【正文】 后；因此，權(quán)益資本成本高于債務(wù)資本成本。 經(jīng)濟(jì)利潤(rùn)與會(huì)計(jì)利潤(rùn)的根本區(qū)別在于，前者考慮了資本的機(jī)會(huì)成本，也就是企業(yè)創(chuàng)造的收益補(bǔ)償了勞動(dòng)、土地、經(jīng)營(yíng)者等要素的報(bào)酬之后，再扣除股東投資的機(jī)會(huì)成本(即“資本利息”)后仍有剩余的部分，才是企業(yè)的經(jīng)濟(jì)利潤(rùn)。在完全競(jìng)爭(zhēng)的市場(chǎng)經(jīng)濟(jì)中，基于信息完備、無(wú)行業(yè)進(jìn)入壁壘等假設(shè)條件，一家企業(yè)獲得經(jīng)濟(jì)利潤(rùn)，便會(huì)吸引其他企業(yè)加入到競(jìng)爭(zhēng)者的行列，其結(jié)果導(dǎo)致整個(gè)行業(yè)的經(jīng)濟(jì)利潤(rùn)趨向于零。 商業(yè)銀行的資本結(jié)構(gòu)可以用下式表示：D/A=f (Tb； Fc； Rb) 其中，D/A是存款(負(fù)債的主要部分)與資產(chǎn)之比，代表商業(yè)銀行的資本結(jié)構(gòu)；Tb表示吸收存款帶來(lái)的稅收優(yōu)惠；Fc表示商業(yè)銀行陷入財(cái)務(wù)困境的預(yù)期成本，Rb表示監(jiān)管政策對(duì)商業(yè)銀行資本結(jié)構(gòu)的影響，比如監(jiān)管當(dāng)局確定的資本充足率下限。 NOPAT構(gòu)成分析 商業(yè)銀行NOPAT的概念界定 NOPAT是企業(yè)全部營(yíng)業(yè)收入減去除利息支出以外的全部經(jīng)營(yíng)成本和費(fèi)用(包括所得稅費(fèi)用)后的凈值，即稅后凈利潤(rùn)加上利息支出。 但是，對(duì)于商業(yè)銀行來(lái)說(shuō)，吸收存款是其最基本的業(yè)務(wù)，存款利息支出是其最主要的營(yíng)業(yè)成本。但基于會(huì)計(jì)準(zhǔn)則編制的財(cái)務(wù)報(bào)告在提供會(huì)計(jì)信息方面存在局限性，同時(shí)，財(cái)務(wù)報(bào)告的編制者可能從有利于自身的角度出發(fā)選擇會(huì)計(jì)政策和會(huì)計(jì)方法，操縱會(huì)計(jì)信息的提供。但調(diào)整項(xiàng)目過(guò)多不僅會(huì)影響到EVA指標(biāo)體系實(shí)施成本和效率，而且會(huì)使EVA指標(biāo)變得難以理解。這些項(xiàng)目一般通過(guò)營(yíng)業(yè)外收入和營(yíng)業(yè)外支出科目進(jìn)行核算，如：非流動(dòng)資產(chǎn)處置損益、非貨幣性資產(chǎn)交換損益、債務(wù)重組損益、盤(pán)盈利得、盤(pán)虧損失、政府補(bǔ)助、捐贈(zèng)利得、公益性捐贈(zèng)支出等。商業(yè)銀行涉及的資產(chǎn)減值準(zhǔn)備主要包括壞帳準(zhǔn)備、貸款損失準(zhǔn)備、投資減值準(zhǔn)備、固定資產(chǎn)減值準(zhǔn)備、無(wú)形資產(chǎn)減值準(zhǔn)備等。值得注意的是，財(cái)政部規(guī)定，一般準(zhǔn)備是商業(yè)銀行在進(jìn)行稅后凈利潤(rùn)分配時(shí)，在提取法定盈余公積和法定公益金之后提取的，換言之，在會(huì)計(jì)核算中一般準(zhǔn)備的計(jì)提是稅后凈利潤(rùn)分配的一個(gè)環(huán)節(jié)，與計(jì)算NOPAT沒(méi)有關(guān)系。在中國(guó)經(jīng)濟(jì)快速發(fā)展的背景下，在銀行業(yè)仍享受法定利差的條件下，似乎沒(méi)有理由質(zhì)疑銀行業(yè)的發(fā)展前景。大致可分為三類情況：第一類是浦發(fā)銀行、華夏銀行和民生銀行。市場(chǎng)對(duì)其公開(kāi)上市后未來(lái)增長(zhǎng)的較高預(yù)期已提前反映在2006年的股價(jià)中了，從而導(dǎo)致其2007年的增幅落后于大盤(pán)。招商銀行卓越的品牌形象和社會(huì)地位，為其贏得了資本市場(chǎng)的投資偏好。上市公司股票價(jià)格由公司當(dāng)前價(jià)值(現(xiàn)實(shí)盈利)和未來(lái)價(jià)值(增長(zhǎng)預(yù)期)兩個(gè)部分構(gòu)成。大致可分為三類情況： 第一類是浦發(fā)銀行、華夏銀行和民生銀行。中國(guó)銀行和工商銀行的股價(jià)在2007年雖有所增長(zhǎng)，但增幅遠(yuǎn)小于上證A股指數(shù)。在此基礎(chǔ)上，本文對(duì)我國(guó)商業(yè)銀行EVA績(jī)效評(píng)價(jià)模型的構(gòu)建進(jìn)行了研究。 