【作者】 聂清飞；

【导师】 吴应宇；

【作者基本信息】 东南大学 ， 会计学， 2005， 硕士

【摘要】 经济增加值(EVA)指标是20世纪90年代以来最受理论界和企业界关注的公司业绩评价指标之一。EVA由于考虑了企业的权益资本成本,并且在利用会计信息时尽量消除会计失真,降低了盈余操纵的机会,因此被认为能够更真实地反映企业的经营业绩,在西方得到了广泛的应用。国内对企业业绩的评价一直以会计利润为基础。由于会计利润未考虑权益资本成本,并且容易受到经营者的人为操纵,难以准确衡量企业的经营业绩,受到了众多的批判。国内学者对EVA进行了大量的研究,但研究内容大部分集中在对EVA概念的介绍、理论的分析和利用中国上市公司的数据进行实证研究,对EVA在国内应用时应该进行的修正的研究还是一片空白。研究EVA在国内的应用,并根据中国的国情进行修正,具有重要的实践意义。本文首先对EVA指标的概念、计算方法以及在国内外的应用情况进行了简单的回顾和介绍。然后对EVA指标应用于中国证券市场的有效性和局限性进行分析,提出修正的必要性。在此基础上,从会计调整和资本成本计算两个方面,对EVA指标修正的内容进行分析。在明确了EVA修正的内容后,对国内上市公司EVA的计算公式进行了总结,并举例计算。最后通过100家上市公司的财务数据,将修正后的EVA指标、传统利润指标以及未修正的EVA指标进行比较研究,证明了修正后的EVA在衡量上市公司经营业绩方面更为有效。本文的主要研究结论有:1、在国内证券市场,将EVA指标作为投资分析工具时,必须进行一定的修正,才能更好地衡量上市公司的经营业绩。2、EVA作为外部分析指标评价上市公司经营业绩时,会计调整项目主要集中在商誉、在建工程、递延税款、各种准备、营业外收支等五项,不需要进行大规模的会计调整。3、从数据的可获得性和可靠性等角度考虑,计算权益资本成本比较适合的模型是资本资产定价模型(CAPM模型)。4、修正后的EVA指标在衡量上市公司经营业绩方面更为有效。更多还原

【Abstract】 Economic Value Added (EVA) is one of measures to evaluate the operational performance of enterprises, which has been paid close attention since 1990s. Because EVA considers the equity capital cost of enterprises, dispels the accountant distortedly and reduces the chance to manipulate the surplus, it can reflect enterprise’s performance more truly, thus it is widely used in the west. The domestic evaluation on enterprise’s performance has based on accounting benefit all the time. Because it doesn’t consider the equity capital cost and is easy to be handled artificially, accounting benefit can’t weigh the operational performance of enterprises accurately, thus it receives numerous criticisms. The domestic scholars have carried on a large amount of research on EVA, but the research contents concentrate on introducing and analyzing, they demonstrate the Chinese listed companies. The study on revision of EVA while using in our country is still a blank. Therefore, it is important to study the application and revision of EVA according to the actual conditions of our country.Firstly the paper carries on simple retrospect and introduction to the concept, computing method and application of EVA at home and abroad. Then it analyses the validity and limitation in China’s securities market, puts forward the necessity revised. On this basis, it analyses the content that EVA measures revises from accounting adjustment and cost calculation of capital. It summarizes calculation formula of domestic listed company after defining the content that EVA revises. Finally it researches comparatively on EVA measure after revising, traditional benefit measure and EVA measure not revised in light of the financial data of 100 listed companies, all of this can prove that EVA measure after revising is more valid in weighing the operational performance of listed company.The main conclusions of this paper:1、EVA measure must be revised in the domestic security market, while it is regarded as the investment analysis tool to weigh the operational performance of enterprises better.2、When EVA is used to evaluate the business performance of listed company as the outside measure, the accounting adjusted items concentrate on five items, such as business reputation、construction in process、deferred tax、reserve fund、non operating revenue and expenditure etc. It is not necessary to carry on the extensive accountant adjustment.3、The suitable model to calculate the equity capital cost is capital asset pricing model (CAPM model) in accordance with availability and reliability of date.4、EVA measure after revising is more valid in weighing the operational performance of listed company.更多还原