本文關鍵詞：EVA對我國主板市場公司股價影響的研究　出處：《哈爾濱工程大學》2012年碩士論文　論文類型：學位論文

  更多相關文章： EVA 股票價格 企業(yè)價值

【摘要】：2010年年初，國資委新修訂的《中央企業(yè)負責人經(jīng)營業(yè)績考核辦法》決定從中央企業(yè)負責人的第三任期開始，全面推行經(jīng)濟增加值考核指標，且經(jīng)濟增加值在整個考核中的所占權重為40％，超過占比30％的會計利潤指標。這標志著我國二十多萬億資產(chǎn)規(guī)模、年收入近十七萬億的中央企業(yè)正式納入經(jīng)濟增加值指標管理體系。EVA與傳統(tǒng)業(yè)績指標最大的不同是其考慮了股權資本在內(nèi)的企業(yè)全部資本，體現(xiàn)了經(jīng)濟利潤的概念。同時EVA對財務報表中相應科目做出了調(diào)整，克服了傳統(tǒng)財務指標對企業(yè)業(yè)績造成的扭曲，真實的反映了企業(yè)的內(nèi)在價值，有效度量了股東的財富變化。 經(jīng)營業(yè)績與價值創(chuàng)造能力是上市公司股價最重要的決定因素，EVA是業(yè)績評價的優(yōu)良指標，本研究試圖驗證EVA在我國資本市場的有效性，找到EVA與上市公司股價間的關系。本文首先從剖析影響股價的因素入手，從理論上明確導致股價波動的主要因素;然后闡述EVA的內(nèi)涵與計算方法，剖析EVA的經(jīng)濟含義;在理論研究方面，比較EVA指標與傳統(tǒng)業(yè)績指標衡量公司價值與影響股價的有效性，歸納EVA指標較傳統(tǒng)會計指標的優(yōu)越性，討論EVA估值模型相對于經(jīng)典的現(xiàn)金流折現(xiàn)模型的優(yōu)點；其次在實證研究方面，以我國滬深主板市場上市公司2008年至2010年的相關經(jīng)濟數(shù)據(jù)為研究依據(jù)，，研究時為了盡量縮小公司規(guī)模造成的盈利能力差異影響，以上市公司資產(chǎn)值為控制變量對比分析EVA體系指標和傳統(tǒng)財務指標與以MVA值衡量的上市公司股價和價值及股價變動率的相關性，并進行分析。并以上市公司MVA為被解析變量，以EVA體系指標和傳統(tǒng)會計指標為解析變量，進行多遠回歸分析，并作出相應檢驗。另外在實證部分中，依托上述研究結果，分析了EVA對不同的行業(yè)上市公司股價的解析能力，隨后對實證分析的結果做出總結，分析得到這個實證結果可能的原因；最后分析了EVA指標在應用中的不足，并對其在我國的應用提出相應的建議。
[Abstract]:At the beginning of 2010, the SASAC's newly revised "measures for assessing the Business performance of the responsible Persons of Central Enterprises" decided to comprehensively implement the assessment index of economic added value starting from the third term of the responsible persons of the central enterprises. And the weight of economic added value in the whole examination is 40%, which exceeds the accounting profit index of 30%, which marks the scale of more than 20 trillion assets in our country. The biggest difference between central enterprises with annual income of nearly 17 tillion years and traditional performance indicators is that they consider the total capital of enterprises including equity capital. At the same time, EVA adjusts the corresponding subjects in the financial statements, overcomes the distortion of the traditional financial indicators to the enterprise performance, and reflects the intrinsic value of the enterprise. Effective measurement of shareholder wealth changes. EVA is the most important determinant of the stock price of listed companies. It is an excellent indicator of performance evaluation. This study attempts to verify the effectiveness of EVA in China's capital market. To find out the relationship between EVA and the stock price of listed companies. Firstly, this paper begins with the analysis of the factors that affect the stock price, and theoretically clarifies the main factors that lead to the fluctuation of the stock price. Then the connotation and calculation method of EVA are expounded, and the economic meaning of EVA is analyzed. In the theoretical research, compare the effectiveness of EVA index and traditional performance index to measure the company value and influence the stock price, sum up the superiority of EVA index compared with the traditional accounting index. The advantages of EVA valuation model over classical cash flow discount model are discussed. Secondly, in the empirical research, based on the Shanghai and Shenzhen main Board listed companies from 2008 to 2010 related economic data as the research basis. In order to minimize the impact of profitability differences caused by the size of the company. Taking the asset value of listed company as the control variable, this paper analyzes the correlation between the EVA system index and the traditional financial index and the stock price and value and the change rate of the listed company based on the MVA value. And take listed company MVA as the analytic variable, take the EVA system index and the traditional accounting index as the analytic variable, carry on the multi-distance regression analysis, and make the corresponding test. In addition, in the empirical part. Based on the above research results, this paper analyzes the analytical ability of EVA to the stock price of listed companies in different industries, and then summarizes the results of empirical analysis, and analyzes the possible reasons for this empirical result. Finally, the deficiency of EVA index in application is analyzed, and the corresponding suggestions for its application in our country are put forward.
【學位授予單位】：哈爾濱工程大學
【學位級別】：碩士
【學位授予年份】：2012
【分類號】：F275;F832.51

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本文編號：1384634