EVA价值管理及其激励模式研究
摘要
企业价值的计量与评价一直以来都是业界的难题之一。多年来理论界与企业界在这个问题上进行的探索与研究举不胜举,经济增加值(EVA)也是其中之一。EVA被美国财富杂志称为“当今最为炙手可热的财务理念”。其出现被认为是现代公司管理的一场革命。在理论研究领域,关于EVA的著述广泛出现于金融、管理学的期刊中;实践领域,EVA管理模式在包括可口可乐、西门子、索尼、IBM等在内的一流跨国公司实施,并取得不错的效果。本文选择EVA作为研究对象。
本文注重定性分析与定量分析相结合的方法,以委托代理理论、企业家人力资本理论和管理激励理论为基础,以经营者的人性假设和股东财富最大化假设为理论前提,综合分析和研究了EVA价值管理体系及其激励模式。本文所得到的主要成果和结论如下。
委托代理理论认为,使代理人采取最优行为的最好办法是选择合适的奖金激励机制。本文首先通过对国内外几种典型的传统薪酬激励模式进行了分析,指出了传统薪酬激励模式的缺陷;同时将EVA激励模式与传统薪酬激励模式进行了比较分析,得出EVA激励机制能够很好的解决传统薪酬激励模式存在的问题。在简要的分析传统的奖金激励机制的特点和不足的基础上,本文还试图对EVA奖金激励机制进行优化设计,以便更好的解决企业目标和管理人员目标的统一和优化问题。为了更好地发挥EVA奖金激励机制的作用,本文就EVA奖金的发放提供了3个模型,并对这些模型进行了分析和讨论,得出在EVA奖金激励机制下管理人员要想获得最优化奖金,必须以股东和企业财富最大化为目标,即只要企业选择了EVA奖金激励机制,管理人员要想使自己的收益最大化,就必须先实现企业财富最大化;最后根据具体需要,在EVA奖金激励机制的基础上再配以适当的非薪酬激励模式,这将更有利于股东和企业财富最大化目标的实现。这对我国在公司治理结构的完善中,如何选择和创建激励机制不无启示和借鉴意义。
It is one of difficult problems to measure and evaluate enterprise value all the times. People have paid their hard work on researching and exploring this problem in both theory and practice. Economic value added (EVA for short) is such a try. It is regarded as the best financial ideas by American Fortune Magazine and is deemed as a revolution in modern enterprise management. Theoretical research on EVA appeared popularly in finance and management journals, while on the other hand, EVA is applied in many famous companies, such as COCA-COLA, SIEMENS, SONY and IBM. Hence this dissertation studies EVA.
The methodology of this dissertation is to combine quantitative analysis and qualitative analysis based on theories of agency, human resource and management motivation. With the human nature and maximal fortune of stockholders, this dissertation synthetically studies management system and motivation mode of EVA. The conclusions obtained of this dissertation include the following.
According to agency theory, the best way of making agents take optimal action is to choose appropriate bonus motivation mechanism. Firstly, this paper analyses several typical traditional motivation mode with payment in and out of country. It points out disadvantages of traditional motivation mode with payment. Synchronously, compared EVA motivation mode with traditional motivation mode with payment, it finds that EVA motivation mode can solve the problems of traditional motivation mode for payment very well. And then, after brief analyzing characteristic and lacking of traditional bonus motivation mechanism, it also try to optimize EVA motivation mechanism. These will settle much better the unification and optimization problems between the aim of corporation and managers. In order to exert much better effect of EVA motivation mechanism, this dissertation designs and analyzes three models of EVA bonus motivation mechanism. It points out that managers who demand to obtain optimal bonus must take maximal fortune of stockholders and enterprise as aim. In other words, if only enterprise changes EVA motivation mechanism, managers who want to gain maximal income must realize maximal fortune of enterprise in advance. Lastly, according to concrete demand, the enterprise should apply EVA bonus motivation mechanism and match with motivation mode without salary, these will achieve much better the maximal fortune of stockholders and enterprise. It has significance of revelation and use for reference in perfecting corporation fathering frame how to choose and establish motivation mechanism.
