EVA价值管理体系及在我国商业银行的应用
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摘要
加入WTO的五年过渡期之后,外资银行全面进入国内拓展业务,国内商业银行之间竞争日趋激烈；经过2008年以来的全球金融危机,国内外银行业的监管要求进一步提高。在内外多重压力之下,进一步提高自身的综合竞争力和经营绩效,是我国商业银行面临的一个迫切而重要的课题。在这一背景下,我国商业银行推行经济增加值(EVA)价值管理体系也具有强烈的现实意义。这是因为EVA不仅是商业银行衡量企业价值和经营绩效的最佳标准,也是增进银行组织效率的一个关键因素,更是建立以价值创造为核心的经营战略的必要组成部分。
本文首先完整介绍了EVA价值管理体系的定义、结构及对其的评价。EVA的概念是Stern-Stewart管理咨询公司在20世纪80年代首先提出的,随后的学者对EVA的原始定义进行了多方面的修订,并在西方企业的经营管理中广为应用。EVA价值管理体系包括“4M”功能,也即评价指标,管理体系,激励制度和理念体系。相较于传统会计指标,EVA价值管理体系的优点表现在：能够真实反映企业经营绩效,有利于统一企业的决策目标,更注重企业的可持续发展,能够用于企业内部的绩效评价,能促进企业价值的提高和市场价值的提升。缺点则表现在规模差异、区域差异、财务取向、短期倾向、外部影响等方面。
EVA在国外商业银行的应用经验可为我国提供启示。本文对国际银行业对EVA的研究概况、应用背景和方法做了梳理。国际经验表明,实施EVA管理体系不仅能帮助银行建立健全现代企业制度,更能促进实现股东价值最大化经营目标和有效适应市场竞争、促进持续健康发展。重点分析了富国银行应用EVA的实施效果,从应用EVA进行人力资本管理、并购绩效管理、企业价值管理等方面,为我国商业银行提供了借鉴。最后总结了EVA在国外成功应用的因素,包括公平、竞争、有序、完备的市场体系,制度分散的股权结构辅之以完善的公司内部治理结构,以及掌握EVA理论和各类高素质的人才等。
进入新世纪以来,我国多家商业银行对EVA已经有了初步的应用,实践发现我国银行业应用EVA既有有利条件也存在多方面的障碍。在从理论上和现实上分别论证我国商业银行有引入EVA管理的必要性的基础上,分析了我国银行引入EVA的条件：银行经营目标从规模扩张演变为价值最大化是重要的理念基础,我国银行应用EVA在一系列主客观有利因素的同时,还存在证券市场弱势有效、公司治理结构不适应市场经济要求、银行实务界人士对EVA的认识不足、缺乏高素质的管理人才等方面的障碍。最后总结了中国建设银行、深发展、招商银行、兴业银行、浙商银行等国内商业银行对EVA的应用现状,并重点分析了建设银行的案例,分析了我国商业银行应用EVA体系的进展和不足。
针对传统EVA测算模型的局限本文进行了调整和改进,提出一种风险调整的EVA测算模型。对传统EVA测算模型的调整,主要体现在税后净营业利润(NOPAT)和资本成本(C)两方面。风险调整的EVA测算模型所使用的折现率能反映企业投资风险的变化,从而更准确的反映企业的真实价值。研究表明这一风险调整的模型,有助于反映银行在各部门、各业务间的风险分配情况,以更有效的平衡银行收益和风险的匹配,实现股东收益最大化。
本文基于我国上市银行的实际数据对EVA指标进行了实证测算。首先以宁波银行的数据为例,详细演示了模型中的会计调整项和计算过程,并分析了EVA值与MVA、RORAC、传统会计指标(如ROA. ROE、EPS、NPR等)的相关性。结果表明,EVA与各传统会计指标的相关性不一致,与MVA、RORAC则呈高度相关性,围绕EVA形成的一套完整的评价体系能更好的解释企业市场价值。然后,对我国10家上市银行应用EVA测算模型进行了实证分析。结果表明各家上市银行的EVA值和其它各项盈利指标整体呈上涨趋势,这说明我国的银行业整体经营水平明显提高,管理水平、盈利能力、成本控制都得到了优化。比较发现股份商业银行的经营和盈利状况、为股东创造价值的能力明显优于国有控股银行,这可归因于风险控制水平、盈利稳定性和管理激励机制等原因。
EVA最重要的应用之一就是商业银行的绩效管理。通过分部门、分条线的EVA测算,可精确计量、科学配置商业银行的经济资本,从而引导所属机构和部门尽可能发展风险回报率高的业务,以实现全行EVA的最大化。在论证EVA与经济资本配置关系的基础上,还以国内某大型商业银行为例,分析了EVA在该行信贷业务的绩效考核体系中的具体应用,发现基于EVA的绩效管理对于客户收益的评价考虑了风险与收益的匹配关系,使得银行对不同业务条线和产品的收益考核有了更为统一的标准,对商业银行的经营管理带来深刻变革。
最后通过建模探讨了经济价值增加(EVA)与市场价值创造(MVA)之间的内在关系,总结了企业通过EVA来改进市值管理的内在机制,从理论上论证EVA的增加是如何提升市场价值的。并针对我国上市商业银行,对如何通过增加EVA而改进市值管理效率提出建议：一是优化融资结构降低资本成本,二是参考EVA来优化经济资本分配的结构,三是重点发展能带来未来增长价值(FGV)的业务,四是建立基于EVA的绩效考核机制,五是倡导和形成关注EVA和市值管理的企业文化。
With the more and more stringent regulatory environment after the financial crisis since 2008, and under the background of foreign banks' entry and more and more competitive strength among domestic banks, it's an emergent and important topic for Chinese commercial banks to heighten its comprehensive competitive power and operation performance. Hence it is realistic important for banks to put the Economic Value Added (EVA) management in practice. This is because EVA is one of the best standards for banks to measure its market value and performance, and is part of its business strategy, and hence is a key indicator to improve the organization efficiency.
