基于EVA的经营者激励报酬计划研究
摘要
经营者激励问题一直是经济理论界关注的热点问题之一。西方的人性假设理论和激励理论的研究表明，激励能够使人发挥更大的潜能，而对于企业家资源的直接供应源经营者来说，有效的激励能够对社会经济起到更大的呈几何级数的放大效应。
依据双因素理论，影响人们的诸多因素主要可分为两种：保健因素和激励因素。前者为间接满足，是维持因素：后者为直接满足，可以使人受到内在激励。因此，在设计经营者报酬计划时也应分为激励性报酬和非激励性报酬，其中最重要的是激励性报酬计划的设计。
传统的激励性报酬计划主要分为两种：一种是建立在会计模型基础上；另一种是建立在市场模型基础上。由于严重的会计信息失真和弱有效资本市场的存在，单纯建立在这两种模型基础上的传统的激励性报酬计划存在难以克服的弊端，而基于EVA经营者激励报酬计划的设计为我们提供了一条比较可行的思路。本文主要是从战略视点角度，结合EVA的激励机制和BSC的业绩评价体系，对经营者激励报酬计划进行了设计和研究。
本文在介绍了EVA的经济涵义、EVA指标的计算及其会计调整基础上，通过实例进行了演示；深入分析了将EVA运用于经营者激励报酬计划的关键技术及其优点，如EVA激励机制、EVA价值动因分析与业绩金字塔模型、BSC业绩评价、基于EVA的经营者综合业绩评价体系等；针对目前我国经营者激励性报酬计划存在的主要问题，设计了符合我国现实情况、切实可行的基于EVA的经营者激励报酬计划，该计划主要由两个部分组成：作为递延报酬计划的经营者红利计划和作为长期报酬计划的经营者虚拟股票期权；在对实际案例分析的基础上，提出了基于EVA经营者激励报酬计划在我国运行的宏、微观环境要求及建议和运用展望。
The executive incentive has always been one of the hottest issues in the economy theory field . As indicated by the research of Humanity hypothesis theory and incentive theory of the western , incentive can make people exploit their potential capability .For the executives ,the direct suppliers of the entrepreneur source ,the efficient incentive can have the geometric series amplified effect on social economy .
According to the two-factor theory, the factors which affect people are primarily divided into two kinds : hygiene factors and incentive factors .The forth, as indirect satisfaction, is maintain factors ; The latter, as direct satisfaction, is maintain factors. Therefore, the executive pay schemes are designed , they should be divided into incentive pay schemes and non- incentive pay schemes , of the most important is the designation of incentive pay schemes .
Traditional incentive pay schemes are primarily divided into two kinds : one is built on the basis of accounting model ;the other built on the basis of market model. Due to the serious and the existence of weak-efficient capital market , traditional incentive pay schemes only established on the base of these two models have the unavoidable faults , but the executive incentive pay schemes based on EVA can supply a more feasible thought for us . This dissertation makes designation and research on the executive incentive pay schemes from a new point.
The dissertation ,firstly, presents us with the economic implication of EVA, the calculation of EVA and accounting adjustment ; then deeply analyzes the key techniques and advantages of the application of the executive incentive pay schemes based on EVA , such as the EVA incentive mechanism , the analysis of value drive factors and performance pyramid model ,BSC performance evaluation and integrated performance evaluation systems based on EVA ; thirdly, designs the executive incentive pay schemes based on EVA which conform to our national reality and are feasible in the light of the main problems of the executive incentive pay schemes such as Executive Bonus Scheme and Executive Phantom Stock Option Plan ; finally, puts forward the macro and micro environmental requires and suggestions and the prospect of application of the executive incentive pay schemes based on EVA.
