应用EVA业绩评价我国房地产上市公司的实证分析

应用EVA业绩评价我国房地产上市公司的实证分析
 

摘要
经济增加值EVA指企业税后净经营收益扣除包括股权和债务的加权资本成本后的经济利润。本文旨在研究EVA在衡量我国上市公司企业价值的以及其是否优于传统的会计评价指标。本文采用比较分析、理论和实证分析相结合的方法，阐述了EVA的基本理论，利用EVA的价值评估的优势以及EVA模型在我国应用现状。本文结合了房地产企业的特点，运用A股上市的中国房地产公司的财务数据进行实证分析，比较传统的会计指标和EVA价值评估法，从而验证EVA用于企业价值评价是否能被中国资本市场所接受，是否也能真实反映我国上市公司企业价值。结果表明：EVA指标在衡量公司价值上比传统会计指标具有更强的有效性，在解释力方面优于传统的会计指标。最后本文提出了EVA应用于企业价值评估，与企业经营战略相互作用，能够促进企业价值管理，有利于企业健康发展。EVA将在我国企业管理中发挥其优势。
关键词：EVA（经济增加值） 房地产企业 业绩评价

The Validity of the Economic Value Added Approach on Real Estate Company: an Empirical Application
 

ABSTRACT

Economic Value Added EVA refers to the net operating income after tax deductions, including equity and debt weighted cost of capital after the economic profit. This paper aims to study EVA to measure the value of listed companies and their accounting is superior to the traditional evaluation. In this paper, comparative analysis, the combination of theoretical and empirical analysis of the method, describes the basic theory EVA, the use value assessment of the advantages of EVA and the EVA model in our application status. In this paper, the characteristics of the real estate business, the use of A-share listed Chinese real estate company's financial data, empirical analysis, a more traditional accounting indicators and EVA valuation method, which proves the EVA can be used to evaluate the enterprise value of China's capital market Acceptable, whether a true reflection of the value of listed companies. The results showed that: EVA index more effectively measure corporate value than traditional accounting indicators, in terms of explanatory power than traditional accounting indicators. Finally, this paper, the EVA used in business valuation, business strategy and business interactions can promote the enterprise value management, is conducive to healthy development of enterprises. EVA will add their strengths in our business management.
 Key words：EVA（Economic Value Added） Real Estate Company
           Performance Appraisal

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