基于EVA的我国上市核电关联企业业绩评价研究

发布时间：2018-01-15 09:01

本文关键词：基于EVA的我国上市核电关联企业业绩评价研究　出处：《南华大学》2014年硕士论文　论文类型：学位论文

【摘要】：国家核电发展中长期规划在客观上为核电关联企业的崛起创造了一个历史性的机遇。然而，随着社会的前进和经济的发展，以利润为核心的传统业绩评价指标体系现已不能满足我国核电关联企业绩效评价的需求，缺乏战略性全面绩效评价，核电关联企业的股东资本投入利用率及资本的预期合理收益不能有效反映。是否能够成功抓住这次机遇，需要提高目前核电关联企业的绩效评价体系效用。近年来，EVA作为一种新型业绩评价指标，在西方企业业绩评价体系中已成功得到运用，如IBM、可口可乐、通用和西门子公司等。我国自引入EVA概念以来，国内企业也逐渐运用EVA作为其业绩考核的重要方法，到2010年，国资委正式颁布了以EVA为核心的中央企业负责人经营业绩考核暂行办法。本文首先通过文献研究法，对EVA业绩评价方法进行文献回顾，界定核电关联企业和业绩评价的定义，阐述业绩评价方法的历史演进、对三种主要业绩评价方法运用比较方法分析，并对经济增加值（EVA）的涵义、本质、优缺性及EVA指标的计算方法进行分析，为本文研究提供理论依据。其次，采用实证分析方法，分析我国上市核电关联企业的业绩评价状况及运用EVA的必要性，以48家我国上市核电关联企业2010-2012年的数据为样本，通过实证，检验上市核电关联企业的EVA指标相比于传统业绩评价指标，是否与代表企业价值的MVA指标有更强的相关性，是否对企业价值有更优的解释能力；得出在我国上市核电关联企业中，EVA比以利润为核心的业绩评价指标体系更有效，但它对企业价值的解释力度不是很高，才43%，可能是未考虑非财务因素对企业绩效的影响。最后，在实证研究结论的基础上，，设计一种将EVA、杜邦分析法和BSC三者相互融合的综合企业业绩评价体系的构建方法，以期更为完善我国核电关联企业业绩评价效果。 EVA反映的是企业的经济利润，是真正的企业利润，相对于传统业绩评价指标，具有一定优势。在核电业积极发展的今天，研究基于EVA的我国上市核电关联企业绩效评价体系，具有理论和实践意义，不仅有利于完善、发展EVA理论体系和企业业绩评价体系，又有利于正确认识我国核电关联企业的经营业绩及内在价值，引导我国核电关联企业科学发展。
[Abstract]:The national nuclear power development medium- and long-term planning objectively creates a historic opportunity for the rise of nuclear power associated enterprises. However, with the progress of society and economic development. The traditional performance evaluation index system with profit as the core has been unable to meet the needs of performance evaluation of nuclear power associated enterprises in China and lacks of strategic comprehensive performance evaluation. The utilization rate of shareholders' capital input and the expected reasonable return of capital in nuclear power affiliated enterprises can not be effectively reflected. Whether or not they can seize this opportunity successfully. In recent years, as a new performance evaluation index, it has been successfully used in western enterprise performance evaluation system, such as IBM. Since the introduction of the concept of EVA in China, domestic enterprises have gradually used EVA as an important method of performance evaluation, until 2010. SASAC formally promulgated the EVA as the core of the central enterprise management performance assessment measures. This paper firstly reviews the EVA performance evaluation method through literature research, defines the definition of nuclear associated enterprises and performance evaluation, and expounds the historical evolution of performance evaluation method. The comparison method is used to analyze the three main performance evaluation methods, and the meaning, essence, advantages and disadvantages and the calculation method of EVA index of economic added value are analyzed. Secondly, the empirical analysis method is used to analyze the performance evaluation of listed nuclear power related enterprises in China and the necessity of using EVA. Taking the data of 48 listed nuclear power associated enterprises from 2010 to 2012 as a sample, this paper tests the EVA index of listed nuclear power associated enterprises compared with the traditional performance evaluation index. Whether there is a stronger correlation with the MVA index which represents the enterprise value, and whether it has better explanation ability to the enterprise value; It is concluded that EVA is more effective than the performance evaluation index system with profit as the core in listed nuclear power associated enterprises in our country, but its explanation of enterprise value is not very high, only 43%. It may be that the impact of non-financial factors on corporate performance is not considered. Finally, on the basis of empirical research conclusions, we design a kind of EVA. In order to perfect the performance evaluation effect of China's nuclear power associated enterprises, a comprehensive enterprise performance evaluation system based on DuPont analysis and BSC is constructed. EVA reflects the economic profit of the enterprise, is the real enterprise profit, compared with the traditional performance evaluation index, has certain advantages, in the nuclear power industry positive development today. It is of theoretical and practical significance to study the performance evaluation system of listed nuclear power associated enterprises in China based on EVA. It is not only beneficial to perfect and develop the EVA theory system and enterprise performance evaluation system. It is also helpful to correctly understand the business performance and intrinsic value of our country's nuclear power associated enterprises and guide the scientific development of our country's nuclear power associated enterprises.
【学位授予单位】：南华大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F426.23;F426.61;F224

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