chp_10.1007_978-3-642-40063-6_68.docx
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1、Study on the Performance Evaluation 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 performance evaluation of those companies, using
2、empirical analysis method 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 evaluate the performance of those enterprises. For the
3、EVA, the capacity of explanation of the MVA is superior to the traditional perfor- mance evaluation index. In addition, combining EVA with traditional performance measures, it can form a more comprehensive and reasonable performance evaluation method. Keywords EVA MVA Performance evaluation 1 Introd
4、uction Performance evaluation has been a hot topic in theory and practice discussion, from the DuPont Analysis on investment to a series of indicators for performance evaluation. There have been many financial indicators to evaluate the performance of companies nowadays, especially for the manufactu
5、ring 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 c
6、reated 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, Peoples Republic of China e-mail: E. Qi et al. (eds.), Proc
7、eedings 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 performance evaluation, support that EVA index is superior to the t
8、raditional accounting indicators, more real to reflect the enterprises 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 whic
9、h 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 Makhij
10、a 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 instab
11、ility, 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
12、 of the entire sample is the manufacturing enterprises. The data is elected respectively from WIND consulting database, and the website of Peoples 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 pap
13、er 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
14、: 2.2.1 NOPAT After-tax profits for the appropriate accounting adjustment, the adjustment formula is as follows: Study on the Performance Evaluation of Manufacturing Enterprises Based on EVA 687 qX NOPAT D after-tax net profit C interest payments exchange gain C .non business expenses non operating
15、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 information provi
16、ded, 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
17、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 measu
18、re variables related degree between indexes. This paper uses the Pearson correlation coefficient measuring the correlation between variables to compare the ability of exploration of the traditional performance evaluation index with that of MVA and EVA value. Pearson correlation coefficient usually u
19、se letters, its computation formula 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 performance 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 stron
20、ger of the correlation between the two variables is. 2.3 Hypothesis EVA is from enterprise itself fundamentals to evaluate company performance indicators, can be used for the real measure of the status of the enterprise to create wealth for shareholders. MVA, the companys market value, has the abili
21、ty 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, enterprises int
22、rinsic 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 performance evalua
23、tion methods did not consider the equity capital cost, to some extent, distort the true operating performance 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 information di
24、stortion 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 performance evaluation index.
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