管理者变更、EVA与投资不足

发布时间：2018-01-25 08:34

本文关键词： 管理者变更经济增加值投资不足短视现象　出处：《广西大学》2017年硕士论文　论文类型：学位论文

【摘要】：投资效率是资本运营的核心问题之一,在资本市场中进行合理有效的投资是实现公司价值最大化的途径。有研究显示,我国的上市公司存在严重的投资不足现象,制约着企业价值的增长。中央企业作为国民经济的支柱,其非效率投资问题亟待解决,因此,国资委于2010年起在中央企业负责人的业绩评价体系中全面开展经济增加值(EVA)指标考核,引导管理者站在公司的角度进行决策,增加理性投资行为。本文以我国沪深两市非金融类A股主板上市公司在2007年～2014年间的数据为样本,利用Vogt(1994)模型初步判断了样本公司的非效率投资倾向,再用Richardson(2006)的模型获得样本公司的非效率投资程度,选出央企上市公司在2010年～2014年间的数据作为研究子样本,实证分析了EVA与投资不足的关系,并结合管理者即将退休或任期届满时可能存在的短视现象,探讨管理者变更、EVA与投资不足三者间的关系。研究表明,EVA指标考核体系能减少我国央企上市公司的投资不足现象;但在管理者正常变更的前一年,EVA指标抑制投资不足程度的效果有所减弱,说明即将退休或任期届满的管理者存在短视现象,EVA指标鼓励长期投资的效果仍然不足。
[Abstract]:Investment efficiency is one of the core problems of capital operation. Reasonable and effective investment in the capital market is the way to maximize the value of the company. The listed companies in our country have serious underinvestment phenomenon, which restricts the growth of enterprise value. As the pillar of national economy, the central enterprise is the pillar of the national economy, its inefficiency investment problem needs to be solved urgently. Since 2010, SASAC has carried out the EVA index assessment in the performance evaluation system of the central enterprise leaders, leading managers to make decisions from the perspective of the company. Increase rational investment behavior. This paper takes the data of non-financial A-share main board listed companies in Shanghai and Shenzhen stock markets in 2007 and 2014 as samples. Using the Vogts1994) model, we preliminarily judge the inefficiency investment tendency of the sample company, and then use the model of Richardson's 2006) to get the degree of the sample company's inefficiency investment. This paper selects the data of the listed companies in 2010 and 2014 as the research sub-sample, and empirically analyzes the relationship between EVA and underinvestment. Combined with the short-sighted phenomenon that managers are about to retire or when their tenure expires, the relationship between the change of EVA and the underinvestment of managers is discussed. EVA index evaluation system can reduce the phenomenon of insufficient investment of the listed companies of central enterprises in our country; But one year before the normal change of managers, the effect of EVA index on the degree of investment deficiency is weakened, which indicates that managers who are about to retire or whose tenure expires are short-sighted. The effectiveness of the EVA indicator in encouraging long-term investment remains inadequate.
【学位授予单位】：广西大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832.51;F275;F272.91

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