本文關(guān)鍵詞： EVA CEVA 股價(jià) 會(huì)計(jì)指標(biāo) 面板數(shù)據(jù)模型　出處：《內(nèi)蒙古工業(yè)大學(xué)》2013年碩士論文　論文類(lèi)型：學(xué)位論文

【摘要】：近年來(lái),隨著我國(guó)經(jīng)濟(jì)的繁榮發(fā)展,人們手中的財(cái)富也在不斷增加,而且隨著理財(cái)觀念的深入人心,證券投資成為眾多投資者的選擇。無(wú)論是對(duì)投資者還是上市公司而言,其中關(guān)注的核心內(nèi)容是企業(yè)的價(jià)值。傳統(tǒng)意義上,可以通過(guò)上市公司發(fā)布的傳統(tǒng)會(huì)計(jì)指標(biāo)來(lái)估計(jì)一個(gè)公司的價(jià)值,但是傳統(tǒng)會(huì)計(jì)指標(biāo)未能考慮權(quán)益資本成本,因此對(duì)企業(yè)價(jià)值的評(píng)估有所偏離�；趥鹘y(tǒng)會(huì)計(jì)指標(biāo)的缺陷,EVA指標(biāo)的使用則考慮了權(quán)益資本成本,在反映企業(yè)的價(jià)值和解釋股價(jià)波動(dòng)能力方面更有優(yōu)勢(shì)。但是,EVA指標(biāo)同樣也存在缺陷,它未能充分考慮企業(yè)現(xiàn)金流帶來(lái)的成本和流動(dòng)性風(fēng)險(xiǎn)。故經(jīng)過(guò)改進(jìn)后的經(jīng)濟(jì)增加值指標(biāo)CEVA不僅考慮了權(quán)益資本成本,而且還有助于企業(yè)加強(qiáng)對(duì)現(xiàn)金流的管理和流動(dòng)性風(fēng)險(xiǎn)的防范,能更貼近地對(duì)企業(yè)的價(jià)值做出評(píng)價(jià)。 本文在現(xiàn)有的EVA理論的基礎(chǔ)上,通過(guò)實(shí)證研究證明了改進(jìn)后的CEVA指標(biāo)在解釋股價(jià)波動(dòng)方面的能力優(yōu)于EVA。文章主要從五個(gè)部分進(jìn)行論述,首先闡述了價(jià)值評(píng)估理論,對(duì)傳統(tǒng)的價(jià)值評(píng)估模型和經(jīng)濟(jì)增加值模型進(jìn)行了對(duì)比并且指出EVA指標(biāo)與企業(yè)價(jià)值評(píng)估之間的關(guān)系：其次文章論述了EVA的相關(guān)理論,描述了EVA作為企業(yè)經(jīng)營(yíng)業(yè)績(jī)和企業(yè)價(jià)值評(píng)估的指標(biāo)產(chǎn)生的背景、功能和優(yōu)劣勢(shì);接著文章針對(duì)EVA指標(biāo)的缺陷,引入了經(jīng)過(guò)改進(jìn)后的經(jīng)濟(jì)增加值CEVA；最后文章以鋼鐵行業(yè)的上市公司為樣本,通過(guò)建立面板數(shù)據(jù)模型實(shí)證研究了CEVA對(duì)股價(jià)波動(dòng)的解釋能力,最終證明了CEVA比EVA對(duì)股價(jià)波動(dòng)有更好的解釋能力,能夠更加有效地評(píng)價(jià)企業(yè)的價(jià)值和經(jīng)營(yíng)業(yè)績(jī),從而指導(dǎo)投資者進(jìn)行證券投資。此外,文章還對(duì)農(nóng)業(yè)行業(yè)的上市公司做了進(jìn)一步研究。最后針對(duì)文章的結(jié)論,筆者給出了相應(yīng)的建議。
[Abstract]:In recent years, with the prosperity and development of China's economy, people's wealth is also increasing, and with the concept of financial management, securities investment has become the choice of many investors, whether for investors or listed companies. Traditionally, the value of a company can be estimated by the traditional accounting index issued by a listed company, but the traditional accounting index fails to consider the cost of equity capital. Therefore, the evaluation of enterprise value is deviated. Based on the defects of traditional accounting indicators, the use of EVA index takes into account the cost of equity capital. It has an advantage in reflecting the value of an enterprise and explaining its ability to fluctuate in stock prices. But the EVA index also has some defects. It fails to fully consider the cost and liquidity risk brought by the cash flow of the enterprise. Therefore, the improved economic value added index (CEVA) not only considers the cost of equity capital, but also the cost of equity capital. It also helps enterprises to strengthen cash flow management and liquidity risk prevention, can more closely evaluate the value of enterprises. On the basis of the existing EVA theory, this paper proves that the improved CEVA index is superior to the EVA in explaining the volatility of stock price by empirical research. This paper compares the traditional value assessment model with the economic value added model and points out the relationship between the EVA index and the enterprise value evaluation. Secondly, the paper discusses the related theory of EVA. This paper describes the background, functions and advantages and disadvantages of EVA as an index of enterprise performance and enterprise value evaluation. Finally, taking listed companies in steel industry as a sample, the paper empirically studies the ability of CEVA to explain stock price volatility by building panel data model. Finally, it is proved that CEVA has a better explanation for stock price fluctuation than EVA, and can evaluate the value and performance of the enterprise more effectively, thus instructing investors to invest in securities. The article also makes a further study on the listed companies in the agricultural industry. Finally, the author gives the corresponding suggestions for the conclusion of the article.
【學(xué)位授予單位】：內(nèi)蒙古工業(yè)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2013
【分類(lèi)號(hào)】：F832.51;F406.72;F426.31

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