EVA在项目投资预算中的应用研究

On use of EVA in project investment budget

企业通常使用贴现现金流模型作为投资决策的工具,编制投资预算,导致项目投资预算和业绩评价脱节;经济增加值(EVA)贴现模型和贴现现金流模型具有等价性。该文探讨了使用EVA编制投资预算,以投资预算中的EVA作为业绩目标考核经理业绩,实现投资预算和业绩评价的结合;在实际应用中,根据项目风险特征改进EVA模型,可以有效地避免业绩评价指标产生的激励扭曲问题。

Enterprises generally use discounted-cash-flow model as investment decision-making tool and to draft capital budget. This causes the separation of investment budget and performance evaluation. Using Economic Value Added （EVA） in capital budget and performance evaluation will bridge effectively these two aspects of project investments. In practice the EVA model can be adjusted according to the risk nature of investment in order to eliminate incentive distortion problems.