In Chapter 1, it begins with the meanings of commercial banks to apply the EVA management system, such like to promote the joint-stock reform, to make the sound business strategy, to establish efficient incentive mechanism, to build the philosophy of maximizing the shareholder's value, to protect the shareholder's interests, to pay attention to the innovation and technical progress, and to meliorate the corporate culture. Then both the domestic and foreign preceding related research literatures are summarized as a basis for further study. And the main research idea and research methodology are introduced in this chapter. Finally, an airscape of the whole paper is put forward.
There are two sections in chapter 2, which demonstrates the necessity on the theoretical and practical base for domestic commercial banks to introduce the need for EVA Value Management System. First, we give the EVA definition, and the basis of its theory and accounting correction. Then we discuss domestic commercial banks to introduce the theory of the need for value management system through the following 7 aspects, such as to establish a modern enterprise system, to formulate a reasonable development strategy to maximize shareholder value, to conciliate the interests among shareholders, managers and employees, to encourage innovative and technological progress, improving the corporate culture to adapt to the fiercer market competition,. Finally, the performance measurement of EVA value management system becomes more and more necessary in reality when domestic commercial banks neither meet the existing performance management status of commercial bank reform nor meet the market environment of globalization. In additional, it is suggested that the EVA management system be introduced to domestic banks to make up for its internal limitations.
In chapter 3, we mainly discuss the application of EVA in the oversea banks through the various researches and application experiences. The previous discussion has focused on the effectiveness and the development of EVA and then introduced the function of EVA at various hierarchical levels and in various dimensions including enterprises value management, salary incentive, financial pre-warning and budget management and so on. We can get the inference that using EVA as a measure of economic performance can lead to management decisions that are fundamentally different from those based on traditional accounting measures while EVA is important to help to improve the economic performance from a shareholder perspective. Finally an example on the application of EVA in Wells Fargo Bank is introduced to bring some inspiration for domestic banks.
