基于EVA的兖州煤矿企业业绩评价体系研究
摘要
以股东财富最大化作为企业财务管理的目标,已成为财务管理理论界和实务界所普遍接受的一种观点。企业既然以增加价值为目标,如何计量其价值的增加额就成为各方关注的焦点。最简单和直接的办法是计算其市场增加值(MVA,Market ValueAdded),即上市公司的市值减去企业全部资本投入。但是,市场增加值却很难在日常管理中使用。经过大量的实例研究发现,经济增加值与MVA的相关程度最高。利用经济增加值(Economic Value Added,以下简称EVA)可以合理地解释市场增加值的变动。上个世纪末,美国斯特恩管理咨询公司(EVA品牌的创造者)率先提出了经济增加值(EVA)的概念,并将其成功应用于全球300多家企业。自2001以来,斯特恩管理咨询中国公司也主要依据EVA指标连续推出“中国上市公司财富创造和毁灭排行榜”,对中国上市公司进行排名。EVA属于传统的财务指标的拓展,虽然EVA评价指标与传统的财务指标有一定的相似之处,但却显著优于传统的财务指标。与我国传统的业绩评价指标——财务指标相比,EVA能把企业的投资决策、业绩评价和奖金激励统一起来。EVA将企业的财务管理目标定位为增加EVA,并以是否有EVA的增加作为投资决策的标准和经营业绩评价的尺度,激励制度的制定也可以根据创造多少EVA来确定。这就使得EVA这种基于价值创造理念的企业经营管理变得简单、直接、并具有逻辑上的一致性。
经济增加值(EVA,英文EconomicValue—Added的缩写)作为企业经济业绩的计量方法,考虑公司使用的股权资本的机会成本,能更准确的反映上市公司为股东创造的财富。其应用也成为目前企业界与学术界的一个重大课题。本文旨在通过分析兖州煤矿业绩评价的现状,指出煤炭上市业绩评价存在的问题,并详细地介绍了煤炭上市公司EVA指标的计算以及煤炭上市公司应从哪些方面提高自身的EVA,从而为股东创造更多的财富。本文在扎实的基础理论与大量生动的案例紧密结合的基础上,运用了比较研究法、规范分析和案例分析法相结合的分析方法,选取“兖州煤业”作为案例分析对象,详细计算了其EVA,并将EVA指标与传统利润指标进行了对比分析,得出EVA业绩评价体系能更准确、更真实的反映煤炭上市公司的经营业绩的结论。本文的特点在于不仅仅停留在对煤炭上市公司经营业绩的评价上,更为重要的是为煤炭上市公司和投资者等利益相关者带来了新的评价理念,并提供了煤炭企业创造价值的新途径。
Taking the shareholder wealth maximization as the goal of the enterprise financial management has become one viewpoint that the financial management theorists and Practices accept generally. Since the enterprise takes increasing the value as a goal, how measures its added value that becomes the focal point of all quarters' attention? Simple and the direct means is calculating its market value added (MVA, Market Value Added), Namely the market company's market value subtract the enterprise complete capital investment. But, the MVA very difficultly uses in the daily management. After massive research, people found that EVA (Economic Value Added, Hereafter refers to as EVA) possibly to explain the change of the MVA. Since the previous century's end, stern& Stuart consulting company (EVA brand inventor) firstly proposed the concept of EVA, and successfully applied EVA more than 300 enterprises in the global. Since 2001, stern& Stuart consulting company (China) also mainly bases on the EVA target to take "china market company wealth creation and deconstruction ranking". EVA belongs to the expansion of the traditional financial index, though EVA evaluation index and traditional financial index have certain similarity, but superior to the traditional financial index notably. With our country's traditional performance evaluation index—The financial index is compared; EVA can appraise and encourage uniting with the bonus the investment decision, performance of enterprises. EVA is it increase EVA to orientate financial management objectives of enterprise as, and in order to have increase of EVA as standard and yardstick that business performance appraise of investment decision, formulation of incentive system can according to create how much EVA is it confirm to come too. This makes this kind of enterprise management and administration of creating the idea on the basis of value of EVA simple, direct and having logical consistency.
