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| 论文编号： | 4499 | |
| 作者编号： | 2120092844 | |
| 上传时间： | 2012/6/12 10:23:55 | |
| 中文题目： | 基于EVA的国有大型石油石化企业经营业绩评价研究 | |
| 英文题目： | EVA-based Performance Evaluation of large state-owned Oil&Petrochemical Enterprises | |
| 指导老师： | 黄福广 | |
| 中文关键字： | 石油石化企业 EVA模型 业绩评价 资本成本 | |
| 英文关键字： | Oil&Petrochemical companies, EVA mode; Performance evaluation;Capital cost | |
| 中文摘要： | EVA财务管理系统是由美国纽约斯特恩.斯图尔特咨询公司所提出的一种业绩评价与激励系统，其目的在于使公司的管理者以股东价值最大化作为行为准则。经济增加值(EVA)是一定时期企业的税后经营净利润(NOPAT)与投入的资本成本(CC)的差额。如果EVA值为正，则表示公司获得的收益高于为获得此项收益投入的资本成本，即公司为股东创造了财富;相反，若EVA值为负，则表示公司在毁灭股东的财富。 EVA(经济增加值)作为一种有效的业绩评价与管理方法已广泛应用于国外,目前国内尚未建立起一套完善的企业经营业绩的指标评价体系。本文针对部分石油石化企业面临的治理结构不完善、经营管理者与股东利益分歧较大、缺乏合理的监督激励机制等问题,指出了单纯应用会计绩效指标导致的评价失真、偏差和代理问题等弊端;在分析EVA模型的一般原理与方法的基础上,将此模型应用于石油石化企业的经营业绩评价,从而有助于改善企业“贱用”资本的现状,有利于引导各利益相关者做出正确的投资决策,使石油石化企业达到股东财富最大化的目标。 | |
| 英文摘要： | The EVA financial management system is proposed by the United States New York, Stern Stewart Consulting Company, a performance evaluation and incentive system, its purpose is to make corporate managers to maximize shareholder value as its code of conduct. Economic Value Added (EVA) is the difference between the enterprises of a certain period of net operating profit after tax (NOPAT) and invested their capital in the cost of capital (CC). If the EVA is positive, it means the company gains higher than the cost of capital invested in order to obtain this gain, that is to create wealth for shareholders; on the contrary, if the value of the EVA is negative, it means the company is in the destruction of shareholder wealth. EVA (economic value added) as an effective performance evaluation and management methods have been widely used in foreign countries, not yet establish a comprehensive evaluation of business performance indicators. Facing for some of the oil companies governance structure is imperfect, the divergence of the interests of the managers and shareholders, the lack of reasonable supervision and incentives and many other issues, pointed out the simple application of Accounting Performance Evaluation distortion, bias and agency problems and other defects; on the basis of the general principles and methods of analysis of the EVA model, this model is applied to the performance evaluation of the oil business, which will help to improve the status of the enterprise "cheap" capital, will help guide the various stakeholders to make the right investment decision-making, so that the oil companies to achieve the goal of profit maximization. | |
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