经济增加值与企业价值的相关性研究

Study on the Correlations of EVA and the Enterprise Value

论文以我国电力行业的上市公司为研究对象,采用实证分析的方法,以代表企业价值的每股股票价格为因变量,以每股经济增加值、每股净资产、每股收益、权益净利率、总资产利润率和营业收入增长率为自变量,对56家电力行业上市公司2010年和2011年的数据进行逐步回归分析,逐步回归分析的结果表明:EVA与企业价值之间存在着较强的相关性,EVA指标可以用于对企业价值的衡量,指导企业进行价值管理。

Using 56 listed electric companies as samples, this paper adopts to empirical way to study the relevance of EVA and enterprise value. Choosing stock price per share as the dependent variable and EVAPS, NAPS, EPS,ROE, ROA,SGR as the independent variable, stepwise regression analysis is carried out on the sample data. The result shows that the relevance of enterprise value and EVAis high, and the index can be used to measure the enterprise value, and guide enterprises to carry out value management.