【作者】 宋健；

【导师】 曾勇；

【作者基本信息】 电子科技大学 ， 工商管理， 2003， 硕士

【摘要】 上市公司经营的最终目标是实现股东财富最大化，这就要求衡量公司业绩的指标能够准确反映公司为股东创造的价值。公司每年为股东创造的价值应该是收入扣除全部成本和费用后的剩余。传统的业绩衡量指标如税后净利润、每股收益和净资产收益率等并不能准确反映公司当期为股东创造的价值。主要缺陷在以下两方面：(1)传统指标的计算只有债务资本成本计入损益表，而权益成本被忽视了，从而导致成本的计算不完全，因此无法判断公司为股东创造的价值的准确数量；(2)传统指标的计算以会计报表信息为基础，而会计报表信息由于其固有的缺陷对公司业绩的反映本身就存在部分失真。 经济增加值(Economic Value Added，简称EVA)，作为一种新型公司业绩衡量指标，它很好地反映了公司在一定期间内为股东创造地价值，90年代中期以后逐渐在国外获得广泛应用，成为传统业绩衡量指标体系的重要补充，其概念在近年也被逐步引入中国。 经济增加值指标在实践中主要有两大应用：业绩评估和管理人员薪酬制度设计。本论文正是根据其理论，首先着重对目前如何将经济增加值实际运用于评估中国上市公司业绩，进行针对性的分析和探讨，从而逐步剔除机械套用国外指标体系的根本性缺陷，然后按照中国证券投资市场的特征，创造性地建立一套符合中国实情地指标体系，同时运用这一指标体系对四川长虹、青岛啤酒以及整个港口行业的上市公司五年间的业绩变化情况做了仔细的运算和分析，并与现行的净资产收益率、每股收益进行实证分析、比较，以期为上市公司业绩评价提供一种更有预见性、更可行的指标体系。更多还原

【Abstract】 The ultimate goal for the executives of listed companies to reach is maximization of shareholders’wealth. A system of exactly appraising enterprise performance should be indispensable. The value created by enterprise every year is the residual income, from which all costs should been deducted, and it still could not be depicted by traditional evaluation systems vividly, such as ROE and EPS. The main defects lay on two aspects. One is that only the debt capital is directly considered to the gain-or-loss of that year. However, the equity capital is usually overlooked. So the judgment of enterprise value is imprecise because of the inadequate cost calculation. The other aspect is that traditional system, based on the accounting information, will be distorted by accounting intrinsic flaws.Being a new type of the appraisal standard, economic value added (EVA) successfully overtakes the above-mentioned defects, and describes the enterprise behavior better. As a result, after 90’s, EVA, as an important supplement added, has been broadly adopted abroad, and recently been introduced to China.There are two main functions for EVA application: The appraisal of enterprise performance and the design of executive’s bonus. According the original thoughts, this papercircumstantiates how to carry this theory into Chinese practice and how to eliminate theFundamental shortcomings if foreign standards applied mechanically. Therefore, in a creative way, this paper establishes a feasible EVA appraisal system according to Chinese listed companies’ character and demonstrates it on some listed companies, such as SiChuan ChangHong Co.; TsingTao Brewery Company; and harbor line companies. In one word, this paper wishes to provide a set of more practical and predictable standard in comparison with ROE and EPS.更多还原