As a new indicator to evaluate the operational performance of a company, Economic Value Added (EVA) includes the opportunity cost of the stock ownership capital. Then it can reflect the true wealth created for the stockholders by the listed companies more accurately. The application of EVA has become a hotspot in the business circles and the academia. By examining the actuality of the listed coal enterprises, the study points out the problems in them, analyzes the feasibility and the necessary of EVA's application and recommends it's calculation. The study then puts forward how to improve their EVA's of the listed coal companies to create more wealth for their stockholders. Based on comparison-analysis standardization-analysis and case-analysis, the study calculates the EVA of the Yankuang Group and compares the result with the traditional return indicator. According to the analysis above, the study concludes that the evaluative system of EVA can reflect the operational performance of the listed coal companies more truly and more accurately. As an indicator of performance evaluation, this article fatherly points out EVA also brings a new idea for the operators and investors of those listed coal companies and offers the new approaches on how to create more value for coal companies.
经济增加值(EVA,英文EconomicValue—Added的缩写)作为企业经济业绩的计量方法,考虑公司使用的股权资本的机会成本,能更准确的反映上市公司为股东创造的财富。其应用也成为目前企业界与学术界的一个重大课题。本文旨在通过分析兖州煤矿业绩评价的现状,指出煤炭上市业绩评价存在的问题,并详细地介绍了煤炭上市公司EVA指标的计算以及煤炭上市公司应从哪些方面提高自身的EVA,从而为股东创造更多的财富。本文在扎实的基础理论与大量生动的案例紧密结合的基础上,运用了比较研究法、规范分析和案例分析法相结合的分析方法,选取“兖州煤业”作为案例分析对象,详细计算了其EVA,并将EVA指标与传统利润指标进行了对比分析,得出EVA业绩评价体系能更准确、更真实的反映煤炭上市公司的经营业绩的结论。本文的特点在于不仅仅停留在对煤炭上市公司经营业绩的评价上,更为重要的是为煤炭上市公司和投资者等利益相关者带来了新的评价理念,并提供了煤炭企业创造价值的新途径。
Taking the shareholder wealth maximization as the goal of the enterprise financial management has become one viewpoint that the financial management theorists and Practices accept generally. Since the enterprise takes increasing the value as a goal, how measures its added value that becomes the focal point of all quarters' attention? Simple and the direct means is calculating its market value added (MVA, Market Value Added), Namely the market company's market value subtract the enterprise complete capital investment. But, the MVA very difficultly uses in the daily management. After massive research, people found that EVA (Economic Value Added, Hereafter refers to as EVA) possibly to explain the change of the MVA. Since the previous century's end, stern& Stuart consulting company (EVA brand inventor) firstly proposed the concept of EVA, and successfully applied EVA more than 300 enterprises in the global. Since 2001, stern& Stuart consulting company (China) also mainly bases on the EVA target to take "china market company wealth creation and deconstruction ranking". EVA belongs to the expansion of the traditional financial index, though EVA evaluation index and traditional financial index have certain similarity, but superior to the traditional financial index notably. With our country's traditional performance evaluation index—The financial index is compared; EVA can appraise and encourage uniting with the bonus the investment decision, performance of enterprises. EVA is it increase EVA to orientate financial management objectives of enterprise as, and in order to have increase of EVA as standard and yardstick that business performance appraise of investment decision, formulation of incentive system can according to create how much EVA is it confirm to come too. This makes this kind of enterprise management and administration of creating the idea on the basis of value of EVA simple, direct and having logical consistency.
As a new indicator to evaluate the operational performance of a company, Economic Value Added (EVA) includes the opportunity cost of the stock ownership capital. Then it can reflect the true wealth created for the stockholders by the listed companies more accurately. The application of EVA has become a hotspot in the business circles and the academia. By examining the actuality of the listed coal enterprises, the study points out the problems in them, analyzes the feasibility and the necessary of EVA's application and recommends it's calculation. The study then puts forward how to improve their EVA's of the listed coal companies to create more wealth for their stockholders. Based on comparison-analysis standardization-analysis and case-analysis, the study calculates the EVA of the Yankuang Group and compares the result with the traditional return indicator. According to the analysis above, the study concludes that the evaluative system of EVA can reflect the operational performance of the listed coal companies more truly and more accurately. As an indicator of performance evaluation, this article fatherly points out EVA also brings a new idea for the operators and investors of those listed coal companies and offers the new approaches on how to create more value for coal companies.
