基于EVA的房地产企业业绩评价研究
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摘要
作为国民经济的重要支柱产业和社会各方面高度关注的民生行业,我国房地产市场在2007年至2009年经历了由高到低再到迅猛上扬的起伏行情,房地产企业也体味了由欢喜到茫然再到惊喜交加的心理剧变。2009年初,很多房地产企业还面临资金压力甚至现金流断裂的风险,而随着2009年房地产市场销售情况创历史新高,土地市场也随之升温、地价不断刷新。房地产业是一个周期性行业,容易受到政策等宏观经济环境的影响,房地产市场的跌宕起伏已经让房地产企业深刻认识到市场变化的不确定性风险,而房地产企业与资本市场的联动进一步放大了风险。由美国次贷危机引发的金融风暴导致全球金融市场剧烈震荡,包括我国在内的全球新兴市场国家的股市跌宕起伏。沪深股市上下震荡自不必说,香港股市走势同样是风云变幻,恒生指数大幅波动,多项市场指标屡创新高。次贷危机因房利美(Fannie Mae)、房地美(Freddie Mac)而起,由房地产市场蔓延到信贷市场,进而演变为全球性金融危机。因此保持企业与市场理性平稳发展,并以此促进行业的长期健康繁荣乃是一个重要课题。
业绩评价向来是企业管理的一项重要内容,是资本市场、公司财务与管理会计领域的重大研究课题之一,也是非常具有现实意义的应用问题。股东价值最大化作为企业财务管理的目标,已经为财务管理理论界和实务界所普遍接受。既然企业是以增加股东财富为目标,那么准确计量公司为股东创造的价值增加额就成为各利益相关者关注的焦点。最直接和简单的办法是计算其市场增加值(Market Value Added,以下简称MVA),即上市公司的市值减去企业全部资本投入。但是MVA却很难在日常管理中使用,大量的实证研究发现经济增加值(Economic Value Added,以下简称EVA)与MVA相关程度最高,因此利用EVA可以合理地解释MVA的变动。作为企业经营业绩评价的一种方法,EVA不仅对会计系统中不符合经济利润原则的项.目进行了必要调整,而且考虑了股权资本的机会成本,因此克服了传统业绩评价方法的一些缺陷,从而可以更加准确的反映企业为股东等利益相关群体创造的财富。
EVA构建起基于价值创造的理念,使企业经营管理变得简单、直接,并具有内在的逻辑一致性。尝试利用EVA对房地产企业进行业绩评价,从而发掘EVA对资本市场的价值发现功能,进而帮助股东、潜在投资者、债权人等利益相关者正确地决策。本文旨在以EVA的业绩评价方法解释恒隆地产采用价值投资理念长期持有投资性物业,为股东等企业利益相关者群体创造价值、获取回报的原因所在。本文在扎实的基础理论与案例分析紧密结合的基础上,运用了比较研究法、规范分析和案例分析相结合的分析方法,详细推演计算了恒隆地产的EVA,并将EVA指标与传统财务指标进行对比分析,找出了差异的深层次原因,提出恒隆地产改善经营业绩的对策。本文视角较为独特,不仅为房地产企业的经营者和股东等利益相关者发现价值带来了新的业绩评价理念,而且提供了房地产企业可资借鉴的价值创造新途径。
As an important pillar of national economy industry and social aspects of great concern to people's livelihood industry, From 2007 to 2009 the real estate market of China experienced ups and downs and then a rapid rise.Real estate companies also experienced from joy to blankly and then to a great surprise.In early 2009, many real estate companies were still faced with financial pressure and even the risk of broken cash flow, but as the real sales record of real estate market achieved the highest level in history, the land market was also heating-up. The real estate industry is a cyclical industry which is vulnerable to the macroeconomic policies. The ups and downs of this market have made known the great uncertainties which will be further amplified by the linkage of capital market. The financial storm triggered by the U.S. subprime crisis has resulted in severe turmoil in global financial markets including China. The stock markets of the whole world experienced ups and downs.Needless to say the fluctuation Shanghai and Shenzhen stock markets the Hong Kong stock market was also involved,and the Hang Seng Index fluctuated with a number of market indicators to record high. The subprime crisis which was due to Fannie Mae and Freddie Mac crisis spread from the real estate market to the credit market,and then it evolved into a global financial crisis. Therefore it is an important issue that enterprises and the market remain stable and rational to promote the industry's long-term healthy and prosperity.
