将EVA引入我国现行国有企业业绩评价指标体系的探讨

The Study on the Introduction of EVA to the Index System of Performance Evaluation of State-owned Enterprises in China

国有企业业绩评价指标体系构建的正确和完整与否直接关系到是否能够真实全面地反映国有企业的经营业绩,直接影响着国有企业资本的保值和增值。随着国有企业改革的进一步深化和现代企业制度的建立与完善,经营权与所有权的分离导致委托—代理问题的出现。为了准确评价国有企业的经营业绩和在一定程度上改善国有企业的委托—代理问题,完善国有企业的治理机制,充分协调国家所有者与国有企业管理者的利益,笔者在阐述了EVA业绩评价指标的明显优点—考虑了所有的资本成本和指出我国现行国有企业业绩评价指标体系的显著缺陷—所有指标均未考虑权益资本成本的基础上,建议将EVA引入国有企业业绩评价指标体系,并阐述了将EVA引入国有企业业绩评价指标体系的作用。

The index system of performance evaluation that is correct and complete has decided that it can reflect thoroughly the state-owned enterprise＇s operating performances, affected the state-owned capital＇s preserving and increasing. With the further deepening of the reform of state-owned enterprises and the establishment and perfection of the modern enterprise system, the separation of ownership and the right to operate with the commission led to the agent question. In order to accurately evaluate the operating performance of state- owned enterprises and to a certain extent improve the agent question of the state-owned enterprises, improve the mechanism of management of state-owned enterprises and in full coordinate the interests between the state ownership and the managers of the state-owned enterprise, the author describes the obvious advantages of EVA - considering all the cost of capital and points out the significant shortcomings of the index system of performance evaluation of state-owned enterprises - all indicators not considering the cost of equity capital, and expounds that EVA will be introduced to the index system of performance evaluation of state-owned enterprises in China.