导　　师： 车嘉丽

学科专业： 120201

授予学位： 硕士

作　　者： ;

机构地区： 广东财经大学

摘　　要： 2010年10月30日，创业板正式上市。定位于创新型、成长型、科技型的创业板市场在深交所正式拉开大幕，堪称“中国的纳斯达克”。历经4年，创业板运行如何，上市公司业绩如何，一直受到各界的普遍关注。 没有有效的业绩评价，就没有有效的经营管理。那么如何有效评价创业板上市公司的经营业绩呢？目前国际上应用广泛的经济增加值（EVA）为解决这些问题提供了可借鉴的思路和方法。本文试图为创业板上市公司引入这种真实全面的业绩评价方法，将EVA价值观植入企业文化，形成“为股东创造价值”的文化核心，并且使创业板上市公司更加注重研发。在EVA调整项目的选择上，充分考虑创业板高科技、高创新的特点，有针对性的选择研发支出进行调整。在变量的选择上，又针对创业板的自身特点选择了科研投入指数和成长性这两个变量。 本文把创业板上市公司每股市场增加值MVAPS作为衡量公司经营业绩的标准，通过相关分析、一元回归模型、多元回归模型方法，首先分析每股市场增加值MVAPS与调整后的每股EVA和调整前的每股EVA之间的关系，以确定计算EVA时调整的必要性；然后分析创业板上市公司每股市场增加值MVAPS与每股经济增加值EVAPS、传统业绩评价指标（净资产收益率ROE、每股经营活动现金净流量NOCFPS、每股收益EPS）之间的关系，发现每股经济增加值最能有效合理地解释公司经营业绩。 October30,2010, the GEM launched officially in the Shenzhen Stock Exchange.The GEM located in the innovative, growth-oriented, science and technology and itcalled "China's NASDAQ."After4years, how about the GEM, and what about theperformance of listed companies. Peter Drucker once said, if there is no effective performance evaluation, there isno effective management. How to evaluate the performance of companies listed onGEM effectively? Economic Value Added /(EVA/) provides ideas and methods to solvethis problem. This paper attempts to introduce a real comprehensive performanceevaluation method to the companies listed on GEM, then implant EVA values tocorporate culture, format the cultural core of "creating value for our shareholders",and make companies listed on GEM pay more attention to research. I select R/&Dspending as one of EVAadjustment accounts，because companies listed on GEM withthe characteristics of high-tech and highly innovative. On the choice of variables, Ichose research investment index and growth of these two variables. In this paper, the Market Value Added per share is a measure of the company'soperating performance. By means of correlation analysis, a regression model,multivariate regression model, firstly analysis the relation between Market ValueAdded per share with adjusted EVA per share and unadjusted EVA per share in orderto determine the need for adjustments；then analysis the relation between market valueadded per share with EVA per share and traditional performance evaluation/(ROE、NOCFPS、EPS/) and find EVA per share is the most effective and rational index toexplain the results of operations.

关 键 词： 经济增加值 业绩评价 创业板上市公司

分 类 号： [F832.51 F275]

领　　域： [经济管理] [经济管理] [经济管理]