基于EVA對(duì)上市公司績(jī)效評(píng)價(jià)的研究

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摘 要
隨著社會(huì)經(jīng)濟(jì)的發(fā)展，人們已經(jīng)不止局限于關(guān)注企業(yè)的規(guī)模等方面，而是更加關(guān)注對(duì)企業(yè)的投資帶來的效益，創(chuàng)造更多的企業(yè)效益，這樣一來，對(duì)企業(yè)績(jī)效的評(píng)估這一事項(xiàng)便占據(jù)了重要的地位。在一般情況下，企業(yè)財(cái)務(wù)管理想要帶來最大成就是企業(yè)價(jià)值最大化或者股東價(jià)值最大化。傳統(tǒng)的企業(yè)績(jī)效評(píng)估指標(biāo)都存在這一定的局限性，無法真正反映出股東投資帶來的價(jià)值和企業(yè)管理者帶來的企業(yè)經(jīng)營(yíng)效果。所以，在現(xiàn)在的市場(chǎng)經(jīng)濟(jì)體制下，傳統(tǒng)的業(yè)績(jī)?cè)u(píng)價(jià)指標(biāo)已無法完全滿足企業(yè)評(píng)價(jià)的目標(biāo)了，EVA應(yīng)運(yùn)而生。
本文以北京北緯科技有限公司為研究對(duì)象，通過介紹EVA，然后論述EVA相對(duì)于傳統(tǒng)業(yè)績(jī)?cè)u(píng)價(jià)的好處，將EVA引入鋼鐵行業(yè)的績(jī)效評(píng)價(jià)體系，對(duì)北京北緯科技有限公司的具體數(shù)據(jù)進(jìn)行研究，發(fā)現(xiàn)EVA在實(shí)務(wù)中的優(yōu)勢(shì)，同時(shí)也要發(fā)現(xiàn)EVA的不足，經(jīng)濟(jì)增加值作為企業(yè)績(jī)效測(cè)量的一種創(chuàng)新的方法，使我們對(duì)公司現(xiàn)狀的一個(gè)更現(xiàn)實(shí)的概述?？紤]權(quán)益資本成本和眾多的經(jīng)過調(diào)整的會(huì)計(jì)項(xiàng)目代表著一種創(chuàng)新的企業(yè)績(jī)效評(píng)價(jià)的概念。EVA作為一項(xiàng)收益指標(biāo)，考慮到權(quán)益資本成本的問題，與此同時(shí)對(duì)會(huì)計(jì)報(bào)表進(jìn)行一些必要的調(diào)整，為了消除會(huì)計(jì)扭曲的情況，所以相對(duì)傳統(tǒng)的會(huì)計(jì)利潤(rùn)指標(biāo)，EVA更加注重反映企業(yè)的公允價(jià)值和內(nèi)在價(jià)值。再者，EVA是全面性的指標(biāo)，可以完整的評(píng)估一個(gè)企業(yè)，自然能夠更加真實(shí)地反映企業(yè)的價(jià)值。同時(shí)以EVA作為業(yè)績(jī)?cè)u(píng)價(jià)指標(biāo)，可以使員工想辦法提升企業(yè)部門的經(jīng)營(yíng)業(yè)績(jī)和個(gè)人業(yè)績(jī)。為了追求高的EVA，就必須盡量降低資本成本，這就取決管理層對(duì)融資策略的選擇。因此研究EVA不僅可以完善企業(yè)的價(jià)值評(píng)估理論體系，還可以提升企業(yè)價(jià)值，提高企業(yè)經(jīng)營(yíng)者的經(jīng)營(yíng)決策能力。從而使得企業(yè)經(jīng)營(yíng)者直觀地看到企業(yè)自身的優(yōu)勢(shì)和尚需完善的不足，通過對(duì)管理戰(zhàn)略的調(diào)整，最終提高企業(yè)的經(jīng)營(yíng)管理水平，達(dá)到企業(yè)的戰(zhàn)略目標(biāo)。
關(guān)鍵詞：經(jīng)濟(jì)增加值(EVA) 績(jī)效評(píng)價(jià) 公司治理


Abstract

In recent years , with the social and economic development , China's capital markets are maturing , the significant achievements of the socialist market economy , people are increasingly concerned about the value of the investment , business valuation appears to be particularly important. Corporate financial management goal is to maximize shareholder value , while a measure of business performance must be reflected in shareholder value. In the traditional performance eva luation , the more commonly used indicators net profit , ROE , ROI and other . These financial indicators although to some extent can be used to assess business performance , but not really reflect the company 's operating results or the value created for shareholders . Therefore , in the current market economy, traditional performance eva luation has been unable to fully meet the business objectives of the eva luation , EVA emerged.
In this paper, Beijing Science and Technology Limited company as the research object, through the introduction of EVA, EVA and then discussed with respect to the benefits of the traditional performance eva luation, performance eva luation system will be introduced EVA steel industry, detailed data on the Beijing Science and Technology Limited company study found that EVA advantages in practice, but also found that lack of EVA, With EVA as a performance eva luation index, because of the increased net operating profit after tax and measures to reduce the cost of capital will increase EVA, which can enable employees to find ways to improve business performance and individual performance of the corporate sector. Compared with the traditional financial indicators , in EVA index system, different sources have different costs of capital . To pursue high EVA, it is necessary to minimize the cost of capital , which depends on management's financing strategy choices. So not only can improve the research enterprise EVA valuation theoretical system, can also enhance corporate value and improve business operators operating decisions.

Key words：economic value added(EVA) performance eva luation corporate governance


目 錄
引言 -1
1 EVA概述 1
1.1 EVA的含義 1
1.2 EVA的基本理論 2
1.3 EVA的計(jì)算 3
2 EVA評(píng)估模型 4
2.1 EVA評(píng)估模型的特征 4
2.2 EVA評(píng)估模型的優(yōu)勢(shì) 5
2.3 EVA評(píng)估模型的不足之處 8
3 EVA價(jià)值評(píng)估模型案例運(yùn)用 9
3.1北京北緯通信科技股份有限公司基本情況 9
3.2 計(jì)算公司2010到2013年的EVA 10
3.2.1 計(jì)算稅后營(yíng)業(yè)利潤(rùn) 10
3.2.2 計(jì)算資本總額 11
3.2.3 計(jì)算加權(quán)平均資本總額 11
3.2.4 計(jì)算2010到2013的EVA 12
4 EVA在企業(yè)運(yùn)用中應(yīng)注意的問題及相關(guān)措施 13
4.1 EVA在企業(yè)運(yùn)用中應(yīng)注意的問題 13
4.2 EVA在企業(yè)運(yùn)用中的相關(guān)措施 14
結(jié)束語 16
參考文獻(xiàn) 17
致謝 18