基于EVA的业绩评价对央企过度投资行为影响的实证分析

企业投资行为与管理层业绩评价方式息息相关,良好的业绩度量方法能够影响和提高企业的投资效率。文章结合国资委对央企全面推行的经济增加值(EVA)业绩考核体系,利用我国央企控股上市公司的数据,实证检验了EVA对企业过度投资行为的影响。研究发现EVA业绩评价体系的实施具有显著的治理效应,能够抑制央企过度投资行为。基于上述结论,从国资委EVA的指标修正和央企投资决策两方面提出相应建议。

An Empirical Analysis of Impacts of EVA-Based Performance Evaluation on Over-Investment Behavior of Central SOEs

Corporate investment behavior is closely related to the performance evaluation of the management.A good performance evaluation method can affect and improve the investment efficiency of the enterprises.Combining the EVA-based performance evaluation system promoted comprehensively by SASAC among the central SOEs and making use of the data of the listed companies held by China’s central SOEs,this paper conducts an empirical test of the effect of EVA on enterprise’s over-investment.The study finds that the implementation of EVA performance evaluation has significant governance effect,which can inhibit the over-investment behaviors of the central SOEs.Based on the above conclusions,this paper offers some recommendations from the two aspects of EVA index correction and the investment decisions of the central SOEs.