Performance evaluation is always an important part of enterprise management, and it is also one of the major research topics of capital market and financial management field.It is generally accepted that shareholder wealth maximization is the goal of financial management,so the accurate measurement of the increase of shareholder's wealth has become the focus of attention. The most direct and simple way is to calculate the market value added (hereinafter referred to as MVA) which is equal to the listed company's market value minus all the capital invested. However, MVA is hard to use in the daily management.A large number of empirical studies indicate that economic value added (hereinafter referred to as EVA) is highly related with MVA. So the changes of MVA can be reasonably explained by EVA. As a performance evaluation method of business,EVA takes into account the opportunity cost of equity capital and necessary adjustments to unreasonable items in accounting systems and it overcomes the defects of traditional performance evaluation methods which can accurately reflects the increased wealth of corporate shareholders and other related groups.
EVA builds up the method based on the concept of value creation which makes enterprise management simple,direct and logical.With this method shareholders,potential investors,creditors and other related groups can make correct decisions because they can find the real value of a real estate company. In this thesis we aims to use EVA performance evaluation methods to explain the real value of Hang Lung Properties who has a long-term investment philosophy of holding investment property and can always create business value for shareholders and other related groups. The research is based on solid theories and real cases in combination with comparative study of law,normative analysis and case studies a of analysis methods.The EVA of Hang Lung Properties is detailed deducted in the research,and the comparative analysis of EVA indicators and traditional financial indicators is to identify the deep-seated reasons for Hang Lung Properties improving the business performance solutions. This perspective is unique, not only for the operators,shareholders and other related groups of the real estate business to find value with the new performance evaluation concept,but also provides a new way for real estate-owned businesses to create value.
业绩评价向来是企业管理的一项重要内容,是资本市场、公司财务与管理会计领域的重大研究课题之一,也是非常具有现实意义的应用问题。股东价值最大化作为企业财务管理的目标,已经为财务管理理论界和实务界所普遍接受。既然企业是以增加股东财富为目标,那么准确计量公司为股东创造的价值增加额就成为各利益相关者关注的焦点。最直接和简单的办法是计算其市场增加值(Market Value Added,以下简称MVA),即上市公司的市值减去企业全部资本投入。但是MVA却很难在日常管理中使用,大量的实证研究发现经济增加值(Economic Value Added,以下简称EVA)与MVA相关程度最高,因此利用EVA可以合理地解释MVA的变动。作为企业经营业绩评价的一种方法,EVA不仅对会计系统中不符合经济利润原则的项.目进行了必要调整,而且考虑了股权资本的机会成本,因此克服了传统业绩评价方法的一些缺陷,从而可以更加准确的反映企业为股东等利益相关群体创造的财富。
EVA构建起基于价值创造的理念,使企业经营管理变得简单、直接,并具有内在的逻辑一致性。尝试利用EVA对房地产企业进行业绩评价,从而发掘EVA对资本市场的价值发现功能,进而帮助股东、潜在投资者、债权人等利益相关者正确地决策。本文旨在以EVA的业绩评价方法解释恒隆地产采用价值投资理念长期持有投资性物业,为股东等企业利益相关者群体创造价值、获取回报的原因所在。本文在扎实的基础理论与案例分析紧密结合的基础上,运用了比较研究法、规范分析和案例分析相结合的分析方法,详细推演计算了恒隆地产的EVA,并将EVA指标与传统财务指标进行对比分析,找出了差异的深层次原因,提出恒隆地产改善经营业绩的对策。本文视角较为独特,不仅为房地产企业的经营者和股东等利益相关者发现价值带来了新的业绩评价理念,而且提供了房地产企业可资借鉴的价值创造新途径。
As an important pillar of national economy industry and social aspects of great concern to people's livelihood industry, From 2007 to 2009 the real estate market of China experienced ups and downs and then a rapid rise.Real estate companies also experienced from joy to blankly and then to a great surprise.In early 2009, many real estate companies were still faced with financial pressure and even the risk of broken cash flow, but as the real sales record of real estate market achieved the highest level in history, the land market was also heating-up. The real estate industry is a cyclical industry which is vulnerable to the macroeconomic policies. The ups and downs of this market have made known the great uncertainties which will be further amplified by the linkage of capital market. The financial storm triggered by the U.S. subprime crisis has resulted in severe turmoil in global financial markets including China. The stock markets of the whole world experienced ups and downs.Needless to say the fluctuation Shanghai and Shenzhen stock markets the Hong Kong stock market was also involved,and the Hang Seng Index fluctuated with a number of market indicators to record high. The subprime crisis which was due to Fannie Mae and Freddie Mac crisis spread from the real estate market to the credit market,and then it evolved into a global financial crisis. Therefore it is an important issue that enterprises and the market remain stable and rational to promote the industry's long-term healthy and prosperity.
