经济增加值（EVA）评价与传统业绩评价的比较

【作者】 陈翔；

【导师】 杜莹芬；

【作者基本信息】 中国社会科学院研究生院 ， 企业管理， 2003， 硕士

【副题名】以通信行业为例

【摘要】 经济增加值是近年来风靡国外的一种新型业绩评价方法。该方法以股东价值最大化为公司目标函数，考虑了权益资本成本，并且对会计体系中不合理的部分进行了必要的调整，克服了传统指标的一些缺陷，从而更准确地反映公司的价值创造能力和经济效率。本文首先通过对经济增加值概念、内涵及理论基础等方面的分析，阐明了经济增加值的优越性及存在的问题。并且结合中国的会计制度，对经济增加值的会计调整和具体计算作了详细的阐述。 通信行业是我国国民经济的基础性产业、先导性产业和战略性产业，通信业的进步，将大幅度地降低其它产业的成本，从而促进整个经济的快速发展。准确衡量中国通信业上市公司的价值创造能力和经营绩效有着极其重要的战略意义。然而通信业资本密集性、技术密集性、高风险性和收益不确定性的产业特征，对传统评价方法提出了挑战，最典型的就是业绩评价中如何合理地反映折旧模式、研发费用和风险等信息。本文从理论上证明EVA适合通信业上市公司的业绩评价；并用EVA指标对中国通信业上市公司的价值创造能力进行了分析。 但是经济增加值方法在西方的兴起是以西方股东价值革命和资本市场的成熟为前提的。经济增加值指标在通信业的有效性必须得到实证的检验。因此本论文进一步对经济增加值在中国通信业上市公司绩效评价中的有效性进行实证研究。得到的结论表明，EVA对于通信企业的业绩评价是可行的；但在现阶段的业绩评价和投资分析中，比较好的做法是同时利用EVA指标和传统指标进行分析。更多还原

【Abstract】 Dissatisfaction with traditional accounting-based performance measures has gained value-based alternatives great popularity in western corporate internal management, among which Economic Value Added (EVA) is definitely the most prominent. In China, EVA concept has now begun to attract considerable attention both theoretically and professionally, but the research findings are relatively limited as to the usefulness of EVA in China.In this study, we first review the theory of EVA, which includes how EVA modifies the concept of residual income to its theory, EVA concept and their relationships to traditional metric, and the empirical results of the value-relevance of EVA. Second, we analyze the value-creation and performance of Chinese telecom industry with EVA numbers computed under Chinese GAAP. Third, we conduct an examination of whether EVA is more highly associated with corporate market value than conventional accounting-based measures such as ROE, EPS.CFO and Nl, using data of Chinese listed companies of telecom industry over the period 1998-2002.The results indicate Chinese telecom industry has been a value creator since 1999, but the value creation process is not so stable. The relative information content tests show that Nl is most closely associated with market value and EVA ranks the second. The incremental information content tests reveal EVA adds little explanatory power to Nl and ROE, but a great deal to EPS.更多还原