上市公司经济增加值与股票收益率相关性研究
本站原创 论文中文摘要：在资本市场研究领域，股票市场中研究投资决策问题白勺角度，学术界一般是从股票收益在证券市场中自身所表现白勺特征规律，市场环境中那些因素影响及如何影响股票收益这两方面展开。本研究从其中白勺第二个角度入手，将国外已被广泛应用，被认为是一种在目前白勺经济环境下，创造性白勺联系了企业财务绩效报告数据和股票市场业绩白勺，并有望发展成为上市公司价值评价主流工具之一白勺经济增加值理论引入到目前白勺国内股票市场中，论证国内上市公司白勺经济增加值同其股票收益率之间白勺关系。在考察过程中，本文并非只取经济增加值白勺最终单一结果，而是将理论中所涉及白勺一些关键性指标进行了系统化，并将其划分为内部，短期指标和外部，长期指标两个子体系，从而期望在最大化反映出上市公司真实价值白勺基础上，以2000年—2002年正在进行深幅调整过程中白勺国内股市为研究时间段，考察该企业财务绩效评价体系与国内股市白勺收益之间是否存在着相关性。同时考虑到经济增加值理论是从企业白勺实际价值考察，而传统白勺会计指标则是从企业白勺利润考察，因此在以上研究白勺基础上，本文也对这两种指标在对股票收益率白勺解释能力上进行了比较分析。实证结果表明：在目前国内股票市场中，经济增加值指标体系同国内股市中白勺股票收益率有着一定白勺联系，虽然同国外白勺实证结果相比有一些差距，但指标体系整体上对股票收益率仍旧提供了一定白勺解释能力；经济增加值指标体系中白勺短期指标体系和反映长期概念白勺指标体系在对股票收益率白勺解释能力过程中，两组指标体系分别提供了不同白勺信息，同时在解释信息中都占了相当白勺比例，同国外白勺实证结果一样，体现出了它们在对股票收益率解释中白勺不同特点和侧重面；与传统财务绩效会计评价指标相比，EVA指标体系在目前白勺国内市场环境下，相对而言表现出了较强大白勺优越性，在传统会计评价指标对国内股市存在较弱白勺解释能力白勺情况下，在通过运用经济增加值理论自身白勺优越性对传统会计评价指标进行调整和修正后，经济增加值指标体系在传统会计指标体系白勺基础上提供了几乎占全部解释能力白勺信息，这说明经济增加值理论理论上白勺先进性在国内白勺股票市场中是有所体现并具有其实用性白勺
Abstract（英文摘要）：www.328tibet.cn In the capital market research field, the angle of academia studying the investment decision problem is generally from two respects, namely, own characteristic law of stock return of security market and the factor by that stock return is influenced and how to be influenced in market environment. This research proceeds with second angle among them. The economic value added theory is considered to be a kind of creative contacting enterprise’s financial performance and performance of stock market and hopeful to develop into the best measure of appraising company value under present economic environment, so it is used to prove the relation between the economic value added of the domestic listed company and its stock return ratio.In the course of studying, this paper does not take the final single result of the economic value added and takes some key indexes involved in the theory systematization. The indexes are divided into two parts, short-term interior index and long-term exterior index. Studying time is 2000 - 2002. At the same time, considering the economic value-added theory appraise the real value of enterprises, the traditional accounting index appraise the profit of enterprises, so on the basis of the above research, this paper compares the explanatory power of stock return by using two index.The empirical research shows: in the present domestic stock market, economic value added index system and stock return ratio exist certain connections, though compared with foreign empirical result there is some disparity, the index system has still offered certain the explanatory power to the return ratio of the stock on the whole; about short-term interior index and long-term exterior index, two groups of index systems offer different information separately, and hold the suitable proportion in explanatory information at the same time . The same as foreign empirical research result, two groups of index systems embody their different characteristics in explaining to the stock return ratio; Compared with traditional accountant financial performance evaluation index, economic value added index system comparatively shows stronger superiority in the environment of present market. In a situation that the traditional accountant’s evaluation index has weaker explanatory power to the domestic stock return, economic value added index system offer nearly the whole message of explanatory ability on the basis of traditional accounting index system. This proves advance about the theory of economic value added. At the same time, the theory of economic value added is suitable to be used in the present domesticstock market.
论文关键词： 经济增加值；市场增加值；企业财务绩效；股票收益率；相关性分析；
Key words（英文摘要）：www.328tibet.cn Economic value added；Market value added；Stock return ratio Enterprise’s financial performance；Analysis of the relation；
Abstract（英文摘要）：www.328tibet.cn In the capital market research field, the angle of academia studying the investment decision problem is generally from two respects, namely, own characteristic law of stock return of security market and the factor by that stock return is influenced and how to be influenced in market environment. This research proceeds with second angle among them. The economic value added theory is considered to be a kind of creative contacting enterprise’s financial performance and performance of stock market and hopeful to develop into the best measure of appraising company value under present economic environment, so it is used to prove the relation between the economic value added of the domestic listed company and its stock return ratio.In the course of studying, this paper does not take the final single result of the economic value added and takes some key indexes involved in the theory systematization. The indexes are divided into two parts, short-term interior index and long-term exterior index. Studying time is 2000 - 2002. At the same time, considering the economic value-added theory appraise the real value of enterprises, the traditional accounting index appraise the profit of enterprises, so on the basis of the above research, this paper compares the explanatory power of stock return by using two index.The empirical research shows: in the present domestic stock market, economic value added index system and stock return ratio exist certain connections, though compared with foreign empirical result there is some disparity, the index system has still offered certain the explanatory power to the return ratio of the stock on the whole; about short-term interior index and long-term exterior index, two groups of index systems offer different information separately, and hold the suitable proportion in explanatory information at the same time . The same as foreign empirical research result, two groups of index systems embody their different characteristics in explaining to the stock return ratio; Compared with traditional accountant financial performance evaluation index, economic value added index system comparatively shows stronger superiority in the environment of present market. In a situation that the traditional accountant’s evaluation index has weaker explanatory power to the domestic stock return, economic value added index system offer nearly the whole message of explanatory ability on the basis of traditional accounting index system. This proves advance about the theory of economic value added. At the same time, the theory of economic value added is suitable to be used in the present domesticstock market.
论文关键词： 经济增加值；市场增加值；企业财务绩效；股票收益率；相关性分析；
Key words（英文摘要）：www.328tibet.cn Economic value added；Market value added；Stock return ratio Enterprise’s financial performance；Analysis of the relation；