创值论及其对企业绩效的评估

本文从理论角度探讨了创值与创利概念的关系及差异 ,并对我国上市企业的创值能力做了实证估算。另外 ,本文从经济和财务两方面进行的分析发现 ,由于造假成本较低 ,企业造假的高度嫌疑面达上市企业的 2 0 %左右。在剔除这些造假嫌疑观测值的基础上 ,我们发现上市企业目前正处于一种资本与利润并增 ,但创值显著下降的状况。反映了企业”圈钱买利润”的资本粗放行为在加剧 ,企业资本规模过度膨胀 ,远远偏离了其创值的优化水平。面对目前企业耗值面达 70 %的股市 ,理性选择必然是投机而非投资 ,因为投资不带来创值收益。因此 ,股市过度投机的真正根源是大量的耗值企业充斥于市。

Value Creation and its Implication to Company Performance Measurement

Theoretically,the paper analyses how value creation differs from profit|based performance measurement; empirically,it estimates the value created by Chinese quoted companies over 1997 to 2000.There is a concerning problem in using public company's ac|counting reports for academic studies,since it has been widely reported on the possible exaggeration of profits in their accounting statements.To take this into account,we employed a set of economic and accounting techniques to detect it,and found some 20% of the sample companies with highly suspicious profit figures.Having removed the suspicious observations from the sample,we found that value|destroying firms accounted more than 70% of all companies listed in China's stock market.The implication of the finding is clear:it is optimal for investors to play market opportunistically,rather than to take long run inverstment in firms,since the companies cannot bit the market in generating returns to investors.This view explains why China's stock market has a persistent higher turnover relative to the total market value,ranked as No 3 of the speculative markets in the world.The policy implication of the study is that it will be most preferred if turning around value destroying firms to value creators prior to sales of the state holding of shares; otherwise,it will be less preferred for selling state shares at a lower price,since it will be hardly to find any privates in willing to pay a good price to take over the state and become a long run investor of a value|destroying company.