EVA与企业价值问题研究

Probe into EVA and Problems on Enterprise Value

介绍了经济增加值(EVA)的定义、计算方法及其与企业价值的关系,阐述了实现企业价值最大化的途径以及实施EVA考核应把握的重点。认为EVA的基本内涵就是企业经营要考虑的各种要素成本,只有企业利润在扣除了全部资本成本后的余额才是其真正实现的盈利或创造的价值;EVA考核将促使企业通过资本成本最小化、现金流量最大化、持续发展能力最大化等常规途径与并购等超常规途径而实现其价值最大化;当前实施EVA考核应重点把握好加快价值管理和战略管理模式的相互融合以及重塑新型的战略价值评价体系两个方面的问题。

Based on introduction of concept, calculation methods of EVA, and its relations with the enterprise, it explained the means to realize maximum of enterprise value and the focal points should be grasped during EVA implementation. Generally speaking, the basic connotation of EVA is costs of factors should be considered in running an enterprise and the real benefits or value created by an enterprise is just the remainder of enterprise ' s benefit minus all capital cost. Therefore, EVA performance evaluation should promote the enterprise realize maximum value by minimizing capital cost, maximizing cash flow and sustainable development ability. At present, the key elements during EVA performance evaluation include two aspects. Firstly, the enterprises should promote the melting between value management model and strategic management model. Moreover, the enterprises should rebuild a new type strategic value assessing system.