本文選題：上市公司 + 價(jià)值創(chuàng)造能力��； 參考：《山東財(cái)經(jīng)大學(xué)》2012年碩士論文

【摘要】：2010年12月國務(wù)院正式批復(fù)黃河三角洲高效生態(tài)經(jīng)濟(jì)區(qū)發(fā)展規(guī)劃，2011年3月山東半島藍(lán)色經(jīng)濟(jì)區(qū)的發(fā)展計(jì)劃又獲得批準(zhǔn)，這“一黃一藍(lán)”發(fā)展戰(zhàn)略為山東經(jīng)濟(jì)的快速發(fā)展提供了契機(jī)。此時(shí)，研究山東上市公司的價(jià)值創(chuàng)造能力，探討山東上市公司究竟為股東創(chuàng)造了價(jià)值，還是毀滅了股東的價(jià)值，以及是否為社會(huì)創(chuàng)造了正效益具有重大的現(xiàn)實(shí)指導(dǎo)意義。正確認(rèn)識(shí)“山東上市公司價(jià)值創(chuàng)造能力”這一論題是山東上市公司以及政府部門開展工作的出發(fā)點(diǎn)和指導(dǎo)思想，并且為他們的決策提供理論依據(jù)。另外，本文結(jié)合我國資本市場(chǎng)特點(diǎn)研究山東上市公司價(jià)值創(chuàng)造能力，對(duì)山東上市公司資本結(jié)構(gòu)、股權(quán)結(jié)構(gòu)的改進(jìn)，經(jīng)營管理水平的提高具有直接的應(yīng)用價(jià)值。 本文采用理論分析和實(shí)證分析相結(jié)合的方法，首先根據(jù)相關(guān)文獻(xiàn)資料，對(duì)經(jīng)濟(jì)增加值（EVA）指標(biāo)在國內(nèi)外上市公司領(lǐng)域的研究應(yīng)用進(jìn)行梳理，分析EVA的理論基礎(chǔ)和理論淵源，探討EVA作為價(jià)值創(chuàng)造能力指標(biāo)的計(jì)算方法，并根據(jù)實(shí)際情況選擇適合的計(jì)算公式，同時(shí)對(duì)經(jīng)濟(jì)增加值的兩個(gè)變量進(jìn)行會(huì)計(jì)調(diào)整，而且總結(jié)EVA方法的優(yōu)點(diǎn)和局限性。然后本文以國泰安數(shù)據(jù)庫和中國人民銀行公布的2000～2010年數(shù)據(jù)為依據(jù)，對(duì)山東上市公司價(jià)值創(chuàng)造能力進(jìn)行實(shí)證分析。通過分析比較山東上市公司的EVA值、EVA回報(bào)率和社會(huì)EVA回報(bào)率，得出結(jié)論：山東上市公司整體經(jīng)營狀況較好；但是各上市公司價(jià)值創(chuàng)造能力參差不齊，兩極分化嚴(yán)重，主要是由于行業(yè)因素、規(guī)模因素和環(huán)境因素等。最后本文結(jié)合實(shí)證分析的結(jié)果，為提升山東上市公司的價(jià)值創(chuàng)造能力提出戰(zhàn)略性政策建議：一是建立以EVA為核心的價(jià)值管理體系；二是增強(qiáng)山東上市公司的核心競(jìng)爭(zhēng)力和可持續(xù)發(fā)展能力；三是保持資本結(jié)構(gòu)彈性化，實(shí)現(xiàn)經(jīng)營上的自主性和靈活性。 本文的創(chuàng)新之處主要有以下幾點(diǎn)：第一，結(jié)合實(shí)際對(duì)山東上市公司的稅后凈營業(yè)利潤(rùn)（NOPAT）、資本占用額（CAP）進(jìn)行調(diào)整，，并合理地給出了上市公司EVA值及相關(guān)指標(biāo)的計(jì)算公式。第二，以經(jīng)濟(jì)增加值指標(biāo)為依據(jù)，對(duì)山東上市公司的價(jià)值創(chuàng)造能力進(jìn)行了全過程的實(shí)證分析，并結(jié)合實(shí)證分析的結(jié)論為提升山東上市公司價(jià)值創(chuàng)造能力提出了戰(zhàn)略性政策建議。
[Abstract]:In December 2010, the State Council officially approved the development plan of the high-efficiency ecological economic zone in the Yellow River Delta. In March 2011, the development plan for the blue economic zone of the Shandong Peninsula was approved again.This development strategy provides an opportunity for the rapid development of Shandong economy.At this point, it is of great practical significance to study the value creation ability of Shandong listed companies, to explore whether Shandong listed companies have created value for shareholders or destroyed the value of shareholders, and whether they have created positive benefits for the society.It is the starting point and guiding ideology for Shandong listed companies and government departments to correctly understand the topic of "value creation ability of listed companies in Shandong Province", and to provide theoretical basis for their decision-making.In addition, this paper studies the value creation ability of Shandong listed companies based on the characteristics of China's capital market, which has direct application value to the improvement of capital structure, equity structure and management level of Shandong listed companies.This paper combines the theoretical analysis with the empirical analysis. Firstly, according to the relevant literature, this paper combs the research and application of the economic added value (EVA) index in the field of listed companies at home and abroad, and analyzes the theoretical basis and theoretical origin of EVA.This paper discusses the calculation method of EVA as the index of value creation ability, and selects the suitable calculation formula according to the actual situation. At the same time, it adjusts the two variables of economic added value, and summarizes the advantages and limitations of the EVA method.Then, based on the data of Cathay Tai'an database and the people's Bank of China from 2000 to 2010, this paper makes an empirical analysis on the value creation ability of Shandong listed companies.By analyzing and comparing the EVA value of Shandong listed companies and the social EVA rate of return, it is concluded that the overall operating condition of Shandong listed companies is better, but the value creation ability of each listed company is not uniform, and the polarization is serious.Mainly because of industry factors, scale factors and environmental factors.Finally, combining the results of empirical analysis, this paper puts forward some strategic policy suggestions for improving the value creation ability of listed companies in Shandong: first, establishing a value management system with EVA as the core;The second is to strengthen the core competitiveness and sustainable development ability of Shandong listed companies, and the third is to maintain the flexibility of capital structure and realize the autonomy and flexibility of management.The innovations of this paper are as follows: first, the paper adjusts the net operating profit after tax and the capital occupation of Shandong listed companies, and reasonably gives the calculation formula of EVA value and related indexes of listed companies.Secondly, based on the index of economic added value, this paper analyzes the whole process of the value creation ability of listed companies in Shandong Province, and puts forward some strategic policy suggestions for improving the value creation ability of listed companies in Shandong Province.
【學(xué)位授予單位】：山東財(cái)經(jīng)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2012
【分類號(hào)】：F275;F832.51

【引證文獻(xiàn)】

相關(guān)碩士學(xué)位論文 前1條

1 呂朝龍;基于EVA視角下生物醫(yī)藥行業(yè)公司治理因素研究[D];山東財(cái)經(jīng)大學(xué);2014年

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