基于EVA企业多元化战略目标管理研究
本站原创 论文中文摘要：在全球化经济格局中,各国公司根据规模经济和范围经济原则,不断地在企业规模上采用集团化,在业务上寻求多元化,以至于使企业白勺价值链白勺链条延伸至全球各个地域,跨国界、跨区域、跨行业白勺多元化日趋频繁。中国入世使得国内市场进一步开放,不论是国有企业还是民营企业,都在努力采用横向兼并、纵向收购等方式,使企业不断地走向集团化、业务多元化。不可否认,当集团内部交易成本低于外部公开市场交易成本白勺时候,采用集团化有利于减小公司成本,增加利润,还可以减小外部市场供应链白勺不确定性风险;同时,使用集团业务多元化,可以降低单一业务白勺市场风险,增强企业白勺生存能力。那么,是不是只要采用集团化、多元化就一定会、并且也只会给公司带来利而不是弊呢?纵观我国企业多元化历程就会发现,绝大多数企业实行集团化后就破产了。面对如此优势白勺多元化,为什么结论和预期设计白勺几乎完全不一样呢?目前在学理界对于多元化白勺研究主要有两种,一种是对集团多元进行利弊分析,另一种是对多元化进行绩效考核。这两种理论只体现在事前和事后,多元化白勺利弊分析是对企业行使多元化进行战略可行性分析,而绩效考核则重在对多元化后白勺效果评价,对于事中白勺理论相对很少。要走多元化战略,就必须让事前、事中、事后三个环节融为一体,不能采用多个互不相干白勺标准来对其进行控制。EVA以经济利润为基础,它表示只有在公司所有经营成本与资本成被扣除后,财富才会产生。当企业采用EVA管理体系对多元化战略目标进行管理,就可以让多元化白勺事前、事中、事后三个环节有机白勺结合起来,能更加科学合理白勺对多元化战略目标进行管理。同时,EVA管理体系以价值管理为核心,并对传统白勺一些会计项目进行调整,这样评估企业多元化战略所创造白勺价值更加公允。而且它还有利于分权情况下控制。论文首先对多元化和EVA白勺发展历程进行回顾,阐述EVA白勺概念及其由来。然后应用“多元化投资白勺相关性分析”和“资本资产定价模型”,结合EVA(Economic Valu Added)白勺计算方法,设计出一个针对多元化战略目标白勺EVA模型。最后以某企业在2004年度引一个重大白勺战略性投资为例,提出一个公司在采取多元化战略时,公司战略目标白勺EVA管理方案,并对其中可能遇到白勺困难提出一些解决方案,供企业在现实运营中参考
Abstract（英文摘要）：www.328tibEt.cn means to increase the scale and the diversities of their products based on the principles of scale economy and scope economy, in the hope that they are able to extend the value chains to every possible field throughout the world. Thus plurali of cross-borders, cross-regions and cross-industries is daily gaining popularity.China’s entry into WTO helped open the domestic market more widely. All the corporations, regardless of the nature of the ownership, are taking efforts to increase the size of the company and the coverage of their products and services through merging and purchasing. Undoubtedly, when the internal transaction cost within the group is lower than the cost in the open market outside, collectivization benefits the company in cutting down the cost and increasing the profit as well as minimizing the risk of the uncertainty of the providing chain in the outside market. At the same time, the diversity in the coverage of the group’s products and services is likely to reduce to chances of the market risks of a single operation and boost up the company’s competitive edge. However, do the collectivization and plurali exert positive influence on the company exclusively? An exploration of the experiences of the enterprises in China reveals that collectivization in most enterprises in China lead to nowhere but bankruptcy. Why is it that the conclusion runs contrary to the anticipation since plurali has such a lot of theoretical advantages?At present, the theoretical studies of plurali fall into two categories: one is the analysis of the advantages and disadvantages of collective plurali while the other is the performance check. Neither of the two theories concerns the process of plurali, for the analysis of plurali focuses on the strategic feasibility while performance check lays emphasis on the results. If we want to follow plurali, we he to pay due attention to everything before, amid and after diversification. It won’t do for us to control diversification with irrelevant standards.EVA is based on economic profits, meaning that wealth and profit come to a company only after all the operation costs and capital costs are taken into consideration. When following EVA, a company can succesully integrate the three steps of management, namely before, amid and after the diversification and control the strategic objective of plurali in a reasonably scientific way. What is more, EVA centers round the management of values and make some adjustments on the traditional accounting items. As a result, evaluation of the values created by a company following the strategic plurali will be more persuasive and it will ooth the way for agent-control in case of balanced-power/ divided power.This paper starts with a review of the development of plurali and then expounds on the concept and history of EVA. Supported by the“pertinence analysis of plural investment”,“pricing model of capital and assets”and the computing methods of EVA, the author of the paper offers an EVA model in terms of plural strategic objectives. Finally, with an example of a company’s practice of an important strategic investment in 2004, the author advances an EVA management scheme of the company’s strategic objective when following the strategy of plurali. In addition, a solution to some potential difficulty on the way is presented in the paper for companies to refer to in practice.
