欢迎来到得力文库 - 分享文档赚钱的网站! | 帮助中心 好文档才是您的得力助手!
得力文库 - 分享文档赚钱的网站
全部分类
  • 研究报告 >
    研究报告
    其他报告 可研报告 医学相关 环评报告 节能报告 项目建议 论证报告 机械工程 设计方案 版权保护 对策研究 可行性报告 合同效力 饲养管理 给排水 招标问题
  • 管理文献 >
    管理文献
    管理手册 管理方法 管理工具 管理制度 事务文书 其他资料 商业计划书 电力管理 电信行业策划 产品策划 家电策划 保健医疗策划 化妆品策划 建材卫浴策划 酒水策划 汽车策划 日化策划 医药品策划 策划方案 财务管理 企业管理
  • 标准材料 >
    标准材料
    石化标准 机械标准 金属冶金 电力电气 车辆标准 环境保护 医药标准 矿产资源 建筑材料 食品加工 农药化肥 道路交通 塑料橡胶
  • 技术资料 >
    技术资料
    施工组织 技术标书 技术方案 实施方案 技术总结 技术规范 国家标准 行业标准 地方标准 企业标准 其他杂项
  • 教育专区 >
    教育专区
    高考资料 高中物理 高中化学 高中数学 高中语文 小学资料 幼儿教育 初中资料 高中资料 大学资料 成人自考 家庭教育 小学奥数 单元课程 教案示例
  • 应用文书 >
    应用文书
    工作报告 毕业论文 工作计划 PPT文档 图纸下载 绩效教核 合同协议 工作总结 公文通知 策划方案 文案大全 工作总结 汇报体会 解决方案 企业文化 党政司法 经济工作 工矿企业 教育教学 城建环保 财经金融 项目管理 工作汇报 财务管理 培训材料 物流管理 excel表格 人力资源
  • 生活休闲 >
    生活休闲
    资格考试 党风建设 休闲娱乐 免费资料 生活常识 励志创业 佛教素材
  • 考试试题 >
    考试试题
    消防试题 微信营销 升学试题 高中数学 高中政治 高中地理 高中历史 初中语文 初中英语 初中物理 初中数学 初中化学 小学数学 小学语文 教师资格 会计资格 一级建造 事业单位考试 语文专题 数学专题 地理专题 模拟试题库 人教版专题 试题库答案 习题库 初中题库 高中题库 化学试题 期中期末 生物题库 物理题库 英语题库
  • pptx模板 >
    pptx模板
    企业培训 校园应用 入职培训 求职竞聘 商业计划书 党政军警 扁平风格 创意新颖 动态模版 高端商务 工作办公 节日庆典 静态模板 卡通扁平 融资路演 述职竟聘 图标系列 唯美清新 相册纪念 政府汇报 中国风格 商业管理(英) 餐饮美食
  • 工商注册 >
    工商注册
    设立变更 计量标准 广告发布 检验检测 特种设备 办事指南 医疗器械 食药局许可
  • 期刊短文 >
    期刊短文
    信息管理 煤炭资源 基因工程 互联网 农业期刊 期刊 短文 融资类 股权相关 民主制度 水产养殖 养生保健
  • 图片设计 >
    图片设计
    工程图纸
  • 换一换
    首页 得力文库 - 分享文档赚钱的网站 > 资源分类 > DOCX文档下载
     

    chp_10.1007_978-3-642-40063-6_68.docx

    • 资源ID:1138       资源大小:44.27KB        全文页数:9页
    • 资源格式: DOCX        下载权限:游客/注册会员    下载费用:2金币 【人民币2元】
    快捷注册下载 游客一键下载
    会员登录下载
    三方登录下载: 微信快捷登录 QQ登录  
    下载资源需要2金币 【人民币2元】
    邮箱/手机:
    温馨提示:
    支付成功后,系统会自动生成账号(用户名和密码都是您填写的邮箱或者手机号),方便下次登录下载和查询订单;
    支付方式: 微信支付    支付宝   
    验证码:   换一换

