EVA在福建上市公司风险收益分析中的应用研究  

On the Application of EVA to Risk & Return Analysis Based on Fujian Listed Companies

作　　者：陈旻[1] 陶海映[1] 黄亮[1] 

机构地区：[1]集美大学工商管理学院,福建厦门361021

出　　处：《集美大学学报（哲学社会科学版）》2009年第4期24-28,共5页Journal of Jimei University：Philosophy and Social Sciences

基　　金：福建省教育厅高等学校社会科学项目(JB04283)

摘　　要：国资委将经济增加值正式纳入央企业绩考核体系,标志着EVA在我国公司治理领域得到认可,但在投资分析领域还有待推广。基于福建上市公司2006、2007年的数据,对每股EVA与季度平均股价变动收益率及每股EVA与标准离差率进行回归分析和相关性检验,实证研究表明股权分置改革后,每股EVA虽然对股价波动解释能力不强,无助于投资收益分析,但每股EVA与标准离差率显著相关,有助于投资风险分析。The adoption of EVA into Performance Measurement System for Central Enterprises by SASAC indicates the recognition of EVA in the corporate governance area in China. However, EVA promotion effort is still needed in the investment analysis area. Based on 2006 ＆ 2007 data of Fujian listed companies, this paper conducts a regression analysis of EVAPS versus average monthly return rate caused by stock price fluctuation and EVAPS versus coefficient of variance. The empirical research shows that after the Reform of Shareholder Structure, on one hand, EVAPS can not help investment return analysis because it can not explain the fluctuation of stock prices ; on the other hand, the correlation between EVAPS and coefficient of variance benefits in- vestment risk analysis.

关 键 词：经济增加值 股权分置改革 投资分析 

分 类 号：F830.59[经济管理—金融学]