对我国上市公司资产负债率与EVA的思考

On the Balance Sheet Ratio and EVA of the Listed Companies in China

资产负债率反映企业的资本结构,对企业财务目标的实现起着重要影响。而笔者认为目前最合理为大家所接受的企业财务管理目标应是经济增加值最大化。本文从分析我国上市公司资产负债率概况入手,论述经济增加值最大化是最为合理的企业财务管理目标,阐明我国上市公司资产负债率与EVA的紧密联系。

The balance sheet ratio represents the capital structure of the corporations, and it is very important to realize the financial target. At present the most reasonable and widely accepted financial target is the maximization of the Economic Value Added. This paper analyzes the balance sheet ratio of Chinese listed companies, explains why the maximization of the Econorhic Value Added is the most reasonable financial target, and elaborates the close relationship between the balance sheet ratio and the EVA.