【正文】 。這種自動(dòng)降低的機(jī)制將有助于激勵(lì)經(jīng)營者度過難關(guān)，同時(shí)又給予他們獲得獎(jiǎng)金的新機(jī)會(huì)。因?yàn)椴还苁裁丛?，只要EVA下降，則經(jīng)營者在這一年獲得的獎(jiǎng)金將會(huì)下降，甚至得負(fù)的獎(jiǎng)金。由于任何一年所發(fā)放的獎(jiǎng)金額取決于過去若干年應(yīng)得獎(jiǎng)金累計(jì)額，所以長期和短期獎(jiǎng)金激勵(lì)之間的差別消失了。由此，在經(jīng)營業(yè)績良好的年份，經(jīng)營者實(shí)際獲得的現(xiàn)金獎(jiǎng)金和存放在“獎(jiǎng)金銀行”的獎(jiǎng)金得以增加。三是為避免經(jīng)營者的短視行為，EVA獎(jiǎng)金系統(tǒng)引入“獎(jiǎng)金銀行”概念，即年度獎(jiǎng)金獎(jiǎng)勵(lì)不被全部發(fā)放，而將其中的一部分存放在公司的專戶上，從而使經(jīng)營者具有風(fēng)險(xiǎn)感；這部分封存的獎(jiǎng)金直到經(jīng)營者實(shí)現(xiàn)了持續(xù)的EVA改進(jìn)之后才發(fā)放。即使是那些具有負(fù)有EVA的經(jīng)營者，因?yàn)镋VA的改進(jìn)程度較大，可能獲得較高的獎(jiǎng)金；而那些具有正的數(shù)額較大的EVA的經(jīng)營者因EVA的改進(jìn)程度很小，可能只獲得較少的獎(jiǎng)金。EVA獎(jiǎng)金計(jì)劃EVA獎(jiǎng)金計(jì)劃有三個(gè)要點(diǎn)：一是獎(jiǎng)金的發(fā)放額度取決于經(jīng)營者在一定時(shí)間內(nèi)對企業(yè)EVA的改進(jìn)程度。所有者懷疑這種結(jié)果的準(zhǔn)確性，經(jīng)營者則要求有更多業(yè)績評價(jià)的彈性，因此利用EVA技術(shù)對傳統(tǒng)的激勵(lì)機(jī)制進(jìn)行改進(jìn)和創(chuàng)新已成為一種重要的發(fā)展趨勢。 二 建立在EVA基礎(chǔ)上的激勵(lì)機(jī)制以EVA為基礎(chǔ)的績效評價(jià)系統(tǒng)的建立，有效地為“有激勵(lì)地補(bǔ)償”提供了依據(jù)，這種補(bǔ)償?shù)哪康脑谟诩?lì)經(jīng)營者從所有者的利益出發(fā)開展活動(dòng)。其次，EVA的使用，使涉及財(cái)務(wù)管理過程的所有主要方面以單一的測定技術(shù)聯(lián)結(jié)起來成為可能，從而使整個(gè)績效評價(jià)系統(tǒng)更易于理解和實(shí)施。EVA具有廣泛的適用性。EVA同時(shí)提供了資本市場對企業(yè)的評價(jià)、企業(yè)內(nèi)部的資本預(yù)算以及管理者績效評估的測定和分析工具。以EVA為基礎(chǔ)的績效評價(jià)體系明確地表明，只有經(jīng)營者實(shí)現(xiàn)企業(yè)EVA的增值，也即增加企業(yè)所有者財(cái)富的價(jià)值，才可以獲得獎(jiǎng)勵(lì)，而且EVA增值得越多，經(jīng)營者的收入也就越高。EVA將股東利益和經(jīng)理業(yè)績緊密聯(lián)系在一起，避免了所有者與經(jīng)營者之間的討價(jià)還價(jià)，克服了經(jīng)營者的利潤粉飾行為。比如一家公司投入800萬元資本，如果該項(xiàng)目預(yù)計(jì)投資利潤率正好等于這筆投資的資金成本率，其結(jié)果是公司的總資本和總價(jià)值都增加了800萬元，而事實(shí)上MVA是不變的；只有當(dāng)投資利潤率高于資金成本率時(shí)，即NPV大于零時(shí)，MVA才增加，經(jīng)營者才有可能有較好的業(yè)績。在以EVA基礎(chǔ)的企業(yè)績效評價(jià)體系中，經(jīng)理人員的直接目的是使MVA最大化，而不是企業(yè)價(jià)值最大化。MVA正是預(yù)期未來EVA的現(xiàn)值。例如公認(rèn)會(huì)計(jì)準(zhǔn)則并不將遞延所得稅的變動(dòng)額計(jì)入凈收入項(xiàng)，而EVA卻要求計(jì)入，這是因?yàn)檫f延所得稅通常是由于在計(jì)稅中所使用的折舊方法不同而引起的，該項(xiàng)目的增減額也應(yīng)視為經(jīng)營者的貢獻(xiàn)，從而計(jì)入收益項(xiàng)，所以說，在對公認(rèn)準(zhǔn)則則可能引起的扭曲進(jìn)行調(diào)整的基礎(chǔ)上出現(xiàn)的EVA是一種比會(huì)計(jì)利潤更準(zhǔn)確地測定管理者經(jīng)營績效的指標(biāo)和方法。這種處理方式因有助于把握經(jīng)營者實(shí)現(xiàn)利潤的真實(shí)成本基礎(chǔ)，而使計(jì)算出的EVA更具有內(nèi)在的經(jīng)濟(jì)合理性。例如，根據(jù)公認(rèn)會(huì)計(jì)準(zhǔn)則，“研究與開發(fā)費(fèi)用”是作為期間費(fèi)用處理的，而事實(shí)上這種投入與固定資產(chǎn)的構(gòu)建是相似的，所以EVA將其作為已投入資本。盡管權(quán)益成本的確帶有一定的主觀性，但由于企業(yè)的目標(biāo)是不斷地增加股東的財(cái)富，因而在評估經(jīng)營者的經(jīng)營績效時(shí)將權(quán)益成本納入分析是十分必要的。因?yàn)楸M管EVA與現(xiàn)行損益表中的會(huì)計(jì)利潤概念相似，但二者有根本性的區(qū)別：（1）由于EVA在計(jì)算中所使用的“已投入的資本”是股東權(quán)益與所有付息的短期負(fù)債和長期負(fù)債之和，所以計(jì)算EVA所涉及的成本既含有負(fù)債的成本，也有權(quán)益的成本。與傳統(tǒng)的績效評價(jià)體系相比，利用EVA進(jìn)行業(yè)績評價(jià)，具有鮮明的特點(diǎn)和明顯的優(yōu)越性，而事實(shí)上，其特點(diǎn)也正是其優(yōu)越性的所在。EVA的貢獻(xiàn)在于它為經(jīng)濟(jì)學(xué)和管理學(xué)之間架起了一座橋梁，可以預(yù)料，把EVA運(yùn)用于經(jīng)營者的績效評價(jià)，可能會(huì)帶來績效評價(jià)的一場革命，并深深地影響到對經(jīng)理人激勵(lì)機(jī)制的創(chuàng)新。EVA（Economic Value Added）即經(jīng)濟(jì)增加值，是指一定時(shí)期的企業(yè)稅后凈利潤與投入資本的資金成本的差額，用于衡量企業(yè)財(cái)富的增加量，它實(shí)際上反映的是企業(yè)在一定時(shí)期內(nèi)的經(jīng)濟(jì)學(xué)利潤。However, which from the inside out of the work together to promote business for the creation of shareholder wealth for themselves but also work hard to create wealth. Second，EVA use of the financial management process involving all major aspects of the determination of a single link technology possible， the prize money next year to obtain the minimum performance standards will be established automatically in accordance with the rules and lower。Whatever the reason is because， as long as the decline in EVA， then the operators in this year39。