基于价值创造的上市公司成长性研究  

An Empirical Study on the Growth of Listed Companies Based on the Value Creation

作　　者：李延喜[1] 包世泽[1] 高锐[1] 

机构地区：[1]大连理工大学管理学院,辽宁大连116024

出　　处：《经济管理》2008年第4期39-44,共6页Business and Management Journal ( BMJ )

基　　金：教育部博士点基金项目(20040141031);辽宁省社科基金(L06BJY011)

摘　　要：本文以沪市非金融类全A股上市公司为研究样本,选择EVA作为样本公司价值创造结果的评价指标,以销售增长率、资产增长率以及可持续成长率作为上市公司成长性的代理变量。在此基础上,采用-ogistic回归分析模型,对上市公司价值创造与成长性之间的关系进行了考察。研究发现,EVA>0和EVA<0的样本公司的成长性存在显著差异,但是,只有体现企业内在成长潜力的可持续成长率指标与样本公司的价值创造结果显著相关,即价值创造型上市公司与价值损害型上市公司真实的成长性差异体现于企业的可持续成长能力。The paper chooses all A-share listed companies （exclude those belong to the finance industry） in Shanghai Stock Exchanges as samples, takes EVA as the proxy of the value creation of samples, and takes total assets growth rate, sale growth rate and sustainable growth rate as the proxies of growth. Then, on such basis, the paper examines the relationship between the growth and value creation by conducting logistic regression. The paper finds thought there is a significant variance on the growth between the samples with EVA〉0 and those with EVA〈0, only the sustainable growth rate can effectively identify whether the samples＇ EVA is larger than 0 or not.

关 键 词：上市公司 价值创造 可持续成长 

分 类 号：F830.5[经济管理—金融学]