA理论做了相关论述的基础上，采用多元回归的统计等方法把国家控股和EVA联系起来。本文选取全部A股上市公司作为样本（刨除金融行业），对其国家控股比例进行分类，根据国家控股比例的大小分为两类：25%-45%，45%以上。然后针对两类样本企业对其EVA和国家控股比例以及其他控制变量进行相关性分析和多元回归分析，最终得出实证结论。根据本文的实证结果，我们得出结论，国家控股比例的大小对企业绩效是有一定影响的，如果用EVA来衡量企业绩效，当国家控股比例小于45%的时候，EVA与国家控股比例呈现负的线性相关关系。当国家比例超过45%的时候，，EVA与国家控股比例呈现正的线性相关关系。这对我国企业改革、加强国有资产保值增值、改善公司治理起到一定的建议作用。
[Abstract]:After more than 30 years of state-owned enterprise reform, the purpose of our country is to protect the state-owned assets, prevent the loss of assets, and promote the enterprise management and management more effective. However, no index can take the cost of equity capital into account. With the birth of the concept of EVA, the value creation ability has been determined in recent years. China's state-owned enterprises have also introduced EVA, a new enterprise performance evaluation index. EVA, that is, Economic value added (Economic value added). Taking equity capital cost and debt capital cost into account, we can accurately measure the value creation ability of enterprises. Eva is measured by deducting weighted average capital cost with net operating profit after tax. This paper systematically combs the literature from the relationship between ownership structure and enterprise performance, and reviews the method of estimating capital cost. EVA theory related research results. On the basis of the capital cost and EVA theory. This paper selects all A-share listed companies as samples (excluding financial industry, classifies the proportion of state holding). According to the size of the state control ratio, there are two categories: 25% to 45%. Then the correlation analysis and multiple regression analysis of EVA, state holding ratio and other control variables are carried out for the two types of sample enterprises, and finally the empirical conclusion is drawn. According to the empirical results of this paper, we conclude that the size of the proportion of state control has a certain impact on corporate performance. If EVA is used to measure corporate performance, when the proportion of state holding is less than 45%. There is a negative linear correlation relationship between EVA and the proportion of state holding. When the proportion of the country exceeds 45%, there is a positive linear correlation between EVA and the proportion of state holding. Strengthen the value of state-owned assets, improve corporate governance plays a certain role in advice.
【学位授予单位】：首都经济贸易大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F275;F224;F832.51

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