贵州茅台酒股份有限公司EVA绩效评价研究.pdfVIP

贵州茅台酒股份有限公司 EVA 绩效评价研究 摘 要 EVA 是经济增加值（Economic Value Added）的缩写，是税后净营业利润与 资本成本之间的差额。早在二十世纪八十年代中期，美国一些著名的公司就把EVA 评价指标引入公司内部管理之中，并取得了巨大的成功。这种方法可以弥补传统 绩效评价方法的缺点，更加合理客观的反映企业的盈利状况，减少企业的盈余管 理机会，为股东带来更大的财富。如今，EVA 绩效评价方法已在世界许多国家得 到了充分的认可和广泛的应用，然而在中国却始终没有什么大的发展。2009年12 月，国资委重新引入EVA考核指标，旨在它改善国有资产现状的同时能在我国得 到有效的应用。 本文则以贵州茅台酒股份有限公司为例进行EVA绩效评价研究，通过阅读大 量资料以及对该公司对外财务报告的指标进行分析，对其相关会计项目进行了调 整；计算了该公司近三年来的EVA 值；对该公司的股票价格进行了简单的研究； 并对其经营业绩进行了全面客观的分析与评价，得出了相应的结论；总结了在使 用EVA绩效评价时应注意的问题。最后，希望能够通过本文的研究使EVA绩效评 价方法在我国能够被更多的人所关注，得到广泛的应用。 关键词：EVA（经济增加值），绩效评价，税后净营业利润，资本成本 I 贵州茅台酒股份有限公司 EVA 绩效评价研究 Abstract EVA is the abbreviation of Economic Value Added, which is the difference between net after-tax operating income and the investment centre’s cost of capital. As early as the 1980s, some well-known U.S. companies had taken EVA evaluation into company’s internal management, and have achieved great success. EVA evaluation method can make up for the shortcomings of traditional performance evaluation methods, better reflect corporate earnings in more reasonable and objective ways, reduce opportunities of corporate earnings management, and bring greater wealth for shareholders. Recently, EVA performance evaluation method have been fully recognized and widely used by many countries in the world, but it was not adequately developed in China. In December of 2009, the SAC re-took EVA evaluation index, in order to improve the status of state-owned assets and make EVA being effectively applied in China. This article presents an example of KWEICHOW MOUTAI