[1]胡海波,胡玉明. 央企引入EVA 考核影响多元化投资决策吗?——基于长期激励视角的实验研究[J].城市学刊,2018,39(05):43-54.
 HU Haibo,HU Yuming. Does the EVA Assessment Affect the Investment Decisions of Diversification:Evidence from an Experimental Research Based on the Perspective ofLong-term Incentive[J].Journal of urban studies,2018,39(05):43-54.
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  央企引入EVA 考核影响多元化投资决策吗?
——基于长期激励视角的实验研究
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《城市学刊》[ISSN:1006-6977/CN:61-1281/TN]

卷:
39
期数:
2018年05期
页码:
43-54
栏目:
城市经济
出版日期:
2018-09-20

文章信息/Info

Title:
 Does the EVA Assessment Affect the Investment Decisions of Diversification:
Evidence from an Experimental Research Based on the Perspective of
Long-term Incentive
作者:
 胡海波1胡玉明2


(1. 南华大学 经济管理与法学学院,湖南 衡阳 421001;2. 暨南大学 管理学院,广州 510632)
Author(s):
  HU Haibo1 HU Yuming2

(1. School of Economics, Management and Law, University of South China, Hengyang, Hunan 421001, China; 2. School of Management,
Jinan University, Guangzhou, Guangdong 510632, China)
关键词:
 EVA 考核长期激励多元化投资价值创造
Keywords:
 the EVA assessment long-term incentive the investment decision of diversification value creation
文献标志码:
A
摘要:
 在中央企业负责人实施EVA 考核的背景下,利用实验研究的方法,设计以EVA 考核力度和经
理人长期激励程度为双因素、3 水平的9 种实验情境,让被试者做出关于多元化投资选择的决策。研究发现:
经理人做出有利于提升企业可持续价值创造能力的多元化投资决策与EVA 考核力度、长期激励程度显著正相
关,与EVA 考核力度和长期激励程度交乘项显著正相关;在没有实施EVA 考核的情况下,经理人更倾向于
投资短视的、毁坏企业长期价值创造能力的无关业务多元化投资项目;强力推行EVA 考核与仅使用利润指标
相比,经理人更倾向于摒弃损害企业价值、非效率的无关业务多元化投资项目,选择有利于提升企业可持续
价值创造能力的相关业务多元化投资项目;在考核任期延长的情况下,即使没有实施EVA 考核,经理人也会
倾向于避免投资短视的、毁坏企业长期价值的无关业务多元化项目,经理人任期的适当延长对EVA 考核力度
和长期激励强度具有显著的替代效用;在长期激励程度弱的环境下,EVA 考核力度的增强并没有显著改进经
理人的多元化投资决策。
Abstract:
 Under the background of the implementation of the EVA assessment in central enterprises, sit is very important
to reseach the effect of EVA assessment on the manager’s diversification investment behavior. The nine experimental scenes
featuring the double-factor of EVA assessment strength and long-term incentive degree are designed in the experimental study
by taking the EVA assessment implemented by the person in charge of the central enterprises as the background. On this basis,
the testees are asked to make the diversified decision-making of investment. The rank-sum test, the Logit regression and
variance analysis generates the following conclusions: at first, the significant positive correlation is found between the
diversified investment decision that is made by the handler and EVA assessment strength and long-term incentive degree as well
as their cross-product term. This decision turns to be conducive to enhancing the creative ability of the enterprises’ sustainable
values; without the implementation of EVA assessment, the handlers tend to invest the short-sighted unrelated diversified
projects that may undermine the enterprises’ creative ability of long-term value; in contrast to the simple utilization of profit
norm, the forcible imposition of EVA assessment enables the handlers to abandon the inefficient unrelated diversified investment
that may undermine the enterprises’ values and instead, it is to choose the related diversified investment that promotes the
enhancing creative abilities of the enterprises’ sustainable values. The research results have not only provided policy suggestions
for the supervision and administration departments of state-owned assets of different levels, but also enriched and developed the
theories and literatures pertaining to the performance assessment, incentive mechanism and diversification.
 
更新日期/Last Update: 2018-12-18