With the special nature of commercial banks in financial management, financial management is an important content for commercial bank management. And as an advanced financial management concept and scientific measurement indicator, EVA can enhance the financial management of commercial banks with no doubt. In section I of Chapter 4 we introduce from the success factors for EVA Value Management in both foreign and domestic enterprises, to the importance of the implement of EVA Value Management, and the main obstacles to apply EVA management system in domestic banks. In section II, we firstly describe the goal of the domestic commercial banks and the four stages of development and change, followed by the analysis of the EVA value management system in the application of domestic commercial banks favorable factors, and then the argument of the EVA performance management system of values in the status and importance of the domestic firm. And a brief introduction of practical application of the EVA value management to domestic commercial banks is put forward. And last how to improve the applications of EVA performance management in domestic commercial banks is discussed in seven aspects.
Chapter 5 focuses on the application of EVA in the domestic banks through the four main functions. Through the analysis of EVA definition we find the advantages of EVA value management system, which can be attributed to the "4M" system which are Measurement, Management, Motivation and Mindset. Such details allow management to discern which businesses, products, and customer relationships are creating value and which are not. Obviously, it has formed a complete Value-based Management system centering on the EVA value, with this system banks can make their business decisions more reasonable、accurate and efficient. The advantages and shortcomings of EVA evaluation indicators are also given in this section. Additionally, we analyze the definition and calculation of the indicators, and then focus on the reference and practice of the positive application of EVA in domestic banks for instance in China Construction Bank.
With its improvement, the EVA value management system has been adopted by more and more enterprises all over the world, as well as in China. Based on the traditional EVA measurement model given by the Stern Stewart company, we introduce a new model in chapter 6, which is called risk-adjusted EVA measurement model taking risk as an important factor. We calculate the EVA of the Bank of Ningbo using the model. And the results show that companies must pay for the risks undertaking. Although the risk-adjusted EVA measurement model is imperfect at present, it is essential to introduce the risk model. The management system will be more useful and complete only when the risk factors are taken into consideration. It is obvious that, with the development of economic market and academic research area, the theory about risks in EVA value management system will be increasingly completed.
With the tool of EVA measurement model, chapter 7 mainly analyses 11 listed Chinese banks'profitability from the year of 2006 to 2009. According to the results of EVA traditional measurement model above, it shows the accounting adjustments and calculation process in detail, which is necessary in the EVA measurement model. Taking the Bank of Ningbo for instance, we analyzed the correlation between its EVA, MVA, RORAC and traditional accounting indicators (such as ROA, ROE, EPS, NPR, etc.) with the SPSS software, the result shows that, the correlation between EVA and traditional accounting indicators was inconsistent, and EVA is highly correlated with MVA, RORAC. A series of indicators deriving from EVA have formed an integrated evaluation system, and it can explain the enterprise's market value better. Next we calculate EVA and the value of its related indicators of the rest 10 listed banks, including ICBC, BOC, etc. The result shows that Chinese banking sector has developed rapidly in recent years, and the overall operating condition of joint-stock commercial banks is better than state-controlled banks, this condition may give certain enlightenments to both banks managers and financial policy makers.
One of the primary ends of the Market Value Management of commercial banks is to maximum the shareholder's value. As an efficient indicator to measure the performance of a firm, the Economic Value Added (EVA) helps a lot to improve its market value. The inherent relationship between EVA and market value is discussed through modeling in Chapter 8, and the approaches to enhance the mechanism of market value management are put forward. Hence we can point the benefits of market value management for China's commercial banks, which are (1) being helpful for listed banks to meet the more and more rigor regulatory requirements, (2) can promote banks operate in a capital-saving way, (3) can establish a sound philosophy of market value management inside the commercial banks through bringing in a performance appraisal system based on EVA, (4) can enhance the ability of value creation of banks, and heighten the market value management and comprehensive competitive power.
The study suggests that there are at least following approaches to apply EVA to improve the market value management. First, optimizing the financing structure and reducing the cost of financing; second, referring to EVA to optimizing the structure of economic capital allocation; third, focusing on the key businesses which can bring most (Future Growth Value, FGV), and fourth, establishing the performance appraisal system based on EVA. Finally, advocating and forming the corporate culture which pays attention to EVA and market value management.
