矿山企业EVA核算方法与EVA分成率分配办法研究
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摘要
EVA (Economic Value Added),即经济增加值,1982年由美国斯腾斯特公司(Stern Stewart & Co.)首次提出。EVA是一套适用于公司价值管理与业绩考核的推算体系,其核心理念是重视资本的成本,充分鼓励价值的创造,突出主营业务的经营,充分提高资金的使用效率,同时兼顾经营者和出资者双方的相关利益。
“现在最火的财务概念”是《财富》杂志对EVA的称呼。在整个世界的范围内,EVA被作为企业治理与业绩评价的标准已经被大量的、广泛的运用和实施。彼得·德鲁克曾经在《哈佛商业评论》上发表文章并指出：“作为一个度量整体要素生产率的重要标准,EVA体现出了管理价值的各个层面……”。EVA的客户及应用企业已经达到了几百家以上,如美国的邮政总署、可口可乐、西门子、新加坡的航空公司。享誉全球的高盛、苏黎士信贷的第一波司顿公司、所罗门美邦等投资银行和基金等对EVA好处都充分的认识并且无一例外的进行了广泛的应用。这些客户的共同认识就是：EVA与以前的利润指标(例如单股获益、净资产收益率等)相比,更能够准确地将相对价值显示出来。为此,著名的高盛的全球投资研究会董事Steven Einborn对EVA进行了一种通俗的评论："EVA是进行股票分析的一种相当好的工具”。
在我国,2007年国资委138家考核企业内,有多达84家的企业先后选择了EVA考核体系。2010年,最新修订的《中央企业负责人业绩考核办法》由国资委发布,此次《考核办法》是EVA价值体系在中央企业进行全面推广的标志。对于中央企业及其各下属企业来说,国资委对EVA价值体系的全面推广将会给企业带来极大的挑战,战略与投资决策、预算与成本管理、经营控制、薪酬激励的各个方面都将不可避免地涉及。因此,当前的首要任务就是要解决如何使各企业从现行的传统的以利润为中心的价值考核体系顺利地过渡到以价值创造为中心的考核体系,并且使企业能充分地接受、理解,积极地运用EVA价值管理体系,从而使企业克服现行的弊端,充分与国际接轨,得到企业真正的提升,在激烈的全球竞争中长期处于有利和领先的地位。
多年来,我国的新建矿山企业发展不持续、不稳定,数量相当多的新建矿山企业的生命力只有短短的十几年,只有几年的也是大有存在。出现这种现象是由于多种复杂的原因造成的,经济结构的不合理、市场占有率的过低、落后的管理理念和管理水平、不够稳定的市场地位、较高的市场风险等等都是造成这种结果出现的因素。本文的创新之处在于结合矿山企业的特点改进并运用EVA计算模型和计算方法以及对迪庆矿业开发有限公司进行分析计算,得出该公司的实际EVA值,为公司构建合理的EVA分成率分配体系。具体的研究结果有以下两个方面：
1、对EVA价值管理体系进行深入的研究,将EVA价值管理体系的理论知识与企业的实际情况相结合,在EVA价值管理体系的理论基础上改进并运用EVA算法计算EVA,得出符合企业实际情况的计算方法和计算值后建立分配体系。
2、案例分析部分选取迪庆矿业开发有限公司进行分析、研究,在迪庆矿业开发有限公司已由国家科技部认定为高新技术企业的背景下,一方面根据公司的实际情况改进调整EVA计算方法,另一方面通过改进计算后得出的EVA值为公司建立一套符合公司实际的EVA价值分配体系。
EVA, Economic Value Added, was first put forward In 1982 by Stern Stewart & Co in the United States. EVA is an applicable system for the value of the company management and performance evaluation, its core concepts is attached to the cost of capital, fully encourage the creation of value, prominent main business management, fully promote the efficiency in the use of funds, care about both of the operators interests and investor interests.
