摘要
EVA是经过调整后的税后经营净利润扣除全部资金成本后的余额。与会计利润相比,EVA考虑了包括股权资金在内的全部资金的成本,体现了企业在某个时期真正创造的财富,并且不易被操纵,其设计的“奖金银行”是一种有效的激励机制;EVA的观念易于为所有的财务人员和非财务人员所理解和接受,而且向企业提供了一个单一的、协调的目标,避免了多目标的混乱。用EVA来评价上市公司有利于规范我国上市公司的融资行为、投资行为和股利分配行为,并可约束上市公司的“内部人控制”。
EVA (Economic Value Added) is the balance found by deducting the cost of capital from the net operating profit after tax (NOPAT). Compared with the accounting profit, EVA takes into account all cost of equity including that of the debt and thus reflects the real wealth a company creates in a particular period. It is easy to understand and hard to be manipulated. The system of EVA bonus bank is effective in stimulating the management and harmonizing various aims of a company. EVA as a performance assessment tool will help regulate the listed companies in China in their activities of finance, investment, and dividend, and refrain their 'inside control'.
出处
《江汉大学学报（社会科学版）》
2004年第1期38-42,共5页
Journal of Jianghan University(Social Science Edition)
