EVA对上市公司资本结构影响的实证研究

Empirical Study on EVA's Impacts on Listed Companies' Capital Structure

本文以我国沪深交易所的上市公司为对象 ,研究EVA(EconomicValueAdded ,经济增加值 )对我国上市公司资本结构的影响 ,同时考察EVA是否能比传统的会计指标 (以EPS、ROE代表 )在更大程度上解释了上市公司资本结构的形成。研究结果表明 ,EVA的确影响了我国上市公司的资本结构 ,但影响的程度不大 ;结合对会计指标的考察发现EVA并不比会计指标 (EPS、ROE)在更大程度上解释了上市公司资本结构的形成 ;研究同时还表明 ,EPS、ROE对资本结构的影响程度也不大。

This thesis uses the listed companies of Shanghai Stock Exchange and Shenzhen Stock Exchange to study the impacts of EVA (Economic Value Added) on listed companies' capital structure. Also, we study whether the EVA can explain the listed companies' capital structure more exactly than the accounting index such as EPS and ROE. We discover that, EVA influences the listed companies' capital structure. However, the influences are not great. Further studies about accounting index discover that EVA does not explain the capital structure more efficiently than EPS and ROE. The studies also discover that, like EVA, EPS、ROE do not have great influences on capital structure, too.