"Now the most popular financial concept" is the comments of "fortune" magazine about EVA. In the whole world, the EVA corporate governance and performance evaluation system standards have been massively applied. Peter F. Drucker once published articles and points out in the "Harvard Business":"as a important standard of measuring the overall productivity, EVA embodies the value of the management at all levels......" EVA customers and application enterprise has reached hundreds of above, such as the United States postal administration, Coca Cola, Siemens, Singapore airlines. Around the world are flowing Goldman, Zurich credit, Solomon and other investment Banks has reach the EVA benefits and is fully aware of benefits for a wide range of applications of EVA. The customer's common knowledge is:EVA can be more accurate displayed the relative value than former profits such as the single index of benefit, net assets yield, etc. Therefore, the famous Goldman global investment research director Steven Einborn comment EVA:"EVA is a kind of stock analysis is good tool." In China,2007, in 138 state-owned enterprises, as many as 84 enterprises successively chose EVA evaluation system. In 2010, the latest revision of "the chief of central enterprise performance evaluation method" issued by the state-owned assets supervision, "the evaluation method" is the symbol of EVA value system comprehensive promotion in the central enterprise. For the central enterprise and the subordinate enterprise, EVA value system of comprehensive promotion of the state-owned assets supervision will bring them enormous challenge, all aspects of strategy and investment decisions, budget and cost management, management control, salary incentive will inevitably involved. Therefore, the current primary task is to help the enterprise make a smooth transition from the current traditional assessment system of profit as the center to the assessment system of creating value as the center and the enterprise can fully accept, understand, positively use EVA value management system, make the enterprise overcome the shortcomings of the current, fully and the international community, get the real ascension, reach the advantage and leading status in the fierce global competition in a long term.
For many years, the development of new mining enterprise in China doesn't last for long, quite a number of new mining enterprise vitality only a few decades, exist only a few years, too. The phenomenon is due to many complex causes, economic structure unreasonable, low market sharing, the management idea and the low management level, not quite stable market position, high market risk and so on are the reasons. The innovation of this paper lies in combining with the characteristics of mine enterprise to improve and use EVA calculation model and calculation, then analyzing and calculation actual EVA value and constructing the rational EVA into rate dividing system for the Diqing mining development Co. LTD. The results of the study have the following two aspects:
1. To further study EVA value management system, combining the theoretical knowledge of EVA value management system with the actual situation of enterprise, based on EVA value management system theoretical knowledge, improving and using EVA algorithm, make the calculation method and calculated result in accordance with the actual business situation of enterprise, then set up a value distribution system for enterprises with the calculation method and calculated result.
2. Selecting Diqing mining development Co. LTD as case analysis. In the background of Diqing mining development Co. LTD will be recognized as a high and new technology enterprise by the ministry of science and technology. On one hand, improve EVA calculation method according to the actual situation of the company, on the other hand through the improvement EVA value calculation method set up a practical value distribution system for the company.
“现在最火的财务概念”是《财富》杂志对EVA的称呼。在整个世界的范围内,EVA被作为企业治理与业绩评价的标准已经被大量的、广泛的运用和实施。彼得·德鲁克曾经在《哈佛商业评论》上发表文章并指出：“作为一个度量整体要素生产率的重要标准,EVA体现出了管理价值的各个层面……”。EVA的客户及应用企业已经达到了几百家以上,如美国的邮政总署、可口可乐、西门子、新加坡的航空公司。享誉全球的高盛、苏黎士信贷的第一波司顿公司、所罗门美邦等投资银行和基金等对EVA好处都充分的认识并且无一例外的进行了广泛的应用。这些客户的共同认识就是：EVA与以前的利润指标(例如单股获益、净资产收益率等)相比,更能够准确地将相对价值显示出来。为此,著名的高盛的全球投资研究会董事Steven Einborn对EVA进行了一种通俗的评论："EVA是进行股票分析的一种相当好的工具”。
在我国,2007年国资委138家考核企业内,有多达84家的企业先后选择了EVA考核体系。2010年,最新修订的《中央企业负责人业绩考核办法》由国资委发布,此次《考核办法》是EVA价值体系在中央企业进行全面推广的标志。对于中央企业及其各下属企业来说,国资委对EVA价值体系的全面推广将会给企业带来极大的挑战,战略与投资决策、预算与成本管理、经营控制、薪酬激励的各个方面都将不可避免地涉及。因此,当前的首要任务就是要解决如何使各企业从现行的传统的以利润为中心的价值考核体系顺利地过渡到以价值创造为中心的考核体系,并且使企业能充分地接受、理解,积极地运用EVA价值管理体系,从而使企业克服现行的弊端,充分与国际接轨,得到企业真正的提升,在激烈的全球竞争中长期处于有利和领先的地位。
多年来,我国的新建矿山企业发展不持续、不稳定,数量相当多的新建矿山企业的生命力只有短短的十几年,只有几年的也是大有存在。出现这种现象是由于多种复杂的原因造成的,经济结构的不合理、市场占有率的过低、落后的管理理念和管理水平、不够稳定的市场地位、较高的市场风险等等都是造成这种结果出现的因素。本文的创新之处在于结合矿山企业的特点改进并运用EVA计算模型和计算方法以及对迪庆矿业开发有限公司进行分析计算,得出该公司的实际EVA值,为公司构建合理的EVA分成率分配体系。具体的研究结果有以下两个方面：
