EVA在企业绩效评价中的作用研究

辽宁科技大学毕业设计(论文)第I页EVA在企业绩效评价中的作用研究----EVA在我国商业银行绩效评价中的应用摘要业绩评价活动一直都是企业管理的一项重要内容，是资本市场、公司财务和管理会计领域的一项重大课题，也是一个极具显示意义的应用问题。与发达国家的企业相比，我国企业现行的业绩评价普遍还不能令人满意。并且使得业绩评估标准只看重销售收入和盈利增长，这使他们无须真正承担资本回报的责任。本文首先回顾了国内外关于EVA有效性的实证研究成果，探讨了EVA的相关理论，提出了企业主体理论和经济历任理论是EVA理论的会计学渊源和经济学渊源的观点。在此基础上，本文详细探讨了我国银行业EVA绩效模型的构建，并选取了一些样本进行实证研究，得出了以下结论：一是由于考虑了资本结构和资本成本因素并通过会计项目调整减少了对利润指标的认为干预因素，EVA比传统绩效评价指标更真实的揭示了银行的盈利水平，与股票价格也体现了一定的关联性，是银行价值创造的驱动力；二是借助EVA贴现模型，引入了市场价值、市场增加值等概念，可以在一定程度上考察商业银行股价的估值水平。最后，根据实证研究结果，提出了我国银行业建立EVA内部绩效管理体系的政策建议。关键词EVA；绩效评价；商业银行辽宁科技大学毕业设计(论文)第II页AbstractAchievementappraisalhasbeenabusinessmanagementimportantcontent，isthecapitalmarket,thecorporatefinanceandmanagementaccountingadomainimportantissue,isalsoonehasthedemonstrationsignificanceextremelytheapplicationquestion.Compareswithdevelopedcountry'senterprise,OurcountryEnterprisepresentachievementappraisalhasnotbeenabletobesatisfyinggenerally.Andcausestheachievementappraisalstandardonlytoregardthesalesrevenueandtheprofitgrows,thiscausesthemnottoneedtoundertakethecapitalrepaymentresponsibilitytruly．thisarticlefirstrevieweddomesticandforeignabouttheEVAvalidempiricalstudyachievement,hasdiscussedtheEVAcorrelationtheories,proposedtheenterprisemainbodytheoryandtheeconomysuccessivelyholdthetheoryareEVAthetheoryaccountingoriginandtheeconomicoriginviewpoint.Basedonthis,thisarticlediscussedmybankingindustryEVAachievementstoaccompanyyournationalmodelindetailtheconstruction,andselectedsomesamplestoconducttheempiricalstudy,assoonasobtainedhasdrawnaconclusion：First,becausehadconsideredthecapitalstructureandthecapitalcostfactorandtheprojectadjustmentreducedthroughaccountanthasthoughttheinterventionfactortotheprofittarget,EVAcomparedtothetraditionalachievementsevaluatingindicatorwasreallytherevelationbankprofitlevel,hasalsomanifestedcertainrelatednesswiththestockprice,wasthebankvaluecreationdrivinginfluence；Second,withtheaidofEVAthediscountmodel,hasintroducedthemarketvalue,themarketincreaseinvalue,thecurrentoperationvalueandthefuturegrowsconceptsandsoonvalue,mayconsiderthebankclassstockpricetoacertainextenttheestimatevaluelevel.Finally,accordingtotheempiricalstudyresult,proposedmybankhasalsoestablishedtheEVAinteriorachievementsmanagementsystem'spolicysuggestion.thisarticlehasadoptedtheresearchtechniquewhichthefundamentalresearchandtheempiricalanalysisunify．KeywordsEVA；Achievementsappraisal；Commercialbank辽宁科技大学毕业设计(论文)第III页目录摘要........................................................................................................................................IAbstract.................................................................................................................................II第1章绪论.........................................................................................................................11.1选题的意义.............................................................................................................11.2文献综述.................................................................................................................11.2.1国外学者关于EVA有效性的研究.............................................................11.2.2我国学者关于EVA的研究.........................................................................2第2章EVA界定及相关理论..............................................................................................42.1EVA的概念界定和内涵......................................................................................42.1.1EVA的概念界定...........................................................................................42.1.2EVA的内涵...................................................................................................42.2EVA的理论渊源：企业主体理论与经济利润理论.............................................52.2.1企业主体理论：EVA的会计学渊源..........................................................52.2.2经济利润理论：EVA的经济学渊源..........................................................6第3章我国商业银行EVA绩效评价模型的构建.............................................................83.1NOPAT构成分析.....................................................................................................83.1.1商业银行NOPAT的概念界定.....................................................................83.1.2商业银行NOPAT的会计项目调整.............................................................93.2对股价估值水平的分析.......................................................................................103.3对EVA计算结果的分析—EVA与商业银行未来增长价值的分析.................11结论.....................................................................................................................................13致谢.....................................................................................................................................14参考文献.............................................................................................................................15附录.....................................................................................................................................16辽宁科技大学毕业设计(论文)第1页第1章绪论1.1选题的意义20世纪70年代以来，随着资本市场的发展和金融管理体制的放宽，管理者对公司价值的关注日