發(fā)布時(shí)間：2018-10-21 07:48

【摘要】：隨著證券市場(chǎng)的不斷規(guī)范發(fā)展,利用公開(kāi)披露的會(huì)計(jì)信息,正確、公允地評(píng)價(jià)上市公司業(yè)績(jī)?cè)絹?lái)越受到人們的重視。長(zhǎng)期以來(lái),國(guó)內(nèi)外學(xué)者對(duì)企業(yè)的評(píng)價(jià)主要集中在經(jīng)營(yíng)績(jī)效的評(píng)價(jià)方面,并對(duì)企業(yè)經(jīng)營(yíng)業(yè)績(jī)?cè)u(píng)價(jià)方法做了大量的研究。但是對(duì)于上市公司的評(píng)價(jià),目前的研究仍然薄弱,比如：大多數(shù)關(guān)于企業(yè)績(jī)效的評(píng)價(jià)都是偏向于財(cái)務(wù)指標(biāo)的評(píng)價(jià),而單純利用財(cái)務(wù)指標(biāo)去評(píng)價(jià)一個(gè)企業(yè)是不全面的,因此加入非財(cái)務(wù)指標(biāo)是企業(yè)評(píng)價(jià)的趨勢(shì)；加入非財(cái)務(wù)指標(biāo)的評(píng)價(jià)方法通常無(wú)法將指標(biāo)量化,影響了評(píng)價(jià)的客觀性；大多數(shù)評(píng)價(jià)都是基于企業(yè)自身當(dāng)前的情況進(jìn)行的,而一個(gè)企業(yè)的好壞離不開(kāi)行業(yè)的發(fā)展。產(chǎn)業(yè)組織理論認(rèn)為,企業(yè)所處產(chǎn)業(yè)的吸引力和企業(yè)在該產(chǎn)業(yè)中的地位對(duì)企業(yè)競(jìng)爭(zhēng)力產(chǎn)生重要的影響。另外產(chǎn)業(yè)效應(yīng)認(rèn)為在其他條件(如年度效應(yīng)、企業(yè)效應(yīng)等)相同的條件下,某產(chǎn)業(yè)內(nèi)企業(yè)的平均業(yè)績(jī)優(yōu)于另一產(chǎn)業(yè)的效應(yīng)。而如何將產(chǎn)業(yè)影響量化,并納入企業(yè)業(yè)績(jī)?cè)u(píng)價(jià)體系基本沒(méi)有研究,因此為本文提供了新的研究方向。 本文在綜合前人研究的基礎(chǔ)之上,通過(guò)理論研究與實(shí)證研究相結(jié)合的方法,建立起一套兼顧產(chǎn)業(yè)因素的上市公司業(yè)績(jī)?cè)u(píng)價(jià)體系,創(chuàng)新設(shè)計(jì)了行業(yè)潛能和企業(yè)位能的評(píng)價(jià)指標(biāo),將產(chǎn)業(yè)因素進(jìn)行量化。通過(guò)該評(píng)價(jià)體系對(duì)2010年上市公司業(yè)績(jī)進(jìn)行評(píng)價(jià),得出上市公司業(yè)績(jī)排行榜。在此基礎(chǔ)上,選擇國(guó)內(nèi)上市公司業(yè)績(jī)?cè)u(píng)價(jià)中享有較高聲譽(yù)的中聯(lián)資產(chǎn)評(píng)估有限公司的評(píng)價(jià)結(jié)果《2011年中國(guó)上市公司業(yè)績(jī)?cè)u(píng)價(jià)報(bào)告》(針對(duì)2010年上市公司業(yè)績(jī)的評(píng)價(jià))進(jìn)行對(duì)比,對(duì)兩種評(píng)價(jià)方法下的公司排名結(jié)果進(jìn)行對(duì)比和實(shí)證檢驗(yàn),同時(shí)與基金投資回報(bào)進(jìn)行比較,進(jìn)而驗(yàn)證本文設(shè)計(jì)的評(píng)價(jià)體系的科學(xué)性和不足,期望能為股東評(píng)價(jià)上市公司提供一個(gè)較為科學(xué)的工具。
[Abstract]:With the constant development of the securities market, people pay more and more attention to evaluating the performance of listed companies correctly and fairly by using the publicly disclosed accounting information. For a long time, scholars at home and abroad have mainly focused on the evaluation of business performance, and have done a lot of research on the evaluation methods of business performance. However, for the evaluation of listed companies, the current research is still weak, for example: most of the evaluation of enterprise performance is biased to the evaluation of financial indicators, but it is not comprehensive to use financial indicators to evaluate an enterprise. Therefore, adding non-financial indicators is the trend of enterprise evaluation; the evaluation method of adding non-financial indicators usually can not quantify the indicators, which affects the objectivity of evaluation; most of the evaluation is based on the current situation of the enterprise itself. And the good or bad of an enterprise is inseparable from the development of the industry. The theory of industrial organization holds that the attractiveness of the industry and the position of the enterprise in the industry have an important impact on the competitiveness of the enterprise. In addition, under the same conditions as other conditions (such as annual effect, firm effect, etc.), the average performance of an industry is better than that of another industry. However, there is no research on how to quantify the industrial impact and bring it into the enterprise performance evaluation system, so it provides a new research direction for this paper. On the basis of synthesizing the previous studies, this paper establishes a set of performance evaluation system of listed companies, which takes into account the industrial factors, and designs the evaluation indexes of industry potential and enterprise potential through the method of combining theoretical research with empirical research. Quantify industrial factors. Through the evaluation system to evaluate the performance of listed companies in 2010, the performance of listed companies ranking. On this basis, the evaluation results of China Joint Asset Appraisal Co., Ltd, which enjoys a high reputation in the performance evaluation of domestic listed companies, are compared with the results of the 2011 performance Evaluation report of China's listed companies (the evaluation of the performance of the listed companies in 2010). By comparing the results of the two evaluation methods and comparing with the return on investment of the fund, the paper verifies the scientific and insufficient of the evaluation system designed in this paper. It is expected to provide a more scientific tool for shareholders to evaluate listed companies.
【學(xué)位授予單位】：北京交通大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2012
【分類號(hào)】：F275;F832.51;F224

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