基于EVA的价值管理在中国TMT行业上市公司的应用研究

发布时间：2018-04-29 09:56

本文选题：EVA经济附加值 + 价值管理　；参考：《天津大学》2014年硕士论文

【摘要】：首先，通过构建EVA数据及相关指标矩阵，对我国沪深两市TMT行业（Telecom、Media、Technique，简称TMT）85家上市公司2009年至2012年间经营绩效进行分析研究。实证发现，通过EVA来衡量TMT行业上市公司的经营绩效表明，，我国TMT行业的景气程度在逐年下降，TMT行业上市公司录得EVA绝对值也在逐年下滑；具体表现为TMT行业上市公司的EVA率和ROIC呈逐年降低，WACC却稳中有升，导致上市公司获取超额收益的难度不断增大。其次，综合TMT行业上市公司综合指标矩阵对企业当年经营绩效进行全面、综合的评价。EVA综合指标矩阵涵盖多个用于衡量企业经营绩效指标，可以从衡量企业盈利质量、偿债能力、回报能力等多个角度探究上市公司的经营绩效，以此探究具备竞争优势、可以获得超额利润的优秀公司。实证发现优秀企业在市场有效的条件下确实能够获得高于普通企业的资本溢价，但影响上市公司股票投资回报率的因素是多维度的，企业的经营绩效与企业股票收益并不能表现出显著的一致性。本文在此基础上，构建基于EVA综合汇报指标的投资策略。再次，在企业综合指标矩阵研究基础上，本文研究我国A股市场上市公司EVA指标对企业价值的作用机制及影响程度。实证发现，EVA指标及其他财务利润指标与企业价值显著正相关，并且NOPAT、EVA等考察企业全面经营业绩的财务指标与企业价值的相关性远远大于净利润。这说明我国这样的新型资本市场已经有了显著的进步，其市场有效性正在不断加强，市场定价机制也在不断的完善。但是同国外发达资本市场相比，我国资本市场效率的差距还是非常明显，通过企业经营绩效来衡量企业价值的能力还有待提高。最后，以目标企业在A股市场上股票价格反应企业价值为假设前提，根据市场有效性假说，实证应用基于EVA贴现估值模型的企业价值评估，研究企业权益定价的作用机制。结论表明，企业价值评估对企业未来发展假设条件的细微变化高度敏感，很小的贴现率变化可以带来巨大的企业市值评估波动，这就要求评估者对经济的发展、行业的走势、企业的未来有一个明确的判断，而且需要长期持续的进行跟踪研究，不断纠正估值的偏差，使之始终保持在正确的方向上前进。
[Abstract]:First of all, by constructing EVA data and related index matrix, we analyze and study the operating performance of TMT)85 listed companies from 2009 to 2012 in TMT industry of Shanghai and Shenzhen stock markets. Empirical results show that the business performance of listed companies in TMT industry is measured by EVA. The prosperity of TMT industry in China is declining year by year. The absolute value of EVA in listed companies in TMT industry is also declining year by year. The specific performance is that the rate of EVA and ROIC of listed companies in TMT industry are decreasing year by year, which leads to the increasing difficulty of obtaining excess returns of listed companies. Secondly, the comprehensive index matrix of listed companies in TMT industry carries on comprehensive management performance. The comprehensive evaluation. Eva comprehensive index matrix covers a number of indicators used to measure the performance of enterprises, which can be used to measure the quality of corporate profits. This paper probes into the operating performance of listed companies from several angles, such as solvency and repayment ability, so as to explore the excellent companies with competitive advantages and super profits. The empirical results show that the excellent enterprises can obtain a higher capital premium than ordinary enterprises under the condition of market efficiency, but the factors that affect the return on stock investment of listed companies are multi-dimensional. Business performance and corporate stock returns can not show significant consistency. On this basis, this paper constructs an investment strategy based on EVA comprehensive reporting index. Thirdly, on the basis of the research of the enterprise comprehensive index matrix, this paper studies the mechanism and influence degree of the EVA index on the enterprise value of the listed companies in the A-share market of our country. It is found that EVA index and other financial profit indexes are positively correlated with enterprise value, and the correlation between EVA and enterprise value is far greater than that of net profit. This shows that China's new capital market has made remarkable progress, its market effectiveness is constantly strengthening, market pricing mechanism is constantly improving. However, compared with foreign developed capital markets, the efficiency gap of China's capital markets is still very obvious, and the ability to measure the value of enterprises through the performance of enterprises still needs to be improved. Finally, based on the hypothesis that the target firm's stock price reflects the firm's value in the A-share market, according to the hypothesis of market effectiveness, this paper empirically applies the EVA discount valuation model to evaluate the enterprise value, and studies the mechanism of enterprise equity pricing. The conclusion shows that the enterprise value assessment is highly sensitive to the slight change of the hypothetical conditions for the future development of the enterprise, and a very small discount rate change can bring huge fluctuations in the evaluation of the enterprise market value, which requires the evaluator to have a view on the development of the economy and the trend of the industry. The future of the enterprise has a clear judgment, and it is necessary to continue to track and study for a long time, constantly correct the deviation of the valuation, so that it will always be in the right direction to move forward.
【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

【相似文献】