EVA对我国上市公司股价的影响

发布时间：2018-01-17 15:11

本文关键词：EVA对我国上市公司股价的影响　出处：《吉林财经大学》2014年硕士论文　论文类型：学位论文

【摘要】：经济增加值(Economic Value Added，EVA)是美国Stern Stewart管理咨询公司创建的财务指标，它充分体现了公司的财务管理目标在于使股东财富最大化，有效督促公司管理者将股东利益摆在第一位，是一种用来评估企业价值的财务指标。EVA之所以不同于传统的会计指标，是因为它不仅考虑了债权资本，还考虑了股权资本，体现了经济利润的概念，如何处理资本成本是这两者的最本质的差别，也就是说，一个企业要想增加股东财富，所投资的项目收益就要大于为取得该项目而付出的所有成本，这其中包括了权益成本。计算EVA时，，调整了财务报表中的相应科目，使得传统财务指标对企业价值的扭曲得到了纠正，真实反应了企业的业绩，有效度量了股东的财富变化。上市公司的经营业绩和价值创造能力决定了股价，经济增加值是评价企业运营状况的优良指标，本文选取A股市场上非金融作为样本，验证了经济增加值在我国股票市场上与股价的线性关系，收集了沪深两市200个样本公司从2010年到2012年三年的数据，分别对股价和各个传统财务指标做了描述性统计分析，证明样本企业的每个财务指标虽相差较大但整体状况良好，在之后的回归分析中，将股价作为因变量，经济增加值和传统的企业业绩评价指标分别和股价做相关性分析和多元回归分析，得到经济增加值与股价正相关、各个财务指标之间关联关系显著、经济增加值与股价的关联程度相对于每股收益较低等结论，文章的最后详细阐述造成上述结果的原因，得出结论并对经济增加值在我国的应用提出了合理建议。
[Abstract]:Economic Value added value (EVA) is the financial index established by Stern Stewart Management Consulting Company in the United States. It fully reflects the financial management objectives of the company is to maximize the wealth of shareholders, effectively urge the managers of the company to put the interests of shareholders in the first place. Eva is a kind of financial index used to evaluate the value of enterprises. Eva is different from the traditional accounting index because it not only considers the creditor's rights capital but also the equity capital which reflects the concept of economic profit. How to deal with the cost of capital is the most essential difference between the two. That is to say, if an enterprise wants to increase the wealth of its shareholders, the income from the investment project must be greater than all the costs paid to obtain the project. This includes the cost of equity. When calculating EVA, the corresponding subjects in financial statements are adjusted, so that the distortion of traditional financial indicators to the value of the enterprise has been corrected, and the true performance of the enterprise is reflected. Effective measurement of shareholder wealth changes. The operating performance and value creation ability of listed companies determine the stock price, economic added value is a good index to evaluate the operating conditions of enterprises. This paper selects the non-financial market as a sample. The linear relationship between economic added value and stock price in Chinese stock market is verified, and the data of 200 sample companies in Shanghai and Shenzhen stock markets from 2010 to 2012 are collected. The paper makes a descriptive statistical analysis on the stock price and each traditional financial index, which proves that each financial index of the sample enterprise is quite different but the overall situation is good. In the later regression analysis, the stock price is regarded as the dependent variable. The economic added value and the traditional enterprise performance evaluation index and the stock price respectively do the correlation analysis and the multiple regression analysis, obtains the economic added value and the stock price positive correlation, each financial index correlation relation is remarkable. The correlation degree between economic added value and stock price is lower than that of earnings per share. At the end of this paper, the causes of the above results are explained in detail, and some reasonable suggestions for the application of economic added value in our country are put forward.
【学位授予单位】：吉林财经大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F275;F832.51;F276.6

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