【作者】 杨林；

【导师】 向显湖；

【作者基本信息】 西南财经大学 ， 会计学， 2014， 博士

【摘要】 国资委从2010年开始对中央企业试行了经济增加值考核,不仅出台了经济增加值考核的一般规定,还颁布了利用经济增加值考核的实施细则。这一转变对国有企业的传统业绩观念带来了巨大冲击,并对国有企业管理层提出了新的要求,那就是不仅要努力创造利润,更要致力于企业价值创造,不仅要关注短期业绩目标的实现,更要重视长期成长性的打造和维护。从研究意义来看,本文研究兼具理论价值和实践意义,在理论方面,其一,有利于建立和完善无形资本财务理论。本文在界定无形资源、无形资产、无形资本等几个基本概念的基础上,分类研究各类无形资产对于企业价值(经济增加值)创造的作用,这对完善无形资产财务理论无疑具有重要意义。其二,有利于创新企业财务战略研究。传统的财务战略主要是基于“资金运动论”的财务本质观,着重强调组织资金运动层面的战略。本文则从企业战略的角度研究价值创造问题,不仅要关注资金运动,而且要触及到资金运动背后的驱动因素。这无疑有利于拓展财务战略研究领域,实现财务战略研究创新。其三,有利于丰富和完善财务管理的方法体系。研究与战略性资源纳入财务会计体系相关的财务理论与财务方法,如估价方法、效率衡量方法等,这些方法的研究有利于丰富和完善财务方法体系。在实践方面,本文的研究有利于为实施经济增加值考核的企业如何最大程度地实现经济增加值目标提供有价值的参考,也有利于企业财务管理人员树立新的财务战略观,使他们能够跳出财务的视野,从战略性资源的角度关注企业价值创造问题。从研究思路上看,本文在阐述经济增加值的基本原理的基础上,对经济增加值与无形资产的关系进行一般理论性分析。随后,文章将按照经济增加值的构成要素,分别研究无形资产与各要素的关系。从大的方面而言,经济增加值的构成要素主要是收入和成本(包括资本成本),因此,论文也就主要研究无形资产与企业收入创造以及无形资产与企业成本控制两个方面的内容。从经济增加值的具体计算看,其影响因素除收入与成本外,还涉及很多相关因素,例如为促使国有企业能专注主业发展,需要调整非经常(或非正常)性损益；为鼓励企业研发创新,加大研发投入,按照《实施细则》规定,经济增加值计算指标在计算过程中对于计入当期费用的相关研发费用可以在百分之五十的范围之内进行加回；等等。由于这些项目或者与企业无形资产没有内在逻辑联系,或者仅属于政策性的人为规定,不属于本文研究主题(无形资产创造经济增加值)所需关注的内容,因此论文不涉及对这些调整项的研究。论文共分为六个部分,第一部分即导论,主要阐述论文的研究背景、研究意义、研究内容、研究方法等；第二部分为文献综述与理论基础,主要阐述与论题相关的研究文献以及论文涉及的相关理论基础。其中在文献方面,主要从经济增加值在价值衡量体系中的相对优越性以及无形资产与企业价值创造的关系等方面进行文献介绍与评述,旨在支撑本文的研究意义与价值。在理论基础方面,则主要从战略管理理论、战略资源理论、人力资本理论和新经济增长理论等几个方面进行论述,旨在论证本文研究的重要性,并为确定本文重点研究内容奠定基础。第三部分为无形资源价值创造机理分析,主要对经济增加值原理及其与无形资源的关系进行一般性理论分析。具体内容包括经济增加值的概念及其作为企业价值评价模式的优势、经济增加值的构成要素、创造和提升经济增加值的基本途径、无形资源的概念与分类、以及基于经济增加值的无形资源价值创造机理等；第四部分为核心概念辨析,主要是分析界定无形资源、无形资产与无形资本等几个基本概念,以及各概念之间的相互关系,特别是重点从财务层面分析了无形资产与无形资本的概念与特性,以及两者之间的内在关联。第五部分为无形资产与企业收入创造研究,主要是在对无形资产与企业价值创造之关系进行一般性分析的基础上,分别不同类别无形资产,分析和论述它们在创造企业收入方面的作用机理,重点是论述了人力资产创造经济增加值的作用机理及其相关的业绩评价与激励问题。第六部分为无形资产与企业成本控制研究,主要是在对无形资产与企业成本控制之关系进行一般性分析的基础上,重点从战略成本管理方面研究了无形资产,特别是人力资产的作用机理。从研究方法上看,由于本文相关的研究数据难以获取,本研究主要采用规范研究与案例研究相结合的方法。规范研究以进行理性地逻辑推导,案例研究做为辅助,说明规范研究推导的结论是否能够应用于现实经济生活以及说明如何将理论运用于实践问题的分析。从创新与贡献上看,本文的创新点和贡献点主要体现在以下三个方面：第一,以逻辑推导的形式系统地研究了无形资产与经济增加值创造的关系。论文在阐释了经济增加值基本原理的基础上,较系统研究了企业经济增加值与无形资产的关系,并分类研究无形资产对经济增加值之关键要素的作用机理,论述了如何有效开发和利用战略性无形资产来最大程度地实现经济增加值目标。应当说,论文的思想和观点对于以经济增加值为重点考核内容的企业来说,具有较好的参考价值。第二,从财务的角度对企业无形资源、无形资产和无形资本等几个基础性概念进行了系统的辨析和阐释。文章不仅分析了每个概念的基本要义,也系统阐释了各概念的内在逻辑关系。应当说,该部分论述对于从财务视角研究无形资产及其相关问题能够提供重要参考,甚至可以作为相关问题研究的重要基础。第三,对无形资产价值评估问题进行了创新性的探讨。论文除了系统研究各战略性无形资产对于企业价值创造的作用机理外,还对无形资产价值评估问题进行了探讨,并提出了将收益现值法与层次分析法相结合来评估无形资产价值的思想,这种思路将能够为如何通过问卷调查方式来评估无形资产价值提供思路。更多还原

【Abstract】 State-owned Assets Supervision and Administration Commission started to put out a trial use of Economic Value Added (EVA) evaluation on central enterprises in2010, not only published general requirements, but also released the Implementing Rules of the use of EVA evaluation. This change has brought a huge shock to the traditional performance concept of state-owned enterprises, and proposed new requirements to the management of state-owned enterprises, that is, they should not only try their best to make profit, but should create enterprise value, and they should not only pay attention to the achievement of the short-term performance goal, but should attach importance to the creation and maintenance of the long-term growth.Judging from the significance of research, this paper has both theoretical value and practical meaning. On theoretical aspect, firstly, this paper will help establish and perfect the intangible capital financial theory. This paper studied various kinds of intangible assets’respective impact on the creation of enterprise value (EVA) based on the defining of the intangible resource, intangible asset and intangible capital and other basic concepts. Secondly, it will benefit the innovation of research on the enterprise financial strategy. The traditional financial strategy is mainly the Financial Essence Theory based on the Fund-movement Theory, which emphasizes the strategy on the organization of fund