基于EVA的山东上市公司价值创造能力研究

发布时间：2018-04-11 13:05

本文选题：上市公司 + 价值创造能力　；参考：《山东财经大学》2012年硕士论文

【摘要】：2010年12月国务院正式批复黄河三角洲高效生态经济区发展规划，2011年3月山东半岛蓝色经济区的发展计划又获得批准，这“一黄一蓝”发展战略为山东经济的快速发展提供了契机。此时，研究山东上市公司的价值创造能力，探讨山东上市公司究竟为股东创造了价值，还是毁灭了股东的价值，以及是否为社会创造了正效益具有重大的现实指导意义。正确认识“山东上市公司价值创造能力”这一论题是山东上市公司以及政府部门开展工作的出发点和指导思想，并且为他们的决策提供理论依据。另外，本文结合我国资本市场特点研究山东上市公司价值创造能力，对山东上市公司资本结构、股权结构的改进，经营管理水平的提高具有直接的应用价值。本文采用理论分析和实证分析相结合的方法，首先根据相关文献资料，对经济增加值（EVA）指标在国内外上市公司领域的研究应用进行梳理，分析EVA的理论基础和理论渊源，探讨EVA作为价值创造能力指标的计算方法，并根据实际情况选择适合的计算公式，同时对经济增加值的两个变量进行会计调整，而且总结EVA方法的优点和局限性。然后本文以国泰安数据库和中国人民银行公布的2000～2010年数据为依据，对山东上市公司价值创造能力进行实证分析。通过分析比较山东上市公司的EVA值、EVA回报率和社会EVA回报率，得出结论：山东上市公司整体经营状况较好；但是各上市公司价值创造能力参差不齐，两极分化严重，主要是由于行业因素、规模因素和环境因素等。最后本文结合实证分析的结果，为提升山东上市公司的价值创造能力提出战略性政策建议：一是建立以EVA为核心的价值管理体系；二是增强山东上市公司的核心竞争力和可持续发展能力；三是保持资本结构弹性化，实现经营上的自主性和灵活性。本文的创新之处主要有以下几点：第一，结合实际对山东上市公司的税后净营业利润（NOPAT）、资本占用额（CAP）进行调整，，并合理地给出了上市公司EVA值及相关指标的计算公式。第二，以经济增加值指标为依据，对山东上市公司的价值创造能力进行了全过程的实证分析，并结合实证分析的结论为提升山东上市公司价值创造能力提出了战略性政策建议。
[Abstract]:In December 2010, the State Council officially approved the development plan of the high-efficiency ecological economic zone in the Yellow River Delta. In March 2011, the development plan for the blue economic zone of the Shandong Peninsula was approved again.This development strategy provides an opportunity for the rapid development of Shandong economy.At this point, it is of great practical significance to study the value creation ability of Shandong listed companies, to explore whether Shandong listed companies have created value for shareholders or destroyed the value of shareholders, and whether they have created positive benefits for the society.It is the starting point and guiding ideology for Shandong listed companies and government departments to correctly understand the topic of "value creation ability of listed companies in Shandong Province", and to provide theoretical basis for their decision-making.In addition, this paper studies the value creation ability of Shandong listed companies based on the characteristics of China's capital market, which has direct application value to the improvement of capital structure, equity structure and management level of Shandong listed companies.This paper combines the theoretical analysis with the empirical analysis. Firstly, according to the relevant literature, this paper combs the research and application of the economic added value (EVA) index in the field of listed companies at home and abroad, and analyzes the theoretical basis and theoretical origin of EVA.This paper discusses the calculation method of EVA as the index of value creation ability, and selects the suitable calculation formula according to the actual situation. At the same time, it adjusts the two variables of economic added value, and summarizes the advantages and limitations of the EVA method.Then, based on the data of Cathay Tai'an database and the people's Bank of China from 2000 to 2010, this paper makes an empirical analysis on the value creation ability of Shandong listed companies.By analyzing and comparing the EVA value of Shandong listed companies and the social EVA rate of return, it is concluded that the overall operating condition of Shandong listed companies is better, but the value creation ability of each listed company is not uniform, and the polarization is serious.Mainly because of industry factors, scale factors and environmental factors.Finally, combining the results of empirical analysis, this paper puts forward some strategic policy suggestions for improving the value creation ability of listed companies in Shandong: first, establishing a value management system with EVA as the core;The second is to strengthen the core competitiveness and sustainable development ability of Shandong listed companies, and the third is to maintain the flexibility of capital structure and realize the autonomy and flexibility of management.The innovations of this paper are as follows: first, the paper adjusts the net operating profit after tax and the capital occupation of Shandong listed companies, and reasonably gives the calculation formula of EVA value and related indexes of listed companies.Secondly, based on the index of economic added value, this paper analyzes the whole process of the value creation ability of listed companies in Shandong Province, and puts forward some strategic policy suggestions for improving the value creation ability of listed companies in Shandong Province.
【学位授予单位】：山东财经大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F275;F832.51

【引证文献】