股权公允价值增值:控股集团绩效评价的战略选择

Equity Fair Value Appreciation:Strategic Choice for Holding Groups in Performance Evaluation

控股集团在定位和价值创造逻辑等方面具有显著的差异化特征,现有绩效评价体系无法充分体现控股集团通过股权管理和资本运营实现所持股权价值增值,在控股集团报表内部以及控股和参股型投资间都存在绩效评价悖论。股权公允价值增值作为控股集团绩效评价的创新指标,能够对现有绩效评价体系进行重要补充。股权公允价值增值是控股集团所持股权价值的增加额,是股东价值最大化的直观量化,综合体现业务经营和资本经营收益,是股权资产价值管理的重要指标。股权公允价值增值应用于控股集团绩效评价已具备政策参考、市场环境、估值框架以及应用实例。控股集团推广使用股权公允价值增值指标,应重点关注实施机构、实施范围、实施目标、实施权重以及承接落地等方面。

Holding groups have unique characteristics in positioning and value creation logic.The existing performance evaluation system can not fully reflect the characteristics of holding groups to achieve value creation through equity management and capital operation.There are performance evaluation paradoxes both within the financial statements of holding groups and between controlling investments and minority investments.Equity fair value appreciation as an innovative indicator for performance evaluation of holding groups is an important supplement to the existing performance evaluation system.Equity fair value appreciation is the increase in value of the equity held by the holding group and a direct manifestation of the maximization of shareholder value.It comprehensively reflects the income of business operations and capital operations,and is conducive to the value management of holding group’s equity assets.The application of equity fair value appreciation in performance evaluation of holding groups is supported by policy reference,market environment,valuation framework and application examples.When promoting the use of equity fair value appreciation in performance evaluation,holding groups should focus on organization,scope,objectives,implementation weight and undertaking landing.