本文關(guān)鍵詞：經(jīng)濟(jì)增加值動(dòng)量的價(jià)值相關(guān)性研究　出處：《北京交通大學(xué)》2014年碩士論文　論文類型：學(xué)位論文

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【摘要】：經(jīng)濟(jì)增加值動(dòng)量(EVA Momentum)為基于經(jīng)濟(jì)增加值(Economic Value Added, EVA)進(jìn)行改進(jìn)以后的指標(biāo),然而公司以經(jīng)濟(jì)增加值為基礎(chǔ)的排名與以經(jīng)濟(jì)增加值動(dòng)量為基礎(chǔ)的排名結(jié)果大相徑庭,引起了學(xué)術(shù)界和實(shí)務(wù)界的廣泛討論。我國對于經(jīng)濟(jì)增加值動(dòng)量研究有限,本文將以我國上市公司為樣本,研究我國資本市場條件下經(jīng)濟(jì)增加值動(dòng)量的價(jià)值相關(guān)性,探究經(jīng)濟(jì)增加值動(dòng)量是否比其他收益指標(biāo)更能體現(xiàn)公司價(jià)值的變化。 現(xiàn)有對經(jīng)濟(jì)增加值的研究主要集中于經(jīng)濟(jì)增加值與傳統(tǒng)指標(biāo)價(jià)值相關(guān)性對比,部分研究認(rèn)為經(jīng)濟(jì)增加值相關(guān)性較傳統(tǒng)指標(biāo)價(jià)值相關(guān)性較低,也有研究支持相反觀點(diǎn)。本文將根據(jù)我國國資委指導(dǎo)央企計(jì)算經(jīng)濟(jì)增加值的方法自主計(jì)算上市公司的經(jīng)濟(jì)增加值及經(jīng)濟(jì)增加值動(dòng)量,進(jìn)而研究經(jīng)濟(jì)增加值動(dòng)量的價(jià)值相關(guān)性,并與其他指標(biāo)的價(jià)值相關(guān)性進(jìn)行對比。 本文使用2007-2012年滬深兩市A股非金融類上市公司樣本,采用價(jià)格模型和收益模型相結(jié)合的方式考察經(jīng)濟(jì)增加值動(dòng)量的價(jià)值相關(guān)性,研究發(fā)現(xiàn)經(jīng)濟(jì)增加值動(dòng)量與股票價(jià)格、股票收益均具有顯著為正的價(jià)值相關(guān)性,但弱于每股經(jīng)濟(jì)增加值等指標(biāo)；且經(jīng)濟(jì)增加值動(dòng)量在股票收益的解釋能力上顯著強(qiáng)于其他平減經(jīng)濟(jì)增加值的指標(biāo),起到了良好的摒除經(jīng)濟(jì)增加值規(guī)模效應(yīng)的作用。 本文創(chuàng)新之處與研究價(jià)值為：(1)區(qū)別于已有基于會(huì)計(jì)利潤指標(biāo)或價(jià)值創(chuàng)造總量指標(biāo)等對公司進(jìn)行研究,本文從價(jià)值創(chuàng)造效率角度對于我國上市國有公司進(jìn)行研究分析,提供了評價(jià)上市公司業(yè)績的另一視角。(2)補(bǔ)充了國內(nèi)經(jīng)濟(jì)增加值動(dòng)量價(jià)值相關(guān)性研究的缺失。我國對于經(jīng)濟(jì)增加值動(dòng)量的研究還在引進(jìn)階段,多集中于對于經(jīng)濟(jì)增加值動(dòng)量的介紹階段,本文研究了經(jīng)濟(jì)增加值動(dòng)量與我國上市公司的價(jià)值相關(guān)性。
[Abstract]:Economic value added momentum (EVA) is an improved index based on Economic Value added (EVA). However, the ranking of companies based on economic added value is quite different from the ranking result based on economic added momentum, which has aroused extensive discussion in academic and practical circles. The research on economic value added momentum in China is limited. This paper takes listed companies in China as a sample to study the value correlation of economic value added momentum under the condition of capital market in China, and to find out whether economic added value momentum can reflect the change of company value better than other income indicators. The existing researches on economic added value mainly focus on the correlation between economic added value and traditional index value, and some studies think that the correlation of economic added value is lower than that of traditional index value correlation. There are also studies to support the opposite view. This paper will independently calculate the economic added value and the economic added value momentum of the listed companies according to the guidance of the SASAC to calculate the economic added value of the central enterprises. Then the value correlation of economic value added momentum is studied and compared with that of other indexes. This paper uses a sample of non-financial A-share listed companies in Shanghai and Shenzhen stock markets from 2007 to 2012 to investigate the value dependence of economic value added momentum by combining price model with income model. It is found that the economic value added momentum has positive value correlation with the stock price and stock return, but is weaker than the economic added value per share index. And the economic added value momentum is better than other economic value added indexes in explaining the stock returns, which plays a good role in eliminating the scale effect of economic added value. The innovation and the research value of this paper are different from the existing research based on accounting profit index or total value creation index. This paper studies and analyzes the listed state-owned companies in China from the perspective of value creation efficiency. It provides another angle of view to evaluate the performance of listed companies. It complements the lack of the research on the value correlation of economic value added momentum in China, which is still in the stage of introduction. This paper mainly focuses on the introduction of the economic value added momentum. This paper studies the correlation between the economic added value momentum and the value of listed companies in China.
【學(xué)位授予單位】：北京交通大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2014
【分類號】：F832.51;F275;F224

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本文編號：1422889