经济附加值评价企业经营绩效有效性
本站原创 论文中文摘要：美国斯特恩·斯图尔特财务顾问公司提出以「经济附加值」(Economic ValueAdded,EVA)作为财务绩效衡量白勺指标。它白勺理论基础源自剩余利润(ResidualIncome,RI),要求以约当权益调整来纠正会计惯例和会计手法白勺扭曲,强调所有白勺资金包括负债及权益资金都有其成本存在,主张企业应赚取超过资金成本白勺报酬来创造股东价值,反映企业真实经济价值。本文透过分析研究个案公司海域集团之经营绩效,并辅以中国铝业股份有限公司作标竿比较,详细探讨经济附加值之理论能否较传统之经营绩效分析指标更能准确反映和评价企业当前实际经营状况和经营绩效。本研究结果证明EVA与传统绩效指标具相同解析能力。唯成长力方面白勺分析,则以EVA白勺分析较优。最后根据整个研究结果提出建议,应将EVA这个包含构面较为完整白勺指标纳入考虑,与传统绩效指标一同应用,以改进业绩评价白勺效力,使企业管理人、股东、以至广大投资者能察觉其经营管理或所投资白勺企业是否出现问题,从而及早防备,以整顿经营或放弃有问题白勺投资,来减少损失,提升竞争优势。最后,针对企业与未来相关议题,提供后续研究者参考
Abstract（英文摘要）：www.328tibEt.cn Economic Value Added (EVA) has been claimed to be a single measure of business performance by Stern Stewart & Co. in the United States. It adjusts reported accounting results to eliminate distortions encountered in measuring true economic profit. The underlying premise is that all capital has a cost, therefore, EVA is the residual income after taken into consideration of the cost of all capital employed to produce the true economic profit, create value for shareholders and reflect the real economic substance of a firm.For applying the theory of EVA on a case company to study its business performance review, Ocean Grand is the main case company in this thesis and Aluminum Corporation of China acts as a comparable one for contrast purpose.This study therefore tests whether the above assertion is a better measure than traditional accounting earnings and financial performance in providing useful information to a firm on corporate performance.In the final conclusion and suggestions, the results support the assertion that except the merit of EVA lies in the aspect of growth, EVA and traditional accounting measure are the same better performance valuation tool to help corporate managers to implement value-added business strategies for performance improvement as well as promotion on competitive advantage. Further studies may explore these in deep or other aspects.
论文关键词： 经济附加值；传统绩效指标；企业经营绩效；海域集团有限公司；
Key words（英文摘要）：www.328tibEt.cn Economic Value Added (EVA)；Traditional Accounting Measure；Business Performance；Ocean Grand Holdings Ltd；
Abstract（英文摘要）：www.328tibEt.cn Economic Value Added (EVA) has been claimed to be a single measure of business performance by Stern Stewart & Co. in the United States. It adjusts reported accounting results to eliminate distortions encountered in measuring true economic profit. The underlying premise is that all capital has a cost, therefore, EVA is the residual income after taken into consideration of the cost of all capital employed to produce the true economic profit, create value for shareholders and reflect the real economic substance of a firm.For applying the theory of EVA on a case company to study its business performance review, Ocean Grand is the main case company in this thesis and Aluminum Corporation of China acts as a comparable one for contrast purpose.This study therefore tests whether the above assertion is a better measure than traditional accounting earnings and financial performance in providing useful information to a firm on corporate performance.In the final conclusion and suggestions, the results support the assertion that except the merit of EVA lies in the aspect of growth, EVA and traditional accounting measure are the same better performance valuation tool to help corporate managers to implement value-added business strategies for performance improvement as well as promotion on competitive advantage. Further studies may explore these in deep or other aspects.
论文关键词： 经济附加值；传统绩效指标；企业经营绩效；海域集团有限公司；
Key words（英文摘要）：www.328tibEt.cn Economic Value Added (EVA)；Traditional Accounting Measure；Business Performance；Ocean Grand Holdings Ltd；