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论文编号：	13735
作者编号：	2320200711
上传时间：	2022/12/8 16:05:48
中文题目：	D公司对子公司基于 EVA指标的业绩评价优化研究
英文题目：	Company D''''s Study on the Optimization of Branch Performance Evaluation Based on EVA Indicators
指导老师：	周宝源
中文关键字：	业绩评价；经济增加值；权益资本成本
英文关键字：	Performance evaluation; EVA; Cost of equity capital
中文摘要：	业绩评价在各行各业的公司提高自身运营管理水平的活动中,都起到了难以忽视的关键性作用，有助于正确引导企业的运营活动和投资决策。一方面，业绩评价体系包括对企业获利能力、债务状况、风险水平、长远发展能力等多方面的评价内容,能够系统地分析企业当前的运营情况,并提醒企业避免短期行为,从而增强自身在同行业中企业中的竞争力。另一方面,业绩评价有利于对管理层绩效的考评,帮助有效构建起激励机制和约束机制并最大程度降低代理成本。与此同时，业绩评价还有助于促进公司改进管理程序及方法，推动公司管理制度创新。需要注意的是，仅仅利用传统财务指标对公司业绩进行评价是不科学的，不能反映公司的真实经营业绩，也容易造成公司的短期行为。相比净利润这项传统财务指标，经济增加值指标更能客观衡量公司的权益资本成本，反映公司为股东创造的价值。 本文的案例公司选取了教育公司D公司，为了解决D公司在采用传统财务指标进行业绩评价时所出现的问题，提出用以EVA为核心的业绩评价体系作为工具，对该公司的业绩评价过程及方法做出改进。本文首先介绍了D公司所处行业即教育培训行业的背景以及D公司的运营情况，分析了D公司目前面临的经营风险。之后介绍了当前D公司对各子公司的业绩评价流程及方法，以及业绩评价体系具体选取的传统财务指标，并指出了该业绩评价体系存在五个方面的问题。针对这些问题，本文提出引入EVA指标，将EVA指标与其他财务指标相结合，建立以EVA为核心的业绩评价体系，对D公司的业绩评价体系进行改进，从而使D公司对各子公司的业绩表现做出更加客观、准确的评价结果。 针对新业绩评价体系可能会在实际执行过程中遇到的障碍，本文提出了相应的建议以保障实施，同时为子公司提升自身业绩水平提出了建议。最后，本文做出了总结，得出研究结论，并指出研究存在的不足，提出了展望。
英文摘要：	Performance evaluation plays an important role in the activities of enterprises in all walks of life to improve their own operation and management level, which is helpful to correctly guide the operation activities and investment decisions of enterprises. On the one hand, the performance evaluation system includes the evaluation content of the enterprise's profitability, debt status, risk level, long-term development ability and other aspects, which can systematically analyze the current operation situation of the enterprise and remind the enterprise to avoid short-term behavior, so as to enhance its competitiveness in the same industry enterprises. On the other hand, performance evaluation is conducive to the evaluation of management performance, helps to effectively build incentive mechanism and constraint mechanism and minimize agency costs. At the same time, performance evaluation also helps to promote the company to improve the management procedures and methods, and promote the innovation of the company's management system.It should be noted that it is unscientific to evaluate the company's performance only by using traditional financial indicators, which cannot reflect the real business performance of the company and is easy to cause short-term behavior of the company. Compared with the traditional financial index of net profit, the economic value added index can more objectively measure the cost of equity capital of the company and reflect the value created by the company for shareholders. The case company of this paper selects D Company, an education company. In order to solve the problems in the performance evaluation of D company by using traditional financial indicators, a performance evaluation system with EVA as the core is proposed as a tool to improve the performance evaluation process and methods of the company. This paper first introduces the background of D company's industry, namely the education and training industry, as well as the operation situation of D Company, and analyzes the current operational risks of D company. After that, it introduces the current performance evaluation process and methods of D company for each branch, as well as the specific selection of traditional financial indicators for the performance evaluation system, and points out the problems in five aspects of the performance evaluation system. To solve these problems, this paper proposes to introduce EVA index, combine EVA index with other financial indicators, establish a performance evaluation system with EVA as the core, improve D company's performance evaluation system, so that D company can make more objective and accurate evaluation results on the performance of each branch. In view of the obstacles that the new performance evaluation system may encounter in the actual implementation process, this paper puts forward corresponding suggestions to ensure the implementation, and at the same time for the branch to improve their own performance level put forward suggestions. Finally, this paper makes a summary, draws the research conclusion, points out the shortcomings of the research, and puts forward the prospect of improvement.
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