EVA财务管理系统研究

山西财经大学硕士学位论文基于EVA的财务管理系统研究姓名：贾丹丹申请学位级别：硕士专业：会计学指导教师：刘小明2011-05-292080SternStewart&CO.EVAEVAEVAEVAEVAEVAEVAEVAEVAEVAEVAEVAEVAEVAEVAAbstractInthe1980s,SternStewart&CO.financialcompanyintheUnitedStatesfirstproposedtheconceptofEVA(EconomicValueAdded).Sincethen,EVAhasbeenrespectedbymajorityoftheoristsandpractitionersasitisaninnovatedperformanceevaluation.Performanceevaluationoftraditionalcorporateisprofit-centered,itmainlyfocusonthecostofcorporatedebtcapitalwithoutconsideringthecostofequitycapital.Infact,companiesusebothdebtcapitalandequitycapitalasapricetopay,butthecostofequitycapitalisusuallyneglectedasanopportunitycostandahiddencost.EVAcanmakeupforthisshortfallbecauseittakestheaccountofequitycapitalintoconsideration.Currently,thetheoreticalstudyofEVAabroadismorethoroughandcomprehensive,coveringallaspectsofEVA.Andinalongtime,thedomesticEVAstudyismainlyfocusedonhowtouseEVAasacorporategovernancestandardandperformanceassessment.WestillneedmoresuperficialresearchtomaketheEVAfinancialmanagementmorecomplete.Infact,EVAisnotonlyjustanindicator,butalsoamanagementmethod.ThisarticleaimstobuildafinancialmanagementsystembasedonEVA,whichconsistsofEVAfinancialmanagementdecision-makingsystem,EVAperformancemeasurementsystem,EVAincentivepaysystemsandEVAriskcontrolsystemthefourparts.Onthisbasis,itwilltakeabriefanalysisofthecurrentuseofEVAfinancialmanagementsysteminChina'senterprisestoimproveanddeveloptheEVAtheory.Keywords:ResidualIncomemanagerialdecisionriskcontrolperformanceevaluationSalaryincentiveEVA111.120801991SternStewart&CO.EVAEVAEVAEVAEVAEVAEVAEVA1.21.2.1EVA80EVAEVA1.EVA1997ShimonChenEVAGaryCBiddle100019831994EVAEVA2EVAEVA2.EVAEVAEVASternStewart&CO.EVA566549%RobertClaimant70EVAEVA2.9%12%3.EVARIEVAEVAEVA1.2.2EVAEVAEVAEVAEVAEVA2002EVA2003EVAEVA1.3EVAEVAEVAEVAEVAEVA3EVAEVAEVAEVAEVAEVAEVAEVAEVAEVAEVAEVAEVAEVAEVAEVAEVAEVAEVAEVAEVAEVAEVAEVAEVAEVA42EVA2080SternStewart&CO.EVA.EVAEVAEVA2.1EVAEVAEconomicValueAddedEVAResidualincome1977.EVA1890.2020EVA2050EVAEVA2090EVAEVA52.2EVAEVAResidualincome1938PreinreichexcessprofitEVA()1(1--+=ttttBBCPPttCttBttRI()2)*(1--=ttBWACCPRIWACCPtVt()∑∞=++=13)1(TTTttWACCCV12312001EVA6()4)1()1(11∑∞=+-+++-++=TTTtTtTttWACCBBWACCRIV4()5)1()1()1()1()1()1(1)1()1(133222111∞∞+∞=++++++∞=++-++=++-+++-+++-+++