基于EVA方法的中国上市证券公司绩效研究

发布时间：2017-12-30 19:40

本文关键词：基于EVA方法的中国上市证券公司绩效研究　出处：《辽宁大学》2014年硕士论文　论文类型：学位论文

【摘要】：中国证券市场经历了20多年的发展，但与西方国家的证券市场相比中国的证券市场发展还很不成熟。西方国家的证券市场已经建立了发达的运行体制，总体规模庞大，法律法规完善，证券公司的业务丰富且形成了差异化经营，证券投资的品种繁多。中国证券市场仍然存在很多问题，证券市场融资占据的社会融资总量比例比西方发达国家要低得多。随着中国经济的发展，，企业对资金的需求越来越大，遇到的经济问题也越来越复杂，而证券市场正好为企业的自身发展提供了良好的平台。同时，随着社会的发展和人们生活水平的提高，投资观念也发生了巨大的变化，许多投资者将资金投入到证券市场中，以求得到更高的收益率。而证券公司在融资者和投资者之间的作用也越来越大。证券公司各项业务开展的如何直接影响到融资者和投资者的收益，进而影响整个证券市场的健康发展，这就使对证券公司的研究具有巨大的现实意义。本文运用经济增加值（EVA）方法对中国证券公司的经营现状和经营绩效进行了分析。 EVA是利用调整后的财务数据和要求的投资报酬率进行计算，并得到公司绩效的评价值,被认为是一种计算企业真实利润的方法。EVA模式在计算税后利润时，把股权和债务投资者都纳入考虑范围，在考虑了实际发生成本的同时，也考虑到了权益投资和债务投资者在投资时所付出的机会成本。在文章中，首先对上市证券公司发展的现状进行了分析，介绍了中国证券行业的发展情况，对证券公司经营现状和存在的问题以及证券公司的业务特点进行了分析。其次，对EVA评价方法进行了介绍。随后，用EVA评价方法对证券公司的绩效进行评估和分析。将EVA的方法运用到中国上市证券公司的绩效评价上，计算出EVA值，并将其转化为REVA，进行排名和比较。以REVA的平均值为标准，将上市证券公司分为REVA较高和REVA较低的两组，并从不同方面对不同REVA上市证券公司进行分析。最后，对前文的分析做以总结，并适当提出建议。
[Abstract]:China's securities market has experienced more than 20 years of development, but compared with the security market of the western countries, the development of China's securities market is still immature, and the western countries' securities market has established a developed operating system. The overall scale is huge, the laws and regulations are perfect, the business of securities companies is rich and diversified, and there are many kinds of securities investment. There are still many problems in China's securities market. Stock market financing occupies a much lower proportion of total social financing than the western developed countries. With the development of Chinese economy, the demand for funds of enterprises is increasing, and the economic problems are becoming more and more complex. Meanwhile, with the development of society and the improvement of people's living standard, the concept of investment has changed greatly. Many investors put their money into the stock market. In order to achieve a higher rate of return. And the role of securities companies between the financiers and investors is also growing. How the securities companies carry out business directly affect the returns of the financiers and investors. And then affect the healthy development of the entire securities market, which makes the study of securities companies has great practical significance. This paper uses the method of Economic value added (EVA) to analyze the operation status and performance of Chinese securities companies. EVA is calculated by using adjusted financial data and required return on investment. And get the evaluation value of corporate performance, is considered to be a way to calculate the real profits of enterprises. Eva model in the calculation of after-tax profits, equity and debt investors are taken into account. Considering the actual cost, but also considering the equity investment and debt investors in the investment of the opportunity cost. In this paper, first of all, the development of listed securities companies are analyzed. This paper introduces the development of China's securities industry, analyzes the current situation and existing problems of the securities companies and the business characteristics of the securities companies. Secondly, it introduces the evaluation method of EVA. Using EVA evaluation method to evaluate and analyze the performance of securities companies. The EVA method is applied to the performance evaluation of listed securities companies in China. The EVA value is calculated and converted into REVA. According to the average value of REVA, listed securities companies are divided into two groups: higher REVA and lower REVA. And from different aspects of the analysis of different REVA listed securities companies. Finally, the analysis of the previous summary, and appropriate recommendations.
【学位授予单位】：辽宁大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.39

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