| EVA在福建上市公司风险收益分析中的应用研究 |
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| 引用本文： | 陈旻,陶海映,黄亮.EVA在福建上市公司风险收益分析中的应用研究[J].集美大学学报(哲学社会科学版),2009,12(4):24-28. |
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| 作者姓名： | 陈旻 陶海映 黄亮 |
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| 作者单位： | 集美大学工商管理学院,福建厦门,361021 |
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| 基金项目： | 福建省教育厅高等学校社会科学项目 |
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| 摘 要： | 国资委将经济增加值正式纳入央企业绩考核体系，标志着EVA在我国公司治理领域得到认可，但在投资分析领域还有待推广。基于福建上市公司2006、2007年的数据，对每股EVA与季度平均股价变动收益率及每股EVA与标准离差率进行回归分析和相关性检验，实证研究表明股权分置改革后，每股EVA虽然对股价波动解释能力不强，无助于投资收益分析，但每股EVA与标准离差率显著相关，有助于投资风险分析。
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| 关 键 词： | 经济增加值 股权分置改革 投资分析 |
On the Application of EVA to Risk & Return Analysis Based on Fujian Listed Companies |
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| CHEN Min,TAO Hai- ying,HUANG Liang.On the Application of EVA to Risk & Return Analysis Based on Fujian Listed Companies[J].Journal of Jimei University (Philosophy and Social Sciences),2009,12(4):24-28. |
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| Authors: | CHEN Min TAO Hai- ying HUANG Liang |
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| Institution: | ( School of Business Administration, Jimei University, Xiamen 361021, |
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| Abstract: | The adoption of EVA into Performance Measurement System for Central Enterprises by SASAC indicates the recognition of EVA in the corporate governance area in China. However, EVA promotion effort is still needed in the investment analysis area. Based on 2006 ＆ 2007 data of Fujian listed companies, this paper conducts a regression analysis of EVAPS versus average monthly return rate caused by stock price fluctuation and EVAPS versus coefficient of variance. The empirical research shows that after the Reform of Shareholder Structure, on one hand, EVAPS can not help investment return analysis because it can not explain the fluctuation of stock prices ; on the other hand, the correlation between EVAPS and coefficient of variance benefits in- vestment risk analysis. |
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| Keywords: | EVA reform of shareholder structure investment analysis |
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