基于EVA方法的创业板上市公司绩效评价探讨

Discussion on the Performance Evaluation of GEM Listed Companies based on the Method of EVA

相对主板市场而言,由于创业板成立较晚,目前尚未形成一套行之有效的绩效评价体系。在众多绩效评价方法中,经济增加值(EVA)不仅关注企业税后净利润,还将资本成本考虑在内,能更好地衡量中小创新型企业未来所创造的财富净值。本文应用调整后的EVA方法对创业板上市公司的经营绩效进行评价,结论表明:总体上我国创业板上市企业的净利润水平虽然高于其经济增加值,但是有相当一部分企业的经济增加值都是负的,这说明部分创业板上市企业从目前水平判断并不能为投资者创造财富;另外,样本股中创业板上市公司利润水平与其经济增加值是不成正比的,这些结论为投资者、公司以及政府、银行等评价企业经营业绩提供了很有价值的参考依据。

Compared to the main board market, it has been a short time since GEM has been established, and there has not been an effective performance evaluation system. Among various performance evaluation methods, EVA not only lays its focus on the net profit after taxation of enterprises, but also takes the capital cost into account, balancing the net wealth value created by the innovative medium-and-small sized enterprises in future, in this paper, with the adjusted EVA method, we make an evaluation on the operation performance of GEM listed companies, and it shows that although the net profit level of EM listed companies is higher than their EVA in total, the economic added value of a lot of enterprises is negative, it turns out that in the current level, part of GEM listed companies cannot create wealth for the investors. In addition, there is not a positive proportional relationship between profit level of GEM listed companies and its economic added value. The conclusions will provide a valuable reference basis for the investors, companies, government and banks to evaluate the operation performance.