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创值 ,又被人们称为经济增加值 (EVA) ,等于税后净营业利润与全部资本成本之间的差额。EVA财务管理系统是由美国纽约斯特按恩·斯图尔特咨询公司 (SternStewart&Co .)所提出的一种业绩评价与激励系统 ,它的目的在于使公司管理者以股东价值最大化作为其行为准则。以EVA的理论和思想为基础 ,建立创值评价指标体系 ,并与相应的净利润评价指标体系进行比较 ,试图对上市公司的评价指标体系进行有益的补充。
Created value, also known as the economic value added (EVA), equal to the net operating profit after tax and the difference between the total cost of capital. The EVA Financial Management System is a performance evaluation and incentive system proposed by Stern Stewart & Co. of New York, USA. The purpose of the EVA financial management system is to make managers adopt the maximization of shareholders’ value as their code of conduct. Based on the theory and thought of EVA, this paper establishes the evaluation index system of value creation, compares it with the corresponding index system of net profit evaluation, and attempts to make a useful supplement to the evaluation index system of listed companies.