Chapter 9 concludes the whole paper, and makes a look into the further research.
本文首先完整介绍了EVA价值管理体系的定义、结构及对其的评价。EVA的概念是Stern-Stewart管理咨询公司在20世纪80年代首先提出的,随后的学者对EVA的原始定义进行了多方面的修订,并在西方企业的经营管理中广为应用。EVA价值管理体系包括“4M”功能,也即评价指标,管理体系,激励制度和理念体系。相较于传统会计指标,EVA价值管理体系的优点表现在：能够真实反映企业经营绩效,有利于统一企业的决策目标,更注重企业的可持续发展,能够用于企业内部的绩效评价,能促进企业价值的提高和市场价值的提升。缺点则表现在规模差异、区域差异、财务取向、短期倾向、外部影响等方面。
EVA在国外商业银行的应用经验可为我国提供启示。本文对国际银行业对EVA的研究概况、应用背景和方法做了梳理。国际经验表明,实施EVA管理体系不仅能帮助银行建立健全现代企业制度,更能促进实现股东价值最大化经营目标和有效适应市场竞争、促进持续健康发展。重点分析了富国银行应用EVA的实施效果,从应用EVA进行人力资本管理、并购绩效管理、企业价值管理等方面,为我国商业银行提供了借鉴。最后总结了EVA在国外成功应用的因素,包括公平、竞争、有序、完备的市场体系,制度分散的股权结构辅之以完善的公司内部治理结构,以及掌握EVA理论和各类高素质的人才等。
进入新世纪以来,我国多家商业银行对EVA已经有了初步的应用,实践发现我国银行业应用EVA既有有利条件也存在多方面的障碍。在从理论上和现实上分别论证我国商业银行有引入EVA管理的必要性的基础上,分析了我国银行引入EVA的条件：银行经营目标从规模扩张演变为价值最大化是重要的理念基础,我国银行应用EVA在一系列主客观有利因素的同时,还存在证券市场弱势有效、公司治理结构不适应市场经济要求、银行实务界人士对EVA的认识不足、缺乏高素质的管理人才等方面的障碍。最后总结了中国建设银行、深发展、招商银行、兴业银行、浙商银行等国内商业银行对EVA的应用现状,并重点分析了建设银行的案例,分析了我国商业银行应用EVA体系的进展和不足。
针对传统EVA测算模型的局限本文进行了调整和改进,提出一种风险调整的EVA测算模型。对传统EVA测算模型的调整,主要体现在税后净营业利润(NOPAT)和资本成本(C)两方面。风险调整的EVA测算模型所使用的折现率能反映企业投资风险的变化,从而更准确的反映企业的真实价值。研究表明这一风险调整的模型,有助于反映银行在各部门、各业务间的风险分配情况,以更有效的平衡银行收益和风险的匹配,实现股东收益最大化。
本文基于我国上市银行的实际数据对EVA指标进行了实证测算。首先以宁波银行的数据为例,详细演示了模型中的会计调整项和计算过程,并分析了EVA值与MVA、RORAC、传统会计指标(如ROA. ROE、EPS、NPR等)的相关性。结果表明,EVA与各传统会计指标的相关性不一致,与MVA、RORAC则呈高度相关性,围绕EVA形成的一套完整的评价体系能更好的解释企业市场价值。然后,对我国10家上市银行应用EVA测算模型进行了实证分析。结果表明各家上市银行的EVA值和其它各项盈利指标整体呈上涨趋势,这说明我国的银行业整体经营水平明显提高,管理水平、盈利能力、成本控制都得到了优化。比较发现股份商业银行的经营和盈利状况、为股东创造价值的能力明显优于国有控股银行,这可归因于风险控制水平、盈利稳定性和管理激励机制等原因。
EVA最重要的应用之一就是商业银行的绩效管理。通过分部门、分条线的EVA测算,可精确计量、科学配置商业银行的经济资本,从而引导所属机构和部门尽可能发展风险回报率高的业务,以实现全行EVA的最大化。在论证EVA与经济资本配置关系的基础上,还以国内某大型商业银行为例,分析了EVA在该行信贷业务的绩效考核体系中的具体应用,发现基于EVA的绩效管理对于客户收益的评价考虑了风险与收益的匹配关系,使得银行对不同业务条线和产品的收益考核有了更为统一的标准,对商业银行的经营管理带来深刻变革。
最后通过建模探讨了经济价值增加(EVA)与市场价值创造(MVA)之间的内在关系,总结了企业通过EVA来改进市值管理的内在机制,从理论上论证EVA的增加是如何提升市场价值的。并针对我国上市商业银行,对如何通过增加EVA而改进市值管理效率提出建议：一是优化融资结构降低资本成本,二是参考EVA来优化经济资本分配的结构,三是重点发展能带来未来增长价值(FGV)的业务,四是建立基于EVA的绩效考核机制,五是倡导和形成关注EVA和市值管理的企业文化。
With the more and more stringent regulatory environment after the financial crisis since 2008, and under the background of foreign banks' entry and more and more competitive strength among domestic banks, it's an emergent and important topic for Chinese commercial banks to heighten its comprehensive competitive power and operation performance. Hence it is realistic important for banks to put the Economic Value Added (EVA) management in practice. This is because EVA is one of the best standards for banks to measure its market value and performance, and is part of its business strategy, and hence is a key indicator to improve the organization efficiency.
In Chapter 1, it begins with the meanings of commercial banks to apply the EVA management system, such like to promote the joint-stock reform, to make the sound business strategy, to establish efficient incentive mechanism, to build the philosophy of maximizing the shareholder's value, to protect the shareholder's interests, to pay attention to the innovation and technical progress, and to meliorate the corporate culture. Then both the domestic and foreign preceding related research literatures are summarized as a basis for further study. And the main research idea and research methodology are introduced in this chapter. Finally, an airscape of the whole paper is put forward.
