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本文选取沪深两市2012-2014年A股主板上市公司作为实证分析的样本,验证了投资效率在经济增加值考核(EVA)对上市公司价值提升中的影响效用,并从上市公司管理者投资决策的角度出发,进一步探析了投资效率在经济增加值考核对上市公司价值提升中的具体作用。实证结果显示,经济增加值考核机制(EVA)可以有效提升上市公司的价值。通过深层次研究发现,当前通过经济增加值考核提升上市公司价值的主要途径是抑制企业的过度投资行为。
This paper selects the listed companies of Shanghai and Shenzhen Stocks from 2012 to 2014 as the samples of the empirical analysis to verify the impact of investment efficiency on the value enhancement of listed companies in the economic value added assessment (EVA), and from the listed companies manager investment Decision-making point of view, to further explore the investment efficiency in the assessment of value added to the value of listed companies to enhance the specific role. The empirical results show that EVA can effectively enhance the value of listed companies. Through deep research, it is found that the main way to enhance the value of listed companies through the evaluation of economic value added is to curb the over-investment of enterprises.