發(fā)布時(shí)間：2018-04-03 09:58

  本文選題：EVA　切入點(diǎn)：股票價(jià)格　出處：《天津大學(xué)》2014年碩士論文

【摘要】：21世紀(jì)的頭一個(gè)十年我國(guó)成功超越日本成為世界第二經(jīng)濟(jì)體大國(guó),這給我國(guó)帶來(lái)前所未有發(fā)展機(jī)遇的同時(shí)也帶來(lái)了來(lái)自世界各國(guó)的嚴(yán)峻挑戰(zhàn)。作為社會(huì)基本單元的企業(yè)只有不斷提升企業(yè)價(jià)值創(chuàng)造能力,才能更好地抓住機(jī)遇、迎接挑戰(zhàn)。為了順應(yīng)時(shí)代發(fā)展的潮流和前進(jìn)的方向,20世紀(jì)80年代美國(guó)SternStewart咨詢公司提出了全新的價(jià)值管理理念——經(jīng)濟(jì)增加值(EVA)。EVA作為一種全新的管理理念,與傳統(tǒng)會(huì)計(jì)指標(biāo)最大的區(qū)別在于它考慮了企業(yè)投入的所有資本成本,有助于企業(yè)從過(guò)去的以擴(kuò)大規(guī)模的增長(zhǎng)模式轉(zhuǎn)變到以提高價(jià)值的增長(zhǎng)模式上來(lái)。因此,EVA在我國(guó)企業(yè)界的大力推行對(duì)于我國(guó)從經(jīng)濟(jì)大國(guó)向經(jīng)濟(jì)強(qiáng)國(guó)的轉(zhuǎn)變具有重要意義。本文在梳理了近些年來(lái)國(guó)內(nèi)外關(guān)于EVA、上市公司股票價(jià)格的相關(guān)文獻(xiàn)后,根據(jù)文獻(xiàn)中得到的研究成果確定了EVA的計(jì)算公式以及相關(guān)因素的計(jì)算標(biāo)準(zhǔn),并指出了EVA相比于其他會(huì)計(jì)指標(biāo)的優(yōu)越性。然后在理論分析的基礎(chǔ)上,還進(jìn)行了相關(guān)的實(shí)證分析。本文選取我國(guó)上證A股873家企業(yè)為研究對(duì)象,使用其2009年--2013年的股價(jià)及EVA相關(guān)數(shù)據(jù)進(jìn)行實(shí)證研究。首先運(yùn)用相關(guān)理論模型獲得873家上證A股公司的EVA數(shù)值并設(shè)定了每股EVA這一相對(duì)變量,然后根據(jù)RESSET及國(guó)泰安數(shù)據(jù)庫(kù)獲得的相關(guān)數(shù)據(jù)對(duì)每股EVA與股價(jià)、每股盈余與股價(jià)進(jìn)行了回歸分析和相關(guān)性分析。在以上實(shí)證研究的基礎(chǔ)上對(duì)上證A股公司的股價(jià)進(jìn)行了相應(yīng)修正,并重新進(jìn)行了回歸分析及相關(guān)性分析。最終得出EVA對(duì)我國(guó)上市公司的股價(jià)解釋程度低于傳統(tǒng)會(huì)計(jì)指標(biāo)對(duì)股價(jià)的解釋程度的結(jié)論。在文章最后結(jié)合我國(guó)股票市場(chǎng)的特殊性對(duì)研究結(jié)論進(jìn)行了相應(yīng)分析,并提出了四條可行性建議。雖然現(xiàn)階段的我國(guó)股票價(jià)格對(duì)EVA的反映程度較低,但是可以肯定的是隨著我國(guó)股票市場(chǎng)與國(guó)際市場(chǎng)的逐漸接軌、EVA在企業(yè)界的廣泛推行,EVA與股票價(jià)格的相關(guān)性會(huì)逐漸提高,股票價(jià)格對(duì)EVA的反映程度也會(huì)進(jìn)一步加強(qiáng)。因此,我國(guó)企業(yè)界應(yīng)建立、完善以EVA為核心的一系列應(yīng)用,其不僅能夠提高企業(yè)各個(gè)部門、各個(gè)層級(jí)員工的工作積極性,從長(zhǎng)遠(yuǎn)來(lái)看它還將成為企業(yè)不斷發(fā)展壯大的助推劑。
[Abstract]:In the first decade of the 21st century, China succeeded in surpassing Japan as the second largest economy in the world, which brought us unprecedented opportunities for development and also brought severe challenges from all over the world.As a basic unit of society, enterprises can seize opportunities and meet challenges only by constantly improving their ability to create value.In order to conform to the trend of the development of the times and the direction of progress, the American SternStewart Consulting Company put forward a new value management concept in the 1980s-Economic value added (EVA). EVA as a new management concept.The biggest difference from the traditional accounting index is that it takes into account all the cost of capital invested by the enterprise, which helps the enterprise to change from the growth mode of expanding the scale to the growth mode of increasing the value.Therefore, the implementation of EVA in China's business circles is of great significance to the transformation from a large economic power to an economic power.After combing the domestic and foreign literatures on stock price of EVA and listed companies in recent years, this paper determines the calculation formula of EVA and the calculation standard of relevant factors according to the research results obtained in the literature.It also points out the superiority of EVA compared with other accounting indexes.Then on the basis of theoretical analysis, we also carry out relevant empirical analysis.In this paper, 873 companies in Shanghai Stock Exchange of China are selected as the research objects, using their stock prices and EVA related data from 2009 to 2013 to carry out empirical research.First, the EVA value of 873 A-share companies in Shanghai was obtained by using the relevant theoretical model and the relative variable of EVA per share was set. Then, according to the relevant data obtained from RESSET and Cathay's database, the value of EVA per share and the stock price were compared.Earnings per share and stock price were analyzed by regression analysis and correlation analysis.On the basis of the above empirical research, the stock price of A shares of Shanghai Stock Exchange is revised accordingly, and the regression analysis and correlation analysis are carried out again.Finally, the conclusion that EVA explains the share price of listed company is lower than that of traditional accounting index.At the end of the paper, the author analyzes the conclusion of the research combining with the particularity of our country's stock market, and puts forward four feasible suggestions.Although the reaction of Chinese stock price to EVA is relatively low at the present stage, it is certain that the correlation between EVA and stock price will gradually increase with the gradual integration of EVA with the international market in the business world.The reaction of stock price to EVA will also further strengthen.Therefore, the enterprises of our country should establish and perfect a series of applications with EVA as the core, which can not only improve the working enthusiasm of all departments and levels of the enterprise, but also become the booster of the continuous development of the enterprise in the long run.
【學(xué)位授予單位】：天津大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2014
【分類號(hào)】：F275;F832.51

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