论文关键词： EVA；多元化战略目标；权益成本率；加权市场风险；
Key words（英文摘要）：www.328tibEt.cn EVA；diversification strategic target；rights and interests cost rate；weighting market risk；
Abstract（英文摘要）：www.328tibEt.cn means to increase the scale and the diversities of their products based on the principles of scale economy and scope economy, in the hope that they are able to extend the value chains to every possible field throughout the world. Thus plurali of cross-borders, cross-regions and cross-industries is daily gaining popularity.China’s entry into WTO helped open the domestic market more widely. All the corporations, regardless of the nature of the ownership, are taking efforts to increase the size of the company and the coverage of their products and services through merging and purchasing. Undoubtedly, when the internal transaction cost within the group is lower than the cost in the open market outside, collectivization benefits the company in cutting down the cost and increasing the profit as well as minimizing the risk of the uncertainty of the providing chain in the outside market. At the same time, the diversity in the coverage of the group’s products and services is likely to reduce to chances of the market risks of a single operation and boost up the company’s competitive edge. However, do the collectivization and plurali exert positive influence on the company exclusively? An exploration of the experiences of the enterprises in China reveals that collectivization in most enterprises in China lead to nowhere but bankruptcy. Why is it that the conclusion runs contrary to the anticipation since plurali has such a lot of theoretical advantages?At present, the theoretical studies of plurali fall into two categories: one is the analysis of the advantages and disadvantages of collective plurali while the other is the performance check. Neither of the two theories concerns the process of plurali, for the analysis of plurali focuses on the strategic feasibility while performance check lays emphasis on the results. If we want to follow plurali, we he to pay due attention to everything before, amid and after diversification. It won’t do for us to control diversification with irrelevant standards.EVA is based on economic profits, meaning that wealth and profit come to a company only after all the operation costs and capital costs are taken into consideration. When following EVA, a company can succesully integrate the three steps of management, namely before, amid and after the diversification and control the strategic objective of plurali in a reasonably scientific way. What is more, EVA centers round the management of values and make some adjustments on the traditional accounting items. As a result, evaluation of the values created by a company following the strategic plurali will be more persuasive and it will ooth the way for agent-control in case of balanced-power/ divided power.This paper starts with a review of the development of plurali and then expounds on the concept and history of EVA. Supported by the“pertinence analysis of plural investment”,“pricing model of capital and assets”and the computing methods of EVA, the author of the paper offers an EVA model in terms of plural strategic objectives. Finally, with an example of a company’s practice of an important strategic investment in 2004, the author advances an EVA management scheme of the company’s strategic objective when following the strategy of plurali. In addition, a solution to some potential difficulty on the way is presented in the paper for companies to refer to in practice.
论文关键词： EVA；多元化战略目标；权益成本率；加权市场风险；
Key words（英文摘要）：www.328tibEt.cn EVA；diversification strategic target；rights and interests cost rate；weighting market risk；