基于资产负债表的经济增加值和净利润的比较分析

发布时间：2018-12-10 22:27

【摘要】：经济增加值（EVA）对企业价值的解释能力一直存在争议。EVA实证研究中，主要使用EVA和其它传统财务指标对价值的相关性系数进行比较分析，研究EVA是否具有解释力。由于我国资本市场的不成熟，EVA和其它传统财务指标对资本市场价值指标的相关系数远小于成熟资本市场的相关系数，限制了这种研究方法的准确性和可信度。资产负债表是企业经营过程一个状态。通过分析国内2011年EVA排名前100名公司的19个主要资产项目和EVA、净利润的线性回归关系，引进偏最小二乘法解决资产项目多重相关性问题，利用资产项目性质对比分析传统会计指标EVA、净利润的解释模拟程度。然后继续使用偏最小二乘法研究2011年EVA排名前100名公司的24个主要资产负债所有者权益项目和EVA、净利润的线性回归关系。研究发现EVA、净利润对资产负债表各项目的综合被解释力有不同的侧重点。认为EVA在评价指标中可以和净利润财务指标结合更准确反映企业的盈利水平，可以更好地评价企业业绩，防止企业短期化盈利行为，EVA具有净利润和其它财务指标不可替代的作用。同时偏最小二乘法运用于资产负债表，解决资产负债表各项目之间严重共线性的问题，对解释变量和被解释变量的系数做出了准确合理的解释，，说明引进偏最小二乘法分析资产负债表和EVA、净利润的相关性是可行的。
[Abstract]:In the empirical study of EVA, EVA and other traditional financial indexes are mainly used to compare and analyze the correlation coefficient of value, and to study whether EVA has the explanatory power. Because of the immature capital market, the correlation coefficient of EVA and other traditional financial indexes to the capital market value index is much smaller than that of the mature capital market, which limits the accuracy and credibility of this research method. Balance sheet is a state of business process. By analyzing the linear regression relationship between 19 main asset items and EVA, net profit of the top 100 EVA companies in China in 2011, the partial least square method is introduced to solve the multiple correlation problem of asset items. By comparing the nature of asset items, the paper analyzes the interpretation and simulation degree of traditional accounting index EVA, net profit. Then the partial least square method is used to study the linear regression relationship between the 24 major asset-liability owner equity items and EVA, net profit of the top 100 EVA companies in 2011. The study found that EVA, net profit has different emphasis on the comprehensive interpretation of each item of balance sheet. It is considered that EVA can reflect the profit level of the enterprise more accurately in combination with the financial index of net profit, which can better evaluate the performance of the enterprise and prevent the short-term profit behavior of the enterprise. EVA has an irreplaceable role in net profit and other financial indicators. At the same time, the partial least square method is applied to the balance sheet to solve the problem of serious collinearity between the items in the balance sheet. The coefficients of the explanatory variables and the explained variables are explained accurately and reasonably. It is feasible to introduce partial least square method to analyze the correlation between balance sheet and EVA, net profit.
【学位授予单位】：黑龙江八一农垦大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F231.1

【参考文献】