發(fā)布時(shí)間：2018-10-24 16:59

【摘要】：會(huì)計(jì)利潤(rùn)、現(xiàn)金利潤(rùn)及EVA是對(duì)目前企業(yè)業(yè)績(jī)?cè)u(píng)價(jià)的主要指標(biāo),也是各利益相關(guān)者在進(jìn)行投資時(shí)要參考的重要指標(biāo)。現(xiàn)代企業(yè)進(jìn)入了以不斷創(chuàng)造價(jià)值和保持企業(yè)可持續(xù)發(fā)展為核心的價(jià)值管理新階段。然而,會(huì)計(jì)利潤(rùn)、現(xiàn)金利潤(rùn)及EVA與企業(yè)價(jià)值之間有什么樣的關(guān)系,以前的國(guó)內(nèi)外學(xué)者都沒(méi)有得出一個(gè)確定的結(jié)論。 本文選取滬深兩市A股制造業(yè)的成熟上市公司2007到2010年四個(gè)會(huì)計(jì)年度的數(shù)據(jù),對(duì)EVA與傳統(tǒng)會(huì)計(jì)利潤(rùn)、現(xiàn)金利潤(rùn)的價(jià)值傳導(dǎo)效率進(jìn)行了研究,得出EVA的價(jià)值傳導(dǎo)效率最高的結(jié)論。并在此基礎(chǔ)上,進(jìn)一步對(duì)會(huì)計(jì)利潤(rùn)、現(xiàn)金利潤(rùn)及EVA各自相對(duì)于其他指標(biāo)的增量信息是否具有價(jià)值傳導(dǎo)效率進(jìn)行了實(shí)證研究,得出會(huì)計(jì)利潤(rùn)的增量信息不具有價(jià)值傳導(dǎo)效率,會(huì)計(jì)利潤(rùn)的變化對(duì)企業(yè)價(jià)值“不敏感”。最后一部分實(shí)證研究的內(nèi)容是如果將以上三類業(yè)績(jī)指標(biāo)組合起來(lái)作為各利益相關(guān)者決策依據(jù)的話,它們對(duì)企業(yè)價(jià)值的傳導(dǎo)效率有什么變化。在這一部分中得出了以下結(jié)論：對(duì)于只考慮或只能取得兩類業(yè)績(jī)指標(biāo)的情況,現(xiàn)金利潤(rùn)與EVA類收益指標(biāo)組合起來(lái)的價(jià)值傳導(dǎo)效率最高,如果三類業(yè)績(jī)指標(biāo)都考慮的話,會(huì)提高價(jià)值傳導(dǎo)效率,但與將現(xiàn)金利潤(rùn)與EVA類指標(biāo)組合的情況相比,提高價(jià)值傳導(dǎo)效率的效果不明顯。綜合考慮現(xiàn)金利潤(rùn)與EVA類收益指標(biāo)就能夠?yàn)橥顿Y者做出合理經(jīng)營(yíng)決策提供必要的依據(jù)。
[Abstract]:Accounting profit, cash profit and EVA are the main indexes to evaluate the enterprise performance at present, and they are also the important indexes that all stakeholders should refer to when they invest. Modern enterprises have entered a new stage of value management with the core of continuously creating value and keeping the sustainable development of enterprises. However, the relationship between accounting profit, cash profit, EVA and enterprise value has not been concluded by domestic and foreign scholars. This paper selects the data of the mature listed companies in Shanghai and Shenzhen A-share manufacturing industry from 2007 to 2010 to study the value transmission efficiency between EVA and traditional accounting profits and cash profits, and draws the conclusion that the value transmission efficiency of EVA is the highest. On this basis, the paper further studies whether the incremental information of accounting profit, cash profit and EVA have value conduction efficiency compared with other indexes, and draws the conclusion that the incremental information of accounting profit does not have value transmission efficiency. The change of accounting profit is insensitive to enterprise value. The last part of the empirical study is that if the above three performance indicators are combined as the decision-making basis of each stakeholder, what changes will they have to the transmission efficiency of enterprise value. In this part, the following conclusions are drawn: when only two kinds of performance indicators are considered or can only be obtained, the combination of cash profit and EVA income index has the highest value conduction efficiency, if all three performance indicators are considered, It can improve the efficiency of value transmission, but the effect of improving the efficiency of value transmission is not obvious compared with the combination of cash profit and EVA. The comprehensive consideration of cash profit and EVA income index can provide necessary basis for investors to make reasonable management decision.
【學(xué)位授予單位】：華北電力大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2012
【分類號(hào)】：F233;F832.51

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本文編號(hào)：2291988