依据双因素理论，影响人们的诸多因素主要可分为两种：保健因素和激励因素。前者为间接满足，是维持因素：后者为直接满足，可以使人受到内在激励。因此，在设计经营者报酬计划时也应分为激励性报酬和非激励性报酬，其中最重要的是激励性报酬计划的设计。
传统的激励性报酬计划主要分为两种：一种是建立在会计模型基础上；另一种是建立在市场模型基础上。由于严重的会计信息失真和弱有效资本市场的存在，单纯建立在这两种模型基础上的传统的激励性报酬计划存在难以克服的弊端，而基于EVA经营者激励报酬计划的设计为我们提供了一条比较可行的思路。本文主要是从战略视点角度，结合EVA的激励机制和BSC的业绩评价体系，对经营者激励报酬计划进行了设计和研究。
本文在介绍了EVA的经济涵义、EVA指标的计算及其会计调整基础上，通过实例进行了演示；深入分析了将EVA运用于经营者激励报酬计划的关键技术及其优点，如EVA激励机制、EVA价值动因分析与业绩金字塔模型、BSC业绩评价、基于EVA的经营者综合业绩评价体系等；针对目前我国经营者激励性报酬计划存在的主要问题，设计了符合我国现实情况、切实可行的基于EVA的经营者激励报酬计划，该计划主要由两个部分组成：作为递延报酬计划的经营者红利计划和作为长期报酬计划的经营者虚拟股票期权；在对实际案例分析的基础上，提出了基于EVA经营者激励报酬计划在我国运行的宏、微观环境要求及建议和运用展望。
The executive incentive has always been one of the hottest issues in the economy theory field . As indicated by the research of Humanity hypothesis theory and incentive theory of the western , incentive can make people exploit their potential capability .For the executives ,the direct suppliers of the entrepreneur source ,the efficient incentive can have the geometric series amplified effect on social economy .
According to the two-factor theory, the factors which affect people are primarily divided into two kinds : hygiene factors and incentive factors .The forth, as indirect satisfaction, is maintain factors ; The latter, as direct satisfaction, is maintain factors. Therefore, the executive pay schemes are designed , they should be divided into incentive pay schemes and non- incentive pay schemes , of the most important is the designation of incentive pay schemes .
Traditional incentive pay schemes are primarily divided into two kinds : one is built on the basis of accounting model ;the other built on the basis of market model. Due to the serious and the existence of weak-efficient capital market , traditional incentive pay schemes only established on the base of these two models have the unavoidable faults , but the executive incentive pay schemes based on EVA can supply a more feasible thought for us . This dissertation makes designation and research on the executive incentive pay schemes from a new point.
The dissertation ,firstly, presents us with the economic implication of EVA, the calculation of EVA and accounting adjustment ; then deeply analyzes the key techniques and advantages of the application of the executive incentive pay schemes based on EVA , such as the EVA incentive mechanism , the analysis of value drive factors and performance pyramid model ,BSC performance evaluation and integrated performance evaluation systems based on EVA ; thirdly, designs the executive incentive pay schemes based on EVA which conform to our national reality and are feasible in the light of the main problems of the executive incentive pay schemes such as Executive Bonus Scheme and Executive Phantom Stock Option Plan ; finally, puts forward the macro and micro environmental requires and suggestions and the prospect of application of the executive incentive pay schemes based on EVA.
