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论文编号：	2025
作者编号：	031803
上传时间：	2010/5/6 11:07:18
中文题目：	基于EVA的中国企业经营者激励机制研究
英文题目：	EVA Incentive Mechanism Annual Compensation System
指导老师：	肖 沂
中文关键字：	经济增加值（EVA） 激励机制 年薪制 虚拟股票期权
英文关键字：	EVA Incentive Mechanism Annual Compensation System
中文摘要：	20世纪90年代以来，财务管理的目标演进为股东价值最大化，但委托代理理论告诉我们，在企业经营权与所有权分离的条件下，经营者不可能像股东一样思维或行动。如何选用合适的经营者业绩评价指标，建立科学的激励机制，把对经营者的激励与其真实的经营业绩挂钩，有效地激励和约束经营者，缓解经营者与股东之间的矛盾，成为一个难题。EVA（经济增加值）是一个能够衡量企业真实业绩的评价指标，同时它还是一套能够作用于企业内部各个方面的综合管理体系。EVA对投入资本成本的补偿观和对会计项目的调整使它比传统财务评价指标更能揭示价值创造的来源和途径。如何在企业管理中体现EVA的基本思想，不断为股东创造财富，关键的一点就是要对能够对EVA产生重要影响的人进行激励。 本文回顾了EVA理论及激励理论的发展过程及主要内容，并且介绍了国内外的研究现状。对中国企业经营者激励现状进行了分析，首先归纳了中国企业经营者激励机制的发展过程，分析了目前年薪制与股票期权制的现状及其中存在的主要问题，并且探讨了将EVA引入中国企业激励机制的可行性。在借鉴斯腾斯特(STERN-STEWART)年薪计划的基础上，本文设计了应用于中国企业的基于EVA的年薪激励机制，在一定程度上克服了现存年薪制激励和约束不足的缺陷。设计了基于EVA的虚拟股票期权激励机制，基于EVA的虚拟股票期权不仅适于上市公司也适用于非上市公司，并且不受资本市场有效性的影响。之后研究了实施EVA激励机制所需要的相应制度保证，同时也探讨了实施EVA过程当中要关注的经营者风险偏好、实施程序等问题。最后提出了对中国企业实施EVA激励机制的一些建议。 EVA不仅是一种好的激励方法，而且还可以与其它激励方式相结合，相互取长补短，在实际运用中发挥重要的作用。本文通过对EVA的中国本土化应用研究，希望为中国企业所有者对经营者的激励提供一种有效的解决方式，以克服目前企业实践过程中对经营者激励与约束不足的问题。
英文摘要：	Since 1990s', the objective of financial management has developed and has become Stockholder-value-maximization. But principle-agent theory tells us that managers will never contemplate or act in the way that stockholders do so long as the management and ownership of enterprises are separated. How to select a proper managers' performance measurement indicator and set up the incentive mechanism, so as to link up the incentive for managers with their performance, stimulate and restraint managers effectively, and reduce the conflicts between managers and stockholders, becomes a difficult problem. EVA is defined as an index to evaluate the true performance of the enterprise. It is also a set of synthesis management system which brings effect to internal aspects of the enterprise. EVA can indicate the resource and approach of wealth creation more easily than traditional financial assessment indexes because of its compensation concept on the cost of capital and its accounting adjustment. How to embody the basic concepts of EVA in management? How to keep creating wealth for stockholders? The author thinks it is essential to motive the very important persons who have great effect on EVA. First, this paper reviewed the development process and main contents of the theories of EVA and incentive and introduced the domestic and international condition of research. After that the author analyzes the incentive mechanism applied to the Chinese business enterprise executives and analyzes the success possibility of leading EVA incentive mechanism to Chinese enterprise. This paper design annual compensation system based on EVA, and it could overcome the short points. This paper also designs a phantom stock option incentive model which can handle the problems of obstacle of the capital market and which is suitable not only for the listed company but also for the non-listed company. The paper also studied the system assurance needed when we applied the EVA incentive mechanism to practice and studied the executives’ attitude toward risk which should influence the result. Finally, this paper put forward to some suggestions of how to make the EVA incentive mechanism effective. So the EVA is an effective motivation method, and also it will be useful in the practice if conjoined with other methods. By the research of the EVA localization in China, it considers that the EVA approach can provide the shareholders with a brand new tool.
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