我国上市公司EVA与股价相关性研究

发布时间：2018-04-03 09:58

本文选题：EVA　切入点：股票价格　出处：《天津大学》2014年硕士论文

【摘要】：21世纪的头一个十年我国成功超越日本成为世界第二经济体大国,这给我国带来前所未有发展机遇的同时也带来了来自世界各国的严峻挑战。作为社会基本单元的企业只有不断提升企业价值创造能力,才能更好地抓住机遇、迎接挑战。为了顺应时代发展的潮流和前进的方向,20世纪80年代美国SternStewart咨询公司提出了全新的价值管理理念——经济增加值(EVA)。EVA作为一种全新的管理理念,与传统会计指标最大的区别在于它考虑了企业投入的所有资本成本,有助于企业从过去的以扩大规模的增长模式转变到以提高价值的增长模式上来。因此,EVA在我国企业界的大力推行对于我国从经济大国向经济强国的转变具有重要意义。本文在梳理了近些年来国内外关于EVA、上市公司股票价格的相关文献后,根据文献中得到的研究成果确定了EVA的计算公式以及相关因素的计算标准,并指出了EVA相比于其他会计指标的优越性。然后在理论分析的基础上,还进行了相关的实证分析。本文选取我国上证A股873家企业为研究对象,使用其2009年--2013年的股价及EVA相关数据进行实证研究。首先运用相关理论模型获得873家上证A股公司的EVA数值并设定了每股EVA这一相对变量,然后根据RESSET及国泰安数据库获得的相关数据对每股EVA与股价、每股盈余与股价进行了回归分析和相关性分析。在以上实证研究的基础上对上证A股公司的股价进行了相应修正,并重新进行了回归分析及相关性分析。最终得出EVA对我国上市公司的股价解释程度低于传统会计指标对股价的解释程度的结论。在文章最后结合我国股票市场的特殊性对研究结论进行了相应分析,并提出了四条可行性建议。虽然现阶段的我国股票价格对EVA的反映程度较低,但是可以肯定的是随着我国股票市场与国际市场的逐渐接轨、EVA在企业界的广泛推行,EVA与股票价格的相关性会逐渐提高,股票价格对EVA的反映程度也会进一步加强。因此,我国企业界应建立、完善以EVA为核心的一系列应用,其不仅能够提高企业各个部门、各个层级员工的工作积极性,从长远来看它还将成为企业不断发展壮大的助推剂。
[Abstract]:In the first decade of the 21st century, China succeeded in surpassing Japan as the second largest economy in the world, which brought us unprecedented opportunities for development and also brought severe challenges from all over the world.As a basic unit of society, enterprises can seize opportunities and meet challenges only by constantly improving their ability to create value.In order to conform to the trend of the development of the times and the direction of progress, the American SternStewart Consulting Company put forward a new value management concept in the 1980s-Economic value added (EVA). EVA as a new management concept.The biggest difference from the traditional accounting index is that it takes into account all the cost of capital invested by the enterprise, which helps the enterprise to change from the growth mode of expanding the scale to the growth mode of increasing the value.Therefore, the implementation of EVA in China's business circles is of great significance to the transformation from a large economic power to an economic power.After combing the domestic and foreign literatures on stock price of EVA and listed companies in recent years, this paper determines the calculation formula of EVA and the calculation standard of relevant factors according to the research results obtained in the literature.It also points out the superiority of EVA compared with other accounting indexes.Then on the basis of theoretical analysis, we also carry out relevant empirical analysis.In this paper, 873 companies in Shanghai Stock Exchange of China are selected as the research objects, using their stock prices and EVA related data from 2009 to 2013 to carry out empirical research.First, the EVA value of 873 A-share companies in Shanghai was obtained by using the relevant theoretical model and the relative variable of EVA per share was set. Then, according to the relevant data obtained from RESSET and Cathay's database, the value of EVA per share and the stock price were compared.Earnings per share and stock price were analyzed by regression analysis and correlation analysis.On the basis of the above empirical research, the stock price of A shares of Shanghai Stock Exchange is revised accordingly, and the regression analysis and correlation analysis are carried out again.Finally, the conclusion that EVA explains the share price of listed company is lower than that of traditional accounting index.At the end of the paper, the author analyzes the conclusion of the research combining with the particularity of our country's stock market, and puts forward four feasible suggestions.Although the reaction of Chinese stock price to EVA is relatively low at the present stage, it is certain that the correlation between EVA and stock price will gradually increase with the gradual integration of EVA with the international market in the business world.The reaction of stock price to EVA will also further strengthen.Therefore, the enterprises of our country should establish and perfect a series of applications with EVA as the core, which can not only improve the working enthusiasm of all departments and levels of the enterprise, but also become the booster of the continuous development of the enterprise in the long run.
【学位授予单位】：天津大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F275;F832.51

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