引文
[1]王化成,刘俊勇,孙薇.企业业绩评价.北京:中国人民大学出版社,2004.
[2]财政部注册会计师考试委员会办公室.财务成本管理.北京:经济科学出版社,2004.
[3]格拉斯曼,华彬主编.EVA革命:以价值为核心的企业战略与财务理体系.北京:经济科学出版社,2003.
[4]罗伯特·卡普兰,阿特金森著,长江主译.高级管理会计.大连:东北财经大学出版社,1998.
[5]罗飞.成本会计.北京:高等教育出版社,2000.
[6]王海燕,李树吉.论企业绩效评价体系理论框架构建.四川会计,2000,11(7):10-12.
[7]白薇秋.正确评价企业的经营业绩.工业企业管理,2001,12(5):16.
[8]Stem J M.The Financial Management System.Journal of Applied Corporate Finance,1995,2(8)32-46.
[9]James S W.The Real Key to Creative Wealth.Fortune,1997,3(2):38-50.
[10]Young S D.EVA and Value Based Management.McGraw Hill,2001,5(4):197-287.
[11]李苹莉.经营者业绩评价-利益相关者模式航州:浙江人民出版社,2005.
[12]物欣.绩效管理实务手册.北京:机械工业出版社,2002.
[13]刘力,宋志毅.衡量企业经营业绩的新方法.会计研究,1999,1(7):8-20.
[14]侯海涛,钟声.EVA优点缺陷与应用探讨.北京:机械工业出版社,2002.
[15]陈芳.绩效管理.深圳:海天出版社,2002.
[16]刘扬.财务成本管理.北京:中国经济科学出版社,2003.
[17]央视国际网络用EVA透视上市公司业绩.北京:中国财经报道,2002.
[18]刘骊光,刘勇.浅议国有大型煤炭企业的股改上市.煤炭技术,2003,10(10):46-47.
[19]龚云华.从未来几年煤炭行业走势看煤炭上市公司业绩.投资分析,2004,7(73):66-69.
[20]张进智,王春.EVA与企业激励绩效考核经济增加值(EVA)在度量股权激励效果中的作用.广州:南海出版公司,2004.
[21]立杰,李准锡.煤炭上市公司经营业绩的因子分析.技术经济,2004,1(3):25-29.
[22]王冬,殷华东,中国煤炭行业上市公司业绩评价.资本市场,2003,11(3):27-29.
[23]张进智,王春.EVA与企业激励绩效考核-经济增加值(EVA)在度量股权激励效果中的作用.广州:南海出版公司,2004.
[24]Stephen H P.Financial Statement Analysis & Security Valuation.MC Graw-Hill Education,2002.
[25]陈洪涛,黄国良.中国煤炭上市公司财务状况实证分析.财会与审计,2004,9(6):18-20.
[26]兰永,李仕,唐小我.基于会计利润与经济利润的绩效指标的一致性.系统工程理论方法应用,2004,8(15):437-442.
[27]龚云华.从未来几年煤炭行业走势看煤炭上市公司业绩.投资分析,2004,2(73):15-16.
[28]Paul R N.Balanced Scorecard Step-By-Step.NewYork:JohnWiley,2002.
[29]Bell S.EVA Challenge.上海:上海交通大学出版社,2002.
[30]Roger A M,Jarrell.Driving Shareholder Value.NewYork:MC Graw-Hill Fducation,2002.
[31]Kramer J K,Peters J R.An Interindustry Analysis Of Economic Value Added as a Proxy for Market Value Added.Journal of Applied Finance,2001,11(2):41-49.
[32]Durra S,Reichelstain S.Controlling Investment Decisions:Depreciation and Capitat Charges.Review of Accounting,2002,7(7):253-281.
[33]Christensen P O,Feltham C A."Cost Of Capital"in Residual Income for Performance Evaluation.The Accounting Review,2002,77(1):1-23.
