基于EVA的企业财务分析模式初探_毕业论文设计.doc

第 i 页 基于 eva 的企业财务分析模式初探 the enterprise financial analysis mode based on eva author: zhanghanwen city college, kunming university of science individuals lines of business are assessed in terms of return on assets; capital investment is analyzed in terms of discounted cash flow; acquisitions are judged on the basis of contribution to earnings growth; department are evaluated with reference to budgeted cost or profit figures; incentive compensation schemes are based on arbitrarily determined targets; and investor communication is primarily in terms of earnings per share and divided policy. it appears that a typical financial management system is hardly a system. rather its a hodgepodge of rules, guidelines, and procedures that employs an array of frequently contradictory measures and objectives, that fosters confusion and conflict within an organization that focuses on performance variables that bear little ration to the value of a business and often leads smart managers to do dumb things. in many companies an obsolete financial management system confounds the search for value. these deficiencies call for an entirely different approach financial management and the eva financial management system seems to be the answer. the eva financial management system is based on the premise that eva provides a single, unified, and accurate measure of performance. it thinks well forward looking 第 21 页 valuation and capital budgeting analysis with actual performance measurement. for these reasons and more eva may be used for goal setting and business planning, performance evaluation, bonus determination, investor communication, capital budgeting ands valuation. eva is an excellent bed rock on which an integrated financial management system can be constructed as it has the following features or characteristics: 1. it is a performance measure that ties directly, theoretically as well as empirically, to shareholders wealth creation. 2. it converts accounting information into economic reality that is readily grasped by non-financial managers. it is a simple yet effective way of teaching business literacy to everyone. 3. it serves as a guide to every decision from strategic planning to capital budgeting acquisitions to operating decisions. 4. as the basis for inventive compensation, it truly aligns the interest of managers with that of shareholders and makes management think and act like owners. 5. it is an effective tool for investor communication. 6. it serves as an anchor for an internal system of corporate governance that motivates everyone to work co-operatively and enthusiastically to achieve the best attainable performance. eva and incentive compensation: the purpose of an incentive compensation plan (bonus plan) is to motivate employees to work harder and smarter so that the organizational performance is maximized. unfortunately, the incentive compensation plans used by most companies fail to accomplish these objectives. these plans induce managers to be more conservative than the shareholders; they diminish incentive and motivation by paying too little for outstanding performance or too much for inferior performance they encourage managers to negotiate easily achievable targets, by gaming the system finally they 第 22 页 give managers an additional incentive to lower performance when there are signs that the actual performance may turn out to be significantly higher than the un-ambitious targets. the centerpiece of the eva financial management system is a unique bonus plan that overcomes these limitations and aligns the interest of managers with shareholders. the key elements of the eva bonus plan are: 1. bonus is linked to increase in eva 2. there is no floor or ceiling on the bonus 3. the target bonus is generous 4. a bonus bank is established eva 为基础的综合财务管理系统 第 23 页 eva - 经济增加值 财务管理制度，是指金融措施，政策，方法和程序，引导一个公司的战略和运营。 它涵括了这样的事情，设定财务目标，制定长期的战略计划和短期利润计划，资本 投资和撤资决策，衡量经营业绩，确定奖励的补偿，并与投资者沟通。 公司往往不 会做这些事情，一个统一的，系统的，和凝聚力的方式。 企业的财务目标中定义的 每股盈利和净资产收益率方面，个人的业务线进行评估在资产收益率方面，资本投 资在现金流量折现分析，收购贡献的基础上判断盈利增长;部门的评估与参考预算成 本或利润数字;奖励补偿计划，是基于任意确定的目标和投资者沟通主要是在每股收 益分成的政策。 它似乎是一个典型的财务管理系统是几乎没有一个系统。 相反它是一个大杂烩 的规则、指引、和程序。员工常常是自相矛盾的措施和目标，促进组织内的混乱和 冲突，着重表现变量，承担一点口粮到一个企业的价值，并往往导致聪明的管理者 的数组做出愚蠢的事。 在许多公司，一个陈旧的财务管理制度混淆了搜索的价值。 这些不足之处，要求一个完全不同的财务管理方法和 eva 财务管理系统似乎是答 案。 eva 财务管理系统是基于的前提下，eva 提供了一个单一的，统一的，准确的 衡量性能的标准。 它认为估值和资本预算分析以及前瞻性与实际性能测量。 对于这 些原因和 eva 可用于目标设定和业务规划，绩效考核，奖金的决心，投资者沟通， 资本预算五岁的估值。 eva 是一个极好的床岩石上，综合财务管理系统，因为它可以构造具有以下特 点或特征： 1 这是一个性能指标直接关系，在理论上和经验，为股东创造财富。 2 会计信息转换成经济的现实，很容易掌握的非财务经理。 教学业务素养给大 家，这是一个简单而有效的方法。 3 它作为收购资本预算经营决策的每一个决定从战略规划的指导。 4 作为的基础发明赔偿，它真正对齐管理者的利益与股东和管理的思考和行动， 如业主。 第 24 页 5 这是一个有效的工具，对投资者的沟通。 6 它作为一个内部的公司治理体系，激励大家合作无间，积极工作，以达到最 佳的性能达到一个锚。 eva 和激励补偿： 激励补偿计划（奖励计划）的目的是激励员工更加努力地工作，更聪明，使组 织绩效最大化。 不幸的是，大多数