基于经济增加值（EVA）的国内券商资本配置绩效评价研究

【作者】 何品杰；

【导师】 包文彬；

【作者基本信息】 南京理工大学 ， 产业经济学， 2004， 硕士

【摘要】 本文试图在对EVA指标体系的理论研究的基础之上，结合我国券商发展的现状，提出引入EVA指标体系是提高证券公司资本配置效率的有效途径。 首先，文章从理论角度介绍了EVA的指标体系，解释了EVA指标的定义、特征、计算方法以及与传统评价指标相比的优势；其次，文章回顾和分析了国内券商发展的现状和特点，提出引入EVA提高证券公司的资本配置效率的积极意义；再次，以国内某综合类券商作为目标公司的资本配置绩效进行EVA实证分析，验证EVA对于引导证券公司内部资源配置、提高资本配置效率的作用；最后，文章提出了EVA评价体系必须与券商的战略制定相联系，通过EVA引导证券公司货币资本和人力资本的合理配置，从而提高证券公司的资本配置绩效，从而保持券商长期的持续发展。更多还原

【Abstract】 This paper mainly discusses the general theory on EVA index system , gave a thorough analysis on development of securities firms of China, and drew a conclusion that developing EVA index system can improve the capital distribution efficiency of securities firms of China.First, from the angle of theory it explained the concept and characters of EVA, the calculating of EVA, and the necessary adjustment in order to apply in China. Then summarizes EVA’s status in theory and application in and out China; Second, it reviews and analyses the situation and the characters of China’s securities firms, pointed out the positive meaning of increasing the capital efficiency of security company ; The third part makes real analysis of the capital distribution performance which takes some domestic integrate as the objective company to validate the leading effect of EVA to the inner resource distribution and improve capital distribution efficiency of securities firms. Finally, the paper put forward the EVA management system must establish with the security company’s strategy. It is a good method of increasing the efficiency of the capital distribution of the security company by the way of EVA in distributing of the capital reasonable in manpower and currency. Then the security company will keep on developing over a long period of time.更多还原