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论文编号：	6964
作者编号：	2120123083
上传时间：	2014/12/9 9:22:16
中文题目：	EVA计算方法的改进研究——以A公司为例
英文题目：	A improved study on Calculation Methods of EVA——Taking A Company As an Example
指导老师：	周晓苏
中文关键字：	经济增加值；融资法；营运法；业绩评价
英文关键字：	Economic value added；Financing approach；Operating approach；Performance appraisal
中文摘要：	EVA业绩评价体系是由美国斯特恩?斯图尔特管理咨询公司所提出的一种业绩评价与薪酬激励机制，其目的在于促使公司的管理者努力达到股东价值最大化这一委托目标。其代表的是企业的在某个时期的经济增加值，通过税后经营净利润(NOPAT)和投入的资本成本(CC)二者的差值来表征。若企业EVA为正值，则代表企业的收益要高于投入资金，即企业给股东带来了财富。反之，则代表企业使得股东财富消弥。 EVA(经济增加值)作为一种有效的业绩评价与管理方法已在国外得到广泛应用，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。目前国内国资委2010年全面推行经济增加值考核，制定了《中央企业负责人经营业绩考核暂行办法》，目的在于建立起一套完善的国有企业经营业绩的指标评价体系，发展价值管理思想。本文针对国有A公司面临的国资委规定的融资法计算EVA，以及营运法下EVA计算，试图通过严密的计算步骤，找出两种EVA值计算方法的差异以及差异原因，对比两种方法的适用范围，指出营运法下EVA计算的优越性，并应用于A公司EVA业绩评价指标体系，从而有助于改善A公司“贱用”资本的现状，指导各利益相关者做出投资决策，促使A公司管理层达到股东价值最大化的目标。
英文摘要：	The EVA financial management system is proposed by the United States , Stern Stewart Consulting Company, a performance appraisal and incentive system, its purpose is to make corporate managers to achieve the goal of maximize shareholder value. 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 appraisal and management methods have been widely used in foreign countries. not yet establish a comprehensive evaluation of business performance indicators. At present, the SASAC in 2010 to fully implement economic value added assessment, Formulated , The purpose is to establish a comprehensive index of state-owned enterprises operating performance appraisal system, promoting the value of management thinking. In this paper, EVA is calculated for A state-owned company by SASAC Financing approach, and calculated by Operating approach , Trying to rigorous calculation , Trying to figure out the difference between the two calculation methods as well as the reasons for the differences , comparing the scope of the two methods. By pointing out the advantages of Operating approach , A company applied EVA Performance appraisal Index System . Thus, it can help A company improve the situation, "belittling" capital, guiding stakeholders to make investment decisions. And it prompted corporate managers to achieve the goal of maximizing shareholder value.
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