资产剥离如何不再毁损公司价值?——基于价值驱动指标的实证研究

How Can Divesture Cease to Destroy Enterprise Value?——An Empirical Study Based on Value-driven Indicators

本文选取2000-2004年发生资产剥离的372家公司为样本,对价值创造指标进行了细致分解和实证研究,我们发现,对于剥离前一年EVA都为正的公司,毁损公司价值的剥离在剥离前一年的资本利用效率、资本周转率、主营业务利润和收入都较低。对于剥离前一年EVA都为负的公司,资本支出偏高的公司虽然通过剥离能回收部分资本,但仍无法改变毁损公司价值的状况。对于剥离当年EVA都为正的公司,如果剥离当年的资本利用效率偏低,这样的剥离在剥离后一年是毁损公司价值的。对于剥离当年EVA都为负的公司,如果剥离当年的资本支出和资本成本都偏高,在剥离后一年也无法改变毁损价值的状况。

Based on 372 divestiture samples in 2000-2004,we decompose the value creation index and discover that for the listed companies that have positive EVA in the year before divestiture,their value would be destroyed if they have low efficiency of capital,turnover of capital,core business profits and income in the year before divestiture. For the listed companies that have negative EVA in the year before divestiture,although companies with high capital expenditures could recover parts of capital by divestiture,they could not change the situation of value destroy. For the companies with positive EVA in the year of divestiture,if the efficiency of capital is low,they would destroy the value in the year after divestiture. For the companies with negative EVA,if the capital expenditure and capital cost is high,they could not change the situation of value destroy in the year after divestitures.