     
    友情提示
    2、PDF文件下载后,可能会被浏览器默认打开,此种情况可以点击浏览器菜单,保存网页到桌面,既可以正常下载了。
    3、本站不支持迅雷下载,请使用电脑自带的IE浏览器,或者360浏览器、谷歌浏览器下载即可。
    4、本站资源下载后的文档和图纸-无水印,预览文档经过压缩,下载后原文更清晰   

    chp_10.1007_978-3-642-40063-6_68.docx

    Study on the Perance uation of Manufacturing Enterprises Based on EVA Zhi-gang Li, Xi Zhao, Xu Gong, and Ke-jia Liu Abstract Focusing on the manufacturing enterprises in growth enterprises market board, this paper adopt the EVA index into the perance uation of those companies, using empirical analysis to confirming the feasibility. Next, a comparison and relationship was made between the EVA and the MVA. A conclusion can be drawn that EVA has a strong ability of explanation of MVA and the feasibility of using EVA to uate the perance of those enterprises. For the EVA, the capacity of explanation of the MVA is superior to the traditional perfor- mance uation index. In addition, combining EVA with traditional perance measures, it can a more comprehensive and reasonable perance uation . Keywords EVA MVA Perance uation 1 Introduction Perance uation has been a hot topic in theory and practice discussion, from the DuPont Analysis on investment to a series of indicators for perance uation. There have been many financial indicators to uate the perance of companies nowadays, especially for the manufacturing enterprises. Stern Stewart Company combine the theory and practice, puts forward the concept of economic value added EVA, EVA management model is established. EVA is based on economic profit point of view, considering the cost of all capital, including equity capital, and embodies the value created for shareholders. So it really is defined profits for shareholders Stern et al. 1994. On the whole, the mainstream of the Z. Li X. Zhao X. Gong  K. Liu Department of Management and Economics, Tianjin University, Tianjin 300072, People’s Republic of China e-mail E. Qi et al. eds., Proceedings of 20th International Conference on Industrial Engineering and Engineering Management, DOI 10.1007/978-3-642-40063-6__68, Springer-Verlag Berlin Heidelberg 2013 685 686 Z. Li et al. research conclusion, in terms of enterprise perance uation, support that EVA index is superior to the traditional accounting indicators, more real to reflect the enterprise’s economic profit and the real value O’ Byrne 1997. EVA avoid blind short-term behavior of pursuit of profit for the enterprise, focusing on the long-term development of the enterprise, and encourage managers to make decision which is advantageous to long-term development of the enterprise, implement new product research and development and add human resources cost Stern Stewart Co 2002; Chen and Dodd 1997. In addition, the EVA is better than traditional financial index in the ability of reflecting the MVA Lehn and Makhija 1996a, b. 2 Case Study 2.1 Sample and Index Samples are chosen from companies listed on the board of Shenzhen Stock Exchange from 2009 to 2010. Given the short-sighted behavior after listed com- panies listed and instability, in order to eliminate the volatility and the impact of financial instability, this paper selects listed with more than 1 year and can obtain nearly complete financial data of the enterprise as the research sample. As a result, 2009 samples of listed companies are 36. And 58 companies in 2010 data samples, the following empirical analysis in the sample size are 94. Most of the entire sample is the manufacturing enterprises. The data is elected respectively from WIND consulting database, and the website of People’s Bank of China. Use SPSS18.0 version as analysis software for data processing. 2.2 Variable Calculation In order to get the EVA of every company, this paper chooses some indicators calculate it, NOPAT net operating profit after tax, WACC weighted average cost of capital, TC total capital. In addition, we also need MVA added value of the market of all enterprises. And, the r is for the correlation coefficient. Calculation process is as follows 2.2.1 NOPAT After-tax profits for the appropriate accounting adjustment, the adjustment ula is as follows Study on the Perance uation of Manufacturing Enterprises Based on EVA 687 qX NOPAT D after-tax net profit C Œinterest payments exchange gain C .non business expenses non operating income/ .1 income tax rate/ C deferred income tax liabilities increase deferred income tax assets increase 2.2.2 TC Total capital total liabilities and owners’ equity, not in the financial statements and should be properly adjusted, in this paper, combined with the database data and ination provided, the total capital properly accounting adjustments Total capital D owner0s equity C debt projects under construction notes payable-accounts payable in advance 2.2.3 WACC WACC D Rs Ws C Rd Wd .1 T / Among them, Rs is equity cost of capital rate, Ws is the proportion of equity capital, Rd is the debt capital cost rate, Wd is the proportion of debt capital, T is income tax. 2.2.4 MVA 1 MVA D XEVAi i Among them, r is the discount rate. 2.2.5 Correlation