我国上市公司绩效评价中EVA方法有效性的实证研究及应用

【作者】 彭宏；

【导师】 王国顺；

【作者基本信息】 中南大学 ， 技术经济及管理， 2003， 硕士

【摘要】 EVA评价法自问世以来，在国外倍受关注并得到广泛运用，被誉为“创造财富的关键”和“当今最热门的财务观念，并将越来越热。”我国企业在运用EVA评价法时面临一个矛盾：一方面是理论界的大力推崇，另一方面是对EVA评价法有效性的担忧。本研究的目的旨在判断EVA评价法在评价我国上市公司绩效时的有效性。 本文选择我国A股市场的1051家非金融业股票为总体样本，以样本的年度会计报表和Stern-Stewart中国公司在《财经》杂志上公布的各样本的EVA为研究依据，运用规范研究和实证分析的研究方法，建立了计量经济模型，对我国上市公司的EVA和传统绩效指标进行回归分析和相关分析，用以判断EVA的有效性。 研究结果表明：由于各种因素的影响，运用EVA评价我国上市公司绩效时，在绝对有效性上与传统绩效指标存在一定差异，但在相对有效性上与传统绩效指标相对一致。最后，利用EVA评价法比较分析我国上市公司的总体及行业绩效水平。更多还原

【Abstract】 EVA has been growing popularity and widely applied abroad since its naissance it was declared to be the "real key to creating wealth" and "today’s hottest financial idea and getting hotter." While our enterprises apply EVA they confront a contradiction. Because the EVA is well known and appreciated, its validity is suspected at the same time. This paper is aimed to judge the validity of EVA used to measure the performance of listed companies in China.1051 non-financial stocks in Chinese A stock market are selected as total sample. We utilize the account book and EVA of sample, published by Stern-Stewart company on 《Finance issue》 . A econometrics model is set up then We use the model to regress EVA of sample and traditional performance measurement indexes to judge the validity of EVA by normative research and empirical analysis.The conclusion indicates that EVA and traditional performance measurement indexes have difference on absolute validity. But on relative validity they are identical. Finally, we analyze relatively the total and different industries performance of listed companies by EVA.更多还原