=∑∑WACCBBWACCRIWACCBBWACCWACCBBWACCWACCBBWACCWACCRIVttTTTtttttttTTTttΛΛ∞+)1(WACC05()6)1(1∑∞=+++=TTTtttWACCRIBVttEVA6()7)1(1∑∞=+*++=TTTtttWACCEVABV*tB7EVAtVEVA“”MVAMarketvalueadded()8)1(1∑∞=+*+=-=TTTttttWACCEVABVMVAEVA*-*=1tttBPROAEVAEVA7()9)(11*-*-*-=*-=tttttBWACCROABWACCPEVA*tPtROAt2.3EVAMEVA4MEVAMeasurementManagementMotivationMindset1EVAEVAEVA2EVAEVAEVA8EVAEVAEVA3EVAEVAEVAEVAEVA4EVAEVAEVAEVAEVAEVAEVAEVAEVA9EVA2.4EVAEVA1EVAEVAEVA7%7%2EVAEVAEVAEVA3EVAEVAEVAEVA102.5EVAAI.EVAEVAEVAEVAEVAEVAEVAEVAEVA113.EVA3.1EVA200020011000EVA2003EVAEVAEVA2009112010EVA20101EVAEVAEVA3.2EVAEVAEVA123.2.1EVAEVAEVAEVAEVA3.2.2EVAEVAEVAEVAEVAEVA133.2.3EVAEVAEVAEVAEVA144.EVA.EVAEVAEVAEVAEVA4.1EVA4.1.1EVANPVNPVEVANPVNPVNPVNPVEVA15EVAEVAMVAEVANPVMVA=EVA=NPVNPVEVANPV1.NPVNPV2.NPVNPV3.EVAEVAEVAEVAEVAEVAEVA164.1.2EVA9EVAEVA1.EVAEVAEVA2.EVAEVAEVA3.EVA4.1.3EVAEVA171·196121.EVA182.EVAEVAEVAEVA190EVAEVAEVA4.2EVA4.2.1EVA204.2.2EVAEVAEVAEVAEVAEVAEVAEVAEVA21ROIEVAEVAEVAEVAEVAEVAEVAEVAEVA1EVAEVAEVANOPATEVA22EVAEVA22GAAPGAAPEVAEVAGAAPEVA3EVAEVAEVAEVA3EVA2002EVA23EVAEVAEVA10EVAEVAEVAEVA24NOPATEVAEVAEVAEVAEVA42EVA5NOPAT=++++/++-EVAEVA=+4EVA20025=+++=+=++/+/+---//EVA=++-4.2.3EVAEVA.61EVAEVA2EVA6EVA20032164-168EVA263EVAEVAEVAEVAEVA70%EVA30%EVA45EVAEVAEVA4.3EVAEVA274.3.1EVAEVAEVAEVAEVAEVAEVAEVAEVAEVAEVAEVA28EVAEVA4.3.2EVAEVAEVAEVA4.3.3EVAEVAEVAEVAEVAEVA:7a.EVAEVAEVAEVA7S.F.EVA200211EVA29EVAEVAEVAEVAEVA=x%EVA+y%EVAXYEVAEVAyxEVAxEVAyEVAEVAb.EVAEVAXYx%EVAEVAEVAEVAEI,ExpectedImprovement=+y%EVA-EIEVAEVAEVAEVAEVAEVAEVAEVAEVAEVA30EVAEVAy%/EVA=+/EVAEVA-EIEVA3EVAEVA11EVAEVAEVAEVA15%42%EVAEVAEVAEVA312EVAEVAEVAEVAEVAEVAEVAEVAEVA2EVAEVAEVAEVAEVAEVAEVA3EVAEVA0EVAEVA04EVAbonusbankEVAEVAEVAEVAEVA32EVA4.4EVAEVA4.4.1123EVA334.4.2EVAEVA1EVAEVA2EVA3EVAEVAEVAEVAEVAEVAEVAEVAEVAEVA345.EVAEVAEVAEVAEVAEVAEVA1EVAEVA2EVAEVAEVAEVAEVAEVA3EVA4EVAEVA35[1]A[2][3][4]L2002[5]A2001[6]S.F.EVA2002[7]2002[8]EVA2003[9]2002[10]2002[11]2003[12]2008[13]EVA20009[14]20076[15]20035[16]200913[17]2009[18]EVA20024[19]EVA20024[20]2006[21],EVA20058[22]EVA()20079[23]EVA()20086[24]EVA20025EVA36[25]2002[26]EVA2004[27]EVA200612[28]EVA200512[29]BSCEVAGP20079[30]MVAEVA20033[31]20098[32]20085[33]200111[34]20033[35]20026[36]200211[37]2001[38]EVA2008[39]EVA2006EVA37EVA381.200811基于EVA的财务管理系统研究作者：贾丹丹学位授予单位：山西财经大学本文链接：