基于EVA的我国创业板上市公司绩效评价研究

发布时间：2018-04-12 17:17

本文选题：经济增加值 + 绩效评价　；参考：《复旦大学》2012年硕士论文

【摘要】：企业价值理论认为上市公司的经营目标是企业价值最大化,这就要求绩效评价方法能够准确地反映公司为股东创造的价值。这种情况下,传统的会计绩效评价指标因忽视了股权资本成本而不能用来衡量企业的价值创造能力,这就需要一种新的绩效评价方法来代替日渐落后的会计指标,于是EVA,全称为经济附加值的新型绩效评价方法就顺势产生。EVA方法最早是1982年由美国的斯特斯滕企业率先提出的,主要是解决现行绩效评价体系的弊端,科学、合理的表示整个企业为股东创造的企业价值。自问世以来,EVA在国外备受关注并得到成功运用,在国内一方面受到理论界的大力推崇,另一方面EVA在实践中的有效性受到质疑。本文的研究目的在于判断EVA对我国创业板上市公司的价值创造能力。文章的核心部分是第三章的实证研究,主要分三部分：描述性统计部分从整体上研究了EVA与传统会计指标的区别与联系；相关关系分析则是通过相关系数来研究EVA是否与上市公司的价值(MVA)具有正相关关系；回归分析是为了研究EVA对上市公司价值的解释力的大小。研究结果表明EVA对我国创业板上市公司的绩效评价是有效的,但是有效性低于传统的会计利润,将其与传统会计指标相结合使用,绩效评价结果将会更优。本文的最后对上述研究的内容进行总结,并针对研究结果提出了一些建议,同时指出本文研究的局限性,为进行下一步研究打下了基础。
[Abstract]:The theory of enterprise value holds that the aim of the listed company is to maximize the value of the enterprise, which requires the method of performance evaluation to accurately reflect the value created by the company for the shareholders.In this case, the traditional accounting performance evaluation index can not be used to measure the value creation ability of the enterprise because of ignoring the cost of equity capital, which requires a new performance evaluation method to replace the increasingly backward accounting indicators.So EVA, a new performance evaluation method called economic added value, was first put forward in 1982 by the Stursten enterprise in the United States, mainly to solve the drawbacks of the current performance evaluation system.A reasonable representation of the corporate value created by the whole enterprise for its shareholders.Since its birth, EVA has attracted much attention and been successfully applied in foreign countries. On the one hand, it has been greatly respected by the theoretical circles in China, and on the other hand, the effectiveness of EVA in practice has been questioned.The purpose of this paper is to judge the value creation ability of EVA to listed companies in gem.The core part of this paper is the empirical research in Chapter 3, which is divided into three parts: the descriptive statistical part studies the difference and relation between EVA and traditional accounting index;Correlation analysis is to study whether EVA has a positive correlation with the value of listed companies through correlation coefficient, and regression analysis is to study the value of EVA to explain the value of listed companies.The results show that EVA is effective in evaluating the performance of listed companies in gem, but its effectiveness is lower than that of traditional accounting profit.At the end of this paper, the contents of the above research are summarized, and some suggestions are put forward in view of the research results. At the same time, the limitations of this study are pointed out, which lays a foundation for further research.
【学位授予单位】：复旦大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F275;F832.51

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