EVA在A股市场适用性问题的实证研究

发布时间：2018-04-16 11:41

本文选题：EVA(经济增加值) + 股票价格　；参考：《复旦大学》2013年硕士论文

【摘要】：EVA被定义为公司的所有收入扣除所有的成本(包括股东权益的成本)之后的所得,在计算上等于税后经营净利润减去股权和债权的成本。在经济学上它表示的是扣除显性成本和隐性成本后的剩余。EVA在国外已经成为了一个运用十分广泛的业绩评价指标,但在我国企业中应用的还不是很多,这与我国资本市场起步较晚,发展还不够完善有关；也与企业仍然遵循利润为导向,而忽视自身的价值创造有关。本文选取沪深300指数中的203个样本,运用回归分析以及其他统计方法对EVA、ECA与股价变动、股价变动率的相关性进行实证分析,得到的结果是对于资本密集型行业ECA能更好的解释股价的变动,对于劳动密集型行业EVA能更好的解释股价的变动。这说明ECA这个指标对于投入资本量比较大的资本密集型行业更加重要,资本的投入产出比反映了这类企业的价值创造过程。通过全文的分析我们得到EVA对于股价变动的解释程度不高,即EVA在我国A股市场目前来看还并不适用,这可能与我国资本市场不够有效、统计指标存在偏差以及计算方法的偏差有关,但从另一个侧面反映出上市公司的价值创造能力仍然有待提高。
[Abstract]:EVA is defined as the income of a company after deducting all costs (including the cost of shareholders' equity), which is calculated to be equal to the net operating profit after tax minus the cost of equity and debt.In economics, it means that after deducting the explicit cost and the hidden cost, EVA has become a very widely used performance evaluation index abroad, but not many of them have been applied in Chinese enterprises.This is related to the late start and imperfect development of the capital market in China, and the fact that the enterprises still follow the profit orientation and ignore their own value creation.In this paper, 203 samples of CSI 300 index are selected, and the correlation between EVACAA and stock price change and stock price change rate is analyzed empirically by regression analysis and other statistical methods.The result is that ECA can better explain stock price movements for capital-intensive industries and EVA for labor-intensive industries.This indicates that ECA is a more important indicator for capital-intensive industries with large capital input, and the ratio of input to output of capital reflects the value creation process of such enterprises.The deviation of statistical indexes and the deviation of calculation methods are related, but the value creation ability of listed companies still needs to be improved from the other side.
【学位授予单位】：复旦大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.51

【共引文献】