基于经济增加值(EVA)的中小企业价值评估有效性研究

经济增加值(EVA)是从股东财富增长的角度来衡量企业价值的一个指标,在国外企业得到广泛应用,然而由于我国资本市场的特殊性,这一指标是否能优于传统会计指标更好的衡量我国企业价值?通过选取深交所的中小制造企业为样本,采用相关分析和回归分析方法进行分析。结果表明:传统指标仍然有较高的信息价值,EVA指标不能完全替代会计指标,但EVA具有增量信息含量是无可质疑的。

The Empirical Study of Validity of Small and Medium-sized Companies Value Based on Economic Valued Added (EVA)

Economic Value Added(EVA) is an indicator that measures the enterprise value from the perspective of shareholders,which is widely adopted through the world.However,due to special China's capital market,whether the EVA plays superior to the traditional accounting indicators to value of China's enterprises? Using the small and medium-sized manufacturing enterprises which listed on the ShenZhen Stock Exchange as samples,employ both the correlation analysis and the regression analysis method that investigates the relationship between EVA,traditional accounting indicators and market value added.The evidences indicate that the traditional accounting indicators still have high explanation power to MVA and play an irreplaceable role.However,it is obvious that EVA indicators have the incremental explanation power to MVA than the traditional accounting indicators.