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论文编号：	12857
作者编号：	2320190505
上传时间：	2021/12/11 9:57:07
中文题目：	经济增加值在T公司绩效评价中的应用研究
英文题目：	Research on the Application of EVA in performance Evaluation of TYJZ Company
指导老师：	王志红
中文关键字：	经济增加值；业绩评价；权益资本成本；资本充足率；核心资本
英文关键字：	EVA；Performance evaluation；cost of equity capital；capital adequacy ratio, core capital
中文摘要：	2019年下半年，中国经济增速显著放缓，后遇2020年疫情，经济落入冰点。后疫情时代，中国的经济复苏虽然在全球范围内一枝独秀，但随着国家一系列转型政策的出台，未来经济发展的走向尚不明朗，资本市场也面临较大的不确定性。 金融机构作为一国经济运行中的命脉，集中了大量的金融和经济资源，因此，金融企业举足轻重的经济地位和自身经营的高风险特质，决定了其经营管理水平的提高对国民经济具有重要意义。同时，随着近年来外资金融机构的不断进入，其凭借自身雄厚的资本、先进的管理、有效的营销以及优秀的产品开发能力，对我国本土金融机构造成了巨大的冲击与挑战。有鉴于此，我国本土金融机构一方面要积极应对，摒弃以往靠规模、靠利差的粗放经营模式，加大业务创新，提升产品能力；另一方面，也要提升自己的精细化管理水平，构建科学有效地业绩评价体系，客观衡量一个企业的价值创造能力、风险防控能力以及可持续发展能力。 经济增加值（EVA）较之传统的业绩评价指标最大的优点便是考虑了经营风险和权益成本，可以更为公允、客观地衡量一个企业利用股东投入进行可持续价值创造的能力。然而，经济增加值（EVA）评价体系在我国金融领域应用起步较晚，2002年中国建设银行率先借鉴国外银行的经验，并结合自身经营特点，开创国内金融企业引入经济增加值（EVA）评价之先河且应用至今。纵观国内经济增加值（EVA）评价应用之研究，无论是制造业行业和金融业行业，经济增加值的计算都是用税后净营业利润减去资本成本，其核心难点一是在报表利润的基础上经过一些列调整计算出税后营业净利润；二是加权资本成本率的确定。然而作者认为，这样的计算方式并未充分考虑资本风险的因素，对于金融业，尤其是金融租赁行业并不完全适用。 本文首先简述了EVA在TYJZ公司绩效评价中应用的研究背景、意义，以及国内外EVA评价理论的研究现状。然后对本文的创新点进行了阐释，即根据“资本充足率监管要求下风险资产对核心资本的消耗”确定权益资本成本，并对相关概念进行了解释和说明。再后，本文对TYJZ公司，一个成立于2016年金融租赁公司五年的财务表现进行了展示，对其绩效评价体系进行了分析，指出其不足之处，并试用EVA重新评价了过去一年的业务绩效。最后，本文提出了对TYJZ绩效改善的建议以及企业在EVA指标运用时应注意的事项。
英文摘要：	In the second half of 2019, China's economic growth slowed significantly, but in 2020, the epidemic hit a freezing point. In the post-epidemic era, Although China's economic recovery is unique in the world, with the introduction of a series of national transformation policies, the future direction of economic development is not clear, and the capital market is also facing great uncertainty. As the lifeblood of a country's economic operation, financial institutions concentrate a large number of financial and economic resources. Therefore, the significant economic status of financial enterprises and the high-risk characteristics of their own operation determine that the improvement of their management level is of great significance to the national economy.At the same time, with the continuous entry of foreign financial institutions in recent years, with its own abundant capital, advanced management, effective marketing and excellent product development capabilities, to China's local financial institutions caused a huge impact and challenges. In view of this, on the one hand, China's financial institutions should actively respond, abandon the previous extensive operation mode of relying on scale and interest rate spread, increase business innovation and improve product capabilities; On the other hand, it is necessary to improve the level of refined management, establish a scientific and effective performance evaluation system, and objectively measure the value creation ability, risk prevention and control ability and sustainable development ability of an enterprise. Compared with traditional performance evaluation indexes, the biggest advantage of economic value added (EVA) is that it takes operational risk and cost of equity into account, which can more fairly and objectively measure the ability of an enterprise to create sustainable value with shareholder input.However, the application of economic value added (EVA) evaluation system in China's financial field started late. In 2002, China Construction Bank took the lead in drawing on the experience of foreign banks and combining its own operation characteristics, and pioneered the introduction of EVA evaluation in domestic financial enterprises, which has been applied to this day.Throughout the research on the application of domestic EVA evaluation, it is found that no matter manufacturing industry or financial industry, EVA is calculated by deducting the cost of capital from after-tax net operating profit. The core difficulty is to calculate after-tax net operating profit after some series of adjustments on the basis of reported profit. The second is the determination of weighted cost of capital ratio. However, the author believes that such calculation method does not fully consider the factor of capital risk, and is not completely applicable to the financial industry, especially the financial leasing industry. This paper first briefly describes the research background and significance of EVA application in TYJZ company performance evaluation, as well as the research status of EVA evaluation theory at home and abroad. Then the innovation of this paper is explained, that is, the cost of equity capital is determined according to "the consumption of core capital by risky assets under the regulatory requirements of capital adequacy ratio", and the related concepts are explained and explained. After that, this paper presents the financial performance of TYJZ Company, a financial leasing company established in 2016 for five years, analyzes its performance evaluation system, points out its shortcomings, and re-evaluates the business performance of the past year by using EVA. Finally, this paper puts forward suggestions on TYJZ performance improvement and matters that enterprises should pay attention to when using EVA indicators.
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