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本文是以国有企业实施EVA考核为背景，利用78家国有控股上市
资本市场的相关数据，深入探讨国有企业EVA考核、R&D投资与可持续
价值创造的内在机制和实现路径，得出国资委应当要不断拓展EVA考
核的广度与深度，进一步细化与深化EVA考核指标的会计调整，积极
鼓励我国企业实施EVA考核制度，建立完善的业绩考核体系的结论
在具体内容安排上，本文主要是通过以下六部分展开研究：
第一部分，绪论。本部分首先是对论文的研究背景与意义进行
阐述，然后再对研究内容与思路展开简要介绍
第二部分，文献综述。本部分重点对 EVA 考核相关理论、R&D 投
资以及可持续价值创造三部分的相关文献进行详细回顾并针对当前
的国内外的研究现状予以评述
第三部分，理论分析及假设提出。本部分首先介绍了论文相关
的基本理论，分析 EVA 考核与 R&D 投资、R&D 投资与可持续价值创造
以及 EVA 考核、R&D 投资与可持续价值创造变量之间的关系，阐述实
施 EVA 考核能够改善 R&D 投资，提升可持续价值创造的路径，在此基II
础上提出本文研究假设
第四部分，研究设计。本部分首先对样本选取标准以及数据来
源进行简略介绍，然后对相关变量选择依据进行详细阐述，再进行模
型的构建等
第五部分，实证分析。本部分是以我国沪深A股市场中78家上市
国有企业的702个数据作为相关研究数据，对企业实施EVA考核之后与
实施EVA考核之前进行对比研究，论证是否有助于提升企业的R&D投资
力度，从而使企业增强了“后劲儿”，并最终提升了企业的可持续价
值创造能力。采用了大样本统计的方法进行描述性统计、相关性分析、
回归分析以及稳健性检验
第六部分，研究结论与政策建议。本部分首先列举论文研究结
论，然后再为我国企业实施EVA考核提出相关的政策性建议，最后对
本文的研究创新点与研究局限进行说明
本文的研究创新点主要有以下两个方面：从理论层面上看，本文
首次将经济增加值理论、业绩评价理论、R&D 投资理论以及可持续价
值理论相结合，进一步的丰富与补充了业绩评价、R&D 投资以及可持
续价值相关理论成果，能够为理论界开启新的研究思路；从应用层面
上看，本文是以 R&D 投资作为研究的中介桥梁，探索基于 R&D 投资的
基础上 EVA 考核对公司可持续价值创造的实现路径，能够为国有企业
加大 R&D 投资的力度，进而实现企业可持续价值创造提供了新思路，
同时也为国资委进一步完善与推广 EVA 考核办法提供了相关依据
关键词：EVA 考核; R&D 投资;可持续价值创造;国有企业III
EVA ASSESSMENT, R & D INVESTMENT AND
SUSTAINABLE VALUE CREATION OF STATE-OWNED
ENTERPRISES
Abstract: The interim measures for performance appraisal of central
enterprises owners began to implement in January 1, 2010, established an
evaluative index system with economic value added as the core, which
marks the value management stage of state-owned holding enterprises in
the pursuit of the purpose of maximizing shareholder value. Since
January 1, 2013, the state Council stressed to strengthen the value
orientation of the enterprise performance appraisal, and to increase the
weight of EVA indicators in the evaluation of the fourth term of central
enterprises (2013-2015). It means that the index of economic value added
plays an increasingly important role in the process of the management
performance evaluation of central enterprises.
This paper is based on the implementation of EVA assessment in
state-owned enterprises, using the relevant data of 78 state-owned listed
capital market,discusses the internal mechanism and realized path of
state-owned enterprises EVA assessment,R&D investment and
sustainable value creation deeply, and concludes that through R&D the
economic value added assessment can promote the sustainable value of
enterprises. Therefore, the state-owned enterprises should be encouraged
to introduce and promote actively EVA assessment,establishing andIV
perfecting the enterprise performance evaluation and incentive
mechanism based on EVA assessment.
In the specific content, this paper mainly research through the
following six parts:
Part one,introduction. This part first is the research background and
significance of the paper, then the research content and ideas are briefly
introduced.
Part two,literature review. This part focuses on the relevant literature of
EVA assessment theory, R&D investment and sustainable value creation,
and reviews the current research status at home and abroad.
Part three, theoretical analysis and hypothesis. This part introduces the
EVA theory and the specific application model in China firstly,focus on
the analysis of clarifying that the implementation of EVA assessment can
improve the path of investment and improve the sustainable value. Then
put forward the research hypothesis.
Part iv,research design.This part expounds mainly the selection of
sample data, the measurement method of R&D investment, the
construction of empirical model and the basis of variable selection.
Part v,empirical analysis.This part is based on 702 data samples of 78
state-owned holding companies listed in Shanghai and Shenzhen A-Share
market, to test whether through the EVA evaluationR&D investment is
higher than before.This enables enterprises to strengthen the“stamina”,V
and improve ultimately the sustainable value creation ability of
enterprises.The method of large sample statistics is used for descriptive
statistics (including the overall sample descriptive statistics and grouped
sample descriptive statistics),and the corresponding correlation analysis,
regression analysis and robust test.
Part vi,conclusions and research prospects. This part makes a
systematic analysis of the results of empirical research above, and
concludes the research conclusion,puts forward finally relevant policy
recommendations and analyzes the research innovation and limitations of
the implementation of EVA performance appraisal in Chinese enterprises.
The research innovation of this paper mainly has the following two
aspects:At the theoretical level, this paper combines the economic value
added theory, performance evaluation theory, R&D investment theory and
sustainable value theory, further enrich and complement the achievements
evaluation,R&D investment and sustainable value related theoretical
results, can open new research ideas for the theoretical circles. From the
application level, this paper is the intermediary bridge of R&D
investment, exploring the realization path of the sustainable value of the
company based on R&D, which can provide a new way for state-owned
enterprises to increase R&D, and to further improve EVA assessment
approach.
Keywords:EVA assessment:R&D investment；Sustainable value creation;
State - owned enterprises目 录
摘要..... I
Abstract........... III
第 1 章 绪 论......... 1
1.1 研究背景与意义 1
1.1.1 研究背景. 1
1.1.2 研究意义. 2
1.2 研究内容与研究思路........ 3
1.2.1 研究内容. 3
1.2.2 研究思路. 4
第 2 章 国内外相关研究综述........ 7
2.1 国外相关研究综述.......... 7
2.1.1 EVA 的研究综述 ....... 7
2.1.2 R&D 投资的研究综述 ... 8
2.1.3 可持续价值创造的研究综述 ........ 10
2.2 国内相关研究综述......... 11
2.2.1 EV
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