There are two sections in chapter 2, which demonstrates the necessity on the theoretical and practical base for domestic commercial banks to introduce the need for EVA Value Management System. First, we give the EVA definition, and the basis of its theory and accounting correction. Then we discuss domestic commercial banks to introduce the theory of the need for value management system through the following 7 aspects, such as to establish a modern enterprise system, to formulate a reasonable development strategy to maximize shareholder value, to conciliate the interests among shareholders, managers and employees, to encourage innovative and technological progress, improving the corporate culture to adapt to the fiercer market competition,. Finally, the performance measurement of EVA value management system becomes more and more necessary in reality when domestic commercial banks neither meet the existing performance management status of commercial bank reform nor meet the market environment of globalization. In additional, it is suggested that the EVA management system be introduced to domestic banks to make up for its internal limitations.
In chapter 3, we mainly discuss the application of EVA in the oversea banks through the various researches and application experiences. The previous discussion has focused on the effectiveness and the development of EVA and then introduced the function of EVA at various hierarchical levels and in various dimensions including enterprises value management, salary incentive, financial pre-warning and budget management and so on. We can get the inference that using EVA as a measure of economic performance can lead to management decisions that are fundamentally different from those based on traditional accounting measures while EVA is important to help to improve the economic performance from a shareholder perspective. Finally an example on the application of EVA in Wells Fargo Bank is introduced to bring some inspiration for domestic banks.
With the special nature of commercial banks in financial management, financial management is an important content for commercial bank management. And as an advanced financial management concept and scientific measurement indicator, EVA can enhance the financial management of commercial banks with no doubt. In section I of Chapter 4 we introduce from the success factors for EVA Value Management in both foreign and domestic enterprises, to the importance of the implement of EVA Value Management, and the main obstacles to apply EVA management system in domestic banks. In section II, we firstly describe the goal of the domestic commercial banks and the four stages of development and change, followed by the analysis of the EVA value management system in the application of domestic commercial banks favorable factors, and then the argument of the EVA performance management system of values in the status and importance of the domestic firm. And a brief introduction of practical application of the EVA value management to domestic commercial banks is put forward. And last how to improve the applications of EVA performance management in domestic commercial banks is discussed in seven aspects.
