【正文】 業(yè)等高風(fēng)險行業(yè)，通過引入風(fēng)險調(diào)整收益等因素，EVA核算體系能有效地實施對各類風(fēng)險的計量與控制，實現(xiàn)業(yè)務(wù)發(fā)展與風(fēng)險控制、短期利益與長期利益的統(tǒng)一。 (3)激勵制度 在企業(yè)戰(zhàn)略目標(biāo)和管理體系確定之后，一個關(guān)鍵問題是激勵機制的構(gòu)建。EVA績效評價和財務(wù)核算體系的實施，為企業(yè)內(nèi)部所有部門和員工樹立了明確的目標(biāo)，提供了統(tǒng)一的溝通平臺和交流語言，推動以價值為中心的企業(yè)文化的形成。 而在會計學(xué)領(lǐng)域，對于企業(yè)的認(rèn)識也經(jīng)歷了從業(yè)主權(quán)論到企業(yè)主體理論的演進過程。 隨著股份制公司的發(fā)展，所有權(quán)與經(jīng)營權(quán)的分離成為現(xiàn)代企業(yè)的基本特征，企業(yè)主體理論逐漸發(fā)展起來。站在企業(yè)主體的角度，權(quán)益持有人(包括債權(quán)人和所有者)所得到的收益均是企業(yè)收益的分配，支付給股東的紅利同支付給債權(quán)人的利息一樣，都是企業(yè)使用資金的代價，這就形成了現(xiàn)代會計學(xué)意義上的資本成本的概念。馬歇爾在《經(jīng)濟學(xué)原理》中作過這樣的表述：“(所有者或經(jīng)營者)的利潤按現(xiàn)行利率扣除資本利息之后，所留下的利潤可稱為其經(jīng)營或管理的收益”。經(jīng)濟利潤等于零，表明企業(yè)為投資者創(chuàng)造了正常利潤，實現(xiàn)了資本的保值。內(nèi)部融資包括兩個來源：一是企業(yè)自身的積累，如盈余公積、未分配利潤等；二是某些暫時閑置的可用來周轉(zhuǎn)的資金，如固定資產(chǎn)折舊準(zhǔn)備、資產(chǎn)減值準(zhǔn)備等非現(xiàn)金費用。 根據(jù)公式：EVA = NOPAT －TCWACC，構(gòu)建EVA績效評價模型的關(guān)鍵是三個要素：(1)稅后凈營業(yè)利潤(NOPAT)；(2)資本總額(TC)；(3)加權(quán)平均資本成本率(WACC)。企業(yè)向債權(quán)人支付的利息，同向股東支付的紅利一樣，都是其使用資金的代價；只不過前者通過債權(quán)債務(wù)合同事先明確約定，而后者取決于企業(yè)的經(jīng)營狀況，具有不確定性。 商業(yè)銀行NOPAT的會計項目調(diào)整 EVA指標(biāo)的基礎(chǔ)數(shù)據(jù)來源于企業(yè)公開披露的財務(wù)會計報告。 因此，會計項目調(diào)整是EVA模型構(gòu)建的重要課題之一。會計項目調(diào)整遵循的主要原則包括：(1)重要性原則；(2)可改善性原則，(3)簡便可操作性原則，(4)針對性和導(dǎo)向性原則；(5)會計平衡原則；(6)行業(yè)基本一致原則。非經(jīng)常性損益的偶發(fā)性和與業(yè)務(wù)經(jīng)營的無關(guān)性，決定了其對企業(yè)長期價值變化沒有影響，如果不將非經(jīng)常性損益剔除，可能導(dǎo)致對企業(yè)長期價值的高估或低估。根據(jù)財政部印發(fā)的《金融企業(yè)呆帳準(zhǔn)備提取管理辦法》 (財金(2005) 49號)、《財政部關(guān)于呆帳準(zhǔn)備提取有關(guān)問題的通知》(財金（2005）90號)、中國人民銀行《銀行貸款損失準(zhǔn)備計提指引》(銀發(fā)(2002) 98號)等文件規(guī)定，貸款損失準(zhǔn)備可分為一般準(zhǔn)備、專項準(zhǔn)備和特種準(zhǔn)備三類。特種準(zhǔn)備是對特定國家、地區(qū)或行業(yè)發(fā)放貸款計提的準(zhǔn)備，一般較少發(fā)生。表1比較了2006年、2007年上證A股指數(shù)和6家銀行股票均價的變動情況。第二類是中國銀行和工商銀行。招商銀行在2007年股價漲幅仍高達227. 08%，遠(yuǎn)高于上證A股指數(shù)，在6家銀行中僅次于浦發(fā)銀行，這表明招商銀行的股價很可能被市場高估了。企業(yè)經(jīng)營的終極目標(biāo)是股東財富最大化。 (1) 當(dāng)前營運價值(COV)借助EVA貼現(xiàn)模型，可以將COV定義為：在維持現(xiàn)有價值創(chuàng)造能力不變(即EVA不變)的情況下公司當(dāng)前的價值，用公式表示：COV=權(quán)益資本十將當(dāng)期EVA作為以后各期盈利標(biāo)準(zhǔn)并按設(shè)定的資本成本率折現(xiàn) 銀行名稱COV2006年EVAWACCTC浦發(fā)銀行%民生銀行%招商銀行%華夏銀行%中國銀行%工商銀行%資料來源:根據(jù)各銀行公開披露的年報數(shù)據(jù)。這表明在2006年末，這三家銀行(尤其是浦發(fā)銀行和華夏銀行)的股價被低估了，市場經(jīng)過一個階段的價值挖掘，使其股價向真實水平回歸。結(jié)論 本文首先闡述了EVA的起源和發(fā)展，以及選擇商業(yè)銀行開展EVA研究的現(xiàn)實意義，對國內(nèi)外關(guān)于EVA有效性實證研究的相關(guān)文獻進行了綜述。本文選取2006年在上海證券交易所上市的浦發(fā)銀行、民生銀行、招商銀行、華夏銀行、中國銀行、工商銀行等6家銀行作為研究樣本，以其公開披露的年度財務(wù)報告數(shù)據(jù)和大智慧證券分析系統(tǒng)提供的股價數(shù)據(jù)為基礎(chǔ)進行實證分析。 致謝本文是在李奇志老師的悉心指導(dǎo)下完成的，從選題和研究方案，提煉到最終成稿，李老師提出了許多重要的意見，給予了有力的指導(dǎo)和幫助。 參考文獻[1] Milunovich amp。 Specifically：EVA = have been put into the benefits of capital has invested capital the weighted average cost of capital， if the value of EVA is positive， it means that the pany gains more than its capital weighted capital，that is，operators shareholders to create a new value； if EVA is negative，it undermines the interests of the shareholders， in fact， embodied in EVA is wellknown economist Marshall as early as 100 years ago，the “economic benefits”concept， but more operational EVA of it。 One based on EVAbased performance appraisal system characteristics and advantages。However， according to GAAP in the preparation of the profit and loss account，the profit is deducted from the cost of the debt，which is obviously inplete。 