本文關(guān)鍵詞：EVA對我國上市公司股價(jià)的影響　出處：《吉林財(cái)經(jīng)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 股票價(jià)值 業(yè)績評價(jià)指標(biāo)

【摘要】：經(jīng)濟(jì)增加值(Economic Value Added，EVA)是美國Stern Stewart管理咨詢公司創(chuàng)建的財(cái)務(wù)指標(biāo)，它充分體現(xiàn)了公司的財(cái)務(wù)管理目標(biāo)在于使股東財(cái)富最大化，有效督促公司管理者將股東利益擺在第一位，是一種用來評估企業(yè)價(jià)值的財(cái)務(wù)指標(biāo)。EVA之所以不同于傳統(tǒng)的會計(jì)指標(biāo)，是因?yàn)樗粌H考慮了債權(quán)資本，還考慮了股權(quán)資本，體現(xiàn)了經(jīng)濟(jì)利潤的概念，如何處理資本成本是這兩者的最本質(zhì)的差別，也就是說，一個企業(yè)要想增加股東財(cái)富，所投資的項(xiàng)目收益就要大于為取得該項(xiàng)目而付出的所有成本，這其中包括了權(quán)益成本。計(jì)算EVA時(shí)，，調(diào)整了財(cái)務(wù)報(bào)表中的相應(yīng)科目，使得傳統(tǒng)財(cái)務(wù)指標(biāo)對企業(yè)價(jià)值的扭曲得到了糾正，真實(shí)反應(yīng)了企業(yè)的業(yè)績，有效度量了股東的財(cái)富變化。 上市公司的經(jīng)營業(yè)績和價(jià)值創(chuàng)造能力決定了股價(jià)，經(jīng)濟(jì)增加值是評價(jià)企業(yè)運(yùn)營狀況的優(yōu)良指標(biāo)，本文選取A股市場上非金融作為樣本，驗(yàn)證了經(jīng)濟(jì)增加值在我國股票市場上與股價(jià)的線性關(guān)系，收集了滬深兩市200個樣本公司從2010年到2012年三年的數(shù)據(jù)，分別對股價(jià)和各個傳統(tǒng)財(cái)務(wù)指標(biāo)做了描述性統(tǒng)計(jì)分析，證明樣本企業(yè)的每個財(cái)務(wù)指標(biāo)雖相差較大但整體狀況良好，在之后的回歸分析中，將股價(jià)作為因變量，經(jīng)濟(jì)增加值和傳統(tǒng)的企業(yè)業(yè)績評價(jià)指標(biāo)分別和股價(jià)做相關(guān)性分析和多元回歸分析，得到經(jīng)濟(jì)增加值與股價(jià)正相關(guān)、各個財(cái)務(wù)指標(biāo)之間關(guān)聯(lián)關(guān)系顯著、經(jīng)濟(jì)增加值與股價(jià)的關(guān)聯(lián)程度相對于每股收益較低等結(jié)論，文章的最后詳細(xì)闡述造成上述結(jié)果的原因，得出結(jié)論并對經(jīng)濟(jì)增加值在我國的應(yīng)用提出了合理建議。
[Abstract]:Economic Value added value (EVA) is the financial index established by Stern Stewart Management Consulting Company in the United States. It fully reflects the financial management objectives of the company is to maximize the wealth of shareholders, effectively urge the managers of the company to put the interests of shareholders in the first place. Eva is a kind of financial index used to evaluate the value of enterprises. Eva is different from the traditional accounting index because it not only considers the creditor's rights capital but also the equity capital which reflects the concept of economic profit. How to deal with the cost of capital is the most essential difference between the two. That is to say, if an enterprise wants to increase the wealth of its shareholders, the income from the investment project must be greater than all the costs paid to obtain the project. This includes the cost of equity. When calculating EVA, the corresponding subjects in financial statements are adjusted, so that the distortion of traditional financial indicators to the value of the enterprise has been corrected, and the true performance of the enterprise is reflected. Effective measurement of shareholder wealth changes. The operating performance and value creation ability of listed companies determine the stock price, economic added value is a good index to evaluate the operating conditions of enterprises. This paper selects the non-financial market as a sample. The linear relationship between economic added value and stock price in Chinese stock market is verified, and the data of 200 sample companies in Shanghai and Shenzhen stock markets from 2010 to 2012 are collected. The paper makes a descriptive statistical analysis on the stock price and each traditional financial index, which proves that each financial index of the sample enterprise is quite different but the overall situation is good. In the later regression analysis, the stock price is regarded as the dependent variable. The economic added value and the traditional enterprise performance evaluation index and the stock price respectively do the correlation analysis and the multiple regression analysis, obtains the economic added value and the stock price positive correlation, each financial index correlation relation is remarkable. The correlation degree between economic added value and stock price is lower than that of earnings per share. At the end of this paper, the causes of the above results are explained in detail, and some reasonable suggestions for the application of economic added value in our country are put forward.
【學(xué)位授予單位】：吉林財(cái)經(jīng)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2014
【分類號】：F275;F832.51;F276.6

【參考文獻(xiàn)】

相關(guān)期刊論文 前10條

1 劉立燕;EVA及其對我國上市公司的意義[J];商業(yè)研究;2005年06期

2 劉菁;;引入EVA指標(biāo)解決企業(yè)委托代理問題[J];財(cái)會月刊;2006年21期

3 杜穎,張佳林;經(jīng)濟(jì)增加值在企業(yè)業(yè)績評價(jià)中的應(yīng)用[J];財(cái)經(jīng)理論與實(shí)踐;2003年01期

4 李延喜,郭曉e

本文編號：1436773