【正文】 BOE Asset Management BFG Bank AG Bankers Trust – Japan Baring International British Aerospace Pension Investment CIS – Cooperative Insurance Society CS Asset Management Capital Group Companies, Inc. Citibank Global Asset Management DEKA – Deutsche Kapitalanlagegesellschaft Dresdner RCM Capital Management Dresdner RCM Global Investors Asia, Ltd. Deutsche Man Grenfel Asset Management Equitilink Fidelity Investment Services First State Fund Managers Ltd., Australia Fleming Investment Management Gartmore Investment Management* GIC – Government of Singapore Investment GIM General Investment Management . GlobeFlex Capital HSBC Asset Management Hong Kong Ltd. HSBC Asset Management Japan, KK Hypovereinsbank IBJ – Industrial Bank of Japan INVESCO Asset Management Invesco GT Asset Management PLC IOOF Funds Management Janus Jardine Fleming Investment Julius Baer Asset Management Labouchere amp。 Company Rowe, PriceFleming International Inc. Royal Bank Investment Management Royal Sun Alliance* Saloman Brothers Asset Management Scottish Mutual Scottish Widows Shell Pension Fund Shell Trust (Bermuda) Limited Sloane Robinson Societe Generale Asset Management Soros Fund Management Standard Life Stanhope Pension Trust* State Street Global Advisors Teachers Investment Board of Ontario Threadneedle Investment Managers Ltd. UOB Asset Management Ltd. Value Management amp。 Partner Asset Management M amp。 Company, Inc. Summit Investment Management Sun Life of Canada Tiger Asset Management T. Rowe Price Texas Commerce Bank TRUSCO Capital Management Trust Company of the West USAA Investment Management Co. VA Retirement System . Hutchinson amp。 Co., Inc. Sentinel Trust Co. SMC Capital Management Sheffield Investment Management Shields/Alliance Sig Asset Management Smith Barney Investment Advisors Soros Fund Management Sovereign Advisors, Inc. Spears Benzak Salomon amp。 Co., Inc. Roulston amp。 Atkin, Inc. Legacy Capital Management Legg Mason Capital Mgmt., Inc. Leonard Management Group Lockheed Martin Corp Logan Capital Management, Inc. Luther King Capital Mgmt. Lutheran Church, The McMurrey Investment Advisors, Inc. Mercantile Trust Meridian Investment Company Merrill Lynch Asset Management Mesirow Financial Mississippi Valley Advisors Montag Management National City Bank Nike Securities . Noroian Capital Management Norwest Capital Advisors NWQ Investment Management Co. Oppenheimer Capital OppenheimerFunds, Inc. Oppenheimer Management Pacific Alliance Capital Parnassus Fund, The Peregrine Capital Management Philip V. Swan Associates Pioneering Management Corp. Plaza Investment Managers, Inc. Prudential Mutual Fund Investment PSA Financial Putnam Companies, Inc. RCM Capital Management, LLC RM Investment Management, Inc. Richard Blum amp。 Klein, Inc. Farmers Insurance Group of Companies First National Bank, SW Ohio Fleming Capital Management Frontier Investment Management Co. Frost National Bank GMG/Seneca Capital Management GEM Land Company General Accident Insurance Co. General Motors Inv. Mgmt. Corp. GlobeFlex Capital Goefen amp。 Company Cambiar Investment Inc. Canyon Partners Inc. Capital Research Co. Capital Technology CastleRock Partners Chase Investment Counsel Corp. Citibank Clifford Associates Columbia Management Co. Composite Research amp。 Station CFROI Project IRR and refinery CFROI BU TSR amp。 （ 2） 建立了滿足中國會計(jì)準(zhǔn)則、國際會計(jì)準(zhǔn)則，基于財(cái)務(wù)邏輯網(wǎng)絡(luò)的總部、分（子）公司、生產(chǎn)廠三級統(tǒng)一的財(cái)務(wù)管理和會計(jì)核算體系； （ 3） 提高了會計(jì)信息的及時(shí)性、準(zhǔn)確性，加強(qiáng)監(jiān)管能力，為決策支持提供更豐富的財(cái)務(wù)信息； （ 4） 支持公司總部績效考核管理體系，為領(lǐng)導(dǎo)決策提供科學(xué)、準(zhǔn)確、快捷的服務(wù) ； （ 5） 開發(fā)符合國際會計(jì)準(zhǔn)則和上市信息披露規(guī)則的財(cái)務(wù)管理和會計(jì)核算軟件； （ 6） 建立了分布式財(cái)務(wù)數(shù)據(jù)庫，支持財(cái)務(wù)會計(jì)數(shù)據(jù)的實(shí)時(shí)向上復(fù)制、向下穿透查詢和網(wǎng)上在線對帳； 中石化財(cái)務(wù)管理信息系統(tǒng)建設(shè)的整體目標(biāo) 中石化產(chǎn)業(yè)鏈與成本管理 原油 勘探 原油 開采 煉油 化工 生產(chǎn) 產(chǎn)品 銷售 成 本 核 算 / 管 理 生 產(chǎn) 成 本 管 理 成 本 銷 售 成 本 全 方 位 成 本 管 理 采 夠 成 本 股 東 價(jià) 值 驅(qū) 動(dòng) 的 分 析 模 型 指標(biāo) 運(yùn)作 價(jià)值管理需要以下三個(gè)核心部分有效地運(yùn)作 價(jià)值管理 戰(zhàn)略 ?超前的戰(zhàn)略 ?領(lǐng)先的地位 ?系統(tǒng) ?流程 ?管理 ? 準(zhǔn)確的指標(biāo) ? 準(zhǔn)確的尺度 價(jià)值衡量需要有一整套指數(shù) EVA? is a registered trademark of the Stern Stewart Company … 最可靠的衡量指數(shù) : ? 股東回報(bào)率 Total Shareholder Return (TSR) ? 投資資本的現(xiàn)金流回報(bào) Cash flow return on gross invested capital (CFROI) ? 加權(quán)平均的資本成本 WeightedAverage Cost of Capital (WACC) ? 可持續(xù)的資產(chǎn)增長率 Sustainable Asset Growth Rate ? 未來現(xiàn)金流量的凈現(xiàn)值 Net present value of future cash flows (NPV or DCF) ? 是否在創(chuàng)造價(jià)值 ? ? 表現(xiàn)如何 ? ? 什么是最低投資回報(bào) ? ? 如何衡量增長 ? ? 公司的價(jià)值 ? 需要衡量的對象 .... 股東回報(bào)率 TSR衡量上市公司的價(jià)值增長 為什么 TSR 是衡量價(jià)值 增長的最好指標(biāo) 股東回報(bào)率 TSR 定義 TSR = (市場差價(jià) + 分紅 )/價(jià)格 = (2+1)/10 = 30%