將每股EVA,與商業(yè)銀行年末股票價(jià)格，以及年末到年報(bào)公布前后的股票價(jià)格變動(dòng)情況進(jìn)行了比較。在此一并感謝在我四年專業(yè)學(xué)習(xí)期間和論文寫(xiě)作過(guò)程中給予指導(dǎo)和幫助的各位老師和同學(xué)。 Dodd J．L． Economic Value Added (EVATM)：An Empirical Examination of A New Corporate Performance Measure[J]．Journal of Managerial Issues, 1997[3] Stern J． M.，Shirly J． S　Ross I EVA Challenge：Implementing ValueAdded Change in An Organization[J] John Wiley amp。s contribution to economics and management science for a bridge between，can be expected，the EVA used in the operator39。To sum up， the superiority of its main performance characteristics of that in the following areas： EVA is not generally accepted accounting criteria， the user can make an appropriate adjustment on the basis of need to obtain a relatively accurate data， thereby reducing the Accounting Standards arising from distortions in performance。 D costs” as the cost of dealing with the period， and the fact that the input and the construction of fixed assets is similar，so as EVA has invested capital。 For example， GAAP does not change the amount of deferred ine tax items included in net ine，and EVA is included in the requirements，it is usually because of deferred ine tax due to depreciation used in the resulting differences in the method, the increase or decrease in the amount of the project should also be regarded as a contribution to the operator, which items included in earnings，so that the generally accepted norms of the distortions that may arise from the basis to adjust the EVA there is an accounting of profits than the more accurate determination of business performance management indicators and methods。 In EVAbased performance evaluation system， the direct purpose of managers is to maximize the MVA， rather than to maximize enterprise value。So， when linked to EVA and MVA， the operators will help to overe the risk aversion，prompting them to choose more conducive to the realization of investment projects in the interests of shareholders。 In this case，the operators and owners on the profit target of between bargaining and packaging has lost the meaning of profit， as a matter of fact have EVA owners and operators to achieve a unity of interests，and this will encourage the operators as as the owner to take action to shift the focus of its work to increase shareholder wealth up， and thus their access to higher ine。 