摘要
经济增加值作为传统会计盈余指标的拓展,能够对企业的价值创造进行真实而全面的表述。以国务院国资委2010年起在中央企业全面推行经济增加值考核体系为契机,使用2005—2008年度资本市场上市公司的公开数据,研究了经济增加值与企业价值的相关性。结果表明:在价格模型下,经济增加值与股价显著相关;在收益模型下,经济增加值不能对股票收益进行较好的解释。对经济增加值构成要素增量信息含量进行了实证检验,认为:计算经济增加值时,进行会计调整具有一定的积极意义。同时,对经济增加值理念在上市公司推广应用的可行性进行了分析与探讨。
As the expansion of traditional accounting earnings indicators,EVA can represent true and comprehensive value creation.In this paper,by taking the opportunity of the implementation of the performance evaluation system on the basis of EVA in central enterprises,we use the public data of listed companies in capital market,and discuss the relevance between enterprise value and EVA.The results reveal that EVA is significantly correlated with stock prices under the framework of price model,but stock returns cannot be explained by EVA under the framework of return model.We then test the incremental information of EVA elements,and find that making accounting adjustments when calculating EVA is of great positive significance.In the end,we analyze and discuss the feasibility of the promotion and application of the idea of EVA in listed companies.
出处
《北京理工大学学报（社会科学版）》
CSSCI
2011年第3期27-31,共5页
Journal of Beijing Institute of Technology：Social Sciences Edition
关键词
经济增加值
价值相关性
价格模型
收益模型
增量信息
economic value added（EVA）
value relevance
price model
return model
incremental information
