EVA绩效考核与企业过度投资关系研究

发布时间：2018-03-11 16:13

本文选题：过度投资　切入点：经济增加值　出处：《湘潭大学》2014年硕士论文　论文类型：学位论文

【摘要】：企业的投资行为与效率问题一直是学术界关注的重点，它与企业管理层的业绩评价方式息息相关，良好的业绩评价方式可以影响及提高企业的投资效率。近年来，市场上掀起了一股投资热潮，，却因为部分企业不顾发展规律盲目扩大投资而导致了众多过度投资行为。宏观数据显示，在中国国有企业的固定资产投资在保持较高水平的同时，其投资效率却比较低下。2010年，国务院国资委开始全面推行衡量企业价值创造能力的央企负责人EVA绩效考核体系，经济增加值（EVA）成为央企负责人绩效考核的核心指标。到目前为止，EVA绩效考核体系已经推行了三年多时间。EVA绩效考核体系的实施效果如何，是否符合中央企业有效地抑制过度投资的预期，或者它还能作哪些方面的改进，这将是本文探讨的问题。论文以央企上市公司的数据作为研究样本，实证检验了EVA绩效考核体系推行的效果，并检验了行业因素差异对EVA的实施效果是否存在某些影响。在理论分析的基础上，本文将EVA绩效考核体系推行前两年的央企上市公司相关数据与推行后三年的数据进行对比，即用2008-2012年的数据来检验了EVA绩效考核政策对过度投资的影响大小，同时还将过度投资样本分为制造业组和非制造业组分别进行回归，对比考察了行业类别因素对两者关系的影响程度。研究结果显示，从整体上来看，EVA绩效考核体系有效的抑制了央企上市公司过度投资行为。这从数据上支持了国资委推行EVA业绩考核政策的成效，也给EVA的进一步推广应用增强了信心。与此同时，EVA绩效考核政策对非制造业央企上市公司的影响显著强于其对制造业的央企上市公司的影响，这表明，行业类别因素也影响了EVA绩效考核政策对企业过度投资行为的效用发挥。
[Abstract]:The investment behavior and efficiency of enterprises have always been the focus of academic attention, it is closely related to the performance evaluation of enterprise management, good performance evaluation can affect and improve the investment efficiency of enterprises in recent years. There is an investment boom in the market, but because some enterprises blindly expand their investment in disregard of the law of development, it has led to a lot of overinvestment. Macro data show that while the fixed asset investment of Chinese state-owned enterprises is maintaining a high level, In 2010, the SASAC of the State Council began to fully implement the EVA performance appraisal system, which measures the ability of enterprises to create value. Economic value added (EVA) has become the core indicator of the performance appraisal of the responsible persons in central enterprises. So far, the EVA performance appraisal system has been implemented for more than three years. What is the effect of the implementation of the EVA performance appraisal system? Whether it is in line with the expectations of central enterprises to effectively curb excessive investment, or what improvements it can make, will be discussed in this paper. Taking the data of the listed companies of central enterprises as the research sample, this paper empirically tests the effect of the implementation of the EVA performance appraisal system, and examines whether there is some influence on the implementation effect of EVA by the differences of industry factors. This paper compares the relevant data of the EVA performance appraisal system between the two years before the implementation of the performance appraisal system and the data of the three years after the implementation, that is, using the data from 2008 to 2012 to test the impact of the EVA performance appraisal policy on the over-investment. At the same time, the samples of overinvestment were divided into manufacturing group and non-manufacturing group for regression analysis, and the influence of industry category factors on the relationship between them was compared. On the whole, the EVA performance appraisal system effectively restrains the over-investment behavior of the listed companies in central enterprises. This data supports the effectiveness of the SASAC's implementation of the EVA performance appraisal policy. At the same time, the impact of the EVA performance appraisal policy on the listed companies of non-manufacturing enterprises is significantly stronger than that on the listed companies of the manufacturing enterprises, which indicates that, Industry category factors also affect the effectiveness of EVA performance appraisal policy on overinvestment behavior.
【学位授予单位】：湘潭大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F275;F224

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