本文注重定性分析与定量分析相结合的方法,以委托代理理论、企业家人力资本理论和管理激励理论为基础,以经营者的人性假设和股东财富最大化假设为理论前提,综合分析和研究了EVA价值管理体系及其激励模式。本文所得到的主要成果和结论如下。
委托代理理论认为,使代理人采取最优行为的最好办法是选择合适的奖金激励机制。本文首先通过对国内外几种典型的传统薪酬激励模式进行了分析,指出了传统薪酬激励模式的缺陷;同时将EVA激励模式与传统薪酬激励模式进行了比较分析,得出EVA激励机制能够很好的解决传统薪酬激励模式存在的问题。在简要的分析传统的奖金激励机制的特点和不足的基础上,本文还试图对EVA奖金激励机制进行优化设计,以便更好的解决企业目标和管理人员目标的统一和优化问题。为了更好地发挥EVA奖金激励机制的作用,本文就EVA奖金的发放提供了3个模型,并对这些模型进行了分析和讨论,得出在EVA奖金激励机制下管理人员要想获得最优化奖金,必须以股东和企业财富最大化为目标,即只要企业选择了EVA奖金激励机制,管理人员要想使自己的收益最大化,就必须先实现企业财富最大化;最后根据具体需要,在EVA奖金激励机制的基础上再配以适当的非薪酬激励模式,这将更有利于股东和企业财富最大化目标的实现。这对我国在公司治理结构的完善中,如何选择和创建激励机制不无启示和借鉴意义。
It is one of difficult problems to measure and evaluate enterprise value all the times. People have paid their hard work on researching and exploring this problem in both theory and practice. Economic value added (EVA for short) is such a try. It is regarded as the best financial ideas by American Fortune Magazine and is deemed as a revolution in modern enterprise management. Theoretical research on EVA appeared popularly in finance and management journals, while on the other hand, EVA is applied in many famous companies, such as COCA-COLA, SIEMENS, SONY and IBM. Hence this dissertation studies EVA.
The methodology of this dissertation is to combine quantitative analysis and qualitative analysis based on theories of agency, human resource and management motivation. With the human nature and maximal fortune of stockholders, this dissertation synthetically studies management system and motivation mode of EVA. The conclusions obtained of this dissertation include the following.
According to agency theory, the best way of making agents take optimal action is to choose appropriate bonus motivation mechanism. Firstly, this paper analyses several typical traditional motivation mode with payment in and out of country. It points out disadvantages of traditional motivation mode with payment. Synchronously, compared EVA motivation mode with traditional motivation mode with payment, it finds that EVA motivation mode can solve the problems of traditional motivation mode for payment very well. And then, after brief analyzing characteristic and lacking of traditional bonus motivation mechanism, it also try to optimize EVA motivation mechanism. These will settle much better the unification and optimization problems between the aim of corporation and managers. In order to exert much better effect of EVA motivation mechanism, this dissertation designs and analyzes three models of EVA bonus motivation mechanism. It points out that managers who demand to obtain optimal bonus must take maximal fortune of stockholders and enterprise as aim. In other words, if only enterprise changes EVA motivation mechanism, managers who want to gain maximal income must realize maximal fortune of enterprise in advance. Lastly, according to concrete demand, the enterprise should apply EVA bonus motivation mechanism and match with motivation mode without salary, these will achieve much better the maximal fortune of stockholders and enterprise. It has significance of revelation and use for reference in perfecting corporation fathering frame how to choose and establish motivation mechanism.
引文
[1]Stephen S.Riceman, Steven F. Cahan and Mohan Lal. Do managers perform better under EVA bonus schemes[J]. The European Accounting Review , 2002, 11. 537-572.
[2]佘晓燕.经济增加值(EVA)研究:回顾与展望.经济问题探索,2005(9).4-7.
[3]Tully S. EVA(Economic Value Added):The real key to creating wealth[J]. Fortune, 1993, 58(4). 38-50.
[4]Tully S. America’ s best wealth creators[J]. Fortune, 1994,130(11). 143-162.
[5]Walbert L. The Stern Stewart performance 1000:Using EVA to build market value[J]. Journal of Applied Corporate Finance, 1994, 6(4). 109-120.
[6]Chen S,Dodd J L. Economic Value Added (EVATM):An empirical examination of a new corporate performance measure[J]. Journal of Managerial Issues, 1997, 9. 318-333.
[7]蒋伟.让评价体系为战略服务[J].华润,2002,5(12).11-15.
[8]贺明.浅谈 EVA 指标对公司绩效考核的意义[J].苏新,2002,2(10).35-38.
