兼顾产业因素的上市公司业绩评价体系研究
发布时间：2018-10-21 07:48
【摘要】：随着证券市场的不断规范发展,利用公开披露的会计信息,正确、公允地评价上市公司业绩越来越受到人们的重视。长期以来,国内外学者对企业的评价主要集中在经营绩效的评价方面,并对企业经营业绩评价方法做了大量的研究。但是对于上市公司的评价,目前的研究仍然薄弱,比如：大多数关于企业绩效的评价都是偏向于财务指标的评价,而单纯利用财务指标去评价一个企业是不全面的,因此加入非财务指标是企业评价的趋势；加入非财务指标的评价方法通常无法将指标量化,影响了评价的客观性；大多数评价都是基于企业自身当前的情况进行的,而一个企业的好坏离不开行业的发展。产业组织理论认为,企业所处产业的吸引力和企业在该产业中的地位对企业竞争力产生重要的影响。另外产业效应认为在其他条件(如年度效应、企业效应等)相同的条件下,某产业内企业的平均业绩优于另一产业的效应。而如何将产业影响量化,并纳入企业业绩评价体系基本没有研究,因此为本文提供了新的研究方向。 本文在综合前人研究的基础之上,通过理论研究与实证研究相结合的方法,建立起一套兼顾产业因素的上市公司业绩评价体系,创新设计了行业潜能和企业位能的评价指标,将产业因素进行量化。通过该评价体系对2010年上市公司业绩进行评价,得出上市公司业绩排行榜。在此基础上,选择国内上市公司业绩评价中享有较高声誉的中联资产评估有限公司的评价结果《2011年中国上市公司业绩评价报告》(针对2010年上市公司业绩的评价)进行对比,对两种评价方法下的公司排名结果进行对比和实证检验,同时与基金投资回报进行比较,进而验证本文设计的评价体系的科学性和不足,期望能为股东评价上市公司提供一个较为科学的工具。
[Abstract]:With the constant development of the securities market, people pay more and more attention to evaluating the performance of listed companies correctly and fairly by using the publicly disclosed accounting information. For a long time, scholars at home and abroad have mainly focused on the evaluation of business performance, and have done a lot of research on the evaluation methods of business performance. However, for the evaluation of listed companies, the current research is still weak, for example: most of the evaluation of enterprise performance is biased to the evaluation of financial indicators, but it is not comprehensive to use financial indicators to evaluate an enterprise. Therefore, adding non-financial indicators is the trend of enterprise evaluation; the evaluation method of adding non-financial indicators usually can not quantify the indicators, which affects the objectivity of evaluation; most of the evaluation is based on the current situation of the enterprise itself. And the good or bad of an enterprise is inseparable from the development of the industry. The theory of industrial organization holds that the attractiveness of the industry and the position of the enterprise in the industry have an important impact on the competitiveness of the enterprise. In addition, under the same conditions as other conditions (such as annual effect, firm effect, etc.), the average performance of an industry is better than that of another industry. However, there is no research on how to quantify the industrial impact and bring it into the enterprise performance evaluation system, so it provides a new research direction for this paper. On the basis of synthesizing the previous studies, this paper establishes a set of performance evaluation system of listed companies, which takes into account the industrial factors, and designs the evaluation indexes of industry potential and enterprise potential through the method of combining theoretical research with empirical research. Quantify industrial factors. Through the evaluation system to evaluate the performance of listed companies in 2010, the performance of listed companies ranking. On this basis, the evaluation results of China Joint Asset Appraisal Co., Ltd, which enjoys a high reputation in the performance evaluation of domestic listed companies, are compared with the results of the 2011 performance Evaluation report of China's listed companies (the evaluation of the performance of the listed companies in 2010). By comparing the results of the two evaluation methods and comparing with the return on investment of the fund, the paper verifies the scientific and insufficient of the evaluation system designed in this paper. It is expected to provide a more scientific tool for shareholders to evaluate listed companies.
【学位授予单位】：北京交通大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F275;F832.51;F224
本文编号：2284433
[Abstract]:With the constant development of the securities market, people pay more and more attention to evaluating the performance of listed companies correctly and fairly by using the publicly disclosed accounting information. For a long time, scholars at home and abroad have mainly focused on the evaluation of business performance, and have done a lot of research on the evaluation methods of business performance. However, for the evaluation of listed companies, the current research is still weak, for example: most of the evaluation of enterprise performance is biased to the evaluation of financial indicators, but it is not comprehensive to use financial indicators to evaluate an enterprise. Therefore, adding non-financial indicators is the trend of enterprise evaluation; the evaluation method of adding non-financial indicators usually can not quantify the indicators, which affects the objectivity of evaluation; most of the evaluation is based on the current situation of the enterprise itself. And the good or bad of an enterprise is inseparable from the development of the industry. The theory of industrial organization holds that the attractiveness of the industry and the position of the enterprise in the industry have an important impact on the competitiveness of the enterprise. In addition, under the same conditions as other conditions (such as annual effect, firm effect, etc.), the average performance of an industry is better than that of another industry. However, there is no research on how to quantify the industrial impact and bring it into the enterprise performance evaluation system, so it provides a new research direction for this paper. On the basis of synthesizing the previous studies, this paper establishes a set of performance evaluation system of listed companies, which takes into account the industrial factors, and designs the evaluation indexes of industry potential and enterprise potential through the method of combining theoretical research with empirical research. Quantify industrial factors. Through the evaluation system to evaluate the performance of listed companies in 2010, the performance of listed companies ranking. On this basis, the evaluation results of China Joint Asset Appraisal Co., Ltd, which enjoys a high reputation in the performance evaluation of domestic listed companies, are compared with the results of the 2011 performance Evaluation report of China's listed companies (the evaluation of the performance of the listed companies in 2010). By comparing the results of the two evaluation methods and comparing with the return on investment of the fund, the paper verifies the scientific and insufficient of the evaluation system designed in this paper. It is expected to provide a more scientific tool for shareholders to evaluate listed companies.
【学位授予单位】：北京交通大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F275;F832.51;F224
【参考文献】
相关期刊论文 前10条
1 梅国平;基于复相关系数法的公司绩效评价实证研究[J];管理世界;2004年01期
2 王化成,刘俊勇;企业业绩评价模式研究——兼论中国企业业绩评价模式选择[J];管理世界;2004年04期
3 王晶;高建设;宁宣熙;;企业价值评估指标体系的构建及评价方法实证研究[J];管理世界;2009年02期
4 郝云宏;曲亮;;企业经营绩效评价与企业理论研究的联动发展述评[J];管理世界;2009年07期
5 郭海芳;;上市公司绩效评价方法的理论研究[J];科技情报开发与经济;2006年15期
6 池国华,迟旭升;我国上市公司经营业绩评价系统研究[J];会计研究;2003年08期
7 杨宗昌,许波;企业经营绩效评价模式研究——我国电信企业集团经营绩效考评方法初探[J];会计研究;2003年12期
8 陈共荣;曾峻;;企业绩效评价主体的演进及其对绩效评价的影响[J];会计研究;2005年04期
9 李玉菊;张秋生;;以企业资源为基础的会计要素研究[J];会计研究;2006年01期
10 陆庆平;;以企业价值最大化为导向的企业绩效评价体系——基于利益相关者理论[J];会计研究;2006年03期
，本文编号：2284433
本文链接：https://www.wllwen.com/guanlilunwen/zhqtouz/2284433.html
