基于EVA的上市公司价值有效性研究

发布时间：2018-03-15 20:47

本文选题：经济增加值　切入点：企业价值　出处：《黑龙江大学》2014年硕士论文　论文类型：学位论文

【摘要】：企业价值最大化被认为是企业运营的最终目标，，只有准确掌握企业价值的变化并且持续创造价值才能使企业不断发展壮大。传统的价值评估方法只是通过将企业各项资产的账面价值进行加总来估计企业价值，得出的结果并不准确而且还会对企业的投资决策产生不利影响。事实上企业在经营过程中是一个整体，很多能够给企业带来预期收益的因素并没有在财务报表中得到体现，这些因素与企业的实物资产一样能够为企业创造价值，增加股东的财富。长期以来如何有效评估企业价值这个问题一直困扰着人们，而经济增加值(EVA)很好的解决了这个问题，基于EVA的价值评估方法注重挖掘企业的潜力来创造价值。与国外不同的是EVA传入我国的时间并不长，很多人质疑其在评估企业价值时的有效性。本文正是基于这一点，采用理论分析和实证研究相结合的方法来验证EVA评估企业价值的有效性。通过将EVA与传统财务指标进行对比，突出了EVA评估企业价值的有效性同时也让企业管理者对EVA这种企业价值管理模式有了更深刻的认识。
[Abstract]:The maximization of enterprise value is regarded as the ultimate goal of enterprise operation. Only by accurately grasping the change of enterprise value and continuously creating value can the enterprise develop and grow continuously. The traditional valuation method only estimates the enterprise value by adding up the book value of various assets of the enterprise. The result is not accurate and will have a negative impact on the investment decision of the enterprise. In fact, the enterprise is a whole in the process of operation, and many factors that can bring the expected income to the enterprise are not reflected in the financial statements. These factors, like the real assets of the enterprise, can create value for the enterprise and increase the wealth of the shareholders. For a long time, the problem of how to effectively evaluate the value of the enterprise has been puzzling people, and the economic added value (EVA) has solved this problem very well. The value evaluation method based on EVA focuses on tapping the potential of enterprises to create value. Different from foreign countries, EVA has not been introduced into our country for a long time. Many people question its effectiveness in evaluating the value of enterprises. This paper is based on this point. This paper uses the method of combining theoretical analysis and empirical research to verify the effectiveness of EVA in evaluating the value of enterprises. By comparing EVA with traditional financial indicators, It highlights the effectiveness of EVA evaluation of enterprise value and also makes managers have a deeper understanding of the enterprise value management model of EVA.
【学位授予单位】：黑龙江大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51;F275

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