1、对EVA价值管理体系进行深入的研究,将EVA价值管理体系的理论知识与企业的实际情况相结合,在EVA价值管理体系的理论基础上改进并运用EVA算法计算EVA,得出符合企业实际情况的计算方法和计算值后建立分配体系。
2、案例分析部分选取迪庆矿业开发有限公司进行分析、研究,在迪庆矿业开发有限公司已由国家科技部认定为高新技术企业的背景下,一方面根据公司的实际情况改进调整EVA计算方法,另一方面通过改进计算后得出的EVA值为公司建立一套符合公司实际的EVA价值分配体系。
EVA, Economic Value Added, was first put forward In 1982 by Stern Stewart & Co in the United States. EVA is an applicable system for the value of the company management and performance evaluation, its core concepts is attached to the cost of capital, fully encourage the creation of value, prominent main business management, fully promote the efficiency in the use of funds, care about both of the operators interests and investor interests.
"Now the most popular financial concept" is the comments of "fortune" magazine about EVA. In the whole world, the EVA corporate governance and performance evaluation system standards have been massively applied. Peter F. Drucker once published articles and points out in the "Harvard Business":"as a important standard of measuring the overall productivity, EVA embodies the value of the management at all levels......" EVA customers and application enterprise has reached hundreds of above, such as the United States postal administration, Coca Cola, Siemens, Singapore airlines. Around the world are flowing Goldman, Zurich credit, Solomon and other investment Banks has reach the EVA benefits and is fully aware of benefits for a wide range of applications of EVA. The customer's common knowledge is:EVA can be more accurate displayed the relative value than former profits such as the single index of benefit, net assets yield, etc. Therefore, the famous Goldman global investment research director Steven Einborn comment EVA:"EVA is a kind of stock analysis is good tool." In China,2007, in 138 state-owned enterprises, as many as 84 enterprises successively chose EVA evaluation system. In 2010, the latest revision of "the chief of central enterprise performance evaluation method" issued by the state-owned assets supervision, "the evaluation method" is the symbol of EVA value system comprehensive promotion in the central enterprise. For the central enterprise and the subordinate enterprise, EVA value system of comprehensive promotion of the state-owned assets supervision will bring them enormous challenge, all aspects of strategy and investment decisions, budget and cost management, management control, salary incentive will inevitably involved. Therefore, the current primary task is to help the enterprise make a smooth transition from the current traditional assessment system of profit as the center to the assessment system of creating value as the center and the enterprise can fully accept, understand, positively use EVA value management system, make the enterprise overcome the shortcomings of the current, fully and the international community, get the real ascension, reach the advantage and leading status in the fierce global competition in a long term.
For many years, the development of new mining enterprise in China doesn't last for long, quite a number of new mining enterprise vitality only a few decades, exist only a few years, too. The phenomenon is due to many complex causes, economic structure unreasonable, low market sharing, the management idea and the low management level, not quite stable market position, high market risk and so on are the reasons. The innovation of this paper lies in combining with the characteristics of mine enterprise to improve and use EVA calculation model and calculation, then analyzing and calculation actual EVA value and constructing the rational EVA into rate dividing system for the Diqing mining development Co. LTD. The results of the study have the following two aspects:
1. To further study EVA value management system, combining the theoretical knowledge of EVA value management system with the actual situation of enterprise, based on EVA value management system theoretical knowledge, improving and using EVA algorithm, make the calculation method and calculated result in accordance with the actual business situation of enterprise, then set up a value distribution system for enterprises with the calculation method and calculated result.
2. Selecting Diqing mining development Co. LTD as case analysis. In the background of Diqing mining development Co. LTD will be recognized as a high and new technology enterprise by the ministry of science and technology. On one hand, improve EVA calculation method according to the actual situation of the company, on the other hand through the improvement EVA value calculation method set up a practical value distribution system for the company.
引文
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