發(fā)布時(shí)間：2018-12-10 22:27

【摘要】：經(jīng)濟(jì)增加值（EVA）對(duì)企業(yè)價(jià)值的解釋能力一直存在爭議。EVA實(shí)證研究中，主要使用EVA和其它傳統(tǒng)財(cái)務(wù)指標(biāo)對(duì)價(jià)值的相關(guān)性系數(shù)進(jìn)行比較分析，研究EVA是否具有解釋力。由于我國資本市場的不成熟，EVA和其它傳統(tǒng)財(cái)務(wù)指標(biāo)對(duì)資本市場價(jià)值指標(biāo)的相關(guān)系數(shù)遠(yuǎn)小于成熟資本市場的相關(guān)系數(shù)，限制了這種研究方法的準(zhǔn)確性和可信度。資產(chǎn)負(fù)債表是企業(yè)經(jīng)營過程一個(gè)狀態(tài)。通過分析國內(nèi)2011年EVA排名前100名公司的19個(gè)主要資產(chǎn)項(xiàng)目和EVA、凈利潤的線性回歸關(guān)系，引進(jìn)偏最小二乘法解決資產(chǎn)項(xiàng)目多重相關(guān)性問題，利用資產(chǎn)項(xiàng)目性質(zhì)對(duì)比分析傳統(tǒng)會(huì)計(jì)指標(biāo)EVA、凈利潤的解釋模擬程度。然后繼續(xù)使用偏最小二乘法研究2011年EVA排名前100名公司的24個(gè)主要資產(chǎn)負(fù)債所有者權(quán)益項(xiàng)目和EVA、凈利潤的線性回歸關(guān)系。 研究發(fā)現(xiàn)EVA、凈利潤對(duì)資產(chǎn)負(fù)債表各項(xiàng)目的綜合被解釋力有不同的側(cè)重點(diǎn)。認(rèn)為EVA在評(píng)價(jià)指標(biāo)中可以和凈利潤財(cái)務(wù)指標(biāo)結(jié)合更準(zhǔn)確反映企業(yè)的盈利水平，可以更好地評(píng)價(jià)企業(yè)業(yè)績，防止企業(yè)短期化盈利行為，EVA具有凈利潤和其它財(cái)務(wù)指標(biāo)不可替代的作用。同時(shí)偏最小二乘法運(yùn)用于資產(chǎn)負(fù)債表，解決資產(chǎn)負(fù)債表各項(xiàng)目之間嚴(yán)重共線性的問題，對(duì)解釋變量和被解釋變量的系數(shù)做出了準(zhǔn)確合理的解釋，，說明引進(jìn)偏最小二乘法分析資產(chǎn)負(fù)債表和EVA、凈利潤的相關(guān)性是可行的。
[Abstract]:In the empirical study of EVA, EVA and other traditional financial indexes are mainly used to compare and analyze the correlation coefficient of value, and to study whether EVA has the explanatory power. Because of the immature capital market, the correlation coefficient of EVA and other traditional financial indexes to the capital market value index is much smaller than that of the mature capital market, which limits the accuracy and credibility of this research method. Balance sheet is a state of business process. By analyzing the linear regression relationship between 19 main asset items and EVA, net profit of the top 100 EVA companies in China in 2011, the partial least square method is introduced to solve the multiple correlation problem of asset items. By comparing the nature of asset items, the paper analyzes the interpretation and simulation degree of traditional accounting index EVA, net profit. Then the partial least square method is used to study the linear regression relationship between the 24 major asset-liability owner equity items and EVA, net profit of the top 100 EVA companies in 2011. The study found that EVA, net profit has different emphasis on the comprehensive interpretation of each item of balance sheet. It is considered that EVA can reflect the profit level of the enterprise more accurately in combination with the financial index of net profit, which can better evaluate the performance of the enterprise and prevent the short-term profit behavior of the enterprise. EVA has an irreplaceable role in net profit and other financial indicators. At the same time, the partial least square method is applied to the balance sheet to solve the problem of serious collinearity between the items in the balance sheet. The coefficients of the explanatory variables and the explained variables are explained accurately and reasonably. It is feasible to introduce partial least square method to analyze the correlation between balance sheet and EVA, net profit.
【學(xué)位授予單位】：黑龍江八一農(nóng)墾大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2013
【分類號(hào)】：F231.1

【參考文獻(xiàn)】

相關(guān)期刊論文 前10條

1 王煒,陳強(qiáng),楊寵懷;試論EVA估價(jià)法[J];安徽商貿(mào)職業(yè)技術(shù)學(xué)院學(xué)報(bào)(社會(huì)科學(xué)版);2005年01期

2 林燕飛;吳曉燕;;基于巴菲特投資策略的上市公司財(cái)務(wù)報(bào)表分析——以TL物流為例[J];財(cái)經(jīng)界;2010年05期

3 張先治;;財(cái)務(wù)分析理論發(fā)展與定位研究[J];財(cái)經(jīng)問題研究;2007年04期

4 李定安,林志文;ABC、EVA和BSC的戰(zhàn)略成本管理整合模型[J];財(cái)會(huì)月刊;2004年19期

5 郭家虎,崔文娟;EVA對(duì)企業(yè)價(jià)值的解釋度:比較研究[J];當(dāng)代財(cái)經(jīng);2004年05期

6 瞿紹發(fā),王建偉;經(jīng)濟(jì)附加值(EVA)指標(biāo)在中國股市的應(yīng)用價(jià)值分析[J];系統(tǒng)工程;2003年06期

7 陳華亭;論作業(yè)成本法與經(jīng)濟(jì)增加值的結(jié)合應(yīng)用[J];河南金融管理干部學(xué)院學(xué)報(bào);2004年01期

8 何春香;;經(jīng)濟(jì)增加值指標(biāo)在企業(yè)業(yè)績?cè)u(píng)價(jià)中的應(yīng)用[J];合作經(jīng)濟(jì)與科技;2010年21期

9 王喜剛,叢海濤,歐陽令南;什么解釋公司價(jià)值:EVA還是會(huì)計(jì)指標(biāo)[J];經(jīng)濟(jì)科學(xué);2003年02期

10 楊海虹;;基于主成分分析的國內(nèi)超市上市公司財(cái)務(wù)評(píng)價(jià)[J];商業(yè)經(jīng)濟(jì);2010年04期

相關(guān)碩士學(xué)位論文 前1條

1 陳溥;沃爾瑪財(cái)務(wù)分析[D];電子科技大學(xué);2009年

本文編號(hào)：2371317