基于EVA的国有企业价值评估模型构建与应用

国有企业引入EVA进行企业价值评估,既是对宏观政策导向的一种积极响应,也是企业提升自我认知能力、全面实施价值管理的必要手段,是保持企业经营目标与股东价值最大化目标一致的有效途径。在对比分析以EVA与ROE为核心的评估体系的关键差异基础上,从EVA评估、财务评估和非财务评估三个方面设计了包含评议指标10项和指标因子36项的国有企业价值评估指标体系,结合信息熵和物元分析计量方法构建了企业价值评估模型,运用于某大型国有企业,并分析该模型的普适性和局限性。

State -owned enterprises＇ introducing EVA into business valuation is not only a positive response to macro policy, but also a necessary means of the improvement of self- awareness and the implement of total value management, which benefits the consistency between management goal and stockholder wealth maximization target. Based on the analysis of key differences between EVA focus assessment and ROE focus assessment, this paper designs state - owned enterprises valuation index system including 36 index factors divided into 10 categories from EVA, financial and non - financial aspects. In addition, a business valuation model is developed hy measurement of information entropy and matter - element analysis and its universalities and limitations are concluded.