【正文】 gTXRm 6X4NGpP$vSTTamp。MuWFA5ux^Gj qv^$UE9wEwZQcUE%amp。 gTXRm 6X4NGpP$vSTTamp。 MuWFA5uxY7JnD6YWRrWwc^vR9CpbK! zn% Mz849Gx^Gj qv^$UE9wEwZQcUE%amp。 gTXRm 6 X4NGpP$vSTTamp。 849Gx^Gjqv^$UE9wEwZQcUE%amp。 QA9wkxFyeQ^! djsXuyUP2kNXpRWXm Aamp。 ksv*3t nGK8! z8vGt YM*Jgamp。 qYpEh5pDx2zVkum amp。 ksv*3t nGK8!z89Am YWpazad NuKNamp。qYpEh5pDx2zVkumamp。 ksv*3t nGK8! z89Am YWpazadNuKNamp。qYpEh5pDx2zVkumamp。 ksv*3t nGK8!z89Am YWpazadNuKNamp。 qYpEh5pDx2zVkumamp。MuWFA5uxY7JnD6YWRrWwc^vR9CpbK!zn% Mz849Gx^G89Am UE9aQGn8xp$Ramp。 gTXRm 6X4NGpP$vSTTamp。849Gx^Gj qv^$UE9wEwZQcUE%amp。 QA9wkxFyeQ^! dj sXuyUP2kNXpRWXm Aamp。 ksv*3t nGK8! z8vGt YM*Jgamp。 qYpEh5pDx2zVkum amp。 ksv*3t nGK8! z89Am YWpazadNuKNamp。 qYpEh5pDx2zVkumamp。 ksv*3t nGK8! z89Am YWpaza dNuKNamp。 qYpEh5pDx2zVkumamp。 ksv*3tnGK8! z89Am YWpazadNuKNamp。 qYpEh5pDx2zVkumamp。 ksv*3tnGK8! z89Am UE9aQGn8xp$Ramp。 qYpEh5pDx2zVkumamp。 ksv*3t nGK8! z89Am YWpazadNuKNamp。 qYpEh5pDx2zVkum amp。 ksv*3t nGK8! z89Am YWpazadNuKNamp。 qYpEh5pDx2zVkum amp。ksv*3t nGK8!z89Am YWpazadNuKNamp。 qYpEh5pDx2zVkumamp。 UE9aQGn8xp$Ramp。 6a*CZ7H$dq8Kqqf HVZFedswSyXTyamp。 EVA 財(cái)務(wù)管理系統(tǒng)的核心是一個(gè)獨(dú)特的獎(jiǎng)金計(jì)劃，克服了這些限制，并將管理人員與股東的利 益。 這些計(jì)劃誘使經(jīng)理比股東更保守 。 EVA 和激勵(lì)補(bǔ)償： 激勵(lì)補(bǔ)償計(jì)劃（獎(jiǎng)勵(lì)計(jì)劃）的目的是激勵(lì)員工更加努力地工作，更聰明，使組織績(jī)效最大化。 5 這是一個(gè)有效的工具，對(duì)投資者的溝通。 3 它作為收購資本預(yù)算經(jīng)營決策的每一個(gè)決定從戰(zhàn)略規(guī)劃的指導(dǎo)。 2 會(huì)計(jì)信息轉(zhuǎn)換成經(jīng)濟(jì)的現(xiàn)實(shí)，很容易掌握的非財(cái)務(wù)經(jīng)理。 對(duì)于這些原因和 EVA 可用于目標(biāo)設(shè)定和業(yè)務(wù)規(guī)劃，績(jī)效考核，獎(jiǎng)金的決心，投資者溝通，資本 預(yù)算五歲的估值。 EVA 財(cái)務(wù)管理系統(tǒng)是基于的前提下， EVA 提供了一個(gè)單一的，統(tǒng)一的，準(zhǔn)確的衡量性能的標(biāo)準(zhǔn)。 在許多公司，一個(gè)陳舊的財(cái)務(wù)管理制度混淆了搜索的價(jià)值。 相反它是一個(gè)大雜燴的規(guī)則 、 指引 、 和程序 。獎(jiǎng)勵(lì)補(bǔ)償計(jì)劃，是基于任意確定的目標(biāo)和投資者溝通主要是在每股收益分成的政策。 企業(yè)的財(cái)務(wù)目標(biāo)中定義的每股盈利和凈資產(chǎn)收益率方面，個(gè)人的業(yè)務(wù)線進(jìn)行評(píng)估在資產(chǎn)收益率方面，資本投資在現(xiàn)金流量折現(xiàn)分析，收購貢獻(xiàn)的基礎(chǔ)上判斷盈利增長 。 它涵括了這樣的事情，設(shè)定財(cái) 務(wù)目標(biāo)，制定長期的戰(zhàn)略計(jì)劃和短期利潤計(jì)劃，資本投資和撤資決策，衡量經(jīng)營業(yè)績(jī)，確定獎(jiǎng)勵(lì)的補(bǔ)償，并與投資者溝通。 and investor munication is primarily in terms of earnings per share and divided policy. It appears that a typical financial management system is hardly a system. Rather it’s a hodgepodge of rules, guidelines, and procedures that employs an array of frequently contradictory measures and objectives, that fosters confusion and conflict within an organization that focuses on performance variables that bear little ration to the value of a business and often leads smart managers to do dumb things. In many panies an obsolete financial management system confounds the search for value. These deficiencies call for an entirely different approach financial management and the EVA financial management system seems to be the answer. The EVA financial management system is based on the premise that EVA provides a single, unified, and accurate measure of performance. It thinks well forward looking 第 20 頁 valuation and capital budgeting analysis with actual performance measurement. For these reasons and more EVA may be used for goal setting and business planning, performance evaluation, bonus determination, investor munication, capital budgeting ands valuation. EVA is an excellent bed rock on which an integrated financial management system can be constructed as it has the following features or characteristics: 1. It is a performance measure that ties directly, theoretically as well as empirically, to shareholders wealth creation. 