【作者】 陆祎；

【导师】 段云；

【作者基本信息】 哈尔滨工业大学 ， 会计学， 2011， 硕士

【摘要】 现行我国企业内部业绩评价指标体系主要是以会计利润为基础,以财务报表的相关指标为核心,这种一味追求资本与利润并增,忽略了价值创造的做法显然与以股东最大化为目标实施管理的现代企业制度实质背离。EVA财务管理系统是由美国纽约斯特恩·斯图尔特咨询公司所提出的一种业绩评价与激励系统,它的目的在于使公司管理者以股东价值最大化作为其行为准则。而企业的两大利益相关者债权人以及股东是两大矛盾统一的主体,对企业的生存发展起着决定性的作用。EVA是对企业资产负债表和利润表的综合考核,其核心在于资本投入是有成本的,企业的盈利只有高于资本成本时才会为股东创造价值。而股东权益又可以很好地用EVA指标来反映,因此,研究负债结构与企业经济增加值之间的关系就能全面的反映企业债权人与股东之间的关系。正是基于这种必要性,本文引入EVA方法,通过对国内外相关探究成果的梳理,探讨了目前评价指标体系的不足,以委托代理理论、行为科学理论、系统理论和经济利润理论为指导,以我国上市公司为研究对象,提出假设,探讨负债结构与EVA之间的关系。这对制造业内部业绩评价体系的完善、企业经营者及各个业务部门做出正确的决策有着重要意义。首先,本文系统地总结了目前国内外对企业内部业绩评价和EVA的研究现状,并在此基础上对相关理论进行融合,形成了本文的理论基础,为下文的研究提供了理论支撑与指导。其次,提出三个假设,检验资产负债率与企业的经济增加值、负债比例与企业的经济增加值、商业信用与企业的经济增加值之间的关系。然后进行指标的设计并建模,通过多元线性回归验证。最后,得出结论并对负债结构与EVA的关系进行合理解释,提出政策建议并展望未来发展方向。更多还原

【Abstract】 Our Present internal performance evaluation index system mainly based on accounting profit to the financial statements of the relevant indicators as the core, this totally pursuit of profits and increased capital ignoring of the value creation obviously deviate maximizing interest of shareholders and the implementation of management of real departure from the modern enterprise system. The two major stakeholders in the enterprise creditors and shareholders are the two contradictory unity of the body, survival and development of enterprises play a decisive role. EVA is a corporate balance sheet and income statement of the comprehensive examination, the core is the capital investment has a cost, corporate earnings is only higher than the cost of capital will create value for shareholders. The shareholder rights and interests can be well reflected by EVA indicators, therefore, research and corporate debt structure the relationship between economic value added will be able to reflect an enterprise’s overall relationship between the creditors and shareholders. It is with this need, we introduce the EVA approach, focusing on internal performance evaluation of the design study to examine the current lack of evaluation index system to agency theory, behavioral science theory, systems theory and the theory of economic profit guidance to study China’s listed companies to explore the balance between structure and EVA. This performance evaluation system within the manufacturing sector improved, business owners and various business units to make the right decisions is of great significance.Firstly, the paper summarizes the results at home and abroad on the internal status of evaluation and research EVA, forming the theoretical foundation for the study below, which Provides the theoretical support and guidance.Secondly, the three hypotheses test asset-liability ratio and EVA, debt ratio and EVA and commercial credit and business relationship between EVA. And then using multiple linear regression verification design and modeling.Finally, the paper get a conclusion and application prospects of EVA, and raise Policy recommendations.更多还原