公司治理视角下公司价值的衡量

在公司治理视角下,什么样的公司才是高价值公司,成为众多投资者和管理者关注的焦点。衡量公司价值的传统财务指标受到越来越多的学者的质疑,EVA指标逐渐进入人们的视角,但EVA指标的复杂性和繁琐性使诸多学者望而却步,多数研究仍旧使用传统指标代替。在借鉴国务院国资委业绩考核局2005年关于EVA计算方法的基础上对EVA计算的相关项目调整加以具体化,运用上市公司数据验证了EVA与传统的财务指标存在巨大差异。EVA指标的现实可获取性将带来学术研究的新进展,对于该指标计算的可信性还有待于进一步检验。

Measuring Enterprise Value from the Perspective of Corporate Governance

The valuation of a company from the perspective of corporate governance has become a focal point for both investors and managers.Traditional financial indices such as ROE,EPS,CROA,and Tobin Q for company evaluation have been under increasing criticism from researchers and EVA(Economic Value Added)is now attracting more and more attention.However,owing to its complexity and triviality in computation,the majority of researchers still resort to traditional indices.Based on studies of EVA calculation in the West,this paper attempts to simplify EVA calculation.Using the simplified EVA,we employ financial data of listed companies to investigate the difference between traditional measures and EVA.