兼顧產(chǎn)業(yè)因素的上市公司業(yè)績評價體系研究
發(fā)布時間：2018-10-21 07:48
【摘要】：隨著證券市場的不斷規(guī)范發(fā)展,利用公開披露的會計信息,正確、公允地評價上市公司業(yè)績越來越受到人們的重視。長期以來,國內(nèi)外學者對企業(yè)的評價主要集中在經(jīng)營績效的評價方面,并對企業(yè)經(jīng)營業(yè)績評價方法做了大量的研究。但是對于上市公司的評價,目前的研究仍然薄弱,比如：大多數(shù)關(guān)于企業(yè)績效的評價都是偏向于財務指標的評價,而單純利用財務指標去評價一個企業(yè)是不全面的,因此加入非財務指標是企業(yè)評價的趨勢；加入非財務指標的評價方法通常無法將指標量化,影響了評價的客觀性；大多數(shù)評價都是基于企業(yè)自身當前的情況進行的,而一個企業(yè)的好壞離不開行業(yè)的發(fā)展。產(chǎn)業(yè)組織理論認為,企業(yè)所處產(chǎn)業(yè)的吸引力和企業(yè)在該產(chǎn)業(yè)中的地位對企業(yè)競爭力產(chǎn)生重要的影響。另外產(chǎn)業(yè)效應認為在其他條件(如年度效應、企業(yè)效應等)相同的條件下,某產(chǎn)業(yè)內(nèi)企業(yè)的平均業(yè)績優(yōu)于另一產(chǎn)業(yè)的效應。而如何將產(chǎn)業(yè)影響量化,并納入企業(yè)業(yè)績評價體系基本沒有研究,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,通過理論研究與實證研究相結(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)績評價體系,創(chuàng)新設(shè)計了行業(yè)潛能和企業(yè)位能的評價指標,將產(chǎn)業(yè)因素進行量化。通過該評價體系對2010年上市公司業(yè)績進行評價,得出上市公司業(yè)績排行榜。在此基礎(chǔ)上,選擇國內(nèi)上市公司業(yè)績評價中享有較高聲譽的中聯(lián)資產(chǎn)評估有限公司的評價結(jié)果《2011年中國上市公司業(yè)績評價報告》(針對2010年上市公司業(yè)績的評價)進行對比,對兩種評價方法下的公司排名結(jié)果進行對比和實證檢驗,同時與基金投資回報進行比較,進而驗證本文設(shè)計的評價體系的科學性和不足,期望能為股東評價上市公司提供一個較為科學的工具。
[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.
【學位授予單位】：北京交通大學
【學位級別】：碩士
【學位授予年份】：2012
【分類號】：F275;F832.51;F224
本文編號：2284433
[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.
【學位授予單位】：北京交通大學
【學位級別】：碩士
【學位授予年份】：2012
【分類號】：F275;F832.51;F224
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