【摘要】：經(jīng)濟(jì)增加值(EVA)這一概念最初由國資委提出,目的是考核央企績效,其優(yōu)勢是去除了投入資本的成本而反映出公司更加真實(shí)的價(jià)值創(chuàng)造能力。近年來,隨著人們對資本利用率的重視程度逐漸提升,EVA成為最受追捧的業(yè)績評價(jià)指標(biāo)之一。資本成本作為EVA計(jì)算公式中的減項(xiàng)決定了EVA的高低,而資本結(jié)構(gòu)又是影響資本成本的重要因素,因此合理安排資本結(jié)構(gòu)對公司來說十分重要,有助于提高公司治理效率、控制風(fēng)險(xiǎn)并達(dá)到企業(yè)價(jià)值最大化。建筑業(yè)作為國民經(jīng)濟(jì)基礎(chǔ)產(chǎn)業(yè),與其他產(chǎn)業(yè)有著不可分割的聯(lián)系,同時(shí)也帶動了它們的發(fā)展,為我國經(jīng)濟(jì)能保持穩(wěn)定高速發(fā)展做出了突出貢獻(xiàn)。然而,在看似高額的凈利潤和較大的資產(chǎn)規(guī)模下,其資本利用效率和價(jià)值創(chuàng)造能力并不高,與此同時(shí)建筑業(yè)還受國家供給側(cè)改革影響,我國房地產(chǎn)和固定資產(chǎn)投資增速放緩,造成建筑行業(yè)工程項(xiàng)目需求下降,資金短缺,收回的部分金額難以償還高負(fù)債的本息,行業(yè)形勢十分嚴(yán)峻。為了緩解這一不利狀況,本文將如何通過改變建筑業(yè)上市公司的資本結(jié)構(gòu)進(jìn)而提升其EVA作為研究重點(diǎn)。文章在與資本結(jié)構(gòu)相關(guān)的理論基礎(chǔ)上進(jìn)行深入研究,以建筑業(yè)上市公司為研究樣本,選取了2011—2015年在滬深兩所上市的建筑業(yè)公司,對其進(jìn)行了資本結(jié)構(gòu)與EVA現(xiàn)狀分析,并對反映資本結(jié)構(gòu)的各項(xiàng)指標(biāo)對EVA的影響進(jìn)行理論分析分析進(jìn)而提出相關(guān)的研究假設(shè);其次,為了準(zhǔn)確的分析我國建筑業(yè)上市公司資本結(jié)構(gòu)與EVA之間的關(guān)系,采用多元回歸的方法構(gòu)建了各項(xiàng)指標(biāo)與EVA之間函數(shù)模型,分析每項(xiàng)指標(biāo)對EVA產(chǎn)生怎樣的影響。檢驗(yàn)結(jié)果表明,建筑業(yè)上市公司流動負(fù)債率、有息負(fù)債率和股權(quán)集中度對經(jīng)濟(jì)增加值率有負(fù)影響;長期資本負(fù)債率和高級管理人員持股比例對經(jīng)濟(jì)增加值有正影響。資產(chǎn)負(fù)債率與經(jīng)濟(jì)增加值呈二次函數(shù)關(guān)系,當(dāng)資產(chǎn)負(fù)債率為50.71%時(shí),企業(yè)存在最大的經(jīng)濟(jì)增加值。本文最后根據(jù)前面的研究結(jié)論,提出以下優(yōu)化建筑業(yè)行業(yè)上市公司資本結(jié)構(gòu)提高其經(jīng)濟(jì)增加值的政策建議:將資產(chǎn)負(fù)債率控制在合適的范圍內(nèi)、減少流動負(fù)債率并增加長期資本負(fù)債率、減少有息負(fù)債率、保持適當(dāng)?shù)墓蓹?quán)集中度并增加高級管理人員持股比例。
[Abstract]:The concept of economic added value (EVA) was first put forward by SASAC for the purpose of evaluating the performance of central enterprises. Its advantage is that it removes the cost of capital investment and reflects the more real value creation ability of the company. In recent years, EVA has become one of the most popular performance evaluation indexes with the attention to capital utilization. The capital cost, as a subtract in the EVA formula, determines the level of EVA, and the capital structure is an important factor affecting the capital cost. Therefore, it is very important for the company to arrange the capital structure reasonably, which is helpful to improve the efficiency of corporate governance. Control risks and maximize corporate value. As the basic industry of national economy, the construction industry is closely related to other industries, and it also promotes their development, which has made outstanding contribution to the stable and high speed development of our country's economy. However, under the seemingly high net profit and large asset scale, the efficiency of capital utilization and the ability to create value are not high. At the same time, the construction industry is also affected by the state supply-side reform, and the growth rate of real estate and fixed asset investment in China slows down. As a result of the construction industry project demand decline, capital shortage, recovery of part of the amount difficult to repay the high debt principal and interest, the industry situation is very serious. In order to alleviate this disadvantage, this paper focuses on how to change the capital structure of listed companies in construction industry and improve their EVA. On the basis of the theory related to capital structure, this paper takes the listed companies of construction industry as the research sample, selects the construction companies listed in Shanghai and Shenzhen in 2011-2015, and analyzes the capital structure and EVA status. The influence of capital structure on EVA is analyzed theoretically and the relevant research hypotheses are put forward. Secondly, in order to analyze the relationship between capital structure and EVA of listed companies in construction industry, The multivariate regression method was used to construct the functional model between each index and EVA, and the influence of each index on EVA was analyzed. The test results show that the current debt ratio, interest-bearing debt ratio and equity concentration ratio of listed companies in construction industry have negative effects on the economic added value ratio, while the long-term capital debt ratio and the proportion of senior managers holding shares have a positive effect on the economic added value. The relationship between asset-liability ratio and economic added value is quadratic. When the asset-liability ratio is 50.71, the enterprise has the largest economic added value. Finally, according to the previous research conclusions, this paper puts forward the following policy recommendations to optimize the capital structure of listed companies in the construction industry to increase their economic added value: to control the asset-liability ratio within a suitable range, Reduce the current debt ratio and increase the long-term capital debt ratio, reduce the interest-bearing debt ratio, maintain appropriate equity concentration and increase the proportion of senior managers.
【學(xué)位授予單位】：東北農(nóng)業(yè)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2017
【分類號】：F426.92;F406.7

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