EVA指標(biāo)應(yīng)用有效性研究--以我國(guó)煤炭行業(yè)上市公司為例.pdf

1、山西財(cái)經(jīng)大學(xué)碩士學(xué)位論文EVA指標(biāo)應(yīng)用有效性研究以我國(guó)煤炭行業(yè)上市公司為例姓名：桑芳申請(qǐng)學(xué)位級(jí)別：碩士專業(yè)：會(huì)計(jì)學(xué)指導(dǎo)教師：劉小明201005284AbstractTakingtheshareholderwealthmaximizationasthegoaloftheenterprisefinancialmanagementhasbecomeoneviewpointthatthefinancialmanagementtheistspra

2、cticesacceptgenerally.Sincetheenterpriseslectsthevalueincreasingasagoal，howmeasuresitsaddedvaluethatbecomesthecepointofallattention.Makingscientificrightevaluationofoperatingperfmanceofthelistedcompaniesishelpfultoimprov

3、eincreasetheirallocationefficiencyofcapitals.Atpresent，traditionalevaluationindexesexistsomeflaws.Focusingonthoseproblems，thispaperwillstudyifanewperfmanceevaluationindicatscalledEVA(EconomicValueAdded，Hereafterreferstoa

4、sEVA)evaluatestheirperfmancemeaccuratelyimprovetheiroperatingperfmance.TheconceptofEVAwasfirstlyproposedbyStern&Stewartconsultingcompany.Since2001itsbranchesinChinaalsomainlybasesontheEVAtargettotake“Chinamarketcompanywe

5、althcreationdeconstructionranking”.EVAbelongstotheexpansionofthetraditionalfinancialindex.ThoughthebothhavecertainsimilarityEVAisallthingsconsideredtheopptunitycostofcpatecapitalitcanunittheinvestmentdecisionperfmanceeva

6、luationbonusincentivestogether.InthispaperIadoptthewayscombiningnmalanalysiswithempiricalanalysis.Firstlythispaper’sresearchbackgroundscontentsstructuresmethodsprocesseswillbestated.Thenthepaperwillintroducethedevelopmen

7、thistyofEVAadjustingeventsundernewoldaccountantcriterion.MeanwhileanalyzingtherelationofMVAEVAfafter.InpartthreethepaperwilltakealistedcoalenterprisewhichisXinjiangInternationalIndustryCo.Ltdfexampletodetailtheadjustment

8、WACC.Partfouristhekeynote.Thepaperattemptstothefinancialdatarevealedof15coalindustrylistedcompaniesinChinafrom2004to20085yearassamples，thenstudyonEVAtraditionalfinancialmeasurementofperfmanceevaluationbyadoptingstatistic

9、almethodthat’sgeneralanalysisalsoknownasdeseriptivestatisticalanalysiscrelationanalysisregressionanalysis.thendiscussifEVAismeeffectivelyreflectcompanyperfmancethantraditionalfinancialmeasurement.Finallyaccdingtotheresul

10、tsofempiricalanalysisthepapercangetthatitisfeasibletomeasurelistedenterpriseperfmanceusingEVA.thenraisingsomemeasurestoimprovethelistedenterpriseabilityofvaluecreationinhopesthatimprovingthecompaniesperfmance.【KeyWds】Eco