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论文编号：	14487
作者编号：	2320213872
上传时间：	2024/3/7 19:58:23
中文题目：	EVA业绩评价在A风电公司的应用研究
英文题目：	Research on the Application of EVA Performance Evaluation in the A Wind Power Company
指导老师：	梅丹
中文关键字：	长期价值；权益资本成本；委托代理问题；经济增加值
英文关键字：	Long-term value；Cost of equity capital；Principal-agent problem；Economic Value Added
中文摘要：	我国“双碳”目标提出后，以风电为代表的新能源电力企业越来越受到国家和行业的重视。但与此同时，行业内的竞争也持续加剧，新能源电力企业的发展也面临着各种各样的问题，传统的经营思路和管理方法常常会到挑战，这其中也包括如何能够适应新形势的要求进行有效的业绩评价。同时，国资委长期以来一直强调建立并完善现代企业制度，提升国有企业质量，如何将管理层与公司股东的目标相统一并对管理层实施有效的业绩激励就显得尤为重要，而科学合理的业绩评价指标就成为其中重要的一环。 在本文针对A风电公司的案例研究中，通过对比过去八年间A风电公司两届管理层任期考核结果发现，传统以盈利指标、偿债指标、营运指标和发展指标为核心的业绩评价体系存在着诸多问题，例如多重指标间相互矛盾、忽略权益资本成本、非管理层贡献扭曲评价结果等等。而这些问题导致A风电公司现有的两届管理层任期业绩评价结果并未真实、准确地反映A风电公司管理层任期内的业绩贡献。 通过对于各类业绩评价方法的理论分析发现， EVA业绩评价指标一方面能够体现权益投资成本，增进业绩评价结果与股东利益之间的联系，有效解决现代企业制度下经营权和所有权分离所产生的委托代理问题；另一方面EVA业绩评价指标可以有效避免指标选取、权重设定等主观因素，并能区分管理层与非管理层贡献对于评价结果所产生的影响，从而使评价结果更加客观和公正。EVA以上方面的优势使其可以满足市场变化以及A风电公司特定业务特点对于公司业绩评价的要求。本文计算出A风电公司两届管理层任期内的EVA指标并以此作为对管理层业绩评价结果，将其与现有业绩评价结果比较发现，两种评价体系下的业绩评价结果存在重大差异，且EVA业绩评价指标可以有效解决A风电公司现有业绩评价方法存在问题。这客观验证了在提升公司长期价值、提高评价结果客观性等方面，EVA业绩评价可以起到明显的改善作用。 本文的案例研究对其他新能源发电企业进行业绩评价具有很好的借鉴意义，同时也对EVA业绩评价的具体应用提供了实务素材。
英文摘要：	After the proposal of China's "dual carbon" goal, new energy power enterprises represented by wind power have increasingly received attention from the country and industry. However, at the same time, competition within the industry continues to intensify, and the development of new energy power enterprises also faces various problems. Traditional business ideas and management methods often face challenges, including how to adapt to the requirements of the new situation and conduct effective performance evaluation. Meanwhile, the State owned Assets Supervision and Administration Commission (SASAC) has long emphasized the establishment and improvement of modern enterprise systems to improve the quality of state-owned enterprises. It is particularly important to unify the goals of management and company shareholders and implement effective performance incentives for management, and scientific and reasonable performance evaluation indicators have become an important part of it. In this case study of A Wind Power Company, by comparing the performance evaluation results of two management terms in the past eight years, it was found that the traditional performance evaluation system centered on profit indicators, debt repayment indicators, operational indicators, and development indicators has many problems, such as conflicting multiple indicators, ignoring the cost of equity capital, and distorting the evaluation results of non management contributions. However, these issues have resulted in the performance evaluation results of A Wind Power Company's existing two management terms not truly and accurately reflecting the performance contributions of A Wind Power Company's management during their terms of office. Through theoretical analysis of various performance evaluation methods, it is found that EVA performance evaluation indicators can reflect the cost of equity investment, enhance the connection between performance evaluation results and shareholder interests, and effectively solve the entrusted agency problem caused by the separation of management rights and ownership under modern enterprise systems; On the other hand, EVA performance evaluation indicators can effectively avoid subjective factors such as indicator selection and weight setting, and can distinguish the impact of management and non management contributions on the evaluation results, thereby making the evaluation results more objective and fair. The advantages of EVA in the above aspects enable it to meet the requirements of market changes and the specific business characteristics of A Wind Power Company for company performance evaluation. This article calculates the EVA indicators during the two management terms of A Wind Power Company and uses them as a performance evaluation result for the management. Comparing them with the existing performance evaluation results, it is found that there are significant differences in the performance evaluation results under the two evaluation systems, and the EVA performance evaluation indicators can effectively solve the problems of A Wind Power Company's existing performance evaluation methods. This objectively confirms that EVA performance evaluation can play a significant improvement role in enhancing the long-term value of the company and improving the objectivity of evaluation results. The case study in this article has great reference significance for performance evaluation of other new energy power generation enterprises, and also provides practical materials for the specific application of EVA performance evaluation.
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