【作者】 李亚静；

【导师】 黄登仕；

【作者基本信息】 西南交通大学 ， 管理科学与工程， 2004， 博士

【摘要】 随着经济全球一体化,各国的公司治理结构正经历着一系列的变化。在此过程中,越来越多的决策者认识到,建立有效的公司治理是现代市场经济体系有序、高效运行的微观基础。 自建立现代企业制度成为我国国有企业改革的主要方向以来,公司制企业在我国得到了迅猛的发展,公司治理日益受到我国各级政府与企业的重视,对公司治理结构的研究也已成为我国理论界的一个重要课题。 在公司治理结构的研究中,企业绩效的度量是一个非常关键的因素。经济附加值(EVA),作为评价企业创造价值的公司绩效评价指标,于九十年代初开始,逐渐在美国等国的大公司中,如可口可乐、西门子、IBM、Wal-Mart等,获得成功应用,使得这些公司的资本效益大幅度地提高。 基于企业绩效评价指标在公司治理结构研究中的重要地位,本文在将EVA用于中国企业绩效的度量和公司治理结构两个方面展开了研究。主要结果有: 1.从剖析经济附加值(EVA)的理论渊源出发,探讨了EVA指标的优势和不足。EVA是对真正“经济”利润的评价,其最大的特征就是注重资本费用,与其他传统会计指标相比,EVA能更加全面地反映一个企业的经营绩效;而且使用EVA指标能够使得管理者和股东的利益最大限度地保持一致,它还能在公司内部管理和激励约束机制的设计中发挥重要作用。但EVA对企业内在的成长性机会的解释不够充分,是一种资本效率指标。 2.通过对EVA和剩余收益以及传统会计指标与公司市场价值相关性的研究,我们分析了在我固证券市场中EVA与投资收益的相关性。实证发现,公司的EVA与公司的市场价值显著正相关,但所包含的公司市值的信息不多,在传统会计指标之上,EVA不具有增量信息解释能力;传统会计指标与公司市值显著正相关,能很好地解释公司的市场价值;相对于EVA,传统会计指标不仅具有增量信息解释能力,而且可以取代EVA:EVA与剩余收益互有增量信启、解释能力。 3.对股权结构与公司价值的研究。针对股权结构是市场调节,还是所有者控制方式展开讨论。 我们对沪市所有行业上市公司的股权结构与公司价值创造进行了探讨。实更多还原

【Abstract】 With worldwide development of economy, the structure of corporate governance is undergoing deeply reconstructing. More and more financial economists and corporate governors realize that efficient corporate governance is the micro-fundament of modern market economy performing efficiently and healthily.While building modern corporate system was aimed as the main reform of Chinese state-owned enterprises, corporate company has been set up rapidly in the last ten years. Corporate governance not only has attracted more attentions from state and corporate governors, but also has been a hotly debated topic in academic research.The performance evaluation of a company is a key factor while understanding the structure of corporate governance. Economic-Value-Added, a value based index to evaluate the performance of a company, was first used in 1989 and from that auspicious beginning has captured the interest of many in the business community, such firms as Coca-Cola Co., Siemens Co., IBM Co., and Wal-Mart Co., etc., and has largely enhanced the capital efficiency of these companies.Based on the importance of performance evaluation of a company in corporate governance, this paper is constructed by two parts, the measurement performance of company and the structure of corporate governance, while combing EVA with the companies listed on Shanghai and Shenzhen stock exchanges. The main results are:1. This paper surveys the existed theoretical and empirical works on EVA. EVA is a new and improved measure of economic profits. The significant property of EVA is its incorporation of an opportunity cost of funds for the equity investors’ capital. Comparing to the traditional accounting measures of earnings which are not relevant to explaining value creation, EVA can increase the rate of return earned on the existing base of capital, and invest additional capital in projects that return more than the cost of obtaining the new capital. EVA can also rebalance the rights and interests between shareholders and managers, and play an important role while bestirring and restricting the corporate managers.2. Based on the financial information of 456 firms listed at Shanghai Stock Exchange, this paper investigate the relationship between firm values and EVA, traditional accounting indexes and residual income from year 1999 to 2001. The evidences indicate that though EVA is positively related to firm values, the information content on firm values is very small. After controlling for traditional accounting indexes, EVA does not have any incremental information content on firm values. There are significantly positive correlations between firm values and traditional accounting indexes, and accounting indexes can explain firm values very well. Accounting indexes have strong incremental information content on firm values EVA. and can dominate EVA. EVA has incremental information content beyond residual income, and vice更多还原