企业增长财务问题探讨

(030012),,,,,,,,,,,(),(),,,(EconomicValueAdded,EVA)(EconomicValueAddedRate,EVAR)EVA=EBIT-WACCCEVAR=EVAC:EBIT,WACC,CEVA,EVA=EBIT-WACCC=(EBIT-WACCC)CC=(ROI-WACC)C(1)ROI(ReturnonInvestment),,:PEVA=EVA1(1+WACC)1+EVA2(1+WACC)2++EVAn(1+WACC)n(2)EVAg,WACCg,:PEVA=EVA0(1+g)1(1+WACC)1+EVA0(1+g)2(1+WACC)2++EVA0(1+g)n(1+WACC)n(3)(3)1+WACC1+g,:11200217©1995-2004TsinghuaTongfangOpticalDiscCo.,Ltd.Allrightsreserved.PEVA1+WACC1+g=EVA0+EVA0(1+g)1(1+WACC)1+EVA0(1+g)2(1+WACC)2++(EVA0(1+g)n-1(1+WACC)n-1(4)(4)-(3):PEVA1+WACC1+g-PEVA=EVA0-EVA0(1+g)n(1+WACC)n,n,EVA0(1+g)n(1+WACC)n0,:PEVA=EVA1WACC-g=(ROI-WACC)CWACC-g,:,,EVAEVARROIWACC,EVA,,EVAC,EVA0,,EVAEVA,EVA,,EVA,,,(ROI-WACC),,,,EVA,(),,,:,:(),=+,,,,,,,,,,,,()(SustainableGrowthRate,SGR),():SAS=RPS(S0+S)+RPS(S0+S)DE:APSP;PPS;R;DPEP;S0;S;ROE:,SAPS,()RPPS(S0+S),PR(PPS)(S0+S)DPE,:21200217©1995-2004TsinghuaTongfangOpticalDiscCo.,Ltd.Allrightsreserved.SS0=RPS1+DEAS-RPS1+DESA,:SGR=RPE1-RPE=RROE1-RROE(1)SGRRROE,RROESGR,ROE:(ROE)===(1-)(2),,,,(1)(2),()(,)(),,,,,,,,,,;,,,,,,,,,,,,,,,,,,,200017,200114,,,138,9185,,,,20001,,,,,,,,,,ROE,,(ROE),,,,,1965199631200217©1995-2004TsinghuaTongfangOpticalDiscCo.,Ltd.Allrightsreserved.:()6317%,3613%,39%,-217%(C,1998),,,,,,,:,,,,,,,,:;,,,,,,,,,,,,,,,,,,,,,,,199659,3213,7128,5117,71%94,,100%,70%,500%,,,??:199359168%,,,,,,;12,,,;,,(,1999),,,,,,,,,,,,,,=P:ROE=(EBIT-iD)(1-T)E=EBITE-iDE(1-T)=EBITD+ED+EE-DEROI+DEROI-iDE(1-T)=ROID+EE-DEROI+(ROI-i)DE(1-T)=ROI+(ROI-i)DE(1-T)41200217©1995-2004TsinghuaTongfangOpticalDiscCo.,Ltd.Allrightsreserved.:EBIT;i;D;T;E;ROI:(DPE)ROE,,ROEROIi,ROIi,(DPE),ROE,;ROIi,(DPE),ROE,,,ROIiROIi,,ROI,,(),,,(,,),(),:,;;,,;,,,,,,,,,,,,,,,,,,(C,1998),.2000..,4.2000.EVA.,11.2002..,1.1998..,4..1999..:.1996..:.2000..,8.1999..:.1997..,11.1999..,2.1998..:C,.1998..:JamesCVanHorneJohnMwachowiciJr..1998..:.ArthnrJKeown..1999..:Al.2001..51200217©1995-2004TsinghuaTongfangOpticalDiscCo.,Ltd.Allrightsreserved.EnglishAbstractsofMainPapersTherevolutionoffinancialtheoryparadigmandthethinkonsystemismoffinanceLiXinheTheresearchparadigmoftraditionalfinanceisbasedonthereasonableselectionparadigm.Becausesystemisntin2cludedbyfinancialanalysisframework,therearesomewhatdefectsinbothfinancialtheorystructureandfinancialprac2tice.Thesocialandsystematicattributeoffinancialbehaviorofenterprisedeterminesthepossibilityoftheoreticalcou2plingbetweennewsystemismandfinance.Toresolvethetheoreticalandpracticaldefectsoftraditionalfinance,needstochangefromtechnique2orientedfinancetosystem-orientedfinance.ResearchingontheFinancialQuestionsinBusinessGrowthAnalysisoftheRelationsofFloatingNewStocksandEnterprisesDebtGuoZeguangGuoBingEnterprisesarethebasicunitsinmodernmicroeconomy.Thedevelopingconditionandstandardinthenationaleconomyaredeterminedbythegrowthofenterprises,andthecontiunousandsteadyincreaseinenterprisesisthebasicpremiseinthedevelopmentofthewholesocietyandeconomy.ResearchingontheFinancialQuestionsinBusinessGrowthstart2edwithsomefinancialpurposes.ItanalizedsomekeyfactorstocontrolBusinessgrowthbyfinancialbasicbalances.Itstudiedtherelationsoffloatingnewstocks,enterprisesdebt.Itputforwardsomefinancialmeasuresinmanagementtorealizebusinessincreases.CriterionsofAchievement&CompensationContractofManagersPanXiuliStimulatingcompensationcontractofmanagersisveryimportantinmoderncompany,thispaperdiscussesaboutthechoiceofcriterionsofmanagersachievement.Ascriterions,netincomeandsharepriceareincommonuse,sothispaperdiscussesabouttheadvantagesanddisadvantagesofthesetwocriterions,anddiscussesabouthowshoulddifferentcompanieschosethesoundcriterions.ThispaperdiscussesaboutpracticalsituationinChina,andgivesadvicesonthisproblemintheend.©1995-2004TsinghuaTongfangOpticalDiscCo.,Ltd.Allrightsreserved.