引文
1、张文贤．会计理论创新．北京：中国财政经济出版社，2002．
2、[美]杰罗尔德L齐默尔曼．决策与控制会计(邱寒，能焰韧，李芳译)．大连：东北财经大学出版社，2000．
3、[美]罗伯特S卡普兰，安东尼A阿特金森．高级管理会计(吕长江译)．哈尔滨：东北财经大学出版社，1999．
4、杜胜利著，企业经营业绩评价．北京：经济科学出版社，1999．
5、[美]AI埃巴著，凌晓东、刘文军、张春子、刘云鹏译，凌晓东审定．EVA如何为股东创造财富．北京：中信出版社2001年版
6、大卫．格拉斯曼，华彬主编．EVA革命以价值为核心的企业战略与财务薪酬体系．北京：社会科学文献出版社，2003．
7、刘正周．管理激励．上海：上海财经大出版社，1998
8、张维迎．企业的企业家契约理论．上海：上海人民出版社，三联书店2001
9、齐寅峰．公司财务学 北京：经济科学出版社，2000
10、Hal R．Varian，费方域等译．微观经济学现代观点．上海：上海人民出版社 上海三联书店，1994
11、葛家澍，林志军．现代西方会计理论．厦门：厦门大学出版社 2001
12、汤云为，钱逢胜．会计理论．上海：上海财经大学出版社，1997
13、Kaplan，Atkinson．高级管理会计．大连：东北财经大学出版社，1998
14、S．David Young，Stephen F．O，李丽萍等翻译．EVA与价值管理实用指南．北京：社会科学文献出版社，2002
15、谭跃进．定量分析方法．中国人民大学出版社 2002 PP233—245
16、刘力，宋志毅．衡量企业经营业绩的新方法——经济增加值与修正的经济增加值指标 北京：会计研究，1999．1 PP30—36
17、刘念．上市公司的价值体现创值额．投资研究，2000．10
18、陈焱．经理报酬计划研究成果综述．外国经济与管理，2001．4 pp9-14
19、陈毅．企业业绩评价系统综述．外国经济与管理，2000．4—5 pp7-11
20、汪家常．业绩管理的比较研究．管理世界，2001．5
21、张友棠，张林．基于EVA的年薪制度设计．武汉：财会月刊，2002．4 PP22-23
22、谷棋，于东智．EVA财务管理系统的理论分析．北京：会计研究，2000．11PP31—36
23、段亚军，谢峰．美国企业业绩评价的新发展——经济增加值(EVA)．四川会计，2000．5pp9-12
24、艾志群．企业财务管理目标——EVA最大化．上海：上海会计，2002．4 PP25—27
25、康峻青．EVA最新财务指标．辽宁财税，2001．8 pp34-35
26、罗雪梅．经济增加值(EVA)——一种新的财务评价指标．会计之友，2001．1pp16
27、杜胜利．企业经营业绩评价的跨世纪思考．财会通讯．2001．7 pp7—9
28、杨利明．经济增加值和基于价值的管理体系．[硕士学位论文]武汉：武汉大学，2002年5月
29、陈雪松，韩秀华．平衡计分卡和关键成功要素在战略管理中的运用与整合．西安交通大学学报(社会科学版)，2003．9 PP32—36
30、颜志刚．EVA综合计分卡：实现平衡计分卡的真正“平衡”．经济师，20025 PP255—256
31、贺秋硕，余敬．浅析系统动力学在企业家确定报酬中的应用．科技进步与对策，2003．10 PP103—105
32、蔡珍．我国国企经营者报酬激励与量化方法研究．商业经济，2002．6PP34—36
33、乔华，张双全．公司价值与经济附加值的相关性中国上市公司的经验研究．世界经济，2001．1 pp42-45
34、Shawn Tully. The Real Key To Creating Wealth. Fortune, September 20, 1993.
35、Charles M C Lee. Accounting Based Valuation: Impact on Business Practices and Research. Accounting Horizons, December 1999.
36、Dillon ,RD. and J.E. Owers. EVA as a Financial Metric :Attributes ,Utilization, and Relationship to NPV. Journal of Applied Corporate Finance ,9,1997,32-40
37、O'Byme,S.F. EVA and Shareholder Return. Journal of Applied Corporate Finance ,9,1997
38、B Douglas Clinton & Shimin Chem. Do New Performance Measures Measure Up? Management Accounting, October 1998.
39、Robin Cooper & Regine Slagmulder. Integrating Activity-Based Costing and Economic Value Added. Management Accounting, January 1999.
40、www.EVA.com
41、www.hermanmiller.com
42、www.stemstewart.com.cn
43、Lehn,Keuneth,and Anil Makhija. EVA, accounting profits,and CEO turnover : An empirical examination., Journal of Applied Corporate Finance,Summer, 1994
44、Mc.Laren ,Josie. A strategic perspective on Economic Value added Management Accounting, April, 1999
45、Dierks,P.A. and A.Patel. What is EVA,and How can It Help your company ? Management Accounting, November,1997
46、Jensen, Michael C., and Kevin J. Murphy. CEOs Incentives-It's Not How Much You Pay, But How, Harvard Business Review, May-June, 1990.
