EVA考核下科技型央企价值创造能力影响因素研究——基于Elastic Net的实证研究

The Research to the Influential Factors of Value Creation Ability of Technology State Company under EVA——Based on the Elastic Net of Empirical Research

本文基于EVA视角以科技型央企为样本对象,收集其2011~2015年的面板数据为研究样本,选出影响央企价值创造能力的30个指标,运用弹性网的模型对其进行实证研究,并与Lasso模型及自适应Lasso模型进行对比,最终筛选出18个对EVA率产生关键影响的指标,并得到其回归系数,最后又将三种模型的准确率进行检测,得出资产报酬率和净资产利润率对央企价值创造能力的正向作用最为显著的结果,企业价值创造能力应着重从以上的方面进行评估。此外,本文从实证结果中得出结论:科技型央企应积极提高自身资产利用效率,谨慎使用权益资本进行投资,才能进一步提升自身价值创造能力。

Technology-based state based on the perspective of EVA as the example, this paper collects the 2011-2015 panel data as the research sample, chooses the influence state 30 indicators of value creation ability using elastic mesh model to empirical research, and compared with Lasso model and adaptive Lasso model, eventually selected 18 key influence on EVA rate index, and get the regression coefficients, then takes the accuracy of the three kinds of model test, the return on assets and net profit margins for the state value creation ability to the positive role of the most significant results, and the results show that attention should be paid from the above aspects of enterprise value creation ability. In addition, this paper draws a conclusion from the empirical results： science and technology state should actively improve their asset utilization efficiency, the use of equity capital to invest, should be more cautious to further enhance its value creation ability.