Chapter 5 focuses on the application of EVA in the domestic banks through the four main functions. Through the analysis of EVA definition we find the advantages of EVA value management system, which can be attributed to the "4M" system which are Measurement, Management, Motivation and Mindset. Such details allow management to discern which businesses, products, and customer relationships are creating value and which are not. Obviously, it has formed a complete Value-based Management system centering on the EVA value, with this system banks can make their business decisions more reasonable、accurate and efficient. The advantages and shortcomings of EVA evaluation indicators are also given in this section. Additionally, we analyze the definition and calculation of the indicators, and then focus on the reference and practice of the positive application of EVA in domestic banks for instance in China Construction Bank.
With its improvement, the EVA value management system has been adopted by more and more enterprises all over the world, as well as in China. Based on the traditional EVA measurement model given by the Stern Stewart company, we introduce a new model in chapter 6, which is called risk-adjusted EVA measurement model taking risk as an important factor. We calculate the EVA of the Bank of Ningbo using the model. And the results show that companies must pay for the risks undertaking. Although the risk-adjusted EVA measurement model is imperfect at present, it is essential to introduce the risk model. The management system will be more useful and complete only when the risk factors are taken into consideration. It is obvious that, with the development of economic market and academic research area, the theory about risks in EVA value management system will be increasingly completed.
With the tool of EVA measurement model, chapter 7 mainly analyses 11 listed Chinese banks'profitability from the year of 2006 to 2009. According to the results of EVA traditional measurement model above, it shows the accounting adjustments and calculation process in detail, which is necessary in the EVA measurement model. Taking the Bank of Ningbo for instance, we analyzed the correlation between its EVA, MVA, RORAC and traditional accounting indicators (such as ROA, ROE, EPS, NPR, etc.) with the SPSS software, the result shows that, the correlation between EVA and traditional accounting indicators was inconsistent, and EVA is highly correlated with MVA, RORAC. A series of indicators deriving from EVA have formed an integrated evaluation system, and it can explain the enterprise's market value better. Next we calculate EVA and the value of its related indicators of the rest 10 listed banks, including ICBC, BOC, etc. The result shows that Chinese banking sector has developed rapidly in recent years, and the overall operating condition of joint-stock commercial banks is better than state-controlled banks, this condition may give certain enlightenments to both banks managers and financial policy makers.
One of the primary ends of the Market Value Management of commercial banks is to maximum the shareholder's value. As an efficient indicator to measure the performance of a firm, the Economic Value Added (EVA) helps a lot to improve its market value. The inherent relationship between EVA and market value is discussed through modeling in Chapter 8, and the approaches to enhance the mechanism of market value management are put forward. Hence we can point the benefits of market value management for China's commercial banks, which are (1) being helpful for listed banks to meet the more and more rigor regulatory requirements, (2) can promote banks operate in a capital-saving way, (3) can establish a sound philosophy of market value management inside the commercial banks through bringing in a performance appraisal system based on EVA, (4) can enhance the ability of value creation of banks, and heighten the market value management and comprehensive competitive power.
The study suggests that there are at least following approaches to apply EVA to improve the market value management. First, optimizing the financing structure and reducing the cost of financing; second, referring to EVA to optimizing the structure of economic capital allocation; third, focusing on the key businesses which can bring most (Future Growth Value, FGV), and fourth, establishing the performance appraisal system based on EVA. Finally, advocating and forming the corporate culture which pays attention to EVA and market value management.
Chapter 9 concludes the whole paper, and makes a look into the further research.
