基于经济增加值的白酒行业上市公司业绩评价——以山西汾酒为例  

Performance evaluation of listed companies in Baijiu industry based on economic value added——A case study of Shanxi Fenjiu

作　　者：廖丽珍 韩静[1] LIAO Lizhen;HAN Jing(School of Economics and Management,Southeast University,Nanjing 210096,China)

机构地区：[1]东南大学经济管理学院,江苏南京210096

出　　处：《中国酿造》2022年第1期237-242,共6页China Brewing

基　　金：江苏省社科应用研究精品工程项目(19SCB-002)。

摘　　要：2020年4月以来,白酒板块总市值高达28513亿元,这说明市场对白酒行业普遍看好。由于白酒行业上市公司有息负债率低、预收账款庞大和存货占总资产的比重较大等特点,再加上国资委要求央企运用经济增加值(EVA)作为考核标准,因此以山西汾酒为例,结合白酒行业上市公司特点构建了基于EVA的白酒行业上市公司业绩评价体系,并计算山西汾酒2015-2019年的EVA,借此为我国白酒行业业绩评价提供借鉴。研究结果表明,2015-2019年山西汾酒的EVA一直为正且逐年增加,说明山西汾酒业绩表现良好,价值创造能力较强。同时这五年山西汾酒的税后净营业利润和EVA的发展均呈相同的增长趋势,这在一定程度上说明EVA和传统的业绩评价方法在评价白酒行业上市公司上具有一致性。Since April 2020,the total market value of the Baijiu(Chinese liquor)sector had reached 2851.3 billion yuan,which showed that the market was generally optimistic about the Baijiu industry.Due to the characteristics of low interest-bearing debt ratio,large number of accounts received in advance and large proportion of inventory in total assets of listed companies in Baijiu industry,and the fact that state-owned assets supervision and administration required central enterprises to use economic value added(EVA)as the assessment standard.Therefore,taking Shanxi Fenjiu as an example,combined with the characteristics of listed companies in Baijiu industry,the paper constructed performance evaluation system of listed companies in Baijiu industry based on EVA,and calculated the EVA of Shanxi Fenjiu from 2015 to 2019,so as to provide reference for the performance evaluation of Baijiu industry in China.The results showed that the EVA of Shanxi Fenjiu from 2015 to 2019 was positive and increased year by year,indicating that Shanxi Fenjiu had good performance and strong value creation ability.At the same time,the development of net operating profit after tax and EVA of Shanxi Fenjiu showed the same growth trend in the past five years,which to some extent showed that EVA and traditional performance evaluation methods were consistent in evaluating listed companies in the Baijiu industry.

关 键 词：经济增加值 企业业绩评价 白酒行业 山西汾酒 

分 类 号：F426.82[经济管理—产业经济]