本文關(guān)鍵詞：EVA在我國創(chuàng)業(yè)板上市公司業(yè)績評價中的應(yīng)用研究　出處：《云南財經(jīng)大學(xué)》2017年碩士論文　論文類型：學(xué)位論文

  更多相關(guān)文章： 創(chuàng)業(yè)板上市公司 樂視網(wǎng) EVA業(yè)績評價 傳統(tǒng)業(yè)績評價 比較分析

【摘要】：創(chuàng)業(yè)板上市公司的業(yè)績評價結(jié)果一直是投資者關(guān)注的重要內(nèi)容,利益相關(guān)者希望通過業(yè)績評價結(jié)果把握投資方向,但是,結(jié)果卻不經(jīng)常盡如人意,其原因是,傳統(tǒng)業(yè)績評價方法在業(yè)績評價中能夠帶給投資者的信息很少,這主要是受制于傳統(tǒng)業(yè)績評價指標(biāo)的滯后性以及預(yù)測功能缺失,為了更清晰取得企業(yè)經(jīng)營過程的真實成果,需要另辟蹊徑,尋找其他方法。EVA業(yè)績評價方法作為EVA理論體系的主要部分,在評價企業(yè)業(yè)績方面有著傳統(tǒng)業(yè)績方法所不具有的獨特優(yōu)勢,即EVA站在企業(yè)價值增值角度,繞過了企業(yè)經(jīng)營過程中,經(jīng)營者為了某種目的對報表數(shù)據(jù)的粉飾或者利潤調(diào)節(jié),可以在很大程度上減少報表數(shù)據(jù)的信息失真,回歸真實的企業(yè)業(yè)績上來。本文在研究EVA業(yè)績評價理論功能的基礎(chǔ)上,通過鎖定研究范圍:創(chuàng)業(yè)板市場上市公司。研究角度:EVA業(yè)績評價同以杜邦分析體系為主的傳統(tǒng)業(yè)績評價方法的比較。試圖給出這樣的結(jié)論:1、傳統(tǒng)業(yè)績評價方法占據(jù)統(tǒng)治地位,但EVA方法潛力巨大。EVA方法在評價企業(yè)業(yè)績方面比傳統(tǒng)方法更有優(yōu)勢,所得出的結(jié)論更加具有說服力;2、EVA方法對創(chuàng)業(yè)板上市公司的業(yè)績評價結(jié)論仍然具有可信性,EVA指標(biāo)從長遠(yuǎn)來看比傳統(tǒng)評價方法更適合對創(chuàng)業(yè)板公司進(jìn)行業(yè)績評價。本文選中的案例,是創(chuàng)業(yè)板上市公司中曾經(jīng)的頭名,樂視網(wǎng)。研究思路是,在梳理EVA前世今生的基數(shù)上,對我國創(chuàng)業(yè)板市場整體進(jìn)行EVA適用性分析,然后將研究集中到一個點,即樂視網(wǎng)上,通過巨潮資訊網(wǎng)查找到相關(guān)財報數(shù)據(jù)信息,嚴(yán)格按照EVA公式中各種調(diào)整,計算出EVA值,并運用樂視網(wǎng)2010至2015年的EVA值進(jìn)行深入分析。本文選取3個分析點和傳統(tǒng)方法進(jìn)行比較研究,這3個點分別是:1、EVA與凈利潤指標(biāo)比較及差異分析;2、EVA投資資本回報率與權(quán)益凈利率(期末)的比較及差異分析;3、EVA增長率與凈利潤增長率的比較及差異分析。如前所述,本文在EVA基礎(chǔ)上在三個方面同傳統(tǒng)業(yè)績指標(biāo)展開比較分析,這是文章的研究角度,是文章的重點部分,在本部分,本文通過數(shù)據(jù)的深入挖掘,試圖找到EVA在業(yè)績評價方面比傳統(tǒng)業(yè)績評價法的優(yōu)勢,在計算過程中,的確也在數(shù)據(jù)的比較分析上中達(dá)到了本文的目的,從案例研究角度證實了EVA業(yè)績評價方法相比傳統(tǒng)會計評價法的優(yōu)越性。
[Abstract]:Gem listed companies performance evaluation results have been an important concern of investors, stakeholders hope to grasp the direction of investment through the results of performance evaluation, but the results are not always satisfactory, the reason is. The traditional performance evaluation method can bring little information to investors in the performance evaluation, which is mainly limited by the lag of traditional performance evaluation indicators and the lack of forecasting function. In order to obtain the real results of the business process more clearly, we need to find other methods. Eva performance evaluation method as the main part of the EVA theory system. In the evaluation of enterprise performance, there is a unique advantage that the traditional performance method does not have, that is, EVA stands in the perspective of value-added enterprise value, bypassing the business process. For some purpose, the operator can reduce the information distortion of the report data to a great extent by whitewashing or adjusting the profit of the report data. This paper studies the function of EVA performance evaluation theory. By locking the scope of the research: gem listed companies. Research angle of the comparison between the performance evaluation of EVA and the traditional performance evaluation method based on DuPont analysis system. Try to give such a conclusion: 1. The traditional performance evaluation method occupies the dominant position, but the EVA method has more advantages than the traditional method in evaluating the enterprise performance, and the conclusion is more persuasive. 2EVA method still has credibility to the performance evaluation conclusion of gem listed companies. In the long run, the EVA index is more suitable than the traditional evaluation method to evaluate the performance of gem companies. The case selected in this paper is the former leader of gem listed companies, Letv net. The research idea is. In combing the cardinal number of EVA in the past life, this paper analyzes the applicability of EVA in China's gem market as a whole, and then focuses on one point, that is, Letv online. Through the giant tide information network to find the relevant financial data information, strictly in accordance with the EVA formula in various adjustments to calculate the EVA value. In this paper, we choose three analysis points and traditional methods for comparative study. These three points are respectively: 1: 1. Comparison and difference analysis between EVA and net profit index; (2) the comparison and analysis of the difference between the rate of return on investment capital and the net interest rate of equity (at the end of the term) of EVA; As mentioned earlier, this paper compares EVA with traditional performance indicators in three aspects, which is the research angle of this article. Is the key part of the article, in this part, through the in-depth mining of data, this paper tries to find out the advantages of EVA in performance evaluation compared with the traditional performance evaluation method, in the calculation process. Indeed, the purpose of this paper is achieved in the comparative analysis of the data. From the perspective of case study, the superiority of EVA performance evaluation method compared with the traditional accounting evaluation method is proved.
【學(xué)位授予單位】：云南財經(jīng)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2017
【分類號】：F275;F49

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