EVA、传统会计指标与上市公司股价表现——基于贵州茅台公司的典型案例研究

EVA,Traditional Accounting Index and Listed Company's Share Price Performance——A Typical Case Study Based on Kweichow Moutai Company

贵州茅台酒股份有限公司成为2016年境内资本市场真正的"股王",如何解释该公司股价表现也成为资本市场的研究热点。文中从外部投资者的角度,在比较评述经济增加值(EVA)与传统会计指标方法的基础上,对2010—2014年该公司平均市值与EVA、传统会计指标的相关性进行了实证分析,结论显示:对上市公司股价表现,EVA指标的解释力明显优于传统会计指标,但传统会计指标并不能被完全替代;如果投资者将两者相互参照,并将其合理搭配运用,将对做出更为有效的投资决策具有非常重要的借鉴意义。

Kweichow Moutai company was the real king stock of the domestic capital market in 2016, whose overvalued share price causes great attention of many investors and scholars. Study on the explanation of the company＇s share price performance has become a hot research topic in field of the capital market. From the perspective of an outside investor, the present study makes an empirical analysis on the correlation among the company＇s average market value （from 2010 to 2014）, economic value added （EVA） and traditional accounting index, based on the comparison and review of EVA and traditional accounting index method. The results show that the EVA index has a better explanatory power to the share price performance of a listed company, compared with the traditional accounting index. Nevertheless, the traditional one should not be completely replaced, and it is helpful for investors to make effective investment decisions if the said two indexes are reasonably combined and applied.