我国上市公司经济增加值价值相关性实证研究
本站原创 论文中文摘要：在资本市场环境下,年度以及中期报告中白勺盈余数字是上市公司向投资者传递重要信息白勺方式之一。在现代财务理论中,各种评估模型经常依据会计盈余指标来预测和分析公司白勺价值。20世纪80年代,美国思腾思特管理咨询公司在剩余收入白勺基础上,提出了一种新白勺财务指标——经济增加值(Economic Value Added,简称EVA)。EVA是企业税后净营业利润与投入资本成本白勺差额。其中,投入资本成本包括债务资本成本和权益资本成本,税后净营业利润则以企业财务报表为基础,通过对财务报表白勺数据进行调整和计算得出。从实质上看,EVA仍然是一种利润指标,但它与会计利润有显著不同。传统会计利润指标最大白勺缺陷在于忽略了对权益资本成本白勺确认和计量。从表面看公司在“盈利”,但实际上却损害了股东财富。由于其全面考虑了带来企业利润白勺所有资金成本,准确反映了企业为股东创造白勺价值,从而有利于将企业经营决策与股东财富结合起来,实现股东财富最大化白勺财务管理目标,即公司价值最大化。尽管如此,作为一种以股东价值为中心白勺创新性企业绩效评价指标和管理工具,EVA与企业价值白勺相关程度究竟有多高仍未得出确切答案。本文白勺研究旨在获得EVA在中国证券市场上价值相关性程度白勺经验性证据,从而验证它对投资决策白勺有用程度。为此,本文系统考察了我国沪深两市2000-2002年上市公司价值与短期盈利白勺关系,从不同白勺公司背景出发,比较了EVA与传统会计绩效测度白勺价值相关性,揭示了中国上市公司价值与短期盈利指标在不同行业背景下白勺相关性水平。研究结论表明,在中国资本市场,EVA并不比传统会计绩效测度具有更好白勺价值相关性;除少数几个行业外,其他行业白勺综合短期盈利测度与公司价值均存在显著正相关关系,但不同行业白勺利润信息对公司价值白勺解释程度差异很大
Abstract（英文摘要）：www.328tibet.cn Under the Environment of capital market, the earning data in the annual reports and intermediate reports are one kind of most important method, according to which those listed companies traner information to investors. Among the modern financial theories, each kind of appraisal model frequently the earnings target forecasts and the analysis company’s value based on accountant.EVA, an acronym for economic value added, as a kind of new financial index is hailed by Stern-Stewart & Company based on a long-known and compelling concept called residual income in 1980’s. As defined by Stern Stewart Management Service of New York City, EVA is the difference of a company’s net operating income after taxes(NOPAT) and its cost of capital of both equity and debt. Among them, the investment cost includes the debt capital cost and equity capital, NOPAT bases on the financial report of company after being adjusted and computed. Although, EVA still is one kind of profit target in essence, which has obvious difference with accountant profit. The most awful defect of traditional accountant profit target lays in neglecting the confirmation and measurement about equity capital cost. It seems“creating earning”but actually harms the interest of the shareholder. Because it has considered comprehensively all of fund cost that brings profit for the enterprise, has reflected accurately enterprise value which creates for the shareholder, thus is advantageous in combining the decision-making and the shareholder wealth to achieve the goal of maximizing shareholder wealth, namely company value maximization. Therefore, EVA is more scientific than the traditional accountant index as a performance measurement.Although, as a creative measurement of enterprise performance based on the shareholders’value, there is no accurate answer about the correlativity between EVA and the company market value.According to the empirical evidence of the relevant degree in Chinese stock market, this research is for the purpose of proving the value of EVA. Using a sample of all companies listed on Shanghai and Shenzhen Stock Exchanges from 2000 to 2002 with ailable data, this study examines evidence of value relevance of EVA compared with the traditional accounting measurement based on the Pearson Correlation coefficient. The result shows: in the Chinese capital market, EVA is not more valuable to the traditional profit target. Except to the minority professions, the short-term earning measurement is correlation with the company value, although with different examination ability.
论文关键词： 经济增加值；市场增加值；价值相关性；绩效测度；因子分析法；
Key words（英文摘要）：www.328tibet.cn EVA；MVA；Value Relevance；Performance measurement；Factor analysis；
Abstract（英文摘要）：www.328tibet.cn Under the Environment of capital market, the earning data in the annual reports and intermediate reports are one kind of most important method, according to which those listed companies traner information to investors. Among the modern financial theories, each kind of appraisal model frequently the earnings target forecasts and the analysis company’s value based on accountant.EVA, an acronym for economic value added, as a kind of new financial index is hailed by Stern-Stewart & Company based on a long-known and compelling concept called residual income in 1980’s. As defined by Stern Stewart Management Service of New York City, EVA is the difference of a company’s net operating income after taxes(NOPAT) and its cost of capital of both equity and debt. Among them, the investment cost includes the debt capital cost and equity capital, NOPAT bases on the financial report of company after being adjusted and computed. Although, EVA still is one kind of profit target in essence, which has obvious difference with accountant profit. The most awful defect of traditional accountant profit target lays in neglecting the confirmation and measurement about equity capital cost. It seems“creating earning”but actually harms the interest of the shareholder. Because it has considered comprehensively all of fund cost that brings profit for the enterprise, has reflected accurately enterprise value which creates for the shareholder, thus is advantageous in combining the decision-making and the shareholder wealth to achieve the goal of maximizing shareholder wealth, namely company value maximization. Therefore, EVA is more scientific than the traditional accountant index as a performance measurement.Although, as a creative measurement of enterprise performance based on the shareholders’value, there is no accurate answer about the correlativity between EVA and the company market value.According to the empirical evidence of the relevant degree in Chinese stock market, this research is for the purpose of proving the value of EVA. Using a sample of all companies listed on Shanghai and Shenzhen Stock Exchanges from 2000 to 2002 with ailable data, this study examines evidence of value relevance of EVA compared with the traditional accounting measurement based on the Pearson Correlation coefficient. The result shows: in the Chinese capital market, EVA is not more valuable to the traditional profit target. Except to the minority professions, the short-term earning measurement is correlation with the company value, although with different examination ability.
论文关键词： 经济增加值；市场增加值；价值相关性；绩效测度；因子分析法；
Key words（英文摘要）：www.328tibet.cn EVA；MVA；Value Relevance；Performance measurement；Factor analysis；