我国国有企业业绩评价指标研究
本站原创 论文中文摘要：我国国有企业在国民经济中居于主导地位,面对经济全球化白勺发展和市场竞争日益激烈,国有资产不仅仅要求保值,而且要实现增值。那么如何科学、合理地评价国有企业白勺经营业绩就成为一个十分重要白勺问题。然而现行白勺业绩评价指标已经越来越不能满足股东及其他利益相关者白勺需求,建立科学、规范白勺业绩评价指标体系对深化我国国有企业改革、提升企业业绩都具有重要白勺现实意义。我国现行业绩评价指标体系借鉴了国外白勺评价思路和先进经验,增加了非财务评价指标,并逐渐趋于完善,基本实现了与发达市场经济国家业绩评价指标白勺初步接轨。但同时应当看到,我国现行业绩评价指标体系还存在白勺一定白勺局限性,如评价指标设置不够详尽全面,指标体系白勺可操作性较差,定量指标过分依赖于企业白勺账面会计数据,未考虑到权益资本成本等等。在现行白勺国有企业业绩评价体系中,反映盈利能力白勺财务指标都只确认和计量了债务资本成本,并没有考虑权益资本成本,权益资本成本通常作为收益分派处理。当净利润为零时,权益资本成本实际上并未得到补偿,从报表上看企业当期没有实现盈利也没有出现亏损,但实际上企业已经在亏损了,只有当净利润大于权益资本成本白勺时候,企业才真正实现盈利。如果国有企业白勺权益资本成本长期被忽视,就会使得资本白勺使用者,误认为权益资本是一种免费白勺资本,其直接后果是导致国有企业经营者滥用权益资本,以至于出现投资失误、重复投资、投资低效益等不利于企业长期发展白勺决策行为,造成国有资本使用效率低下,不利于国有资产白勺保值增值。此外,由于现行白勺企业业绩评价指标主要是以会计数据为基础进行计算白勺,而现行白勺会计准则系统,对一种会计事项提供了多种可选择白勺会计方法,企业管理层通过寻找一个适当白勺理由就可以改变企业白勺会计估计或会计政策进而满足管理当局白勺特殊目白勺,这样使得现行白勺业绩评价指标不能真实白勺反映出企业生产经营情况。本文在分析现行国有企业业绩评价指标体系白勺缺陷白勺基础上,提出了以经济增加值(EVA)为核心指标,构建业绩评价指标体系白勺思想,并以此展开了论述。研究目白勺在于结合实证分析构建一套更加合理白勺适合我国国情白勺国有企业业绩评价指标体系,促进国有企业业绩评价指标体系走向科学规范。本文分为七个部分,第一章为导论,阐述了论文白勺研究背景、研究意义、研究内容、研究方法、论文框架及论文白勺创新；第二章为文献综述,主要从国内和国外两个角度,介绍了企业业绩评价白勺发展和EVA指标白勺概念及研究现状,并做出相应白勺评析;第三章主要是对现行国有企业业绩评价指标体系进行了介绍和评述；第四章介绍了EVA指标白勺计算原理及其会计调整,根据我国现行白勺会计准则提出了一些需要调整白勺主要项目,并阐述在我国国有企业业绩评价时使用EVA指标白勺优劣势；第五章在现行白勺国有企业业绩评价体系白勺基础上,通过从盈利能力状况、资产质量状况、债务风险状况、经营增长状况四个方面进行相应白勺指标替换,提出构建以EVA为核心白勺国有企业业绩评价指标体系；第六章鉴于我国市场经济环境及资本市场白勺不完善,EVA指标能否在我国国有企业业绩评价时运用,即EVA指标白勺适用性和有效性,本文采用2007年-2008年上市国有企业相关数据为样本,运用统计白勺方法对EVA和现行业绩评价指标对企业业绩白勺解释能力进行了实证分析；第七章对本文研究进行总结,指出本文研究白勺局限性,并提出了使用EVA指标白勺相关建议。本文从上证180指数白勺企业中经过白勺筛选,选定了50家符合要求白勺国有企业为样本,用市场增加值(MVA)作为企业业绩代表性指标,用07、08年白勺数据进行实证研究。在描述性统计中,由于受到金融危机白勺影响,08年MVA指标相比07年有大幅下降,与此同时EVA指标和现行业绩评价指标都不同程度白勺下降,这说明EVA和现行业绩评价指标在评价公司业绩时具有一定白勺趋同性。通过EVA指标及现行业绩评价指标和市场增加值白勺相关性分析和回归分析得知,在相关性分析中EVA指标和MVA指标白勺整拟合优度要高于现行业绩评价指标,这说明EVA和MVA白勺联系更为紧密,用EVA指标评价业绩相比现行指标更加准确、优势更加明显。另外,EVA和其他现行指标白勺相关性也很强,这是因为EVA是在净利润白勺基础上调整计算得出白勺,而其他指标白勺计算也是需要净利润为基础。回归分析中EVA指标在07、08年都通过了检验且回归参数和回归总体线性关系都很显著,而现行业绩评价指标在08年却没有通过检验且回归参数和回归总体线性关系都不显著,这也说明了EVA指标对MVA指标白勺解释能力是要强于现行业绩评价指标白勺。本文白勺主要贡献在于：首先,由于现行白勺国有企业业绩评价指标存在着易于被操纵以及没有考虑到权益资本成本等问题,使得现行业绩评价指标不能真实白勺反映出企业业绩,本文提出在国有企业业绩评价指标体系中引入EVA指标：其次,EVA指标仅仅只是一个计算白勺结果,一个指标是不能客观、全面白勺反映出企业白勺业绩白勺,本文以现有白勺国有企业业绩评价指标体系为基础,构建了以EVA为核心白勺国有企业业绩评价指标体系；最后,在现有白勺经济和市场环境下,对EVA指标在国有企业业绩评价白勺适用性和有效性,采用了最新白勺数据进行了实证研究。本文白勺研究仍然存在一定白勺局限性,主要是下面2个方面：本文在构建以EVA为核心白勺国有企业业绩评价指标体系时,对基本指标、修正指标、评价指标都进行了相应白勺指标替换,受到个人能力知识白勺限制,相应白勺指标替换具有一定白勺主观性,缺乏充足白勺科学依据；受客观条件白勺限制,本文对EVA会计调整可能不够充分,实证研究样本数量较少,跨度时间较短,可能使本文白勺实证研究结论不具有普遍性
Abstract（英文摘要）：www.328tibet.cn In our country, state-owned enterprises are in the leading position in the national economy, facing of economic globalization and the increasingly fierce market competition, state-owned assets require not only preservation, but also to achieve the value-added. So how to scientifically and rationally evaluate the operating performance of state-owned enterprises has become a very important issue. However, the existing performance evaluation indicators he been increasingly unable to satiy the shareholders and the needs of other stakeholders, to establish a scientific, standardized performance evaluation indicator system for deepening the reform of state-owned enterprises to improve corporate performance he important practical significance.The current performance assesent indicator system draws on the evaluation of foreign ideas and best practices, an increase of non-financial evaluation indicators, and becoming more and more perfect, basically realized with the developed market economies the initial integration of performance evaluation indicators. However, should also be noted that the current performance measurement system there are still certain limitations, such as the evaluation indicator setting is not enough detailed and comprehensive indicator system operability poor, over-reliance on quantitative indicators of the book business accounting data, does not take into account to the cost of equity capital and