会计利润现金利润及EVA的应用比较研究

发布时间：2018-10-24 16:59

【摘要】：会计利润、现金利润及EVA是对目前企业业绩评价的主要指标,也是各利益相关者在进行投资时要参考的重要指标。现代企业进入了以不断创造价值和保持企业可持续发展为核心的价值管理新阶段。然而,会计利润、现金利润及EVA与企业价值之间有什么样的关系,以前的国内外学者都没有得出一个确定的结论。本文选取沪深两市A股制造业的成熟上市公司2007到2010年四个会计年度的数据,对EVA与传统会计利润、现金利润的价值传导效率进行了研究,得出EVA的价值传导效率最高的结论。并在此基础上,进一步对会计利润、现金利润及EVA各自相对于其他指标的增量信息是否具有价值传导效率进行了实证研究,得出会计利润的增量信息不具有价值传导效率,会计利润的变化对企业价值“不敏感”。最后一部分实证研究的内容是如果将以上三类业绩指标组合起来作为各利益相关者决策依据的话,它们对企业价值的传导效率有什么变化。在这一部分中得出了以下结论：对于只考虑或只能取得两类业绩指标的情况,现金利润与EVA类收益指标组合起来的价值传导效率最高,如果三类业绩指标都考虑的话,会提高价值传导效率,但与将现金利润与EVA类指标组合的情况相比,提高价值传导效率的效果不明显。综合考虑现金利润与EVA类收益指标就能够为投资者做出合理经营决策提供必要的依据。
[Abstract]:Accounting profit, cash profit and EVA are the main indexes to evaluate the enterprise performance at present, and they are also the important indexes that all stakeholders should refer to when they invest. Modern enterprises have entered a new stage of value management with the core of continuously creating value and keeping the sustainable development of enterprises. However, the relationship between accounting profit, cash profit, EVA and enterprise value has not been concluded by domestic and foreign scholars. This paper selects the data of the mature listed companies in Shanghai and Shenzhen A-share manufacturing industry from 2007 to 2010 to study the value transmission efficiency between EVA and traditional accounting profits and cash profits, and draws the conclusion that the value transmission efficiency of EVA is the highest. On this basis, the paper further studies whether the incremental information of accounting profit, cash profit and EVA have value conduction efficiency compared with other indexes, and draws the conclusion that the incremental information of accounting profit does not have value transmission efficiency. The change of accounting profit is insensitive to enterprise value. The last part of the empirical study is that if the above three performance indicators are combined as the decision-making basis of each stakeholder, what changes will they have to the transmission efficiency of enterprise value. In this part, the following conclusions are drawn: when only two kinds of performance indicators are considered or can only be obtained, the combination of cash profit and EVA income index has the highest value conduction efficiency, if all three performance indicators are considered, It can improve the efficiency of value transmission, but the effect of improving the efficiency of value transmission is not obvious compared with the combination of cash profit and EVA. The comprehensive consideration of cash profit and EVA income index can provide necessary basis for investors to make reasonable management decision.
【学位授予单位】：华北电力大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F233;F832.51

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