Performance evaluation is always an important part of enterprise management, and it is also one of the major research topics of capital market and financial management field.It is generally accepted that shareholder wealth maximization is the goal of financial management,so the accurate measurement of the increase of shareholder's wealth has become the focus of attention. The most direct and simple way is to calculate the market value added (hereinafter referred to as MVA) which is equal to the listed company's market value minus all the capital invested. However, MVA is hard to use in the daily management.A large number of empirical studies indicate that economic value added (hereinafter referred to as EVA) is highly related with MVA. So the changes of MVA can be reasonably explained by EVA. As a performance evaluation method of business,EVA takes into account the opportunity cost of equity capital and necessary adjustments to unreasonable items in accounting systems and it overcomes the defects of traditional performance evaluation methods which can accurately reflects the increased wealth of corporate shareholders and other related groups.
EVA builds up the method based on the concept of value creation which makes enterprise management simple,direct and logical.With this method shareholders,potential investors,creditors and other related groups can make correct decisions because they can find the real value of a real estate company. In this thesis we aims to use EVA performance evaluation methods to explain the real value of Hang Lung Properties who has a long-term investment philosophy of holding investment property and can always create business value for shareholders and other related groups. The research is based on solid theories and real cases in combination with comparative study of law,normative analysis and case studies a of analysis methods.The EVA of Hang Lung Properties is detailed deducted in the research,and the comparative analysis of EVA indicators and traditional financial indicators is to identify the deep-seated reasons for Hang Lung Properties improving the business performance solutions. This perspective is unique, not only for the operators,shareholders and other related groups of the real estate business to find value with the new performance evaluation concept,but also provides a new way for real estate-owned businesses to create value.
引文
[1]王化成,刘俊勇,孙薇.企业业绩评价.北京：中国人民大学出版社,2004.
[2]大卫·格拉斯曼.EVA革命：以价值为核心的企业战略与财务、薪酬管理体系(华彬,译者).北京：社会科学文献出版社,2003.
[3]罗伯特·卡普兰,阿特金森.高级管理会计(吕长江,译者).大连：东北财经大学出版社,2007.
[4]Preinreich. Annual study of economic theory:the theory of depreciation. Econometrica,1938, July:219-241.
[5]Edwards, P. Bell.The Theory and Measurement of Business Income. Berkeley and Los Angeles:University of California Press.1961.
[6]Peasnell.Some formal connections between economic values and yields in accounting numbers. Journal of Business Finance and Accounting,1982, Autumn:361-381.
[7]Ohlson.Earnings, book values, and dividends in equity valuation, Contemporary Accounting Research,1995,11(2):661-687.
[8]Rogerson, Intertemporal cost allocation and managerial investment incentives:A theory explaining the use of economic value added as a performance measure, Journal of Political Economy,1997, Vol.105, No.4:770-795.
[9]Ohlson. Earnings, book values and dividends in equity valuation:An empirical perspective, Contemporary Accounting Research,2001,18,1:107-120.