Coefficient i D1 .1 C r / Correlation analysis is mainly studying the relationships between variables. Correla- tion coefficient is can measure variables related degree between inds. This paper uses the Pearson correlation coefficient measuring the correlation between variables to compare the ability of exploration of the traditional perance uation index with that of MVA and EVA value. Pearson correlation coefficient usually use letters, its computation ula is X .xi x/ .yi y/ r D .xi x/2.yi y/2 688 Z. Li et al. Among them, xi is the various perance indicators variables, yi is MVA value, r is the correlation coefficient and correlation degree between two variables. The scope is [ 1, 1], the bigger the jrj, the stronger of the correlation between the two variables is. 2.3 Hypothesis EVA is from enterprise itself fundamentals to uate company perance indicators, can be used for the real measure of the status of the enterprise to create wealth for shareholders. MVA, the company’s market value, has the ability to reflect the expectation for the capital market to the added value of the listed company access to future EVA. If the market is efficient, the market value and market price should be consistent; the present value of the company stock price can reflect this value. This is to say, enterprise’s intrinsic value and market value match degree is higher, the correlation of MVA and EVA is also stronger. 1. The companies’ EVA and MVA highly relevant, of MVA and EVA have strong explanation ability. Have been proposed in the theoretical research part of this paper, the tradi- tional perance uation s did not consider the equity capital cost, to some extent, distort the true operating perance of enterprise. While, EVA is based on economic profit, taking all the cost of capital, including equity capital into account and through accounting adjustment to eliminate the ination distortion existing in the current accounting standards. EVA embodies a period for shareholders to create or damage to the value of the real as defined by the profits for shareholders of the enterprise. 2. For the company, EVA for MVA explanation ability than traditional perance uation index. 3 Result Use Pearson correlation coefficient analysis to analyze the relationship between the various perance indicators MVA, EVA, NI, ROE, EPS and CFOPS of the sample company Table 1. Correlation coefficient of MVA and EVA is higher than that of the other perance uation index correlation coefficient. To some extent, it justifies the hypothesis 1 and hypothesis 2. According to hypothesis 1, explained by the added value of MVA of market variables, EVA set up linear regression model as explained variables. To regression analyze the 58 listed companies from 2009 to 2010 a total of 94 samples, a linear regression model is established as follows MVA D ˛ C ˇEVA C Study on the Perance uation of Manufacturing Enterprises Based on EVA 689 Table 1 The correlation coefficient of variables Variable MVA EVA NI ROE EPS CFOPS MVA 1 EVA 0.873** 1 NI 0.934** 0.956** 1 ROE 0.633** 0.721** 0.710** 1 EPS 0.239* 0.276** 0.395** 0.366** 1 CFOPS 0.212* 0.177* 0.240* 0.238* 0.581** 1 Note ** under 0.01 level correlation significantly two-tailed test, * showed significant correlation under 0.05 level two-tailed test Table 2 EVA and MVA regression results Model summary DW ANOVA Coefficients Independent variables R2 Adjusted R2 DW F Sig. Constant ˛ Coefficient ˇ t-value Sig. EVA 0.745 0.742 1.461 268.821 0.000 1.733E C 09 47.973 16.396 0.000 For the variable t-test, the P values significantly under less than the significance level of 0.001, shows that the variables pass through the t-test. The equation P values significantly under less than the significance level of 0.001, shows that the regression equation pass through F -test. From the view of goodness of fit, EVA explanation for MVA degree is higher, the adjusted R2 reached 74.2 Table 2, shows that EVA variables in equation of dependent variable MVA strong degree reached 74.2 . To eliminate autocorrelation, through the Durbin – Watson d inspection test whether variables exist autocorrelation, DW value of 1.461, significantly closer to 2, and indicates that there is no serial correlation. The explanation of EVA for MVA has strong ability, thus hypothesis 1 confirmed. At the same time, we also observed the adjusted R2 is 74.2 , which shows that EVA is not enough to fully explain the MVA and EVA indicators can serve as the important inds for uation of enterprise business perance, but only to EVA as the enterprise operating perance uation index is still incomplete. Next, to confirm the hypothesis 2, there are two kinds of s. The first is computed for each variable incremental ination content, namely for make each perance index variables and MVA for a linear return, then put EVA variables into each model, making the er model to a bivariate regression model, and make a comparison the interpretational ability of the regression equation of the before one and after one, namely