制造业上市公司EVA评价体系优越性研究

发布时间：2018-05-05 00:33

本文选题：经济增加值 + 绩效评价　；参考：《天津大学》2014年硕士论文

【摘要】：随着经济社会的发展,企业绩效评价正悄然发生着变化,从最开始的单一成本评价指标逐渐发展为具有综合性的绩效评价体系,如杜邦分析体系,沃尔评分法等。而在日益注重企业价值创造的今天,采用传统的绩效评价体系已不再与公司目标完全契合。上世纪九十年代,EVA理念的提出,使我们得到了与企业价值创造紧密相连的指标,但其能否作为企业价值与传统指标的桥梁,形成新的绩效评价体系,还需要进一步研究。本文在对EVA基本理论进行阐述以及对国内外学者的研究进行归纳总结的基础上,着重对EVA评价体系与传统体系进行了对比研究。选取了我国制造业上市企业作为数据样本,对传统财务指标变量的进行主成分分析后,得到主成分变量,并对EVA与企业市场增加值较强的相关性进行了验证。随后,以ROE作为参照变量,将企业的EVA与具有综合性的主成分变量进行回归分析与对比,结果证明EVA评价体系要优于以ROE核心的传统绩效评价体系。在实证部分的结论支持下,文章进而对该绩效评价体系与驱动因素相融合,针对公司价值创造的诊断,从盈利性,流动性,公司股票市场表现,发展性以及资产配置情况五个方面进行分析,并确定了相关的驱动因素。最后,本文针对研究结论提出了相应的政策建议,分析了文章的局限性并对未来进行展望。
[Abstract]:With the development of economy and society, enterprise performance evaluation is changing quietly, from the initial single cost evaluation index to a comprehensive performance evaluation system, such as DuPont analysis system, Vale scoring method and so on. Nowadays, the traditional performance evaluation system is no longer in line with the company's goal when it pays more and more attention to the creation of enterprise value. The concept of EVA in the 1990s makes us get the index closely linked to the creation of enterprise value, but whether it can be used as a bridge between the enterprise value and the traditional index to form a new performance evaluation system needs further study. On the basis of expounding the basic theory of EVA and summarizing the research of domestic and foreign scholars, this paper makes a comparative study on the evaluation system of EVA and the traditional system. The listed enterprises of manufacturing industry in China are selected as data samples, the principal component variables are obtained by principal component analysis of traditional financial index variables, and the strong correlation between EVA and market added value of enterprises is verified. Then, with ROE as the reference variable, the regression analysis and comparison between EVA and principal component variables are carried out. The results show that the EVA evaluation system is superior to the traditional performance evaluation system with the core of ROE. Supported by the conclusions of the empirical part, the paper further integrates the performance evaluation system with the driving factors, aiming at the diagnosis of company value creation, from the profitability, liquidity, corporate stock market performance, The development and asset allocation are analyzed in five aspects, and the relevant driving factors are determined. Finally, the paper puts forward the corresponding policy recommendations, analyzes the limitations of the paper and looks forward to the future.
【学位授予单位】：天津大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F406.7;F425

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