[9]Biddle G C,Bowen R,Wallace J.Does EVA beat earnings? Evidence on associations with stock returns and firm values[J].Journal of Accounting and Economics, 1997, 24(3). 301-336.
[10]Wallace J S. Adopting residual income based compensation plans:Do you get what you pay for ?[J ]. Journal of Accounting and Economics, 1997, 28. 275-300.
[11]Esa Makelainen. Economic Value Added as a management tool, Stern Stewart&Co., 1998.
[12]James L. Grant. Foundations of Economic Value-Added, 1998.
[13]张亦春,周颖刚.中国股市弱势有效吗?[J].金融研究,2001,4.34-40.
[14]青啤启动 EVA 炮制二次管理革命.21 世纪经济报道,2002,7,24.
[15]Stewart G B. The quest for value:A guide for senior managers[M]. New York:Harper Business, 1991. 128-135.
[16]池国华.基于经济增加值的价值管理模式.经济管理,2003,(22).51-56.
[17]北京注册会计师考试委员会办公室.财务成本管理,北京大学出版社,2003.
[18]孙铮,吴茜. 经济增加值:盛誉下的思索.会计研究,2003 年,第三期.8-14.
[19]周三多,陈传明等编著.管理学——原理与方法.复旦大学出版社,1999.
[20]大卫·格拉斯曼等主编.EVA 革命.社会科学出版社,2003.18-26.
[21]冷洪川.一种新的价值评估标准——经济增加值.中国管理传播网,2003/5/7.
[22]约尔·M·思腾恩等著.EVA 挑战——实施经济增加值变革方案.上海交通大学出版社,2002.
[23]赵息,阳勇.基于 EVA 理念的企业激励机制的研究.工业工程,Vol.7,No.1(2004).14-17.
[24]杜胜利.基于价值的管理——EVA[M].北京:清华大学出版社,2002. 35-39.
[25]陈琳,王平心.经济增加值思想引入作业成本分析的研究. 经济管理·新管理,2004 年 6 月第 12 期. 86-90.
[26]袁琳,王斌.EVA 管理体系:构建与思考.经济与管理研究,2004 年,第三期. 55-59.
[27]O'Byrne. EVA and Market Value.Journal of Applied Corporate Finance, Spring 1996.
[28]Becutett Stewart:The Quest for Value. Collies Publishers, Inc., 1991.
[29]Keinman,R1. Some New Evidence on EVA Companies[J]. Journal of Applied Corporate Finance, 1999, 12(2). 80-91.
[30]O’Hanlon J1 &K1Peasnell. Wall Street’s Contribution to Management Accounting:the Stern Stewart EVA Financial Management System[J]. Management Accounting Research, 1998, 9(4). 421-444.
[31]池国华等.经济增加值计算的几个问题.现代会计,2000,2.36-38.
[32]罗雪梅.经济增加值(EVA )—一种新的财务评价指标.会计之友,2001, 1. 18-22.
[33]梁布.经济增加值一一种新的经营绩效评价指标.特区财会,2001,2. 27-32.
[34]李耀海.EVA 管理:揭示资本成本的奥秘.企业管理, 2001,10. 60-63.
[35]贺宇.EVA(经济价值增值)—一种真正的激励机制.价值工程,2002, 3. 35-38.
[36]Bacidore et al. The search for the best performance.Financial Analysts Journal May/June, 1997. 11-20.
[37]Esa Makelainen. Economic Value Added as a management tool, Stern Stewart&Co., 1998.
[38]张维迎.所有制、治理结构及委托代理关系[J]. 经济研究,1996,9. 28-33.
[39]何永芳,朱敏.企业家激励与报酬的合理确定.商业研究,2004,(22).30-33.
[40]Reichelstein S. Providing managerial incentives:Cash flow versus accrual accounting. Journal of Accounting Research, 2000, 38 (2).
[41]李亚静,朱宏泉等. EVA 与传统会计指标的比较——中国证券市场的实证分析.管理科学学报,2004 年,第七卷,第三期.31-37.
[42]张纯.我国激励机制的现状及引进 EVA 激励机制的对策.商业研究,2003,(17).5-9.
[43]李小平.激励机制:股票期权与 EVA 奖金制度的比较分析.经济体制改革,2003,(3).146-150.
[44]聂丽洁,王俊梅,王玲.基于相对 EVA 的股票期权激励模式研究.会计研究,2004,(10).79-83.