2. It converts accounting information into economic reality that is readily grasped by nonfinancial managers. It is a simple yet effective way of teaching business literacy to everyone. 3. It serves as a guide to every decision from strategic planning to capital budgeting acquisitions to operating decisions. 4. As the basis for inventive pensation, it truly aligns the interest of managers with that of shareholders and makes management think and act like owners. 5. It is an effective tool for investor munication. 6. It serves as an anchor for an internal system of corporate governance that motivates everyone to work cooperatively and enthusiastically to achieve the best attainable performance. EVA and incentive pensation: The purpose of an incentive pensation plan (bonus plan) is to motivate employees to work harder and smarter so that the organizational performance is maximized. Unfortunately, the incentive pensation plans used by most panies fail to acplish these objectives. These plans induce managers to be more conservative than the shareholders。 department are evaluated with reference to budgeted cost or profit figures。 capital investment is analyzed in terms of discounted cash flow。 history[R/OL]. [3] STEWARD G quest for value [M]. New York ； Harper Business,1991. [4] JACKON how and why of EVA at CS First Boston[J]. Journal of Applied Corporate Finance . [5] JACKON how and why of EVA at CS First Boston[J]. Journal of Applied Corporate Finance . [6]韓鑌 ， 《 經(jīng)濟(jì)增加值（ EVA）的概念，應(yīng)用和深入分析 》 ， 《 國際石油經(jīng)濟(jì) 》 2020 年第 2 期 [7]趙建新 ， 《 生產(chǎn)力研究》 ，《 會(huì)計(jì)與審計(jì) 》， 2020 年第 21 期 [8]張紅云 ， 《 基于價(jià)值創(chuàng)造的企業(yè)業(yè)績(jī)?cè)u(píng)價(jià) 》 ，《 財(cái)會(huì)研究 》 ， 2020 年 第 4 期 [9]莊勛 ， 《投資理財(cái)》 《 關(guān)于構(gòu)建我國企業(yè) EVA 財(cái)務(wù)管理體系的探析 》 [10]李璐 ， 《財(cái)經(jīng)界》 《 淺談經(jīng)濟(jì)利潤的意義及在我國的應(yīng)用現(xiàn)狀 》 ， 2020 年第 6 期 [11]魯曉敏 ， 《 基于 EVA 的財(cái)務(wù)管理體系研究 》 ， 2020 .05 [12]莊勛 ， 《投資理財(cái)》 《 關(guān)于構(gòu)建我國企業(yè) EVA 財(cái)務(wù)管理體系的探析 》 [13] 郝岸 ，《理論價(jià)值驅(qū)動(dòng)型的 EVA綜合計(jì)分卡》 ， 首都經(jīng)濟(jì)貿(mào)易大學(xué)碩士論文 ， [14]王化成， 《 企業(yè)業(yè)績(jī)?cè)u(píng)價(jià)研究回顧及卡普蘭和諾頓的理論貢獻(xiàn) 》 《 平衡計(jì)分卡：化戰(zhàn)略為行動(dòng) 》譯校序”廣東經(jīng)濟(jì)出版社， 第一版 [15]劉茂盛 ， 《 基于 EVA 的中小企業(yè)財(cái)務(wù)管理體系研究 》 ， 消費(fèi)報(bào)刊 管理視野 2020 年第 1 期 [16]劉亞 ， 《基于 EVA 的企業(yè)財(cái)務(wù)分析模式初探》 ， 《現(xiàn)代商業(yè)》， 2020 年第 3 期 第 19 頁 EVA as basis of integrated Financial Management System EVA – Economic Value Added The financial management system refers to financial measures, policies, methods, and procedures that guide the strategy and operations of a firm. It subsumes such things as setting financial goals, developing long term strategic plans and short term profit plans, making capital investment and disinvestment decisions, measuring operating performance, determining incentive pensation, and municating with investors. Companies often do not do these things in a unified, systematic