EVA has broad applicability。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 flexibility in performance evaluation, so the use of technology to traditional EVA incentives for improvement and innovation has bee an important trend. Some Western scholars bine research results, I believe that the following three feasible incentive mechanism。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。 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。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。一、 建立在EVA基礎(chǔ)上的績(jī)效評(píng)價(jià)體系的特點(diǎn)及優(yōu)越性。然而按公認(rèn)會(huì)計(jì)準(zhǔn)則編制的損益表中，其利潤(rùn)指標(biāo)只是扣除了負(fù)債成本，這顯然是不完整的。類似需要資本化的費(fèi)用還包括部分營(yíng)銷費(fèi)用、培訓(xùn)和重建費(fèi)用等。EVA和MVA（Market Value Added，市場(chǎng)價(jià)值增量）相聯(lián)系，因而它可以激勵(lì)管理者去選擇那些能創(chuàng)造更高價(jià)值的投資項(xiàng)目。因?yàn)槠髽I(yè)價(jià)值的增加很容易通過(guò)不斷追加資本投入而實(shí)現(xiàn)。 目前，大多數(shù)公司對(duì)經(jīng)營(yíng)者的獎(jiǎng)勵(lì)是依據(jù)其是否實(shí)現(xiàn)了年度會(huì)計(jì)利潤(rùn)指標(biāo)而決定的，但現(xiàn)實(shí)中這些指標(biāo)是不但可以在所有者與經(jīng)營(yíng)者之間通過(guò)談判而討價(jià)還價(jià)的，而且還可以通過(guò)利潤(rùn)包裝進(jìn)行粉飾的?？梢哉f(shuō)，EVA的出現(xiàn)使得在財(cái)務(wù)管理中管理者第一次有了共同的績(jī)效評(píng)價(jià)語(yǔ)言，這是因?yàn)镋VA為會(huì)計(jì)指標(biāo)（如凈利潤(rùn)）和其他財(cái)務(wù)指標(biāo)（如凈現(xiàn)值）之間建立了橋梁，因而建立在EVA基礎(chǔ)上的財(cái)務(wù)管理系統(tǒng)不僅可以使企業(yè)所使用的各種財(cái)務(wù)指標(biāo)一致化，而且還可以在此基礎(chǔ)上使企業(yè)的各種相關(guān)利益集團(tuán)對(duì)企業(yè)財(cái)務(wù)目標(biāo)取得一致性看法，并采取一致性行動(dòng)，從而有利于企業(yè)財(cái)務(wù)管理體系的協(xié)調(diào)和統(tǒng)一，有利于避免財(cái)務(wù)決策與執(zhí)行之間的沖突，提高各部門(mén)的工作效率，有利于經(jīng)理人實(shí)現(xiàn)其EVA增值計(jì)劃。也就是說(shuō)，盡管某一特定企業(yè)建立以EVA為基礎(chǔ)財(cái)務(wù)管理系統(tǒng)是復(fù)雜和耗費(fèi)時(shí)間的，但該系統(tǒng)一旦建立，其使用起來(lái)相當(dāng)方便，并且更容易使財(cái)務(wù)管理系統(tǒng)一致化。結(jié)合西方一些學(xué)者的研究成果，筆者認(rèn)為以下激勵(lì)機(jī)制具有可行性。二是以EVA為基礎(chǔ)的獎(jiǎng)金制度認(rèn)為，EVA獎(jiǎng)金的發(fā)放額度主要取決于管理者的績(jī)效，并應(yīng)當(dāng)是無(wú)限的，這實(shí)際上解決了傳統(tǒng)的獎(jiǎng)金激勵(lì)計(jì)劃因獎(jiǎng)金發(fā)放封頂而引起的激勵(lì)不足的問(wèn)題。然而，在經(jīng)營(yíng)業(yè)績(jī)不佳的年份，經(jīng)營(yíng)者獲得的現(xiàn)金分配減少，其在“獎(jiǎng)金銀行”的獎(jiǎng)金也將減少。然而，獲得下一年獎(jiǎng)金的最低績(jī)效標(biāo)準(zhǔn)也會(huì)自動(dòng)地依照已建立的規(guī)則而降低