现代企业业绩评价新法探讨

Research on a New Appraisal Method for Contemporary Enterprise Performances

现代企业的资本来源有权益资本和债务资本。企业在筹资过程中 ,对两种资本都要进行资金成本分析 ,以确定合理的资金来源结构 ,从而达到最低资金成本。但是 ,在评价企业业绩时 ,按现行财务会计制度的规定 ,债务资本的成本作为费用直接计入当期的损益 ,而权益资本常为人们所忽视。从投资者角度出发 ,利用EVA指标 。

Contemporary enterprise capitals cover the equity capital and the debt capital. The analysis of the capital cost for these two capitals should be performed in order to construct a reasonable structure of the capital source and to achieve the lowest capital cost. When enterprise performances are assessed, the debt capital is directly calculated to the gain-or-loss of that year according to the current accounting systems. However, the equity capital is usually overlooked. The concept of Economic Value Added (EVA) is introduced to appraise enterprise performances from the point of investors and a method to calculate EVA is presented.