摘要
EVA是经济增加值的简称 ,是经过调整后的税后营业净利润扣除全部资金成本后的余额。EVA考虑了包括股权资金在内的全部资金的成本 ,体现了企业在某个时期创造或毁坏的价值量。与会计利润相比 ,EVA易于理解且不易被操纵 ,根据其所设计的“奖金银行”是一种有效的激励机制 ,并且向企业提供了一个单一的、协调的目标 ,避免了多目标的混乱。EVA指标对当前我国的上市公司具有特别突出的意义 ,应用EVA来评价上市公司有利于规范我国上市公司的融资行为、投资行为和股利分配行为 ,并约束上市公司的“内部人控制”。应加快研究适合我国国情和上市公司实际的EVA计算方法 ,把EVA作为我国上市公司业绩评价和相关部门制订政策时的参考指标之一。
EVA is abbreviated from Economic Value Added,which is found by deducting the cost of equity capital from accounting profit.EVA tells the wealth a company created or lost during a period.As compared with profit, EVA is hard to manipulate and easy to understand; the system of bonus bank is effective to stimulate the management;and harmonize the various aim of a company.The concept is extremely attractive to the listed companies in our country.To evaluate the companies by EVA,the companies need adjust their activities of financing,investing and dividend policy,and restrain the“inside control.”The paper suggests to study the use of EVA in our country and make it a reference of evaluating for government policy-making.
出处
《商业研究》
北大核心
2005年第6期144-146,166,共4页
Commercial Research
关键词
EVA
会计利润
资金成本
上市公司
EVA(Economic Value Added)
accountancy profit
capital cost
listed companies
