基于EVA對上市公司績效評價的研究

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摘 要
隨著社會經(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，對企業(yè)績效的評估這一事項便占據(jù)了重要的地位。在一般情況下，企業(yè)財務(wù)管理想要帶來最大成就是企業(yè)價值最大化或者股東價值最大化。傳統(tǒng)的企業(yè)績效評估指標(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值和企業(yè)管理者帶來的企業(yè)經(jīng)營效果。所以，在現(xiàn)在的市場經(jīng)濟(jì)體制下，傳統(tǒng)的業(yè)績評價指標(biāo)已無法完全滿足企業(yè)評價的目標(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象，通過介紹EVA，然后論述EVA相對于傳統(tǒng)業(yè)績評價的好處，將EVA引入鋼鐵行業(yè)的績效評價體系，對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在實務(wù)中的優(yōu)勢，同時也要發(fā)現(xiàn)EVA的不足，經(jīng)濟(jì)增加值作為企業(yè)績效測量的一種創(chuàng)新的方法，使我們對公司現(xiàn)狀的一個更現(xiàn)實的概述。考慮權(quán)益資本成本和眾多的經(jīng)過調(diào)整的會計項目代表著一種創(chuàng)新的企業(yè)績效評價的概念。EVA作為一項收益指標(biāo)，考慮到權(quán)益資本成本的問題，與此同時對會計報表進(jìn)行一些必要的調(diào)整，為了消除會計扭曲的情況，所以相對傳統(tǒng)的會計利潤指標(biāo)，EVA更加注重反映企業(yè)的公允價值和內(nèi)在價值。再者，EVA是全面性的指標(biāo)，可以完整的評估一個企業(yè)，自然能夠更加真實地反映企業(yè)的價值。同時以EVA作為業(yè)績評價指標(biāo)，可以使員工想辦法提升企業(yè)部門的經(jīng)營業(yè)績和個人業(yè)績。為了追求高的EVA，就必須盡量降低資本成本，這就取決管理層對融資策略的選擇。因此研究EVA不僅可以完善企業(yè)的價值評估理論體系，還可以提升企業(yè)價值，提高企業(yè)經(jīng)營者的經(jīng)營決策能力。從而使得企業(yè)經(jīng)營者直觀地看到企業(yè)自身的優(yōu)勢和尚需完善的不足，通過對管理戰(zhàn)略的調(diào)整，最終提高企業(yè)的經(jīng)營管理水平，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) 績效評價 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的計算 3
2 EVA評估模型 4
2.1 EVA評估模型的特征 4
2.2 EVA評估模型的優(yōu)勢 5
2.3 EVA評估模型的不足之處 8
3 EVA價值評估模型案例運(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 計算公司2010到2013年的EVA 10
3.2.1 計算稅后營業(yè)利潤 10
3.2.2 計算資本總額 11
3.2.3 計算加權(quán)平均資本總額 11
3.2.4 計算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