movement. While this paper studied the problem of the creation of value from the aspect of enterprise strategy, which not only focuses on the movement of fund, but also pays attention to the driving factors behind the fund movement, which will be helpful to develop the research on financial strategy and realize the innovation of research on financial strategy without any doubt. Thirdly, it will benefit the enrichment and perfection of financial management’s methodological system. This paper studied the financial theories and methods related to the involvement of strategic resources into financial accounting system, such as valuation approach, method to measure efficiency and so on, the study of which will be helpful to the enrichment and perfection of the financial methodological system. On practical aspect, this study will help provide valuable reference to enterprises who are implementing the EVA evaluation on how to reach the EVA goal to the greatest extent, and will help enterprise financial managers build up a new financial strategy perspective, that is, help them jump out of the financial vision and focus the creation of enterprise value from the perspective of strategic resources.Judging from the research approach, this paper generally analysed the relationship of EVA and intangible asset on the theoretical level based on the explanation of the basic principle of EVA. Afterwards, it will respectively study the relationship of intangible asset and the various aspects of EVA. In view of big aspect, the composition elements of EVA are mainly revenue and cost (including cost of capital). Therefore, this paper mainly studied the relationship of intangible asset and the creation of enterprise revenue and the relationship of intangible asset and the control of enterprise cost. In view of the specific calculation of EVA, its influential factors involve many other related factors besides revenue and cost, for example, in order to encourage state-owned enterprises to focus on the development of their main business, it is necessary to adjust the extraordinary items; in order to encourage enterprises to study and develop innovation and increase investment in research and development, the research and development expenses which have been entered into the account as current expense can be added back within the range of50%in the calculation of EVA according to the Implementing Rules and so on. Because these factors either have no inner logical link with enterprises’intangible asset or are arbitrary rules related to government policies, which are not the content that the research topic should focus on. Therefore, this paper paid no attention to those adjusting factors.There are six chapters in this paper:Part one is Introduction which stated the background, significance, contents and methods of research. Part two includes Literature Review and Theoretical Foundations which mainly talked about the research literature related to the subject and the theoretical foundations involved in this paper. The literature part introduced and commented the literature from the aspects of the relatively priority of EVA in the value measurement system and the relationship of intangible asset and the creation of enterprise value and so on, and its purpose is to lay the foundation for the research significance and research value. While the theoretical foundations part mainly discussed from the aspects of Strategic Management Theory, Strategic Resources Theory, Human Capital Theory and New Economic Growth Theory, and its purpose is to demonstrate the importance of this study and lay the foundation for the confirming of the focus content of the study. Part three is the general theoretical analysis which theoretically analyzed the relationship between EVA principle