EVA绩效评价指标有效性的实证研究——基于454家沪市上市公司2004年度的数据

An Empirical Research on the Validity of EVA Performance Evaluation Index——Based on 2004 Data of 454 Listed Companies in SSE

本文以454家沪市A股上市公司为样本，一是对传统绩效指标进行主成分处理获取主成分及其综合指标；二是计算主成分指标与EVA指标的Speama相关系数；三是构建主成分指标与EVA指标的计量经济模型，以验证EVA的有效性。研究表明，EVA、EPE及EPA与传统绩效指标及其主成分指标的相对排序显著相关，并且可互为因果构建统计模型，这说明用EVA特别是EPE和EPA指标衡量公司绩效与用传统绩效指标评价具有一致性，是科学有效的。

Using 454 A - stock listed companies in SSE as samples, this thesis validates EVA through next methods ： firstly, using principal component analysis model deal with traditional performance indexes to obtain principal component ＆ integrated index; secondly, calculating the Speama correlation coefficient between principal component index and EVA index; thirdly, constructing quantitative analysis model between principal component index and EVA index. The result indicates that the comparative compositor among EVA, EPE, EPA and traditional performance indexes and its principal component index is prominent correlation; and can be constructed Star. Model by using them as cause and effect one another. These indicate that it holds consistency to evaluate performance by traditional performance indexes and by EVA, especially EPE ＆ EPA index, EVA is scientific and effective indexes.