EVA视角下的中国移动

Evaluating the value of China Mobile from an EVA perspective

中国移动作为我国最大的移动通信服务供应商目前发展态势良好,EVA却逐年下滑。本文以股东价值的视角,从资本盈利状况、盈利状况与资金使用效率、资本投入与企业性质、发展战略与配套管理四方面对公司股东价值进行解构,得出中国移动盈利增加但EVA下降的原因,从企业价值发展和成长角度总结了几点启示。

As the largest mobile communication service provider in China, China Mobile run well but accompanied with a declining EVA. From the perspective of shareholder value, this paper deconstructs the shareholder value of the company from four aspects: capital profitability, profitability and efficiency of capital usage, capital investment and ownership structure, development strategy and supporting management infrastructure. We conclude why China Mobile’s earnings increase but EVA decreases, and shows some implications from the perspective of enterprise’s value development and growth.