本文關(guān)鍵詞：基于EVA方法的中國上市證券公司績效研究　出處：《遼寧大學(xué)》2014年碩士論文　論文類型：學(xué)位論文

  更多相關(guān)文章： 經(jīng)濟(jì)增加值 上市證券公司 業(yè)務(wù)結(jié)構(gòu) 績效評價

【摘要】：中國證券市場經(jīng)歷了20多年的發(fā)展，但與西方國家的證券市場相比中國的證券市場發(fā)展還很不成熟。西方國家的證券市場已經(jīng)建立了發(fā)達(dá)的運行體制，總體規(guī)模龐大，法律法規(guī)完善，證券公司的業(yè)務(wù)豐富且形成了差異化經(jīng)營，證券投資的品種繁多。中國證券市場仍然存在很多問題，證券市場融資占據(jù)的社會融資總量比例比西方發(fā)達(dá)國家要低得多。隨著中國經(jīng)濟(jì)的發(fā)展，，企業(yè)對資金的需求越來越大，遇到的經(jīng)濟(jì)問題也越來越復(fù)雜，而證券市場正好為企業(yè)的自身發(fā)展提供了良好的平臺。同時，隨著社會的發(fā)展和人們生活水平的提高，投資觀念也發(fā)生了巨大的變化，許多投資者將資金投入到證券市場中，以求得到更高的收益率。而證券公司在融資者和投資者之間的作用也越來越大。證券公司各項業(yè)務(wù)開展的如何直接影響到融資者和投資者的收益，進(jìn)而影響整個證券市場的健康發(fā)展，這就使對證券公司的研究具有巨大的現(xiàn)實意義。 本文運用經(jīng)濟(jì)增加值（EVA）方法對中國證券公司的經(jīng)營現(xiàn)狀和經(jīng)營績效進(jìn)行了分析。 EVA是利用調(diào)整后的財務(wù)數(shù)據(jù)和要求的投資報酬率進(jìn)行計算，并得到公司績效的評價值,被認(rèn)為是一種計算企業(yè)真實利潤的方法。EVA模式在計算稅后利潤時，把股權(quán)和債務(wù)投資者都納入考慮范圍，在考慮了實際發(fā)生成本的同時，也考慮到了權(quán)益投資和債務(wù)投資者在投資時所付出的機(jī)會成本。在文章中，首先對上市證券公司發(fā)展的現(xiàn)狀進(jìn)行了分析，介紹了中國證券行業(yè)的發(fā)展情況，對證券公司經(jīng)營現(xiàn)狀和存在的問題以及證券公司的業(yè)務(wù)特點進(jìn)行了分析。其次，對EVA評價方法進(jìn)行了介紹。隨后，用EVA評價方法對證券公司的績效進(jìn)行評估和分析。將EVA的方法運用到中國上市證券公司的績效評價上，計算出EVA值，并將其轉(zhuǎn)化為REVA，進(jìn)行排名和比較。以REVA的平均值為標(biāo)準(zhǔn)，將上市證券公司分為REVA較高和REVA較低的兩組，并從不同方面對不同REVA上市證券公司進(jìn)行分析。最后，對前文的分析做以總結(jié)，并適當(dāng)提出建議。
[Abstract]:China's securities market has experienced more than 20 years of development, but compared with the security market of the western countries, the development of China's securities market is still immature, and the western countries' securities market has established a developed operating system. The overall scale is huge, the laws and regulations are perfect, the business of securities companies is rich and diversified, and there are many kinds of securities investment. There are still many problems in China's securities market. Stock market financing occupies a much lower proportion of total social financing than the western developed countries. With the development of Chinese economy, the demand for funds of enterprises is increasing, and the economic problems are becoming more and more complex. Meanwhile, with the development of society and the improvement of people's living standard, the concept of investment has changed greatly. Many investors put their money into the stock market. In order to achieve a higher rate of return. And the role of securities companies between the financiers and investors is also growing. How the securities companies carry out business directly affect the returns of the financiers and investors. And then affect the healthy development of the entire securities market, which makes the study of securities companies has great practical significance. This paper uses the method of Economic value added (EVA) to analyze the operation status and performance of Chinese securities companies. EVA is calculated by using adjusted financial data and required return on investment. And get the evaluation value of corporate performance, is considered to be a way to calculate the real profits of enterprises. Eva model in the calculation of after-tax profits, equity and debt investors are taken into account. Considering the actual cost, but also considering the equity investment and debt investors in the investment of the opportunity cost. In this paper, first of all, the development of listed securities companies are analyzed. This paper introduces the development of China's securities industry, analyzes the current situation and existing problems of the securities companies and the business characteristics of the securities companies. Secondly, it introduces the evaluation method of EVA. Using EVA evaluation method to evaluate and analyze the performance of securities companies. The EVA method is applied to the performance evaluation of listed securities companies in China. The EVA value is calculated and converted into REVA. According to the average value of REVA, listed securities companies are divided into two groups: higher REVA and lower REVA. And from different aspects of the analysis of different REVA listed securities companies. Finally, the analysis of the previous summary, and appropriate recommendations.
【學(xué)位授予單位】：遼寧大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2014
【分類號】：F832.39

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