EVA在我国创业板上市公司业绩评价中的应用研究

发布时间：2018-01-16 09:07

本文关键词：EVA在我国创业板上市公司业绩评价中的应用研究　出处：《云南财经大学》2017年硕士论文　论文类型：学位论文

【摘要】：创业板上市公司的业绩评价结果一直是投资者关注的重要内容,利益相关者希望通过业绩评价结果把握投资方向,但是,结果却不经常尽如人意,其原因是,传统业绩评价方法在业绩评价中能够带给投资者的信息很少,这主要是受制于传统业绩评价指标的滞后性以及预测功能缺失,为了更清晰取得企业经营过程的真实成果,需要另辟蹊径,寻找其他方法。EVA业绩评价方法作为EVA理论体系的主要部分,在评价企业业绩方面有着传统业绩方法所不具有的独特优势,即EVA站在企业价值增值角度,绕过了企业经营过程中,经营者为了某种目的对报表数据的粉饰或者利润调节,可以在很大程度上减少报表数据的信息失真,回归真实的企业业绩上来。本文在研究EVA业绩评价理论功能的基础上,通过锁定研究范围:创业板市场上市公司。研究角度:EVA业绩评价同以杜邦分析体系为主的传统业绩评价方法的比较。试图给出这样的结论:1、传统业绩评价方法占据统治地位,但EVA方法潜力巨大。EVA方法在评价企业业绩方面比传统方法更有优势,所得出的结论更加具有说服力;2、EVA方法对创业板上市公司的业绩评价结论仍然具有可信性,EVA指标从长远来看比传统评价方法更适合对创业板公司进行业绩评价。本文选中的案例,是创业板上市公司中曾经的头名,乐视网。研究思路是,在梳理EVA前世今生的基数上,对我国创业板市场整体进行EVA适用性分析,然后将研究集中到一个点,即乐视网上,通过巨潮资讯网查找到相关财报数据信息,严格按照EVA公式中各种调整,计算出EVA值,并运用乐视网2010至2015年的EVA值进行深入分析。本文选取3个分析点和传统方法进行比较研究,这3个点分别是:1、EVA与净利润指标比较及差异分析;2、EVA投资资本回报率与权益净利率(期末)的比较及差异分析;3、EVA增长率与净利润增长率的比较及差异分析。如前所述,本文在EVA基础上在三个方面同传统业绩指标展开比较分析,这是文章的研究角度,是文章的重点部分,在本部分,本文通过数据的深入挖掘,试图找到EVA在业绩评价方面比传统业绩评价法的优势,在计算过程中,的确也在数据的比较分析上中达到了本文的目的,从案例研究角度证实了EVA业绩评价方法相比传统会计评价法的优越性。
[Abstract]:Gem listed companies performance evaluation results have been an important concern of investors, stakeholders hope to grasp the direction of investment through the results of performance evaluation, but the results are not always satisfactory, the reason is. The traditional performance evaluation method can bring little information to investors in the performance evaluation, which is mainly limited by the lag of traditional performance evaluation indicators and the lack of forecasting function. In order to obtain the real results of the business process more clearly, we need to find other methods. Eva performance evaluation method as the main part of the EVA theory system. In the evaluation of enterprise performance, there is a unique advantage that the traditional performance method does not have, that is, EVA stands in the perspective of value-added enterprise value, bypassing the business process. For some purpose, the operator can reduce the information distortion of the report data to a great extent by whitewashing or adjusting the profit of the report data. This paper studies the function of EVA performance evaluation theory. By locking the scope of the research: gem listed companies. Research angle of the comparison between the performance evaluation of EVA and the traditional performance evaluation method based on DuPont analysis system. Try to give such a conclusion: 1. The traditional performance evaluation method occupies the dominant position, but the EVA method has more advantages than the traditional method in evaluating the enterprise performance, and the conclusion is more persuasive. 2EVA method still has credibility to the performance evaluation conclusion of gem listed companies. In the long run, the EVA index is more suitable than the traditional evaluation method to evaluate the performance of gem companies. The case selected in this paper is the former leader of gem listed companies, Letv net. The research idea is. In combing the cardinal number of EVA in the past life, this paper analyzes the applicability of EVA in China's gem market as a whole, and then focuses on one point, that is, Letv online. Through the giant tide information network to find the relevant financial data information, strictly in accordance with the EVA formula in various adjustments to calculate the EVA value. In this paper, we choose three analysis points and traditional methods for comparative study. These three points are respectively: 1: 1. Comparison and difference analysis between EVA and net profit index; (2) the comparison and analysis of the difference between the rate of return on investment capital and the net interest rate of equity (at the end of the term) of EVA; As mentioned earlier, this paper compares EVA with traditional performance indicators in three aspects, which is the research angle of this article. Is the key part of the article, in this part, through the in-depth mining of data, this paper tries to find out the advantages of EVA in performance evaluation compared with the traditional performance evaluation method, in the calculation process. Indeed, the purpose of this paper is achieved in the comparative analysis of the data. From the perspective of case study, the superiority of EVA performance evaluation method compared with the traditional accounting evaluation method is proved.
【学位授予单位】：云南财经大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F275;F49

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