基于经济增加值的上市公司价值评估
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摘要
随着中国加入WTO,我国的金融业逐步走向开放,中国资本市场也将日趋成熟,价值投资将在未来中国资本市场中占据主导地位。因此,如何准确评估上市公司的真正价值成为了证券界最为关注的课题和投资者最为关心的问题。建立在EVA基础上的企业价值评估方法为我们分析判断企业价值提供了可以借鉴的途径。
EVA是20世纪80年代以来在西方兴起的一个新兴的业绩评价指标,它克服了传统指标的缺陷,比较准确地反映了公司在一定时期内为股东创造的价值。目前EVA在发达国家已经取代利润指标成为最准确的公司绩效衡量标准,《财富》杂志称之为当今最热门的财务创意。国外的实践经验证明,EVA应用于企业价值评估,不仅能更加准确地反映公司价值,而且能引导企业管理者重视价值管理,促进企业健康发展。但由于我国尚不完善的资本市场,EVA在国内的研究应用还处于起步阶段。不过这并不妨碍EVA作为一种先进的价值评估工具在国内的广泛推广。随着中国证券市场和企业的日益成熟,以及现代经营管理模式的要求,我国的企业也必然把价值创造作为追求的首要目标。
本文运用理论分析和实证研究相结合,定量分析和定性分析相结合的方法,主要研究基于EVA价值评估模型对上市公司的价值评估。在对EVA的产生、发展、计算方法及相关理论进行介绍后,通过对比现行常用公司价值评估模型的优劣,引出EVA价值评估模型。本文的重点在于对EVA估价模型的优势和实用性进行理论分析,推算EVA估价模型的计算方法,并结合三一重工进行实证分析。最后,探讨了我国目前推广应用EVA存在的问题,并提出了一些建议。
As China joined WTO,the Chinese financial industry will open gradually and the Chinese capital market will also be gradually maturing.Value invest will occupy the leading position in the Chinese capital market in future.So,how to assess the true value of the listed companies accurately has become the subject that securities circle pays close attention to and investors most care about.The method of enterprises' valuation based on Economic Value Added(EVA)has provided a way for us judging and analyzing enterprises' intrinsic value.
EVA is a performance evaluation index newly emerged in western countries since 1980s.Devoid of the limitations of the traditional indexes,EVA reflects the value more accurately that the company has created for its shareholders during a certain period.Nowadays,EVA has already replaced the profits indexes in developed countries and become the most accurate criterion for measuring company's performance.Fortune Magazine regarded it as.the most.popular notion in finance. Foreign practice has tested that the application of EVA valuation model can not only reflect the value of companies accurately,but also leads the govemors to make a point of value management to promote the healthy development of companies.Because of the still not perfect capital market of our country,the research on EVA in nation-wide at the.starting stage yet.But this can not hinder EVA as a kind of advanced tool from popularizing at home.With the development of Chinese capital market and companies, and considering the request of modern operation mode,enterprises in China must pursue to value create as their primary goal.
Here I combine the theoretical analysis with factual analysis,the quantitative analysis with qualitative analysis to introduce EVA and its application on the listed companies.After introducing the beginning,development,calculation method and relevant theories of EVA,the thesis compares with current popular value assessment models and promotes the model based on EVA.The focal point of this thesis lies in the theory analysis about the advantages and practicability of value assessment model based on EVA,introduction of its calculation method,and combining the SANY Heavy Industry Co.Ltd,to carry on a real example analysis.At the end of this thesis,I discuss some difficulties about the application of EVA in China,and give some suggestions.
EVA是20世纪80年代以来在西方兴起的一个新兴的业绩评价指标,它克服了传统指标的缺陷,比较准确地反映了公司在一定时期内为股东创造的价值。目前EVA在发达国家已经取代利润指标成为最准确的公司绩效衡量标准,《财富》杂志称之为当今最热门的财务创意。国外的实践经验证明,EVA应用于企业价值评估,不仅能更加准确地反映公司价值,而且能引导企业管理者重视价值管理,促进企业健康发展。但由于我国尚不完善的资本市场,EVA在国内的研究应用还处于起步阶段。不过这并不妨碍EVA作为一种先进的价值评估工具在国内的广泛推广。随着中国证券市场和企业的日益成熟,以及现代经营管理模式的要求,我国的企业也必然把价值创造作为追求的首要目标。
本文运用理论分析和实证研究相结合,定量分析和定性分析相结合的方法,主要研究基于EVA价值评估模型对上市公司的价值评估。在对EVA的产生、发展、计算方法及相关理论进行介绍后,通过对比现行常用公司价值评估模型的优劣,引出EVA价值评估模型。本文的重点在于对EVA估价模型的优势和实用性进行理论分析,推算EVA估价模型的计算方法,并结合三一重工进行实证分析。最后,探讨了我国目前推广应用EVA存在的问题,并提出了一些建议。
As China joined WTO,the Chinese financial industry will open gradually and the Chinese capital market will also be gradually maturing.Value invest will occupy the leading position in the Chinese capital market in future.So,how to assess the true value of the listed companies accurately has become the subject that securities circle pays close attention to and investors most care about.The method of enterprises' valuation based on Economic Value Added(EVA)has provided a way for us judging and analyzing enterprises' intrinsic value.
