论文总字数：29570字

摘 要

中央企业是我国国民经济的主导力量。客观、正确的业绩评价能够引导企业健康发展，所以改进传统的业绩评价体系是央企内部管理体制改革的一项重要任务。经济增加值（Economic Value Added，简称EVA）作为一种新业绩评价体系考虑了权益资本成本，能够真实反映股东财富增长，有效规避了传统财务指标易受人为操纵等弊端。因此，研究EVA业绩评价体系的有效性对于央企提高经济效益、国有资产保值增值具有重要意义。

目前，EVA已经渗入中央企业的经营理念和实践。2010年国资委将EVA全面推广应用到央企，2015年上调了EVA的考核权重，2016年将其具体划分为三档目标值，充分体现出我国政府对EVA考核的重视。EVA在央企应用的整体成效显著，该指标能够准确、灵敏地反映企业市值变化，但是各行业的央企创造的EVA值很不均衡。EVA实际应用的局限性在于自身的劣势、价值理念意识弱，以及计算缺少规范化。

在此背景下，本文采用理论与实证相结合的方法探究EVA业绩评价在中央企业应用的有效性。理论方面，首先概述EVA的基本原理。然后参考国内外文献，总结EVA理论的研究成果。最后分析了EVA在央企应用的现状。实证方面探究三个问题：一是EVA自身是否对央企业绩评价发挥有效性；二是EVA的评价效果是否优于传统指标；三是独立使用EVA的评价效果是否优于EVA和传统指标相结合的方法。本文选取2014-2016年沪深央企上市公司的数据样本，展开回归分析和相关性分析。研究结果显示，EVA自身对央企业绩评价起正向作用；EVA对MVA（市场增加值）的解释能力优于EPS（每股收益）和CFOPS（每股经营性现金净流量）；EVA与两种传统指标相结合对MVA的解释效果比独立使用EVA指标的效果更好。

综上，EVA自身能够有效应用于中央企业业绩评价，EVA指标比传统财务指标更为优越，EVA与传统指标充分结合比独立使用EVA可发挥更显著的效果。为建立一个完善的基于EVA的央企业绩评价体系，本文的实施建议是将EVA与传统财务指标、非财务指标相结合，加强EVA价值理念的培训，以及提高EVA指标的准确度。

关键词：股东财富最大化；中央企业；业绩评价；EVA

The Application of EVA Performance Evaluation System in Central Enterprises

Abstract

Central enterprises are the leading force in China"s national economy. Objective and correct performance evaluation can guide the healthy development of the company. Therefore, improving the traditional performance evaluation system is an important task for the reform of the internal management system of central enterprises. Economic Value Added (short for EVA) , as a new performance evaluation system, considers the cost of equity capital, can truly reflect the growth of shareholders" wealth, and effectively avoid the drawbacks of traditional financial indicators being easily manipulated by humans.Therefore, research on the performance evaluation system based on EVA is of great significance for the central enterprises to increase economic efficiency and maintain and increase the value of state-owned assets.

At present, EVA has infiltrated the business philosophy and the practice of central enterprises. In 2010, SASAC comprehensively promoted EVA application to central enterprises. In 2015, it raised the weight of EVA assessment. In 2016, it divided the EVA into three target values, which fully reflects the importance of the government"s assessment of EVA. The overall effect of EVA in the application of central enterprises is significant. The indicator can accurately and sensitively reflect the changes in the market value of enterprises. However, the EVA values created by the central enterprises in various industries are very uneven. The limitation of practical application of EVA lies in its own weaknesses, its weak sense of values, and its lack of standardization.

In this context, this paper uses a combination of theoretical and empirical methods to explore the effectiveness of EVA performance evaluation in central enterprises. In terms of theory, the basic principle of EVA is first outlined. Then, with reference to domestic and foreign literature, the research results of the EVA theory are summarized. Finally, it analyzes the status of EVA application in central enterprises. The empirical study explores three issues: First, whether EVA itself is effective in evaluating central enterprise performance; second, whether the effectiveness of EVA evaluation is better than traditional indicators; and third, whether the effectiveness of EVA alone was better than the combination of EVA and traditional indicators. This paper selects data samples of listed companies in Shanghai and Shenzhen central SOEs from 2014 to 2016 to carry out regression analysis and correlation analysis. The research results show that EVA has a positive effect on the evaluation of the performance of central enterprises; EVA"s ability to explain MVA is superior to EPS and CFOPS; The effect of interpretation of the combination of EVA and two traditional indicators for MVA is better than the independent use of EVA indicators.

In summary, EVA itself can be effectively applied to evaluation of central enterprise performance. EVA indicators are more superior than traditional financial indicators. Fully combining EVA with traditional indicators has more significant effect than using EVA independently. In order to establish a complete performance evaluation system for central enterprises based on EVA, the implementation proposal in this paper is to combine EVA with traditional financial indicators and non-financial indicators, strengthen the training of EVA value concept, and improve the accuracy of EVA indicators.

Keywords: Maximizing shareholders’wealth; Central enterprises; Performance evaluation; EVA

目 录

摘 要 I

Abstract II

第一章 绪 论 1

1.1 研究背景 1

1.2 研究目的及意义 1

1.2.1研究目的 1

1.2.2研究意义 1

1.3 研究内容及方法 2

1.3.1 研究内容 2

1.3.2 研究方法 3

1.4 研究思路及框架 3

1.4.1 研究思路 3

1.4.2 研究框架 5

第二章 EVA理论概述 6

2.1 EVA的基本原理 6

2.1.1 EVA的定义 6

2.1.2 EVA价值管理体系 6

2.1.3 EVA业绩评价法与传统指标的比较优势 7

2.2 文献综述 8

2.2.1国外文献综述 8

2.2.2 国内文献综述 9

2.2.3 文献评述 10

第三章 EVA在中央企业的应用现状分析 11

3.1 EVA应用的政策 11

3.2 EVA应用的现状 11

3.3 EVA应用的局限分析 12

3.3.1 EVA自身的劣势 12

3.3.2 EVA价值理念意识弱 13

3.3.3 EVA计算缺少统一的规范 13

第四章 EVA的中央企业业绩评价实证研究设计 14

4.1 变量设计 14

4.1.1 因变量 14

4.1.2 自变量 14

4.1.3 控制变量 15

4.2 模型设计 16

4.2.1 假设1的模型设计 16

4.2.2 假设2的模型设计 16

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