2、[美]杰罗尔德L齐默尔曼．决策与控制会计(邱寒，能焰韧，李芳译)．大连：东北财经大学出版社，2000．
3、[美]罗伯特S卡普兰，安东尼A阿特金森．高级管理会计(吕长江译)．哈尔滨：东北财经大学出版社，1999．
4、杜胜利著，企业经营业绩评价．北京：经济科学出版社，1999．
5、[美]AI埃巴著，凌晓东、刘文军、张春子、刘云鹏译，凌晓东审定．EVA如何为股东创造财富．北京：中信出版社2001年版
6、大卫．格拉斯曼，华彬主编．EVA革命以价值为核心的企业战略与财务薪酬体系．北京：社会科学文献出版社，2003．
7、刘正周．管理激励．上海：上海财经大出版社，1998
8、张维迎．企业的企业家契约理论．上海：上海人民出版社，三联书店2001
9、齐寅峰．公司财务学 北京：经济科学出版社，2000
10、Hal R．Varian，费方域等译．微观经济学现代观点．上海：上海人民出版社 上海三联书店，1994
11、葛家澍，林志军．现代西方会计理论．厦门：厦门大学出版社 2001
12、汤云为，钱逢胜．会计理论．上海：上海财经大学出版社，1997
13、Kaplan，Atkinson．高级管理会计．大连：东北财经大学出版社，1998
14、S．David Young，Stephen F．O，李丽萍等翻译．EVA与价值管理实用指南．北京：社会科学文献出版社，2002
15、谭跃进．定量分析方法．中国人民大学出版社 2002 PP233—245
16、刘力，宋志毅．衡量企业经营业绩的新方法——经济增加值与修正的经济增加值指标 北京：会计研究，1999．1 PP30—36
17、刘念．上市公司的价值体现创值额．投资研究，2000．10
18、陈焱．经理报酬计划研究成果综述．外国经济与管理，2001．4 pp9-14
19、陈毅．企业业绩评价系统综述．外国经济与管理，2000．4—5 pp7-11
20、汪家常．业绩管理的比较研究．管理世界，2001．5
21、张友棠，张林．基于EVA的年薪制度设计．武汉：财会月刊，2002．4 PP22-23
22、谷棋，于东智．EVA财务管理系统的理论分析．北京：会计研究，2000．11PP31—36
23、段亚军，谢峰．美国企业业绩评价的新发展——经济增加值(EVA)．四川会计，2000．5pp9-12
24、艾志群．企业财务管理目标——EVA最大化．上海：上海会计，2002．4 PP25—27
25、康峻青．EVA最新财务指标．辽宁财税，2001．8 pp34-35
26、罗雪梅．经济增加值(EVA)——一种新的财务评价指标．会计之友，2001．1pp16
27、杜胜利．企业经营业绩评价的跨世纪思考．财会通讯．2001．7 pp7—9
28、杨利明．经济增加值和基于价值的管理体系．[硕士学位论文]武汉：武汉大学，2002年5月
29、陈雪松，韩秀华．平衡计分卡和关键成功要素在战略管理中的运用与整合．西安交通大学学报(社会科学版)，2003．9 PP32—36
30、颜志刚．EVA综合计分卡：实现平衡计分卡的真正“平衡”．经济师，20025 PP255—256
31、贺秋硕，余敬．浅析系统动力学在企业家确定报酬中的应用．科技进步与对策，2003．10 PP103—105
32、蔡珍．我国国企经营者报酬激励与量化方法研究．商业经济，2002．6PP34—36
33、乔华，张双全．公司价值与经济附加值的相关性中国上市公司的经验研究．世界经济，2001．1 pp42-45
34、Shawn Tully. The Real Key To Creating Wealth. Fortune, September 20, 1993.
35、Charles M C Lee. Accounting Based Valuation: Impact on Business Practices and Research. Accounting Horizons, December 1999.
36、Dillon ,RD. and J.E. Owers. EVA as a Financial Metric :Attributes ,Utilization, and Relationship to NPV. Journal of Applied Corporate Finance ,9,1997,32-40
37、O'Byme,S.F. EVA and Shareholder Return. Journal of Applied Corporate Finance ,9,1997
38、B Douglas Clinton & Shimin Chem. Do New Performance Measures Measure Up? Management Accounting, October 1998.
39、Robin Cooper & Regine Slagmulder. Integrating Activity-Based Costing and Economic Value Added. Management Accounting, January 1999.
40、www.EVA.com
41、www.hermanmiller.com
42、www.stemstewart.com.cn
43、Lehn,Keuneth,and Anil Makhija. EVA, accounting profits,and CEO turnover : An empirical examination., Journal of Applied Corporate Finance,Summer, 1994
44、Mc.Laren ,Josie. A strategic perspective on Economic Value added Management Accounting, April, 1999
45、Dierks,P.A. and A.Patel. What is EVA,and How can It Help your company ? Management Accounting, November,1997
46、Jensen, Michael C., and Kevin J. Murphy. CEOs Incentives-It's Not How Much You Pay, But How, Harvard Business Review, May-June, 1990.