天威股份公司业绩评价与分析——基于EVA视角
众所周知，公司经营的最终目标是实现股东财富最大化，这就要求衡量公司业绩的指标能够准确反映公司为股东创造的价值，而公司每年为股东创造的价值应该是收入扣除全部成本和费用后的剩余。但是传统的业绩评价指标不能把全部成本和费用都考虑进去，并且还存在许多其它的缺陷，因此本文从传统的业绩评价体系入手引出现在比较盛行的一个新型的业绩评价指标——经济增加值（EVA），它是由美国的思腾思特咨询公司在1993年推出的一种具有战略观点的新的业绩评定方法，随后进一步概述EVA理论的概念及其理论基础，详细阐述EVA的计算公式及其相关的调整项目，并以此作为EVA实证研究的理论铺垫，对EVA这一比较新的经济评价指标在天威股份公司中的应用进行深入的探讨：运用这一指标体系对天威股份有限公司2006年——2008年的经营业绩变化情况作了仔细的运算和分析，以期为天威股份公司业绩评价提供一种更有预见性、更可行的指标体系。
关键词：经济增加值；业绩评价；资本成本
The study of TWBB performance evaluation system based
on the EVA
ABSTRACT
As we all know that the ultimate goal for the executives of listed companies to reach is maximization of shareholders’ wealth. A system of exactly appraising enterprise performance should be indispensable.The value created by enterprise every year is the residual income, from which all costs should been deducted, and it still could not be depicted by traditional evaluation systems, and also traditional evaluation systems exist some other shortness. So the paper recommended a popular new performance evaluation index - Economic Value Added (EVA) followed the traditional performance evaluation system. The concept of EVA is issued by Stern Stewart and Co, New York in 1993 year as a measure of performance. Further the article reviewed the concept and theory basis of EVA, then it discussed formula as well as relevant adjusted items, such as accounting treatments of inventory costing and valuation, depreciation, revenue recognition, write off of bad debts, mandated investments in safety and environmental compliance, pension and post retirement medical expense, valuation of contingent liabilities and hedges, transfer pricing and overhead allocation, joint ventures and start ups , special issues of taxation , inflation and currency translation On the basis of above theory to EVA, then it discussed how to use EVA as new performance index system in BAODING TIANWEI BAOBIAN ELECTRIC CO. LTD. (TWBB):calculated EVA of TWBB in 2006 year to 2008year, and hope that it will introduced a more predictive and more viable performance index system into TWBB.
Key words：EVA；Performance evaluation；Cost of capital
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