EVA is a performance evaluation index newly emerged in western countries since 1980s.Devoid of the limitations of the traditional indexes,EVA reflects the value more accurately that the company has created for its shareholders during a certain period.Nowadays,EVA has already replaced the profits indexes in developed countries and become the most accurate criterion for measuring company's performance.Fortune Magazine regarded it as.the most.popular notion in finance. Foreign practice has tested that the application of EVA valuation model can not only reflect the value of companies accurately,but also leads the govemors to make a point of value management to promote the healthy development of companies.Because of the still not perfect capital market of our country,the research on EVA in nation-wide at the.starting stage yet.But this can not hinder EVA as a kind of advanced tool from popularizing at home.With the development of Chinese capital market and companies, and considering the request of modern operation mode,enterprises in China must pursue to value create as their primary goal.
Here I combine the theoretical analysis with factual analysis,the quantitative analysis with qualitative analysis to introduce EVA and its application on the listed companies.After introducing the beginning,development,calculation method and relevant theories of EVA,the thesis compares with current popular value assessment models and promotes the model based on EVA.The focal point of this thesis lies in the theory analysis about the advantages and practicability of value assessment model based on EVA,introduction of its calculation method,and combining the SANY Heavy Industry Co.Ltd,to carry on a real example analysis.At the end of this thesis,I discuss some difficulties about the application of EVA in China,and give some suggestions.
引文
[1]Steward G B.Quest for Value.New York:NY,Harper Business,1991,59-63
[2]O'Byrne S.EVA and Market Value.Journal of Applied Corporate Finance,1996,(9):116-125
[3]Grant J L.Foundations of EVA for Investment Managers.Journal of portfolio Management,1996,23(fall):41-47
[4]Biddle G C,Bowen R,Wallace J.Does EVA Beat Earnings? Evidence on Associations with Stock Returns and Firm Values.Journal of Accounting and Economics,1997,24(3):301-336
[5]Chen S,Dodd J L.Economic Value Added(EVA):An Empirical Examination of a New Corporate Performance Measure.Journal of Managerial Issue,1997,9(3):318-333
[6]Rajan.America's Greatest Wealth Creators.Fortune,1999,136:265-276
[7]乔华,张双全.公司价值与经济附加值的相关性:中国上市公司的经验研究.世界经济,2001,(1):12-13
[8]梁镇宁,尹卫华.EVA理论及其在我国的实证分析.财经理论与实践,2004,(S3):39-41
[9]舒强兴,郭海芳.中国上市公司并购价值创造的实证研究.财经理论与实践,2003,(5):46-47
[10]王喜刚,丛海涛,欧阳令南.什么解释公司价值:EVA还是会计指标.经济科学,2003,(2):17-18
[11]张晓东,刘葵阳,马永开.EVA、MVA和股票收益关系在我国的实证分析.重庆工商大学学报,2003,(4):69-71