and intangible asset. The specific contents are the concept of EVA and its advantages as the evaluation model of enterprise value, composition factors of EVA, the basic methods to create and promote EVA, the concept and categories of intangible asset as well as the creative principle of EVA based on intangible asset. Part four is Analysis of Core Concepts, which mainly defined and analyzed the intangible resource, intangible asset and intangible capital and other basic concepts as well as the mutual relationship between each concept, especially analyzed the concept and characteristic and the inner link of intangible asset and intangible capital mainly based on the financial level. Part five is the study related to the intangible asset and the creation of enterprise revenue, which mainly analyzed and demonstrated the various kinds of intangible assets’ function mechanism on the aspect of the creation of enterprise revenue based on the general analysis of the relationship of intangible asset and the creation of enterprise revenue, and mainly demonstrated the problems of the function mechanism of the creation of EVA by human capital as well as the related assessment and encouragement of performance. Part six is the study related to the intangible asset and the control of enterprise cost, which mainly studied the intangible asset from the aspect of Strategic Cost Management based on the general analysis of the relationship between intangible asset and the control of enterprise cost, especially the function mechanism of human capital.Judging from the research method, this paper mainly adopted the method combining the normative research and case study because of the difficulty in the gathering of research data related to the subject. The normative research conducted the rational logical derivation, and the case study as the supplementary proved whether the conclusions derived from normative research can be used in real economy life and demonstrated on how to put theory into the analysis of practical problems.Judging from innovation and contribution of this paper, the innovations and contributions are mainly as follows:Firstly, this paper systematacially studied the relationship of the creation of EVA and intangible asset in the form of logical deduction. The paper systematacially studied the relationship of enterprise EVA and intangible asset based on the explanation of the basic principle of EVA, and respectively studied the function mechanism of various kinds of intangible asset on the core factors of EVA, and discussed on how to efficiently create EVA and how to use strategic intangible assets to realize the EVA goal to the greatest extent. Arguably, the thoughts and perspectives are of relatively great reference value to the enterprises who take the EVA as the important evaluation content. Secondly, this paper systematically analyzed and explained intangible resource, intangible asset and intangible capital and other basic concepts from the perspective of finance, not only analyzed the basic meaning of each concept, but also explained the inner logical link. I should say that this part is of important reference value to the study of intangible asset and the related problems from the perspective of finance and even could be the critical study foundation of some related problems. Thirdly, this paper creatively discussed the assessment problem of the value of intangible asset. Besides the systematical study of various strategic intangible assets’function mechanism to the creation of enterprise value, this paper also proposed the thought of combining the Present Earning Value Method and Analytic Hierarchy Process to assess the value of intangible asset, which will provide clues on how to assess the value of intangible asset by questionnaires.更多还原