文档介绍：摘要
正确评价我国电力上市公司的经营业绩对于电力工业的发展有着重要的意义。目前,我国上市公司的业绩评价建立在以利润为中心的基础上,没有考虑资本成本,从而导致我国长期以来形成“权益资本无成本”的错误观念。经济增加值(EVA)是20世纪90年代发展起来的一种公司业绩评价方法,更是一种价值管理工具。作为一种新的经营业绩评价方法,EVA的应用引起了国内外的广泛关注。随着EVA观念被越来越多的探讨和认知,EVA在我国企业业绩评价方面的应用将会逐渐地成熟起来。
本文采用文献研究法、个案研究法和实证研究法相结合对EVA在我国电力上市公司经营业绩评价中的应用进行探讨,阐述EVA评价指标的基本原理,分析EVA在我国电力上市公司应用的重要性,并结合华能国际公司进行EVA业绩评价的实证分析,最后提出电力上市公司目前应用EVA指标的局限性。
关键词:经济增加值;电力上市公司;业绩评价;应用
Abstract
To correctly evaluate the operating performance of listed panies means a lot to the power industry in China. Currently, taking no account of the cost of capital, the evaluation of operating performance of panies is based on profit, which resulting in forming the long-lasting misconceptions of "no-cost equity capital" in our country. Economic Value Added (EVA) is not only a performance evaluation method developed in 1990s, but also a value-based management tool. As a new evaluation method, the application of EVA attracts wide attention at home and abroad. With more and more discussion and awareness of it, the application of EVA in performance evaluation will gradually be mature.
In this paper, literature research, case studies and empirical research bined to discuss the application of EVA in performance evaluation of pany in China, to explain the basic principles of EVA index, to analyze the importance of the application of EVA. And at last, combining the empirical analysis of the application of EVA in Electric Power International Corporation, we put forward the limitation of present application of EVA in listed panies.
Key Words:EVA;electric pany;performance evaluation;
applications
目录
一、引言 1
二、EVA的基本原理 2
(一)EVA的含义 2
(二)EVA评价指标设计和绩效评价体系 3
(三)EVA的计算步骤 5
三、电力上市公司应用EVA评价的重要性 6
(一)有利于提高电力上市公司资本运作效率 7
(二)有利于电力上市公司内部价值评估及业绩管理 7
(三)有利于引导电力上市公司激励制度合理化 7
四、电力上市公司EVA业绩评价实证分析 8
(一)计算资本总额(IC) 8
(二)计算税后净营业利润(NOPAT) 9
(三)计算加权平均资本成本 9
(四)计算EVA 10
五、电力上市公司目前应用EVA指标的局限性 11
(一)具有历史倾向和结果倾向 11
(二)结果缺乏可比性 12
(三)不符合成本效益原则 12
(四)存在着鼓励管理者短期行为的风险 13
六、结论 14
参考文献 16