摘要
目前附加经济价值（EVA）已经成为取代利润指标成为最准确的公司绩效
衡量标准，《财富》杂志称之为“当今最热门的财务创意”，《哈佛商业评论》
（《Harvard Business Review》）称“EVA”是“总要素生产力”，并指出这种
观念的日益盛行是信息时代的新需要。
EVA之所以能够逐渐取代传统利润目标管理成为企业管理决策系统，驱动
公司价值增长，是由于它涵盖了财务预算、融资决策、业务重整、收购分拆、
股东价值以及激励补偿等重要信息，在公司管理过程中发挥着重要作用。
现代财务管理理论认为，企业的经营目标是股东财富最大化（企业价值最
大化），但是传统的利润指标体系并没有充分反映出企业所创造的价值，特别是
没有充分考虑资金成本，从而出现种种失真现象。而EVA则突破了这一弊端，
它是一种基于价值创造的衡量体系，真实地反映了企业所创造的价值，把企业
经营导向目标从规模导向引导为价值导向。基于此，EVA的管理体系就能将纷
杂的评价指标整合为统一的标准：即经营活动是否为股东创造最大的价值。
但是EVA在国内并没有被企业所认识并加以应用。从某种意义上说，EVA
在我国的研究应用还处于起步阶段。随着中国企业的日益成熟和现代经营管理
模式的要求，我国的企业也必将把价值创造作为追求的首要目标。因此，本论
文的目标就是对EVA的体系与基础理论进行介绍与探讨，进而提出了若干具体
应用方法，并用案例进行了论证分析。具体来讲，着重探讨EVA在三个领域内
的应用：股东价值评价，企业价值管理和成本管理。
在股东价值评价的研究中，首先探讨运用EVA进行股东价值评价的可行
性，其次，从宏观和微观两个层面利用EVA对股东价值进行评价，并探讨了EVA
驱动股东价值的机制，从深层次上为企业提供增加股东价值的方法与途径。
对于EVA在企业价值管理领域的应用，本论文首先论述了企业追求价值目
标的重要性，随后利用对比研究的方法，直观地说明了EVA指标的优越性和准
确性，为企业决策提供了一种切实可行的方法。
最后，本文把EVA引入到作业成本计算（ABC）中，对传统的ABC法进行
了修正，使ABC法能够更加准确客观地反映真实成本。
Investors are currently demanding Shareholder value more strongly than ever. In
thel98Os, shareholder activism reached unforeseen levels with the companies in the United
States. Thereafter also investors in Europe have increased the pressure on companies to
maximize shareholder value. Even in Finland the so-called Shareholder value approach has
gained grounds. This is due to e.g. abolishing the restrictions on foreign stock ownership.
Foreign investors emphasize and demand focus on Shareholder value -issues.
The financial theory has since long suggested that every company抯 ultimate aim is to
maximize the wealth of its shareholders. That should be natural since shareholders own the
company and as rational investors expect good long-term yield on their investment. In the
past, this ultimate aim has however been often partly ignored or at least misunderstood. This
can be seen e.g. from measurement systems. Metrics like Return on investment and
Earnings per share are used as the most important performance measures and even as a
bonus base in a large number of companies, although they do not theoretically correlate with
the Shareholder value creation very well. Against this background it is no wonder that
so-called Value based measures have received a lot of attention in the recent years. These
new performance metrics seek to measure the periodic performance in terms of change in
value. Maximizing value means the same as maximizing long-term yield on shareholder抯
investment. Currently the most popular Value based measure is Economic Value Added.
There has been a vivid debate for and against EVA in academic and management literature.
Unfortunately most EVA advocates and adapters discussed the faults of EVA, while they
have praised the concept as a management tool. On the other hand most criticism against
EVA has kept to fairly insignificant topics from the viewpoint of corporate control.
This study seeks to clarify the concept of EVA especially from the viewpoint of business
unit controlling. The objective of the study is twofold. Firstly, the study describes the theory
and characteristics of EVA. This gives the framework to discuss the main objective: How
companies use EVA? In this context, the study also offers some recommendations of how
EVA should be used as a management tool. The study tries to bring together the relevant
theoretical issues and controlling practice, especially from three aspects: shareholder value
assessment, value management and activity based cost management.
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