[34]杨松令.中小企业会计管理问题研究.北京:中国人民大学出版社,2003.
[35]Paul R N.BalancedScorecard Step-By-Step.NewYork:JohnWiley,2002.
[2]财政部注册会计师考试委员会办公室.财务成本管理.北京:经济科学出版社,2004.
[3]格拉斯曼,华彬主编.EVA革命:以价值为核心的企业战略与财务理体系.北京:经济科学出版社,2003.
[4]罗伯特·卡普兰,阿特金森著,长江主译.高级管理会计.大连:东北财经大学出版社,1998.
[5]罗飞.成本会计.北京:高等教育出版社,2000.
[6]王海燕,李树吉.论企业绩效评价体系理论框架构建.四川会计,2000,11(7):10-12.
[7]白薇秋.正确评价企业的经营业绩.工业企业管理,2001,12(5):16.
[8]Stem J M.The Financial Management System.Journal of Applied Corporate Finance,1995,2(8)32-46.
[9]James S W.The Real Key to Creative Wealth.Fortune,1997,3(2):38-50.
[10]Young S D.EVA and Value Based Management.McGraw Hill,2001,5(4):197-287.
[11]李苹莉.经营者业绩评价-利益相关者模式航州:浙江人民出版社,2005.
[12]物欣.绩效管理实务手册.北京:机械工业出版社,2002.
[13]刘力,宋志毅.衡量企业经营业绩的新方法.会计研究,1999,1(7):8-20.
[14]侯海涛,钟声.EVA优点缺陷与应用探讨.北京:机械工业出版社,2002.
[15]陈芳.绩效管理.深圳:海天出版社,2002.
[16]刘扬.财务成本管理.北京:中国经济科学出版社,2003.
[17]央视国际网络用EVA透视上市公司业绩.北京:中国财经报道,2002.
[18]刘骊光,刘勇.浅议国有大型煤炭企业的股改上市.煤炭技术,2003,10(10):46-47.
[19]龚云华.从未来几年煤炭行业走势看煤炭上市公司业绩.投资分析,2004,7(73):66-69.
[20]张进智,王春.EVA与企业激励绩效考核经济增加值(EVA)在度量股权激励效果中的作用.广州:南海出版公司,2004.
[21]立杰,李准锡.煤炭上市公司经营业绩的因子分析.技术经济,2004,1(3):25-29.
[22]王冬,殷华东,中国煤炭行业上市公司业绩评价.资本市场,2003,11(3):27-29.
[23]张进智,王春.EVA与企业激励绩效考核-经济增加值(EVA)在度量股权激励效果中的作用.广州:南海出版公司,2004.
[24]Stephen H P.Financial Statement Analysis & Security Valuation.MC Graw-Hill Education,2002.
[25]陈洪涛,黄国良.中国煤炭上市公司财务状况实证分析.财会与审计,2004,9(6):18-20.
[26]兰永,李仕,唐小我.基于会计利润与经济利润的绩效指标的一致性.系统工程理论方法应用,2004,8(15):437-442.
[27]龚云华.从未来几年煤炭行业走势看煤炭上市公司业绩.投资分析,2004,2(73):15-16.
[28]Paul R N.Balanced Scorecard Step-By-Step.NewYork:JohnWiley,2002.
[29]Bell S.EVA Challenge.上海:上海交通大学出版社,2002.
[30]Roger A M,Jarrell.Driving Shareholder Value.NewYork:MC Graw-Hill Fducation,2002.
[31]Kramer J K,Peters J R.An Interindustry Analysis Of Economic Value Added as a Proxy for Market Value Added.Journal of Applied Finance,2001,11(2):41-49.
[32]Durra S,Reichelstain S.Controlling Investment Decisions:Depreciation and Capitat Charges.Review of Accounting,2002,7(7):253-281.
[33]Christensen P O,Feltham C A."Cost Of Capital"in Residual Income for Performance Evaluation.The Accounting Review,2002,77(1):1-23.
[34]杨松令.中小企业会计管理问题研究.北京:中国人民大学出版社,2003.
[35]Paul R N.BalancedScorecard Step-By-Step.NewYork:JohnWiley,2002.