基于eva对上市公司绩效评价的研究.doc

基于EVA对上市公司绩效评价的研究

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摘 要
随着社会经济的发展，人们已经不止局限于关注企业的规模等方面，而是更加关注对企业的投资带来的效益，创造更多的企业效益，这样一来，对企业绩效的评估这一事项便占据了重要的地位。在一般情况下，企业财务管理想要带来最大成就是企业价值最大化或者股东价值最大化。传统的企业绩效评估指标都存在这一定的局限性，无法真正反映出股东投资带来的价值和企业管理者带来的企业经营效果。所以，在现在的市场经济体制下，传统的业绩评价指标已无法完全满足企业评价的目标了，EVA应运而生。
本文以北京北纬科技有限公司为研究对象，通过介绍EVA，然后论述EVA相对于传统业绩评价的好处，将EVA引入钢铁行业的绩效评价体系，对北京北纬科技有限公司的具体数据进行研究，发现EVA在实务中的优势，同时也要发现EVA的不足，经济增加值作为企业绩效测量的一种创新的方法，使我们对公司现状的一个更现实的概述。考虑权益资本成本和众多的经过调整的会计项目代表着一种创新的企业绩效评价的概念。EVA作为一项收益指标，考虑到权益资本成本的问题，与此同时对会计报表进行一些必要的调整，为了消除会计扭曲的情况，所以相对传统的会计利润指标，EVA更加注重反映企业的公允价值和内在价值。再者，EVA是全面性的指标，可以完整的评估一个企业，自然能够更加真实地反映企业的价值。同时以EVA作为业绩评价指标，可以使员工想办法提升企业部门的经营业绩和个人业绩。为了追求高的EVA，就必须尽量降低资本成本，这就取决管理层对融资策略的选择。因此研究EVA不仅可以完善企业的价值评估理论体系，还可以提升企业价值，提高企业经营者的经营决策能力。从而使得企业经营者直观地看到企业自身的优势和尚需完善的不足，通过对管理战略的调整，最终提高企业的经营管理水平，达到企业的战略目标。
关键词：经济增加值(EVA) 绩效评价 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 录
引言 -1
1 EVA概述 1
1.1 EVA的含义 1
1.2 EVA的基本理论 2
1.3 EVA的计算 3
2 EVA评估模型 4
2.1 EVA评估模型的特征 4
2.2 EVA评估模型的优势 5
2.3 EVA评估模型的不足之处 8
3 EVA价值评估模型案例运用 9
3.1北京北纬通信科技股份有限公司基本情况 9
3.2 计算公司2010到2013年的EVA 10
3.2.1 计算税后营业利润 10
3.2.2 计算资本总额 11
3.2.3 计算加权平均资本总额 11
3.2.4 计算2010到2013的EVA 12
4 EVA在企业运用中应注意的问题及相关措施 13
4.1 EVA在企业运用中应注意的问题 13
4.2 EVA在企业运用中的相关措施 14
结束语 16
参考文献 17
致谢 18