本文選題：EVA　切入點(diǎn)：企業(yè)價(jià)值　出處：《中國石油大學(xué)(華東)》2014年碩士論文　論文類型：學(xué)位論文

【摘要】：創(chuàng)業(yè)板自2009年10月30日正式上市公開交易以來一直受到各方廣泛關(guān)注,市場(chǎng)規(guī)模穩(wěn)步擴(kuò)大,對(duì)于創(chuàng)業(yè)板上市公司的信息需求逐步增強(qiáng)。同時(shí),在快速發(fā)展中創(chuàng)業(yè)板受到市場(chǎng)的追捧,產(chǎn)生了一定的泡沫,整體估值水平偏高。因此探尋合理衡量創(chuàng)業(yè)板真實(shí)企業(yè)價(jià)值的方法,評(píng)判創(chuàng)業(yè)板上市公司是否真正給股東帶來了價(jià)值的提升,就顯得尤為重要。隨著EVA理論在央企考核中的應(yīng)用,EVA理念越來越受到重視,那么在創(chuàng)業(yè)板上市公司中是否可以應(yīng)用EVA理念,EVA是否可以提供優(yōu)于傳統(tǒng)指標(biāo)的信息含量呢?為解決上述問題,依托企業(yè)價(jià)值、信息含量等相關(guān)理論,結(jié)合創(chuàng)業(yè)板上市公司特點(diǎn),構(gòu)建適合于創(chuàng)業(yè)板的EVA計(jì)算模型。選取EVA類指標(biāo)EVAPC、ROC、WACC和傳統(tǒng)會(huì)計(jì)類指標(biāo)EPS、ROE、CFOPS、SGR作為解釋變量,以MVAPC作為被解釋變量,根據(jù)樣本篩選原則共取得2010-2012年間的465個(gè)樣本。通過描述性統(tǒng)計(jì)、一元回歸、相關(guān)信息含量、增量信息含量的實(shí)證分析,得出在單個(gè)指標(biāo)中,ROC對(duì)MVAPC的解釋力度最強(qiáng),可以達(dá)到53.4%。在相對(duì)信息含量方面,EVA類指標(biāo)可以解釋MVAPC變化的53.6%,明顯優(yōu)于傳統(tǒng)會(huì)計(jì)類指標(biāo)。在增量信息含量方面,在傳統(tǒng)會(huì)計(jì)類指標(biāo)的基礎(chǔ)上,EVA可以提供高達(dá)35.8%的增量信息,而傳統(tǒng)會(huì)計(jì)類指標(biāo)對(duì)于EVA類指標(biāo)的補(bǔ)充解釋力僅為0.9%。因此EVA類指標(biāo)不管是在相對(duì)信息還是增量信息方面都比傳統(tǒng)會(huì)計(jì)指標(biāo)有優(yōu)勢(shì)。建議創(chuàng)業(yè)板公司的管理層、創(chuàng)業(yè)板的監(jiān)管層以及投資者重視EVA理念,并利用EVA思想助力創(chuàng)業(yè)板的健康發(fā)展。
[Abstract]:Since October 30th 2009, the gem has been widely concerned by all parties, the market scale has been expanding steadily, and the information demand for gem listed companies has gradually increased. At the same time, In the rapid development of the gem, it has been sought after by the market, resulting in a certain bubble, and the overall valuation level is on the high side. Therefore, we seek a reasonable way to measure the real enterprise value of the gem. It is particularly important to judge whether the gem companies really bring value to shareholders. With the application of EVA theory in the assessment of central enterprises, more and more attention has been paid to the concept of EVA. So in the gem listed companies can use the EVA concept can provide better than the traditional indicators of information content? In order to solve the above problems, based on the relevant theories of enterprise value and information content, and combining the characteristics of listed companies on the gem, the EVA calculation model suitable for the gem is constructed. EVAPC-ROCWACC, the traditional accounting index, is chosen as the explanatory variable, and the EVAPC-ROCWACC and the traditional accounting index are selected as the explanatory variables. With MVAPC as the explanatory variable, 465 samples were obtained from 2010 to 2012 according to the principle of sample screening. The empirical analysis of descriptive statistics, univariate regression, correlation information content and incremental information content was carried out. It is concluded that the MVAPC can be explained most strongly by ROC in a single index, which can reach 53.4%. In terms of relative information content, MVAPC can explain 53.6% of MVAPC changes, which is obviously superior to the traditional accounting index. On the basis of traditional accounting indicators, EVA can provide incremental information up to 35.8%. However, the supplementary explanatory power of the traditional accounting index to the EVA index is only 0.9.Therefore, the EVA index is superior to the traditional accounting index in terms of relative information or incremental information. The supervision layer of gem and investors attach importance to the idea of EVA, and use the idea of EVA to help the healthy development of gem.
【學(xué)位授予單位】：中國石油大學(xué)(華東)
【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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