[45]Lehn, Kenneth and Anil Makhija. “EVA & MVA as Performance Measures and Signals for Strategic Change.” Strategy and Leadership. 1996, 24 (No. 3, May/June). 34-38.
[46]Kleiman,R.T. “Some New Evidence on EVA Companies.” Journal of Applied Corporate Finance. 1999 12(2). 80-91.
[47]Stern Stewart & Co (1991), The Quest for Value. The EVA Management Guide. Harper Business.
[48]季芳.EVA 之中国行.商业现代化,2005 年,11 月.
[49]Parkash,M1 and C1F1Venable.Auditee incentives for auditor independence, The case of nonaudit servic2es. The Accounting Review, Vol168 No111, January (1993). 111-133.
[50]颜志刚.EVA 综合计分卡实现平衡计分卡的真正“平衡”.经济师,2002,5. 255-256.
[51]Roztoclci, Lascola Needy, Kiln. Integrating activity-based costing and economic value added in EMJ-Engineering Management Journal. 1999, 11(2). 17- 22.
[52]刘葵阳,张晓东等.业绩评价指标 EVA、MVA 及其理论基础.软科学,2003, Vol17,No4.10-12.
[53]王恺.浅谈经济增加值(EVA)对传统财务管理的挑战.财会审计,2005(10). 188-190.
[54]朱国泓、刘培源.基于 EVA 的管理变革——一项案例研究.财会通讯,2005年,第 8 期.23-26.
[55]黄卫伟,李春瑜.谈 EVA 激励向下渗透.北京工商大学学报(社会科学版),2004 年,(1).27-32.
[56]梅良勇.经济增加值(EVA)估价模型在企业并构价值评估中的应用.统计与决策,2005 年,6 月.131-132.
[2]佘晓燕.经济增加值(EVA)研究:回顾与展望.经济问题探索,2005(9).4-7.
[3]Tully S. EVA(Economic Value Added):The real key to creating wealth[J]. Fortune, 1993, 58(4). 38-50.
[4]Tully S. America’ s best wealth creators[J]. Fortune, 1994,130(11). 143-162.
[5]Walbert L. The Stern Stewart performance 1000:Using EVA to build market value[J]. Journal of Applied Corporate Finance, 1994, 6(4). 109-120.
[6]Chen S,Dodd J L. Economic Value Added (EVATM):An empirical examination of a new corporate performance measure[J]. Journal of Managerial Issues, 1997, 9. 318-333.
[7]蒋伟.让评价体系为战略服务[J].华润,2002,5(12).11-15.
[8]贺明.浅谈 EVA 指标对公司绩效考核的意义[J].苏新,2002,2(10).35-38.
[9]Biddle G C,Bowen R,Wallace J.Does EVA beat earnings? Evidence on associations with stock returns and firm values[J].Journal of Accounting and Economics, 1997, 24(3). 301-336.
[10]Wallace J S. Adopting residual income based compensation plans:Do you get what you pay for ?[J ]. Journal of Accounting and Economics, 1997, 28. 275-300.
[11]Esa Makelainen. Economic Value Added as a management tool, Stern Stewart&Co., 1998.
[12]James L. Grant. Foundations of Economic Value-Added, 1998.
[13]张亦春,周颖刚.中国股市弱势有效吗?[J].金融研究,2001,4.34-40.
[14]青啤启动 EVA 炮制二次管理革命.21 世纪经济报道,2002,7,24.
[15]Stewart G B. The quest for value:A guide for senior managers[M]. New York:Harper Business, 1991. 128-135.
[16]池国华.基于经济增加值的价值管理模式.经济管理,2003,(22).51-56.
[17]北京注册会计师考试委员会办公室.财务成本管理,北京大学出版社,2003.
[18]孙铮,吴茜. 经济增加值:盛誉下的思索.会计研究,2003 年,第三期.8-14.
[19]周三多,陈传明等编著.管理学——原理与方法.复旦大学出版社,1999.
[20]大卫·格拉斯曼等主编.EVA 革命.社会科学出版社,2003.18-26.
[21]冷洪川.一种新的价值评估标准——经济增加值.中国管理传播网,2003/5/7.
[22]约尔·M·思腾恩等著.EVA 挑战——实施经济增加值变革方案.上海交通大学出版社,2002.
[23]赵息,阳勇.基于 EVA 理念的企业激励机制的研究.工业工程,Vol.7,No.1(2004).14-17.
