国资委经济增加值(EVA)考核指标解读

SASAC’s Economic Value Added (EVA) target analysis

2010年初,国资委发布的《中央企业负责人经营业绩考核暂行办法》用经济增加值(EVA)指标取代了传统的净资产收益率(ROE)指标。经济增加值是价值总量指标,通过经济增加值的计算结果可以直接判断企业是否在为股东创造财富。在实际计算经济增加值时需要对利润和资本等项目进行调整,主要的调整内容包括加回利息支出、加回研究开发费用和勘探费用、扣减非经常性收益、减去平均无息流动负债以及减去平均在建工程。经济增加值考核指标有助于引导企业更加关注价值创造,提高企业可持续发展的能力。但是经济增加值考核指标仍然存在问题:行政规定的资本成本率影响经济增加值的准确性、可比性,影响企业对于项目风险的态度;经济增加值指标可能不利于鼓励企业进行长期投资;依然存在企业管理者利用各种盈余管理手段调节利润增加经济增加值的问题。

In the Inter im Measures on Operation Performance Assessment for the Responsible Person of the Central State-owned Enterprise promulgated by the SASAC in 2010, instead of the return on equity (ROE), a new measurement, economic value added (EVA) measure is designed to assess the operation performance of the central stateowned enterprises. With EVA, it is possible to assess whether the companies are in fact creating value for the shareholders. When calculating EVA, it is required to adjust some items related to income and capital, including adding back the interest expenditures; adding the R&D expenses and exploration expenses; subtracting extraordinary income; subtracting average spontaneous current liability and average construction in process. The implementation of EVA will help push the companies to focus on creating value and sustainable development. However, there are some problems and limitations in EVA measure. The preset unified cost of capital may reduce the accuracy and comparability of EVA, and influence the attitude of the company toward risk; EVA doesn’t encourage companies to invest long-term projects; and managers could adjust the income to increase EVA by using various ways of earnings management.