eva财务管理理论探讨及对中国企业的启示（Study of EVA financial management theories and the China Enterprises）.docVIP

eva财务管理理论探讨及对中国企业的启示（Study of EVA financial management theories and the China Enterprises） Study of EVA financial management theories and the China Enterprises Abstract: by the methods of deduction and induction of EVA financial management theory is discussed, pointed out its historical limitations, the information content of the EVA index and the limitation of the causes of the limitation, and combining the specific situation of Chinese enterprises put forward the corresponding improvement measures, to further improve the reality of the EVA theory in China enterprise application. Key words: economic value added; performance evaluation; incentive mechanism The connotation of 1EVA Economic value added is adjusted after tax net operating profit minus the total capital of enterprises (equity capital and debt capital) the balance of cost, the calculation formula is as follows: EVA=NOPAT-Kw * NA where: NOPAT - net income after adjustment of enterprises, Kw Enterprises -- the weighted average cost of capital NA -- economic value of enterprises assets. The basic idea of EVA is: capital gains should at least compensate the risk borne by investors, that is to say, at least to earn equal shareholders capital market similar risk investment rate of return. The advantages of 2EVA First of all, EVA can more accurately measure the enterprise to create shareholder value. The traditional performance evaluation index includes profit, profit margins and the absolute number form of the index and rate of return on investment (ROI), the equity capital gains rate relative to the number of the form index. Compared with the traditional performance evaluation index, the biggest characteristic of economic value added is deducted from the operating profit of the cost of capital, and the accounting system unreasonable part made the necessary adjustments, it can create a more accurate measure of shareholder value, but also more related to the enterprise value. Secondly, EVA is conducive to the r