摘要
国资委于2010年开始在中央企业推行EVA考核,目的就是促进企业由利润管理转向价值管理,实现企业价值不断提升。本文以2010-2012年沪深主板A股国有上市公司为样本,实证检验了EVA考核对企业价值提升的影响后果,并进一步地从管理层投资决策行为视角,探究了投资效率在EVA考核对企业价值提升中的作用。研究结果表明,EVA考核确实提升了企业价值;进一步研究发现,EVA考核目前主要是通过抑制过度投资进而影响企业价值提升的。
The SASAC( State-owned Assets Supervision and Administration Commission of the State Council) began to implement EVA assessment within central enterprises in 2010,aiming at promoting companies to transform from profit management to value management and achieving continuous improvement of firm value. Taking the state- owned companies listed on A- shares in Shanghai and Shenzhen motherboard from 2010 to 2012 as sample,this article empirically tests the consequences of EVA assessment to the improvement of firm value. Moreover,it probes into the function of investment efficiency in such effect from a perspective of management's investment decision- making.
出处
《会计研究》
CSSCI
北大核心
2013年第11期60-66,96,共7页
Accounting Research
基金
国家自然科学基金项目(71372069
71272218)的研究成果