基于EVA的企业财务分析模式初探 - 会计毕业论文

目录

摘要 ...................................................... II ABSTRACT ................................................. III 前言 ....................................................... 1 第一章 EVA的理论阐述 ....................................... 4 1.1．EVA的概念和含义 ....................................... 5 1.2．以EVA为核心的财务分析方法 ............................ 5 第二章 EVA经济增加值的源起和推广 ........................... 6 2.1．EVA经济增加值的源起 ................................... 6 2.2．EVA经济增加值的推广 ................................... 6 第三章 构建基于EVA的财务管理体系 .......................... 7 3.1．EVA财务管理决策系统 ................................... 8 3.2．EVA业绩评价系统 ..................................... 11 3.3．EVA激励系统 .......................................... 12 3.4．EVA风险控制系统 ...................................... 12 第四章 EVA财务管理体系的优势 .............................. 14 4.1.EVA考虑了股权投资的资金成本 ........................... 14 4.2.EVA一定程度上可以放长管理者眼光 ....................... 14 4.3.EVA紧密联系股东利益与管理者业绩，避免决策次优化 ....... 15

4.4.EVA一定程度上剔除会计失真的影响，减少传统指标对企业业绩评价的扭曲 .................................................. 15 第五章 构建我国的中小企业EVA财务管理体系 .................. 15 5.1．我国中小企业的财务管理特点 ........................... 15 5.2．构建我国中小企业EVA财务管理体系 ..................... 16 第六章 结论及建议 ......................................... 19 谢辞 ...................................................... 23 参考文献 .................................................. 24

摘要

经济增加值EVA（Economic Value Added）是由美国学者Stern提出，在20世90年代发展起来的一种评价公司经营业绩的新的综合评价指标。与传统计算企业利润的财务方法不同，EVA是包括资本成本在内所有成本被扣除后的剩余收入，是对真正利润的评价。同传统的财务指标相比较，EVA强调企业在加快利润创造的同时，还要缩减财务成本和各项资源的消耗成本等，意即创造价值。

本文从EVA的基本理论入手，介绍EVA的理论，起源和推广，以EVA财务管理决策系统、EVA业绩评价系统、EVA激励系统、EVA风险控制系这四大系统构建起一个较为完整的EVA管理体系框架。EVA财务管理决策系统包括EVA投资、筹资和股利分配决策三个子系统。业绩评价层面主要通过分析传统业绩方法的局限性，建立EVA业绩评价和传统评价的区别及优势。EVA激励系统主要介绍了与传统激励机制相比较，现代EVA激励系统出现的必要性及优越性。EVA风险控制系统从当下企业风险管理中存在的问题叙述再到介绍EVA风险控制的优越性，都体现着当代EVA在企业财务分析中的重要地位。再介绍完财务体系后，本文总结了EVA财务管理体系的优势并结合构建我国中小企业EVA财务管理体系的介绍，证明了EVA是时代的产物，是当代财务管理体系中不可或缺的要素。

关键词: EVA EVA财务管理系统 优越性

Abstract

Economic Value Added EVA (Economic Value Added) is put forward

by American scholars Stern, in the 1990 s developed a kind of new comprehensive evaluation index evaluation company performance. Different from traditional financial measure of corporate profits, EVA was after deducting all costs including the cost of capital, surplus income, is the real profits. Compared with the traditional financial indicators, EVA emphasize enterprise in speeding up profits at the same time, to reduce financial cost and cost of the consumption of various resources, create value meaning.

This paper from the basic theory of EVA, EVA theory, origin and extension, EVA financial management decision system, EVA, EVA incentive system, EVA performance evaluation system of risk control is the four system building up a relatively complete EVA management system framework. EVA financial management system including EVA investment decision-making, financing and dividend distribution decision three subsystems. Performance evaluation level, mainly through the analysis of the limitations of the traditional performance, set up EVA performance evaluation and the evaluation of the difference between traditional and advantage. Mainly introduced the EVA incentive system compared with the traditional incentive mechanism, the necessity and advantage of modern EVA incentive system. EVA risk control system from the

problems existing in the enterprise risk management of accounts to introduce EVA risk control, the advantages of both embodies the contemporary EVA in the enterprise the important position of financial analysis. Again after introduction to the financial system, this paper summarizes the EVA financial management system and the advantage of building our country small and medium-sized enterprise EVA financial management system, proved that the EVA is the product of the era, is indispensable in modern financial management system.

Key words: EVA EVA financial management system the superiority

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