基于企业生命周期的业绩评价指标价值相关性研究

【作者】 孙茂竹； 王艳茹； 王晰琳；

【机构】 中国人民大学商学院； 中国青年政治学院经济系； 中国中粮集团；

【摘要】 业绩评价是实现企业战略目标的重要手段,是企业不断发展并提升竞争力的动力,是企业创造价值的驱动因素。处于不同生命周期阶段的企业具有不同的战略目标,因此,在衡量不同生命周期阶段企业的价值时,应采取不同的业绩评价指标。本文选取投入资本回报率、营业收入复合年增长率、净利润、经营现金流量与经济增加值五个指标作为研究对象,以2010年以前在沪、深两市上市的A股上市公司2008~2010年的数据作为样本,研究了不同生命周期阶段企业业绩评价指标价值相关性的强弱。发现无论是成长期还是成熟期,净利润与投入资本回报率都是价值相关性最强的业绩评价指标,成长期企业的营业收入复合年增长率指标的价值相关性更强,成熟期企业的经济增加值指标的价值相关性更强。更多还原

【Abstract】 Enterprise performance evaluation is very important to achieve the strategic goals. It is driving force to enterprise value and competitive. The companies which are in different life cycle have different strategic objectives. Therefore, in the light of different life cycle phases of enterprise, companies and investors should choose different performance evaluation index to evaluate companies. This dissertation chooses ROIC(return on investment capital), ICAGR(income compound annual growth rate), EPS(earning per share), OCF(operating cash flow) and EVA(economic value added) as the objects of Empirical tests. In order to accomplishment the empirical examination of value-relevance between performance evaluation and stock price, 3364 companies from stock market have been chosen as samples of the empirical research. After empirical examination, we find that no matter what life cycle stage the company is at, the ROIC and EPS have stronger influence on the stock price.更多还原