[24]杜胜利.基于价值的管理——EVA[M].北京:清华大学出版社,2002. 35-39.
[25]陈琳,王平心.经济增加值思想引入作业成本分析的研究. 经济管理·新管理,2004 年 6 月第 12 期. 86-90.
[26]袁琳,王斌.EVA 管理体系:构建与思考.经济与管理研究,2004 年,第三期. 55-59.
[27]O'Byrne. EVA and Market Value.Journal of Applied Corporate Finance, Spring 1996.
[28]Becutett Stewart:The Quest for Value. Collies Publishers, Inc., 1991.
[29]Keinman,R1. Some New Evidence on EVA Companies[J]. Journal of Applied Corporate Finance, 1999, 12(2). 80-91.
[30]O’Hanlon J1 &K1Peasnell. Wall Street’s Contribution to Management Accounting:the Stern Stewart EVA Financial Management System[J]. Management Accounting Research, 1998, 9(4). 421-444.
[31]池国华等.经济增加值计算的几个问题.现代会计,2000,2.36-38.
[32]罗雪梅.经济增加值(EVA )—一种新的财务评价指标.会计之友,2001, 1. 18-22.
[33]梁布.经济增加值一一种新的经营绩效评价指标.特区财会,2001,2. 27-32.
[34]李耀海.EVA 管理:揭示资本成本的奥秘.企业管理, 2001,10. 60-63.
[35]贺宇.EVA(经济价值增值)—一种真正的激励机制.价值工程,2002, 3. 35-38.
[36]Bacidore et al. The search for the best performance.Financial Analysts Journal May/June, 1997. 11-20.
[37]Esa Makelainen. Economic Value Added as a management tool, Stern Stewart&Co., 1998.
[38]张维迎.所有制、治理结构及委托代理关系[J]. 经济研究,1996,9. 28-33.
[39]何永芳,朱敏.企业家激励与报酬的合理确定.商业研究,2004,(22).30-33.
[40]Reichelstein S. Providing managerial incentives:Cash flow versus accrual accounting. Journal of Accounting Research, 2000, 38 (2).
[41]李亚静,朱宏泉等. EVA 与传统会计指标的比较——中国证券市场的实证分析.管理科学学报,2004 年,第七卷,第三期.31-37.
[42]张纯.我国激励机制的现状及引进 EVA 激励机制的对策.商业研究,2003,(17).5-9.
[43]李小平.激励机制:股票期权与 EVA 奖金制度的比较分析.经济体制改革,2003,(3).146-150.
[44]聂丽洁,王俊梅,王玲.基于相对 EVA 的股票期权激励模式研究.会计研究,2004,(10).79-83.
[45]Lehn, Kenneth and Anil Makhija. “EVA & MVA as Performance Measures and Signals for Strategic Change.” Strategy and Leadership. 1996, 24 (No. 3, May/June). 34-38.
[46]Kleiman,R.T. “Some New Evidence on EVA Companies.” Journal of Applied Corporate Finance. 1999 12(2). 80-91.
[47]Stern Stewart & Co (1991), The Quest for Value. The EVA Management Guide. Harper Business.
[48]季芳.EVA 之中国行.商业现代化,2005 年,11 月.
[49]Parkash,M1 and C1F1Venable.Auditee incentives for auditor independence, The case of nonaudit servic2es. The Accounting Review, Vol168 No111, January (1993). 111-133.
[50]颜志刚.EVA 综合计分卡实现平衡计分卡的真正“平衡”.经济师,2002,5. 255-256.
[51]Roztoclci, Lascola Needy, Kiln. Integrating activity-based costing and economic value added in EMJ-Engineering Management Journal. 1999, 11(2). 17- 22.
[52]刘葵阳,张晓东等.业绩评价指标 EVA、MVA 及其理论基础.软科学,2003, Vol17,No4.10-12.
[53]王恺.浅谈经济增加值(EVA)对传统财务管理的挑战.财会审计,2005(10). 188-190.
[54]朱国泓、刘培源.基于 EVA 的管理变革——一项案例研究.财会通讯,2005年,第 8 期.23-26.
[55]黄卫伟,李春瑜.谈 EVA 激励向下渗透.北京工商大学学报(社会科学版),2004 年,(1).27-32.
[56]梅良勇.经济增加值(EVA)估价模型在企业并构价值评估中的应用.统计与决策,2005 年,6 月.131-132.