引文
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[5]Biddle, G.C., R. Bo wen, and J.S. Wallace (1997), Does EVA Beat Earnings? Evidence on Associations with Stock Returns and Firm Values[J], Journal of Accounting and Economics, Vol.24 No.3
[6]Chen, S. and J.L. Dodd, (1997), Economic Value Added (EVA):An Empirical Examination of New Corporate Performance Measure" [J], Journal of Managerial Issues (Fall)
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[9]Dodd, J.L and J. Johns (1999), EVA Revisited[J], Business and Economic Review (April-June)
[10]Dodd, James and Shimin Chen (1996), EVA:A New Panacea? [J], Business and Economic Review 42 (No 4, July-September),26-28
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[12]Harris, Easton, P. (1991), Earnings as an Explanatory Variable for Returns[J], Journal of Accounting Research 29
[13]Jackson, A. (1996), The How and Why of EVA at CS First Boston[J], Journal of Applied Corporate Finance, Vol 9 No.1
[14]Kenneth Lehn and Anil K. Makhija, EVA and MVA as Performance Measures and Signals for Strategic Change[J], Strategy & Leadership, May/June 1996
[15]Kramer, Johnathan K and J.R. Peters (2001), An Interindustry Analysis of Economic Value Added as a Proxy for Market Value Added[J], Journal of Applied Corporate Finance
[16]Kramer, Johnathan K. and George Pushner (1997), An Empirical Analysis of Economic Value Added as a Proxy for Market Value Added[J], Financial Practice and Education-7 (No 1 Spring/Summer) 41-49
[17]Lehn, K. and A.Makhija (1996), EVA and MVA as Performance Measures and Signals for Strategic Change[J], Strategy and Leadership 24 (No 3 May/June)
[18]Lehn, K. and A.Makhija (1997), EVA, Accounting Profits, and CEO Turnover: An Empirical Examination,1985-1994[J], Journal of Applied Corporate Finance, Vol 10 No.2
[19]Lev, B. and J.M.Patell (1989), On the Usefulness of Earnings and Earnings Research:Lessons and Directions from Two Decaseds of Empirical Research[J], Journal of Accounting Research, Vol 27
[20]Milunovich, S. and A. Tsuei (1996), EVA in the Computer Industry[J], Journal of Applied Corporate Finance, Vol 9 No.1
[21]Byrne, S.F. (1994), EVA and Management Compensation[J], AC A Journal, Vol 3, No-22
[22]Byrne, S.F. (1996), EVA and Market Value [J], Jouornal of Applied Corproate Finance, Vol 9 No 1
[23]Byrne, S.F. (1997) EVA and Shareholder Return[J], Financial Practice and Education, Vol 7No.1
[24]O'Hanlon, J. and K. Peasnell (1998), Wall Street's Contribution toManagement Accounting:The Stern Stewart EVA Financial Management System [J], Management Accounting Research, vol 9 No 4
[25]Parasuraman, N.R.2000:EVA:Its Computation and Impact on Select Banking Companies [J], The ICFAI Journal of Applied Finance Vol-6, no4, October 2000
[26]Ramana D. V, (2005) Market Value Added and Economic Value Added: Empirical Evidence from Indian Market[C],8th Capital Markets Conference, Indian Institute of Capital Markets Paper
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[28]Stern, Joel M., G.Bennet Stewart III and Donal H.Chew, JR. (1995). The EVA Financial System[J], Journal of Applied Corporate Finance 3 (No 2 Summer) 38-55.
[29]Stewar Ⅲ, G.Bennet 1991, The Quest for Value:A Guide for Senior Managers[M], New York, NY, Harper Business
[30]Uyemura, D.G, C.C. Kantor, and J.M. Petit (1996), EVA for Banks:Value Creation, Risk Management, and Profitability Measurement[J], Journal of Applied Corporate Finance, Vol 9 No 2
[31]Zimmerman, J (1997), EVA and Divisional Performance Measurement: Capturing Synergies and other Issues[J], Journal of Applied Corporate Finance, Vol.10 No.2
[32]安占强,中国上市公司治理溢价研究[J],生产力研究,2009年第1期
[33]蔡永峰,郭凯明,EVA的价值管理体系及其在商业银行的应用研究[J],农村经济与科技,2008年9月
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[35]陈小宪,风险·资本·市值[M],北京：中国金融出版社,2004.
[36]程群,浅析EVA在商业银行价值管理中的应用[J],《当代经济》2009年6月 (下)
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