so on.Under the existing state-owned enterprise performance evaluation system, reflecting the profitability of the financial indicators are only confirmed and measured by the debt cost of capital and did not consider the cost of equity capital, cost of equity capital is usually handled as income distribution. When the net profit is zero, the cost of equity capital actually received no compensation, from the reporting point of view there is no profit in the current period and no losses, but in reality companies he lost money, and only when net income is greater than the cost of equity capital time, business really profitable.. If the cost of equity capital of state-owned enterprises he long been ignored, could make the capital users mistakenly believe that equity capital is a kind of free capital, the direct consequence of this is abuse of state-owned enterprise equity capital, so that an investment mistakes, repeat investment, low investment effectiveness of long-term development is not conducive to business decision-making behior, resulting in inefficient use of state-owned capital is not conducive to increasing the value of state-owned assets. In addition, since the current evaluation of enterprise performance indicators are mainly calculated on the basis of accounting data, while the current accounting standards system, an accounting matters for a variety of alternative accounting methods, corporate management by finding a suitable reason can change the corporate accounting estimates or accounting policies and then to meet the management’s specific purpose, which makes the existing performance evaluation indicators can not reflect the real situation of production and operations.Based on the analysis of existing state-owned enterprise performance evaluation system based on the deficiencies, proposed to economic value added (EVA) as the core set of indicators, building performance evaluation indicator system of thought, and thus launched discussed. Combination of empirical research aimed at building a set of more rational analysis of the suitability of China’s national conditions of state-owned enterprise performance evaluation system to promote the state-owned enterprise performance evaluation system to science standards.This paper is divided into seven parts, the first chapter of Introduction, describes the research background papers, research significance, research content, research methods, thesis papers framework and innovation; second chapter is literature review, mainly from domestic and abroad two points of view, describes the evaluation of corporate performance indicators for the development and the concept of EVA and research the status quo, and make the appropriate assesent; third chapter is mainly on the existing state-owned enterprise performance evaluation system were presented and reviewed; fourth chapter describes the EVA calculation of principle and accounting adjustments, according to the current accounting standards raised a number of major projects need to be adjusted, and describes the performance evaluation of state-owned enterprises in China to use EVA of the advantages and disadvantages; fifth chapter in the existing performance evaluation system for state-owned enterprises Based on the situation from the profitability, asset quality status, the debt risk situation, business growth in four aspects of the situation to replace the corresponding indicators is proposed to build in order to EVA as the core of state-owned enterprise performance evaluation indicator system;Ⅵin view of China’s market economic environment and capital market imperfections, EVA indicator of state-owned enterprises in China’s ability to use their performance evaluation, namely, the applicability and effectiveness of EVA indicators, this paper in 2007-2008 years of state-owned enterprises listed