A result of this approach will help the operator to grasp the true profit of the cost base，calculated by the EVA is inherently more economically rational。 MVA is the expected present value of future EVA。For example，a pany invested 8 million yuan of capital， if the project is expected to invest in profit margin is equal to the cost of capital investment rate, and the result is the pany39。 At present， most panies reward managers based on the achievement of its annual accounting to determine profit targets， but the reality of these indicators are not only owners and operators through negotiations between the bargaining， but also through profits of the packaging for a cosmetic。s evaluation of the enterprise，the enterprise managers of the capital budget， as well as the determination of performance assessment and analytical tools。 In other words，despite the establishment of a particular enterprise to EVAbased financial management system is plex and timeconsuming，but once established the system， and its very easy to use and easier to make in line of financial management systems。 Based on EVA improvement rather than the absolute number of EVA based on the principle of resolving the internal and external operating environment caused by different problems。s accounts， so that the operator has the risk of avian influenza；This part of the money sealed until the operator has continued to improve after the issuance of EVA. For example, when the money can be deposited with 1 / 2 or 1 / 3， and then issued the following year。s prize money won will be reduced, or even a negative bonus。具體地，EVA=已投入資本帶來的收益—已投入資本*加權(quán)平均資本成本，如果EVA的值為正，則表示公司獲得的收益高于為其投入的資本的加權(quán)資本，即經(jīng)營者為股東創(chuàng)造了新價值；若EVA為負(fù)，則損害了股東的利益，實際上EVA體現(xiàn)的正是著名經(jīng)濟學(xué)家馬歇爾早在100多年前提出的“經(jīng)濟效益”概念，只不過EVA更具有可操作性而已。概括起來，其特點即優(yōu)越性主要表現(xiàn)在以下幾個方面：EVA不受公認(rèn)會計準(zhǔn)則的限制，其使用者可以根據(jù)需求作出適度調(diào)整，以獲取相對準(zhǔn)確的數(shù)據(jù)，從而降低了會計準(zhǔn)則引起的經(jīng)營績效扭曲現(xiàn)象。一、 建立在EVA基礎(chǔ)上的績效評價體系的特點及優(yōu)越性。This automatically reduces the incentive mechanism will help operators to tide over their difficulties，while at the same time give them new opportunities to obtain money。 However， in the year of poor operating results，the operator of the cash allocation was reduced in the bonus bank the money also will be reduced. In any one year as a result of payment of prize money depends on a number of years past due amount of money accumulated，so the longterm and shortterm incentive bonus of the difference between the disappeared. At the same time，in the “bonus bank”system，EVA goals can automatically adjust the year without having to negotiate every year。Second EVAbased bonus system that，EVA bonus amount paid depends largely on the performance of managers, and should be unlimited， this is the prize money to solve the traditional incentive plan bonus payment due to the incentive cap caused by the shortage of problem。To EVAbased performance evaluation system, effectively as incentive pensation provided the basis for the purpose of this incentive pensation from the owner operator of the interests of the activities. At the same time as the business environment uncertainties bee more and more, owners and operators are increasingly under the accounting standards are not satisfied with the traditional performance measurement methods and results. Owners doubt the accuracy of this result, operators are asked for more flexibili