[12]王化成,程小可,佟岩.经济增加值的价值相关性-与盈余、现金流量、剩余收益指标的对比.会计研究,2004,(5):41-45
[13]李勇,徐鹿,许辞寒.基于一份问卷调查的EVA本土化分析.商业研究,2004,(11):59-60
[14]王国顺,彭宏.EVA方法有效性的实证研究.系统工程,2004,(1):53-55
[15]朱正营,朱寒松.经济附加值(EVA)-一个值得引进的管理评价概念.技术经济与管理研究,2001,(7):35-36
[16]Lehn K,Mahajia A.EVA,Accounting Profit,and CEO Turnover:An Empirical Examination,1985-1994.Journal of Applied Corporate Finance,1997,(10):90-97
[17]熊莉.上市公司业绩评价中EVA指标与传统指标的比较研究.商业现代化,2006,(2):26-28
[18]张明.EVA与现有评价指标的比较分析.现代管理科学,2004,(7):28-29
[19]刘力,宋志毅.衡量企业经营业绩的新方法.会计研究,1999,(1):33-35
[20]王巧义,陈香兰,张振.企业价值评价指标的创新研究.经济与管理,2005,(9):27-28
[21]戴维·扬,斯蒂芬·奥伯恩.EVA与价值管理-实用指南.北京:社会科学文献出版社,2002.57-62
[22]Peter Drucker.EVA and Value -Based Management:A Practical Guide to Implementation.McGraw-Hill,2001,32-40
[23]大卫·格拉斯曼,华彬.EVA.革命.北京:社会科学文献出版社,2003,127-131
[24]兰水,李仕明,李金.公司价值与财务信息的相关性:基于中国上市公司的研究.数理统计与管理.2005,(11):21-24
[25]Andrew Wileman.The Value Factor in EVA.Management Today,1999,(5):38-41
[26]本杰明·格雷厄姆,戴维·多德.证券分析.海口:海南出版社,2006,29-30
[27]和春军,侯文莉,赵黎明.上市公司价值评价模型的构建与实证结果.现代财经,2006,(4):46-49
[28]汪海栗.企业价值评估.上海:复旦大学出版社,2005,86-93
[29]俞明轩.企业价值评估.北京:中国人民大学出版社,2004,177-178
[30]汤姆·科普兰,蒂姆·科勒,杰克·默林.价值评估--公司价值的衡量与管理.北京:中国大百科全书出版社,1998,168-173
[31]陈小悦.资产评估的期权方法.会计研究,2000,(10):31-32
[32]王燕妮,王安民.上市公司的经济增加值与公司价值.统计与决策,2005,(12):22-23
[33]Uyemura D,Kantor C,Pettit J.EVA for banks:value creation,risk management and profitability measurement[J].Journal of Applied Corporate Finance,1996,(9):94-133
[34]Milunovich S,Tsuei A.EVA in the Computer Industry[J].Journal of Applied Corporate Finance,1996,(9):104-115
[35]黄俊,李飞.经济增加值模型与我国上市公司价值的评估.统计与决策,2005,1(下):114-115
[36]Stern J M,Steward G B,Donald H.C.Jr.The EVA Financial Management System[J].Bank of America Journal of Applied Corporate Finance,1995,summer:32-46
[37]雷奕敏,马超群.EVA与企业价值评估.现代管理科学,2005,(10):22-23
[38]Uyemura J M,Boquist J A.The Search for the Best Finance Performance Measure[J].Financial Analysts Journal,1996,53:11-20
[39]肖辉,吴文峰,吴冲锋.经济附加值指标在中国证券市场的实证研究.系统工程理论方法应用,2003,(3):49-51
[40]胡继之,吕一凡.经济附加值指标(EVA)在中国证券市场实践中的应用.深圳证券交易所综合研究所报告,2000,0018号
[41]赵海燕.EVA在企业价值评估中的应用.辽宁税务高等专科学校学报,2006,(8):41-42
[42]Rajan S R.Turning Capital to Wealth:A Ranking of U.S.Utilities.Public Utilities Fortnightly,1999,137(22):36-46
[43]马萍.灰色系统GM(1,1)模型的改进及灰色统计模型研究:[硕士学位论文].吉林:吉林大学系统工程系,2007
[44]黄瑞芬,宋哓萌.EVA衡量中国上市公司价值的应用现状与前景分析-基于中国家电行业上市公司的实证分析.中国海洋大学学报(社会科学版),2006,(4):15-18
[2]O'Byrne S.EVA and Market Value.Journal of Applied Corporate Finance,1996,(9):116-125
[3]Grant J L.Foundations of EVA for Investment Managers.Journal of portfolio Management,1996,23(fall):41-47
[4]Biddle G C,Bowen R,Wallace J.Does EVA Beat Earnings? Evidence on Associations with Stock Returns and Firm Values.Journal of Accounting and Economics,1997,24(3):301-336