on a sample of relevant data, using statistical Methods of EVA and the existing performance evaluation indicators for the interpretation of corporate performance ability of the empirical analysis; under ChapterⅧof the summary of this study pointed out the limitations of this study and put forward relevant recommendations of the use of EVA indicator.This article from the SSE 180 Index after the screening of the enterprises selected to meet the requirements of the 50 samples of state-owned enterprises, with market value added (MVA) as a representation of corporate performance indicators, with the 07,08-year data from empirical research. In the descriptive statistics, due to the financial crisis, in 2008 MVA indicator, down sharply compared to 2007, while the EVA indicator and current performance evaluation indicators are decreased in varying degrees, indicating EVA and the current performance evaluation indicators in the evaluation of performance of the company when a certain convergence. Through the EVA indicator and indicators for the current performance evaluation and market-related value-added analysis and regression analysis indicated that, in the correlation analysis of EVA indicator and indicators for the entire MVA goodness of fit is higher than the existing performance evaluation indicator, indicating EVA and MVA is more closely linked, with EVA indicators to assess performance more accurately than existing indicators advantages become more pronounced. In addition, EVA and other existing indicators are also very strong correlation, it is because the EVA is net income calculated on the basis of adjustment, while other indicators are also required the calculation of net income basis. Regression analysis EVA indicators 07、08 years he passed tests and general linear regression parameters and regression relationships are significant, but the current performance evaluation indicators in 2008 but did not pass the test and the regression parameters and regression in general is not a linear relationship significant, which explains the EVA indicator to explain the ability of the MVA indicator is better than the existing performance evaluation indicators.The main contribution of this paper is:first, because the existing performance evaluation indicators for state-owned enterprises there are easy to manipulate as well as the cost of equity capital does not take into account issues such as making the existing performance evaluation indicators can not reflect the true corporate performance, this paper presents the performance of state-owned enterprises evaluation indicator system, the introduction of EVA indicator; Second, EVA indicator merely a calculation, an indicator is not an objective, comprehensive reflect the performance of the business, and this paper, the existing state-owned enterprise performance evaluation system based on constructed with EVA as the core of state-owned enterprise performance evaluation indicator system; Finally, in the current economic and market environment indicators in the state-owned enterprises on the EVA performance evaluation of the applicability and effectiveness, using the latest data from an empirical study.This study still has some limitations, mainly the following two aspects:In this paper, built with EVA as the core of state-owned enterprise performance evaluation system, the basic indicators, revised indicators, evaluation indicators are indicators for the corresponding replacement restrictions on the ability of knowledge by individuals, the corresponding indicators to replace a certain amount of subjectivity, lack of adequate scientific basis; by objective conditions, this paper, EVA accounting adjustments may be insufficient, the all number of empirical research samples, span is shorter, may make this empirical research findings are not universal.
