经济增加值与企业激励约束机制

The EVA and Restrict of Promotional System

传统的奖金激励制度依靠财务指标来考核,而衡量企业业绩的财务指标会传达误导信息,甚至产生破坏性的影响;股票期权也可以用于企业激励,但期权制度存在的缺陷在欧美国家的实践中早已暴露出来了。笔者认为以经济增加值为基础的指标是一种对企业经营者有效的激励约束机制。

The traditional promotional system of bonus is measured by financial data, but these financial data may be misleading and destructional. The stock option may be used by promotional system, but the limitation of optional system has been exposed during practicing in western countries. I think that the guideline based on economic value added may be a more effective method to management of enterprises.