II
ABSTRACT
With more and more enterprises applied the EVA financial evaluation method, this
thesisi take advantage of an opportunity of the State-owned Assets Supervision and
Administration Commission (SASAC) implement EVA assessment method on central
enterprises and make a reaserch on the financial evaluation index system about the enterprise
value based on EVA, the research has a important theoretical and practical significance of
carrying EVA performance evaluation on central enterprises .
In early 2010, the operating performance appraisal method about central enterprises
was issued and revised by State-owned Assets Supervision and Administration Commission
(SASAC), determined to implement the economic value added assessment comprehensively
from the third term. In the whole assessment, EVA indicators accounted for 40%,while the
profit indicators only accounted for 30%.From this determine,we can know that the SASAC
focus on the central enterprises has been transferred from the scale of corporate assets and
profits to the the EVA-oriented enterprise value creation.
The research object of this thesis is the financial appraisal indicators of enterprise value
based on EVA,utilizing the theory of economic value added, enterprise evaluation and
corporate financial evaluation, we spread out the research followed by the logical thinking of
the connotation of the financial evaluation about the enterprise value based on EVA, the
construction of the financial evaluation indicators system about the enterprise value and the
empirical research of the financial evaluation about the enterprise value.First of all,the thesis
defined the EVA-based financial evaluation method about enterprise value based on
combining financial appraisal with enterprise evaluation and analysied its features and
functions. Secondly, established a new evaluation system--a financial evaluation system about
enterprise value based on EVA with the recognization of the EVA evaluation index and
financial evaluation index are highly complementary. Further more,choiced the top 100 EVA
companies from 2009 to 2011 as the empirical research sample verifing the effectiveness of
the index system in practical applications. Finally,it summarizes the basic conclusions and
recommendations of the study, discussed its inadequacies and future research directions.TheI
摘 要
本文利用 2010 年国资委在中央企业全面推行 EVA 考核的契机，在越来越多的企业
采用 EVA 财务评价方法的背景下，研究和分析了基于 EVA 的企业价值性财务评价指标
体系，对中央企业开展 EVA 业绩考核具有十分重要的理论价值和现实意义。
2010 年年初，《中央企业负责人经营业绩考核办法》经国资委发布并修订，规定从
中央企业负责人第三任期开始,全面推行经济增加值考核。在整个考核中，经济增加值指
标权重为 40%，而利润总额指标只占 30%，由此看来，国资委对中央企业的关注点已由
企业资产规模和利润转移到了 EVA 为导向的企业价值创造能力。
文章以 EVA 导向的企业价值性财务评价指标为研究对象，在运用经济增加值理
论、企业价值评估理论和企业财务评价理论进行理论分析的基础上，沿着基于 EVA 的
企业价值性财务评价的内涵、企业价值性财务评价指标体系的构建、企业价值性财务评
价指标体系经验证据分析的逻辑思路展开研究。首先本文在综合企业财务评价和企业价
值评估的基础上界定了基于 EVA 的企业价值性财务评价的内涵，并分析了其特征和功
能；其次在此基础上建立了一套新的评价体系——基于 EVA 的企业价值性财务评价指
标体系；再次在理论分析的基础上选用了 2009-2011 年中国上市公司 EVA 排名前 100
名企业的数据作为研究样本，验证了该指标体系在实际评价中的有效性；最后进行了全
面总结，分析了本文研究的不足之处并对今后的研究方向进行了探讨。研究结果表明：
EVA 类评价指标具有很高的信息含量，在解释企业价值方面具有比传统财务评价指标更
强的解释力；同时，传统财务评价辅助指标一样具有较高的信息含量，因此，将两种指
标有机结合构建指标体系评价企业价值是一种行之有效的方法。
通过本文的理论分析和实证研究，旨在对基于 EVA 的企业价值性财务评价方法在
我国企业的推广和使用有一定的借鉴作用，并利用 2010 年国资委在中央企业全面推行
EVA 考核的契机推动 EVA 在企业财务评价和价值管理方面的应用和创新。
关键词：经济增加值；市场增加值；财务评价指标体系；企业价值results show that EVA evaluation indicators has higher explanatory power than the traditional
supplementary indicators in explaining enterprise value.In addition,the traditional financial
evaluation supplementary indicators contain many information about enterprise value,so it’s
an effective method to construct evaluation index system combining the two indicators
together to evaluate the enterprise value.
By this research, author except that it will has a certain reference on the promotion of
EVA financial evaluation methods in China's enterprises,and hope it can assist the application
of EVA in financial evaluation and value management with the opportunity of the
State-owned Assets Supervision and Administration Commission (SASAC) implement the
Economic Valued Added assessment in the central enterprises in 2010.
Key Words: Economic Valued Added ; Market Valued Added; Financial Evaluation
Index System; Enterprises Value