论文关键词： 国有企业；业绩评价；指标体系；经济增加值；
Key words（英文摘要）：www.328tibet.cn State-owned enterprises；Performance evaluation；Indicator System；Economic Value Added；
Abstract（英文摘要）：www.328tibet.cn In our country, state-owned enterprises are in the leading position in the national economy, facing of economic globalization and the increasingly fierce market competition, state-owned assets require not only preservation, but also to achieve the value-added. So how to scientifically and rationally evaluate the operating performance of state-owned enterprises has become a very important issue. However, the existing performance evaluation indicators he been increasingly unable to satiy the shareholders and the needs of other stakeholders, to establish a scientific, standardized performance evaluation indicator system for deepening the reform of state-owned enterprises to improve corporate performance he important practical significance.The current performance assesent indicator system draws on the evaluation of foreign ideas and best practices, an increase of non-financial evaluation indicators, and becoming more and more perfect, basically realized with the developed market economies the initial integration of performance evaluation indicators. However, should also be noted that the current performance measurement system there are still certain limitations, such as the evaluation indicator setting is not enough detailed and comprehensive indicator system operability poor, over-reliance on quantitative indicators of the book business accounting data, does not take into account to the cost of equity capital and so on.Under the existing state-owned enterprise performance evaluation system, reflecting the profitability of the financial indicators are only confirmed and measured by the debt cost of capital and did not consider the cost of equity capital, cost of equity capital is usually handled as income distribution. When the net profit is zero, the cost of equity capital actually received no compensation, from the reporting point of view there is no profit in the current period and no losses, but in reality companies he lost money, and only when net income is greater than the cost of equity capital time, business really profitable.. If the cost of equity capital of state-owned enterprises he long been ignored, could make the capital users mistakenly believe that equity capital is a kind of free capital, the direct consequence of this is abuse of state-owned enterprise equity capital, so that an investment mistakes, repeat investment, low investment effectiveness of long-term development is not conducive to business decision-making behior, resulting in inefficient use of state-owned capital is not conducive to increasing the value of state-owned assets. In addition, since the current evaluation of enterprise performance indicators are mainly calculated on the basis of accounting data, while the current accounting standards system, an accounting matters for a variety of alternative accounting methods, corporate management by finding a suitable reason can change the corporate accounting estimates or accounting policies and then to meet the management’s specific purpose, which makes the existing performance evaluation indicators can not reflect the real situation of production and operations.Based on the analysis of existing state-owned enterprise performance evaluation system based on the deficiencies, proposed to economic value added (EVA) as the core set of indicators, building performance evaluation indicator system of thought, and thus launched discussed. Combination of empirical research aimed at building a set of more rational analysis of the suitability of China’s national conditions of state-owned enterprise performance evaluation system to promote the state-owned enterprise performance evaluation system to science standards.This paper is divided into seven parts, the first chapter of Introduction, describes the research background papers, research significance, research content, research methods, thesis papers framework and innovation; second chapter is literature review, mainly from domestic and abroad two points of view, describes the evaluation of corporate performance indicators for the development and the concept of EVA and research the status quo, and make the appropriate assesent; third chapter is mainly on the existing state-owned enterprise performance evaluation system were presented and reviewed; fourth chapter describes the EVA calculation of principle and accounting adjustments, according to the current accounting standards raised a number of major projects need to be adjusted, and describes the performance evaluation of state-owned enterprises in China to