本文選題：經(jīng)濟增加值　切入點：融資行為　出處：《廣西大學(xué)》2017年碩士論文　論文類型：學(xué)位論文

【摘要】：自2010年起,我國國資委在中央企業(yè)全面推行將經(jīng)濟增加值(EVA)列入業(yè)績考核指標(biāo)的考核方法,并在2013年進(jìn)一步增加和細(xì)化了 EVA在績效考評體系中所占比重。這項改革標(biāo)志著我國進(jìn)入了以EVA為核心的管理時代,意味著我國政府在管理思想上的轉(zhuǎn)變。國資委將EVA納入考核指標(biāo),以期可以提高我國中央企業(yè)的會計信息質(zhì)量,提高中央企業(yè)的績效,提高中央企業(yè)在市場經(jīng)濟中的競爭力,讓中央企業(yè)重現(xiàn)活力。而該制度推行至今已有六載,其實施效果如何、是否達(dá)到國資委推行EVA的初衷,值得我們關(guān)注。鑒于EVA績效考評制度被國資委強制在各個央企實施后,央企負(fù)責(zé)人可能會調(diào)整企業(yè)的融資行為以優(yōu)化EVA值,本文便試圖從有息債務(wù)融資率、有息債務(wù)融資成本以及股權(quán)融資偏好這三個角度入手,以2007年—2015年滬深兩市上市公司的公開數(shù)據(jù)為研究樣本,提出以下三個假設(shè)來研究國資委在央企實施EVA績效考評制度后對中央企業(yè)融資行為的影響:國資委實施EVA業(yè)績評價體系,會使央企傾向于提高有息債務(wù)融資率,使央企不再抗拒高成本的債務(wù)融資,使央企不再偏好股權(quán)融資。并以國資委在2010年全面推行EVA和2013年進(jìn)一步深化使用EVA為兩個不同的事件發(fā)生時點,分別建立雙重差分模型以驗證上述假設(shè)。研究結(jié)果顯示:在2007年—2013年第一段事件時間窗口中,EVA考核的推行與有息債務(wù)融資率顯著負(fù)相關(guān)、與有息債務(wù)融資成本和股權(quán)融資偏好均不顯著相關(guān);在2011年—2015年這一事件時間窗口中,EVA考核的進(jìn)一步深化對有息債務(wù)融資率雖無顯著影響,但顯著增加了央企的有息債務(wù)融資成本,并顯著降低了其股權(quán)融資偏好。綜上,本文提出以下建議:希望央企能夠努力提高資本使用效率,確立新的價值理念;希望國資委能夠健全包括非財務(wù)信息的全面績效核算方式,考慮EVA考核指標(biāo)在整個市場的推行是否會抬高市場貸款利率。
[Abstract]:Since 2010, the SASAC of our country has carried out the method of including EVA (Economic value added) as the performance assessment index in the central enterprises. In 2013, it further increased and refined the proportion of EVA in the performance appraisal system. This reform marks that China has entered the era of management with EVA as the core. The SASAC will bring EVA into the assessment index, in order to improve the quality of accounting information, improve the performance of the central enterprise, and improve the competitiveness of the central enterprise in the market economy. It is worth our attention whether the implementation effect of this system has been six years since its implementation, and whether it meets the original intention of SASAC to implement EVA. Since the EVA performance appraisal system has been enforced by SASAC in various central enterprises, The head of the central enterprise may adjust the financing behavior of the enterprise to optimize the EVA value. This paper tries to start from three angles: the financing rate of interest-bearing debt, the financing cost of interest-bearing debt and the preference of equity financing. Based on the public data of listed companies in Shanghai and Shenzhen from 2007 to 2015, this paper puts forward the following three hypotheses to study the influence of SASAC on the financing behavior of central enterprises after the implementation of EVA performance appraisal system in central enterprises: SASAC implements the EVA performance evaluation system. It will tend to increase the rate of interest-bearing debt financing, so that the central enterprises will no longer resist high-cost debt financing, So that central enterprises no longer prefer equity financing. And taking the full implementation of EVA by SASAC in 2010 and further deepening the use of EVA in 2013 as two different events, The results show that the implementation of EVA in the first event window from 2007 to 2013 is negatively correlated with the financing rate of interest-bearing debt. There was no significant correlation between the cost of interest-bearing debt financing and the preference for equity financing, and the further deepening of EVA assessment had no significant effect on the financing rate of interest-bearing debt, although it had no significant effect on the financing rate of interest-bearing debt in the time window from 2011 to 2015. However, it has significantly increased the cost of interest-bearing debt financing of central enterprises, and significantly reduced their preference for equity financing. In summary, this paper puts forward the following suggestions: hope that the central enterprises can strive to improve the efficiency of capital use and establish a new value concept; It is hoped that SASAC can improve the comprehensive performance accounting including non-financial information and consider whether the implementation of EVA assessment index in the whole market will raise the market loan interest rate.
【學(xué)位授予單位】：廣西大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2017
【分類號】：F275;F276.1;F832.51

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