基于EVA的传统杜邦财务体系新构建及实证研究

发布时间：2018-04-11 23:41

本文选题：EVA + 财务分析　；参考：《西华大学》2014年硕士论文

【摘要】：EVA即经济增加值。其理论源于诺贝尔奖经济学家默顿.米勒和弗兰科.莫迪利亚尼《关于公司价值的经济模型》。从最基本的意义上讲，经济增加值是公司业绩度量指标，从现有的EVA理论着手，结合传统的杜邦分析体系构建一个权益EVA率为核心的财务分析体系。一方面可以打破传统杜邦分析体系以权益净利润为核心的局限性，建立基于EVA的新财务体系并证明这一体系的有效性；另一方面EVA与企业价值最大化有着天然的联系，提高EVA与实现企业价值最大化目标一致。因此通过理论分析与实证研究，构建一个能够真实反映股东投入资本的价值创造能力、有效分析企业财务状况和经营成果的财务综合评价体系。而且也能为经营活动、财务情况的管理提供强有力的支持。传统的杜邦分析体系面对新经济时代已有诸多不足，EVA应运而生，而且EVA又可以通过净利润调整得到，如此可以把传统的杜邦分析体系中的净利润指标换成EVA，构建新的体系。把传统杜邦分析体系中的净利润指标换成EVA在分析财务状况和经营成果上更具有逻辑性。实现了投入与回报相匹配能够切实反映投资回报率。在新的体系中，在逻辑上总资本EVA率，总资本是调整之后的资本总额，除去了经营负债，这和EVA匹配，恰当反映投入与回报的关系，另外，在财务杠杆问题上，调整后的总资本除去了经营负债，经营负债不存在资本成本便不产生杠杆效应，更能反映财务状况为企业融资决策提供依据。基于EVA的财务体系，有助于财务激励制度的建设。EVA财务体系以价值理念为导向，运用于管理层，，经营者将会站在股东的角度思考和经营管理，这样经营者与股东的目标根本一致，有效减轻股东与经营者的矛盾，降低代理成本。EVA指标是一个绝对值，可以运用于每一个业务单元，用于衡量这一业务单元是否增加股东价值。在一个业务单元的业绩评价中，传统财务体系的利润水平或投资回收率指标，因为没有把全部的成本都考虑进去，即使是不断增长的利润也有可能会侵蚀股东价值。EVA财务体系不仅可以从战略上分析出影响企业价值创造的驱动因素，又可以经过层层分解，在战术上深入到企业经营的每个层次中，为企业资产管理，融资手段的选择，资本结构的决策等提供有效的帮助，最终实现股东价值最大化这一目标。经过理论分析之后，最后通过实证研究证明基于EVA基础的杜邦分析体系的有效性。本文着重是应用投影寻踪模型结合免疫遗传算法证明EVA财务体系的有效性。
[Abstract]:EVA is economic added value.Its theory originates from the Nobel Prize economist Merton.Hans Muller and Franco.Modigliani. Economic Model on Corporate value.In the most basic sense, economic added value is a measure of corporate performance. Starting from the existing EVA theory and combining with the traditional DuPont analysis system, a financial analysis system with equity EVA rate as the core is constructed.On the one hand, it can break the limitation of traditional DuPont analysis system, which takes equity net profit as the core, establish a new financial system based on EVA and prove the effectiveness of this system; on the other hand, EVA has a natural relationship with the maximization of enterprise value.Improving EVA is consistent with the goal of maximizing enterprise value.Therefore, through theoretical analysis and empirical research, we construct a comprehensive financial evaluation system which can truly reflect the value creation ability of shareholders' investment capital, and effectively analyze the financial situation and operating results of enterprises.But also for the management of business activities, financial situation to provide strong support.The traditional DuPont analysis system has many disadvantages in the new economic era, and EVA can be obtained by net profit adjustment. Thus, the net profit index in the traditional DuPont analysis system can be replaced by EVA, and a new system can be constructed.It is more logical to replace the net profit index in the traditional DuPont analysis system with EVA in the analysis of financial situation and operating results.The matching of investment and return can reflect the return on investment.In the new system, the logical total capital EVA ratio, total capital is the adjusted total capital, excluding the operating liabilities, which matches the EVA, and appropriately reflects the relationship between input and return.In addition, on the issue of financial leverage, the adjusted total capital removes the operating liabilities, and the operating liabilities do not have the leverage effect without the capital cost, which can better reflect the financial situation for enterprises to provide the basis for financing decisions.The financial system based on EVA is helpful to the construction of financial incentive system.In this way, the objectives of the operator and the shareholder are basically the same, effectively reducing the contradiction between the shareholders and the operator, and reducing the agency cost. EVA index is an absolute value, which can be applied to every business unit.Used to measure whether this business unit adds shareholder value.In the performance evaluation of a business unit, the traditional financial system has a profit level or an investment recovery indicator because the full cost is not taken into account,Even growing profits may erode shareholder value. Eva financial system can not only strategically analyze the driving factors that affect the value creation of enterprises, but also decompose through layers.It provides effective help for asset management, choice of financing means, and decision of capital structure in every level of enterprise management, and finally realizes the goal of maximizing shareholder value.After theoretical analysis, the effectiveness of DuPont analysis system based on EVA is proved by empirical research.This paper focuses on applying projection pursuit model and immune genetic algorithm to prove the validity of EVA financial system.
【学位授予单位】：西华大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F406.7;F416.6

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