fixed R2 values. The second is establishing multiple regressions, respectively with NI net income, ROE rate of return on common stockholders’ equity, EPS earnings per share and CFOPS operating cash flow per share as independent variables, with the added value of market MVA as dependent variable. Then add variables EVA to the multivariate regression model, then compared the interpretational ability of the regression equation of before one and after one. 690 Z. Li et al. Adjusted R2 R2 Table 3 Traditional indicators and MVA regression results Model summary Independent variable ANOVA Coefficients F Sig. ˛ ˇ t-value Sig. NI 0.673 0.672 333655 0.000 3.914E C 08 48.021 25173 0.000 ROE 0.401 0.395 61671 0.000 2.500E C 09 7.621E C 10 7853 0.000 EPS 0.057 0.047 5590 0.020 2.440E C 09 1.91E C 09 2364 0.020 CFOPS 0.037 0.027 3539 0.063 3.306E C 09 1.15E C 09 1881 0.063 Table 4 Traditional indicators after the introduction of EVA and MVA regression results Model summary ANOVA Coefficients Independent Adjusted variable R2 R2 F Sig. Constant term Coefficients T-value Sig. VIF NI EVA 0.883 0.881 344.804 0.000 1.339E C 07 64.848 10394 19.046 2823 0.000 11506 0.006 ROE EVA 0.745 0.740 133.140 0.000 1.539E C 09 2.859E C 09 0311 47.021 11086 0.756 2081 0.000 EPS 0.745 0.739 132.950 0.000 1.728E C 09 9.265E C 06 0021 0.983 1082 EVA 47.955 15667 0.000 CFOPS EVA 0.747 0.741 134.097 0.000 1.663E C 09 2.443E C 08 0765 47.570 15965 0.446 1032 0.000 The first establish a regression model is as follows. MVA D ˛ C ˇNI C MVA D ˛ C ˇROE C MVA D ˛ C ˇEPS C MVA D ˛ C ˇCFOPS C Put EVA into the regression equation above all, and set up the bivariate regression model, then review the explain ination increment. MVA D ˛ C ˇNI C EVA C MVA D ˛ C ˇROE C EVA C MVA D ˛ C ˇEPS C EVA C MVA D ˛ C ˇCFOPS C EVA C By comparing statistical results of Tables 3 and 4, the ability of the traditional perance indicators NI,ROE, EPS, CFOPS of explanation of MVA get greatly Study on the Perance uation of Manufacturing Enterprises Based on EVA 691 Constant 6.079EC08 3.008 0.001 NI 82.465 14.130 0.000 8.652 EPS 1.809EC09 6.514 0.000 1.378 Table 5 Traditional index coefficient multivariate regression model Model ˇi t-value Sig. VIF Constant 1.319EC09 3261 0.002 NI 52.404 20612 0.000 2.109 ROE 4.549EC09 0774 0.441 2.057 EPS 1.499EC09 4232 0.000 1.700 CFOPS 3.931EC08 1576 0.119 1.511 Table 6 After putting variables EVA into traditional index multiple regression model coefficient Model ˇi t-value Sig. VIF EVA 33.771 5.598 0.000 7.385 increased after put variable EVA into the model, adjusted R2 increased by 31.32 , 87.34 , 1,472.34 and 2,644.44 respectively, shows that EVA provides incre- mental ination, even for some model, provides most of the explain ination, namely, EVA has contain some of the traditional perance indicators have no ination which explains the traditional perance indicators of MVA can’t explain. Based on previous theoretical analysis, this part of ination refers to the equity capital cost, namely, and part of the impact of accounting ination distortion. The incremental ination is testified in a certain extent this hypothesis 2 that EVA is superior to the traditional perance uation index. In order to further verify this hypothesis 2, this paper constructs multiple regression model which the traditional perance indicators and EVA indicators as independent variable and the MVA as dependent variable. MVA D ˛ C ˇ1NI C ˇ2ROE C ˇ3EPS C ˇ4CFOPS C Put EVA into the regression equation above all, and set up the multivariate regression model, then review the explain ination increment. From the statistical results of Tables 5 and 6, the integral model of F value coefficient of each variable and model t-value are passed the significance test of significance level of 0.001. Contrast Tables 4 and 5 show that the model is adjusted to join the new variable EVA, adjusted model of R2 value increased from 89.2 to 92.8 . And the goodness of fit increases to a certain extent, which shows that after joining EVA, the capacity of model to explain the MVA increased. Observed variance inflation factor VIF is based values can be seen that after introducing variable EVA into the model, the degree of multicollinearity enhance. The reason is that EVA has the high correlation with NI. But due to the purpose of this study is not the accuracy of the regression coefficients of the variables, the overall perance analysis model of index explanation for market value MVA capacity, and considering the VIF is less than 10, do not belong to the significan

    注意事项

    本文(chp_10.1007_978-3-642-40063-6_68.docx)为本站会员(admin)主动上传,得力文库 - 分享文档赚钱的网站仅提供信息存储空间,仅对用户上传内容的表现方式做保护处理,对上载内容本身不做任何修改或编辑。 若此文所含内容侵犯了您的版权或隐私,请立即通知得力文库 - 分享文档赚钱的网站(发送邮件至8877119@qq.com或直接QQ联系客服),我们立即给予删除!

    温馨提示:如果因为网速或其他原因下载失败请重新下载,重复下载不扣分。




    关于得利文库 - 版权申诉 - 免责声明 - 上传会员权益 - 联系我们

    工信部备案号:黑ICP备15003705号-8 |经营许可证:黑B2-20190332号 |营业执照:91230400333293403D|公安局备案号:备案中

    © 2017-2019 www.deliwenku.com 得利文库. All Rights Reserved 黑龙江转换宝科技有限公司  


    收起
    展开