摘要
传统的财务指标忽视了股东投入企业资本的成本,基于EVA的绩效评价考虑了企业的资本成本,比传统的财务指标更精确。我国国资委自2010年起,对央企全面采用EVA指标进行考核。随着央企先行的实践证明,越来越多企业认同基于EVA的绩效考核与业绩评价。因此,文章基于EVA绩效考核模型对万科2017年-2020年的经营业绩进行评价。研究发现受资本成本的影响,调整后得出的EVA数值与净利润相差较大,但其计算结果能更准确地反映万科的经营状况。考虑到EVA作为一个绝对指标,其指标受企业规模大小的影响,因此文章进一步加入EVA回报率指标进行分析,能够更加精确地对万科业绩进行评价与分析,给房地产企业提供一定参考。
The traditional financial indicators ignore the cost of shareholders'capital input,while the performance evaluation based on EVA takes the cost of capital into account,which is more accurate than the traditional financial indicators.Since 2010,China's SASAC has comprehensively adopted EVA indicators for assessment of central enterprises.With the pioneering practice of central enterprises,more and more enterprises agree on EVA-based performance assessment and performance evaluation.Therefore,this paper evaluates Vanke's business performance from 2017 to 2020 based on EVA performance assessment model.It is found that due to the impact of capital cost,the adjusted EVA value differs greatly from the net profit,but its calculation results can more accurately reflect the operating conditions of Vanke.Considering that EVA is an absolute indicator,which is affected by the size of the enterprise,this paper further analyzes the return rate of EVA,which can more accurately evaluate and analyze the performance of Vanke,and provide some reference for real estate enterprises.
作者
梁宇铭
方建锋
LIANG Yu-ming;FANG Jian-feng(College of Finance and Economics,Guangdong Technology Normal University,Guangzhou 510665,China)
出处
《价值工程》
2021年第25期182-186,共5页
Value Engineering
基金
广东省教育厅青年创新人才(人文社科)项目(2016WQNCX095)
广州市哲学社会科学发展“十三五”规划2018年青年项目(2018GZQN43)的阶段性研究成果之一。
关键词
经济增加值
绩效考核
EVA回报率
万科A
economic added value
performance appraisal
EVA rate of return
China vanke
