【作者】 刘劲；

【导师】 周国强；

【作者基本信息】 武汉理工大学 ， 会计学， 2008， 硕士

【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。更多还原

【Abstract】 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.更多还原