[5]Chen S,Dodd J L.Economic Value Added(EVA):An Empirical Examination of a New Corporate Performance Measure.Journal of Managerial Issue,1997,9(3):318-333
[6]Rajan.America's Greatest Wealth Creators.Fortune,1999,136:265-276
[7]乔华,张双全.公司价值与经济附加值的相关性:中国上市公司的经验研究.世界经济,2001,(1):12-13
[8]梁镇宁,尹卫华.EVA理论及其在我国的实证分析.财经理论与实践,2004,(S3):39-41
[9]舒强兴,郭海芳.中国上市公司并购价值创造的实证研究.财经理论与实践,2003,(5):46-47
[10]王喜刚,丛海涛,欧阳令南.什么解释公司价值:EVA还是会计指标.经济科学,2003,(2):17-18
[11]张晓东,刘葵阳,马永开.EVA、MVA和股票收益关系在我国的实证分析.重庆工商大学学报,2003,(4):69-71
[12]王化成,程小可,佟岩.经济增加值的价值相关性-与盈余、现金流量、剩余收益指标的对比.会计研究,2004,(5):41-45
[13]李勇,徐鹿,许辞寒.基于一份问卷调查的EVA本土化分析.商业研究,2004,(11):59-60
[14]王国顺,彭宏.EVA方法有效性的实证研究.系统工程,2004,(1):53-55
[15]朱正营,朱寒松.经济附加值(EVA)-一个值得引进的管理评价概念.技术经济与管理研究,2001,(7):35-36
[16]Lehn K,Mahajia A.EVA,Accounting Profit,and CEO Turnover:An Empirical Examination,1985-1994.Journal of Applied Corporate Finance,1997,(10):90-97
[17]熊莉.上市公司业绩评价中EVA指标与传统指标的比较研究.商业现代化,2006,(2):26-28
[18]张明.EVA与现有评价指标的比较分析.现代管理科学,2004,(7):28-29
[19]刘力,宋志毅.衡量企业经营业绩的新方法.会计研究,1999,(1):33-35
[20]王巧义,陈香兰,张振.企业价值评价指标的创新研究.经济与管理,2005,(9):27-28
[21]戴维·扬,斯蒂芬·奥伯恩.EVA与价值管理-实用指南.北京:社会科学文献出版社,2002.57-62
[22]Peter Drucker.EVA and Value -Based Management:A Practical Guide to Implementation.McGraw-Hill,2001,32-40
[23]大卫·格拉斯曼,华彬.EVA.革命.北京:社会科学文献出版社,2003,127-131
[24]兰水,李仕明,李金.公司价值与财务信息的相关性:基于中国上市公司的研究.数理统计与管理.2005,(11):21-24
[25]Andrew Wileman.The Value Factor in EVA.Management Today,1999,(5):38-41
[26]本杰明·格雷厄姆,戴维·多德.证券分析.海口:海南出版社,2006,29-30
[27]和春军,侯文莉,赵黎明.上市公司价值评价模型的构建与实证结果.现代财经,2006,(4):46-49
[28]汪海栗.企业价值评估.上海:复旦大学出版社,2005,86-93
[29]俞明轩.企业价值评估.北京:中国人民大学出版社,2004,177-178
[30]汤姆·科普兰,蒂姆·科勒,杰克·默林.价值评估--公司价值的衡量与管理.北京:中国大百科全书出版社,1998,168-173
[31]陈小悦.资产评估的期权方法.会计研究,2000,(10):31-32
[32]王燕妮,王安民.上市公司的经济增加值与公司价值.统计与决策,2005,(12):22-23
[33]Uyemura D,Kantor C,Pettit J.EVA for banks:value creation,risk management and profitability measurement[J].Journal of Applied Corporate Finance,1996,(9):94-133
[34]Milunovich S,Tsuei A.EVA in the Computer Industry[J].Journal of Applied Corporate Finance,1996,(9):104-115
[35]黄俊,李飞.经济增加值模型与我国上市公司价值的评估.统计与决策,2005,1(下):114-115
[36]Stern J M,Steward G B,Donald H.C.Jr.The EVA Financial Management System[J].Bank of America Journal of Applied Corporate Finance,1995,summer:32-46
[37]雷奕敏,马超群.EVA与企业价值评估.现代管理科学,2005,(10):22-23
[38]Uyemura J M,Boquist J A.The Search for the Best Finance Performance Measure[J].Financial Analysts Journal,1996,53:11-20
[39]肖辉,吴文峰,吴冲锋.经济附加值指标在中国证券市场的实证研究.系统工程理论方法应用,2003,(3):49-51
[40]胡继之,吕一凡.经济附加值指标(EVA)在中国证券市场实践中的应用.深圳证券交易所综合研究所报告,2000,0018号
[41]赵海燕.EVA在企业价值评估中的应用.辽宁税务高等专科学校学报,2006,(8):41-42
[42]Rajan S R.Turning Capital to Wealth:A Ranking of U.S.Utilities.Public Utilities Fortnightly,1999,137(22):36-46
[43]马萍.灰色系统GM(1,1)模型的改进及灰色统计模型研究:[硕士学位论文].吉林:吉林大学系统工程系,2007
[44]黄瑞芬,宋哓萌.EVA衡量中国上市公司价值的应用现状与前景分析-基于中国家电行业上市公司的实证分析.中国海洋大学学报(社会科学版),2006,(4):15-18