基于创业板上市公司的EVA信息含量研究

发布时间：2018-03-21 06:29

本文选题：EVA　切入点：企业价值　出处：《中国石油大学(华东)》2014年硕士论文　论文类型：学位论文

【摘要】：创业板自2009年10月30日正式上市公开交易以来一直受到各方广泛关注,市场规模稳步扩大,对于创业板上市公司的信息需求逐步增强。同时,在快速发展中创业板受到市场的追捧,产生了一定的泡沫,整体估值水平偏高。因此探寻合理衡量创业板真实企业价值的方法,评判创业板上市公司是否真正给股东带来了价值的提升,就显得尤为重要。随着EVA理论在央企考核中的应用,EVA理念越来越受到重视,那么在创业板上市公司中是否可以应用EVA理念,EVA是否可以提供优于传统指标的信息含量呢?为解决上述问题,依托企业价值、信息含量等相关理论,结合创业板上市公司特点,构建适合于创业板的EVA计算模型。选取EVA类指标EVAPC、ROC、WACC和传统会计类指标EPS、ROE、CFOPS、SGR作为解释变量,以MVAPC作为被解释变量,根据样本筛选原则共取得2010-2012年间的465个样本。通过描述性统计、一元回归、相关信息含量、增量信息含量的实证分析,得出在单个指标中,ROC对MVAPC的解释力度最强,可以达到53.4%。在相对信息含量方面,EVA类指标可以解释MVAPC变化的53.6%,明显优于传统会计类指标。在增量信息含量方面,在传统会计类指标的基础上,EVA可以提供高达35.8%的增量信息,而传统会计类指标对于EVA类指标的补充解释力仅为0.9%。因此EVA类指标不管是在相对信息还是增量信息方面都比传统会计指标有优势。建议创业板公司的管理层、创业板的监管层以及投资者重视EVA理念,并利用EVA思想助力创业板的健康发展。
[Abstract]:Since October 30th 2009, the gem has been widely concerned by all parties, the market scale has been expanding steadily, and the information demand for gem listed companies has gradually increased. At the same time, In the rapid development of the gem, it has been sought after by the market, resulting in a certain bubble, and the overall valuation level is on the high side. Therefore, we seek a reasonable way to measure the real enterprise value of the gem. It is particularly important to judge whether the gem companies really bring value to shareholders. With the application of EVA theory in the assessment of central enterprises, more and more attention has been paid to the concept of EVA. So in the gem listed companies can use the EVA concept can provide better than the traditional indicators of information content? In order to solve the above problems, based on the relevant theories of enterprise value and information content, and combining the characteristics of listed companies on the gem, the EVA calculation model suitable for the gem is constructed. EVAPC-ROCWACC, the traditional accounting index, is chosen as the explanatory variable, and the EVAPC-ROCWACC and the traditional accounting index are selected as the explanatory variables. With MVAPC as the explanatory variable, 465 samples were obtained from 2010 to 2012 according to the principle of sample screening. The empirical analysis of descriptive statistics, univariate regression, correlation information content and incremental information content was carried out. It is concluded that the MVAPC can be explained most strongly by ROC in a single index, which can reach 53.4%. In terms of relative information content, MVAPC can explain 53.6% of MVAPC changes, which is obviously superior to the traditional accounting index. On the basis of traditional accounting indicators, EVA can provide incremental information up to 35.8%. However, the supplementary explanatory power of the traditional accounting index to the EVA index is only 0.9.Therefore, the EVA index is superior to the traditional accounting index in terms of relative information or incremental information. The supervision layer of gem and investors attach importance to the idea of EVA, and use the idea of EVA to help the healthy development of gem.
【学位授予单位】：中国石油大学(华东)
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F275;F832.51

【相似文献】