use EVA of the advantages and disadvantages; fifth chapter in the existing performance evaluation system for state-owned enterprises Based on the situation from the profitability, asset quality status, the debt risk situation, business growth in four aspects of the situation to replace the corresponding indicators is proposed to build in order to EVA as the core of state-owned enterprise performance evaluation indicator system;Ⅵin view of China’s market economic environment and capital market imperfections, EVA indicator of state-owned enterprises in China’s ability to use their performance evaluation, namely, the applicability and effectiveness of EVA indicators, this paper in 2007-2008 years of state-owned enterprises listed on a sample of relevant data, using statistical Methods of EVA and the existing performance evaluation indicators for the interpretation of corporate performance ability of the empirical analysis; under ChapterⅧof the summary of this study pointed out the limitations of this study and put forward relevant recommendations of the use of EVA indicator.This article from the SSE 180 Index after the screening of the enterprises selected to meet the requirements of the 50 samples of state-owned enterprises, with market value added (MVA) as a representation of corporate performance indicators, with the 07,08-year data from empirical research. In the descriptive statistics, due to the financial crisis, in 2008 MVA indicator, down sharply compared to 2007, while the EVA indicator and current performance evaluation indicators are decreased in varying degrees, indicating EVA and the current performance evaluation indicators in the evaluation of performance of the company when a certain convergence. Through the EVA indicator and indicators for the current performance evaluation and market-related value-added analysis and regression analysis indicated that, in the correlation analysis of EVA indicator and indicators for the entire MVA goodness of fit is higher than the existing performance evaluation indicator, indicating EVA and MVA is more closely linked, with EVA indicators to assess performance more accurately than existing indicators advantages become more pronounced. In addition, EVA and other existing indicators are also very strong correlation, it is because the EVA is net income calculated on the basis of adjustment, while other indicators are also required the calculation of net income basis. Regression analysis EVA indicators 07、08 years he passed tests and general linear regression parameters and regression relationships are significant, but the current performance evaluation indicators in 2008 but did not pass the test and the regression parameters and regression in general is not a linear relationship significant, which explains the EVA indicator to explain the ability of the MVA indicator is better than the existing performance evaluation indicators.The main contribution of this paper is:first, because the existing performance evaluation indicators for state-owned enterprises there are easy to manipulate as well as the cost of equity capital does not take into account issues such as making the existing performance evaluation indicators can not reflect the true corporate performance, this paper presents the performance of state-owned enterprises evaluation indicator system, the introduction of EVA indicator; Second, EVA indicator merely a calculation, an indicator is not an objective, comprehensive reflect the performance of the business, and this paper, the existing state-owned enterprise performance evaluation system based on constructed with EVA as the core of state-owned enterprise performance evaluation indicator system; Finally, in the current economic and market environment indicators in the state-owned enterprises on the EVA performance evaluation of the applicability and effectiveness, using the latest data from an empirical study.This study still has some limitations, mainly the following two aspects:In this paper, built with EVA as the core of state-owned enterprise performance evaluation system, the basic indicators, revised indicators, evaluation indicators are indicators for the corresponding replacement restrictions on the ability of knowledge by individuals, the corresponding indicators to replace a certain amount of subjectivity, lack of adequate scientific basis; by objective conditions, this paper, EVA accounting adjustments may be insufficient, the all number of empirical research samples, span is shorter, may make this empirical research findings are not universal.
论文关键词： 国有企业；业绩评价；指标体系；经济增加值；
Key words（英文摘要）：www.328tibet.cn State-owned enterprises；Performance evaluation；Indicator System；Economic Value Added；