EVA、MVA、SGR对股价影响的对比分析——以某上市公司为例  

A Comparative Analysis on the Impacts of EVA,MVA and SGR on Share Price——The Case of a Listed Company

作　　者：陈红梅 

机构地区：[1]中国社会科学院研究生院马克思主义学院,北京102488 [2]陕西财经职业技术学院,陕西咸阳712000

出　　处：《华东经济管理》2018年第1期180-184,共5页East China Economic Management

基　　金：教育部人文社会科学重点研究基地重大项目(15JJD790025);国家社会科学基金青年项目(17CKS010)

摘　　要：会计利润作为评价企业经营业绩传统指标,忽视了资本机会成本,因而不能全面地反映出企业真实经营情况。经济增加值(EVA)、市场增加值(MVA)和可持续增长率(SGR)是评价企业业绩和增长能力的新型指标。文章对就EVA、MVA、SGR对年均股价的影响进行了对比研究,分析了EVA、MVA、SGR这三个指标中,哪个对股票价格的解释能力更强。最后得出结论:EVA、MVA、SGR三个指标中分别对年均股价解释能力不同,其中MVA对年均股价影响能力最高。Accounting profits,as a traditional indicator of evaluating business performance,ignore the opportunity cost of cap-ital,thus fail to fully reflect the real business situation. Economic Value Added(EVA),Market Value Added(MVA) and Sus-tainable Growth Rate(SGR) are new indicators to evaluate business performance and growth capacity. The paper makes a com-parative analysis on the impacts of EVA,MVA and SGR on the average annual share price,and analyzes which of the threeindicators is more able to explain the stock price. Finally,the paper concludes that the three indicators of EVA,MVA andSGR have different capabilities to explain the average annual share price respectively,and MVA has the highest capability toinfluence the average annual share price.

关 键 词：经济增加值 市场增加值 可持续增长率 年均股价 

分 类 号：F830[经济管理—金融学]