国有企业经济增加值考核:制度背景与路径选择

Implementing Evaluation on Economic Value Added by State-owned Assets Supervision and Administration Commission:the Institutional Background and Path Choice

经济增加值是经过一系列调整后的公司税后净利润减去全部资金成本的差额,可用于外部利益相关者对企业绩效的评价,其优势主要是考虑了资本成本的影响,能更准确反映企业是否创造了价值,已应用于管理目标设定、持续管理改进、业绩评价等领域,但我国在对中央企业实施经济增加值考核过程中,在准确估算市场风险溢价、适当进行会计调整和市场化的激励制度等方面都存在一定缺陷,需要采取措施保证经济增加值指标测算的公平性和科学性,综合推进激励制度改革,建立以经济增加值为中心的激励约束机制,并根据实际情况,探索适合不同行业特点的具体考核办法,提高企业管理水平。

Economic value added is the gap between net profit after tax and the overall cost of capital after some adjustment. It can be used to evaluate corporate performance by the external stakeholders. The advantage of that is the consideration of the impact of cost of capital and the accurate reflection of the creation of value. It has been used in such fields as management targets setting, the sustainable management improvement and performance evaluation. But there are some drawbacks in implementing the evaluation on economic value added of enterprises under the central government in China in terms of accurately evaluating market risk premium, appropriately carrying out accounting adjustment and the market-oriented incentive mechanisms. We should adopt some countermeasures to guarantee the fairness and scientific nature of the evaluation on economic value added, comprehensively promote reform in the incentive mechanism, formulate the incentive and restraint mechanism taking economic value added as the center and explore different evaluation method for different industries to improve the level of corporate management.