[10]John Hanlon, Ken Peasnell.Wall Street's contribution to management accounting:the Stern Strwart EVA, Financial management system. Management Accounting Research, 1998,September:421-44
[11]Stern, J.M,G.B.Stewart,K.H. Chew. The EVA financial management system.Journal of Applied Corporate Finance,1995,October:435-446
[12]Tully,1993,The real key to creating wealth, Fortune.1993,September 20.
[13]John D. Martin, J. William Petty, Steven P. Rich. An Analysis of EVA(?) and Other Measures of Firm Performance Based on Residual Income. Waco,TX:Hankamer School of Business, Baylor University.2003.
[14]Charles M. C. Lee. Accounting-Based Valuation:Impact on Business Practices and Research. American Accounting Association:Accounting Horizons. December 1999,Vol.13 No.4:413-425.
[15]Young and S.O'Byrne, EVA and Value-Based Management:A Practical Guide to Implementation. New York:McGraw Hill.2001.197-287
[16]Biddle,G.,Bowen,R.,Wallace,J.,Does EVA beat earnings? Evidence on associations with returns and firm values.Journal of Accounting & Economics.1997,24:301-336
[17]刘力,宋志毅.衡量企业经营业绩的新方法——经济增加值(REVA)与修正的经济增加值(REVA)指标.会计研究,1999,1：31-37
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[20]刘运国；陈国菲BSC与EVA相结合的企业绩效评价研究——基于GP企业集团的案例分析.会计研究,2007,9：50-59+96
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[2]大卫·格拉斯曼.EVA革命：以价值为核心的企业战略与财务、薪酬管理体系(华彬,译者).北京：社会科学文献出版社,2003.
[3]罗伯特·卡普兰,阿特金森.高级管理会计(吕长江,译者).大连：东北财经大学出版社,2007.
[4]Preinreich. Annual study of economic theory:the theory of depreciation. Econometrica,1938, July:219-241.
[5]Edwards, P. Bell.The Theory and Measurement of Business Income. Berkeley and Los Angeles:University of California Press.1961.
[6]Peasnell.Some formal connections between economic values and yields in accounting numbers. Journal of Business Finance and Accounting,1982, Autumn:361-381.
[7]Ohlson.Earnings, book values, and dividends in equity valuation, Contemporary Accounting Research,1995,11(2):661-687.
[8]Rogerson, Intertemporal cost allocation and managerial investment incentives:A theory explaining the use of economic value added as a performance measure, Journal of Political Economy,1997, Vol.105, No.4:770-795.
[9]Ohlson. Earnings, book values and dividends in equity valuation:An empirical perspective, Contemporary Accounting Research,2001,18,1:107-120.
[10]John Hanlon, Ken Peasnell.Wall Street's contribution to management accounting:the Stern Strwart EVA, Financial management system. Management Accounting Research, 1998,September:421-44
[11]Stern, J.M,G.B.Stewart,K.H. Chew. The EVA financial management system.Journal of Applied Corporate Finance,1995,October:435-446
[12]Tully,1993,The real key to creating wealth, Fortune.1993,September 20.
[13]John D. Martin, J. William Petty, Steven P. Rich. An Analysis of EVA(?) and Other Measures of Firm Performance Based on Residual Income. Waco,TX:Hankamer School of Business, Baylor University.2003.
[14]Charles M. C. Lee. Accounting-Based Valuation:Impact on Business Practices and Research. American Accounting Association:Accounting Horizons. December 1999,Vol.13 No.4:413-425.
[15]Young and S.O'Byrne, EVA and Value-Based Management:A Practical Guide to Implementation. New York:McGraw Hill.2001.197-287
[16]Biddle,G.,Bowen,R.,Wallace,J.,Does EVA beat earnings? Evidence on associations with returns and firm values.Journal of Accounting & Economics.1997,24:301-336
[17]刘力,宋志毅.衡量企业经营业绩的新方法——经济增加值(REVA)与修正的经济增加值(REVA)指标.会计研究,1999,1：31-37
[18]王化成,程小可,佟岩.经济增加值的价值相关性——与盈余、现金流量、剩余收益指标的对比.会计研究,2004,5：75-81
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