Thus，good business performance in the year， operators of the actual cash received and deposited the money in the “bonus bank”to increase the prize money。Third，in order to avoid shortsighted operators， EVA bonus system into the “bonus bank” concept， that is，annual bonus awards are not all paid，and will be stored in a part of the pany39。Even those who have the responsibility of the operators of EVA， as a greater degree of improvement in EVA， the bonus may be higher；and those with larger amounts are the operators of EVA improvement due to the level of EVA is very small，might only be less money。EVA bonus plan EVA bonus plan has three main points：First， the release of the amount of prize money depends on the operators within a certain period of time for enterprises to improve the level of the EVA。based on EVAbased incentive mechanism 。This is because: First of all， EVA can be applied to the use of different objects，which are applicable not only to the firm level and for use in enterprise branch performance evaluation；not only the enterprise is also suitable for external performance evaluation，which from the inside out of the work together to promote business for the creation of shareholder wealth for themselves but also work hard to create wealth. Second，EVA use of the financial management process involving all major aspects of the determination of a single link technology possible， so that the entire performance evaluation system easier to understand and implement。 It can be said， EVA makes the emergence of managers in financial management in the first performance evaluation of a mon language，this is because the EVA to the accounting indicators (eg net profit) and other financial indicators (such as net present value) to establish a bridge between ，thus establishing the basis of the EVA financial management system so that enterprises can not only use of a variety of financial indicators in line，but also on the basis of a variety of businesstobusinessrelated interest groups to obtain consistency in the views of financial goals and consistency of action taken，which is conducive to enterprise financial management system of coordination and harmonization will help to avoid financial decisionmaking and the implementation of the conflict between the work of various departments to improve efficiency，will help managers plan to achieve its valueadded EVA。 EVA at the same time to provide the capital market39。 To EVAbased performance evaluation system clearly showed that only operators of the enterprise valueadded EVA， but also increase the value of the wealth of business owners in order to gain rewards， and more valueadded EVA， operating ine and more high。 EVA will be the interests of shareholders and managers are closely linked to performance， to avoid the owner and operator of the bargain between， to overe the profits of operators behavior whitewash。s total capital and increase the total value of 800 million，and in fact is the same MVA of；only when the investment profit rate is higher than the cost of capital，that is，NPV greater than zero，MVA was increased， the operator can be a better performance。Because panies can easily increase the value of additional capital investment by continuously achieved。 Specifically：MVA = market value of panies － in the interests of corporate capital and debt capital。 EVA and MVA (Market Value Added， the market value of incremental) link so it can encourage managers to choose those who will create a higher value of investment projects。 (3) Even if the operator does not exist in order to achieve some kind of accounting information