本文選題：EVA + 財(cái)務(wù)分析　； 參考：《西華大學(xué)》2014年碩士論文

【摘要】：EVA即經(jīng)濟(jì)增加值。其理論源于諾貝爾獎(jiǎng)經(jīng)濟(jì)學(xué)家默頓.米勒和弗蘭科.莫迪利亞尼《關(guān)于公司價(jià)值的經(jīng)濟(jì)模型》。從最基本的意義上講，經(jīng)濟(jì)增加值是公司業(yè)績(jī)度量指標(biāo)，從現(xiàn)有的EVA理論著手，結(jié)合傳統(tǒng)的杜邦分析體系構(gòu)建一個(gè)權(quán)益EVA率為核心的財(cái)務(wù)分析體系。一方面可以打破傳統(tǒng)杜邦分析體系以權(quán)益凈利潤(rùn)為核心的局限性，建立基于EVA的新財(cái)務(wù)體系并證明這一體系的有效性；另一方面EVA與企業(yè)價(jià)值最大化有著天然的聯(lián)系，提高EVA與實(shí)現(xiàn)企業(yè)價(jià)值最大化目標(biāo)一致。因此通過(guò)理論分析與實(shí)證研究，構(gòu)建一個(gè)能夠真實(shí)反映股東投入資本的價(jià)值創(chuàng)造能力、有效分析企業(yè)財(cái)務(wù)狀況和經(jīng)營(yíng)成果的財(cái)務(wù)綜合評(píng)價(jià)體系。而且也能為經(jīng)營(yíng)活動(dòng)、財(cái)務(wù)情況的管理提供強(qiáng)有力的支持。傳統(tǒng)的杜邦分析體系面對(duì)新經(jīng)濟(jì)時(shí)代已有諸多不足，EVA應(yīng)運(yùn)而生，而且EVA又可以通過(guò)凈利潤(rùn)調(diào)整得到，如此可以把傳統(tǒng)的杜邦分析體系中的凈利潤(rùn)指標(biāo)換成EVA，構(gòu)建新的體系。把傳統(tǒng)杜邦分析體系中的凈利潤(rùn)指標(biāo)換成EVA在分析財(cái)務(wù)狀況和經(jīng)營(yíng)成果上更具有邏輯性。實(shí)現(xiàn)了投入與回報(bào)相匹配能夠切實(shí)反映投資回報(bào)率。在新的體系中，在邏輯上總資本EVA率，總資本是調(diào)整之后的資本總額，除去了經(jīng)營(yíng)負(fù)債，這和EVA匹配，恰當(dāng)反映投入與回報(bào)的關(guān)系， 另外，在財(cái)務(wù)杠桿問(wèn)題上，調(diào)整后的總資本除去了經(jīng)營(yíng)負(fù)債，經(jīng)營(yíng)負(fù)債不存在資本成本便不產(chǎn)生杠桿效應(yīng)，更能反映財(cái)務(wù)狀況為企業(yè)融資決策提供依據(jù)。基于EVA的財(cái)務(wù)體系，有助于財(cái)務(wù)激勵(lì)制度的建設(shè)。EVA財(cái)務(wù)體系以價(jià)值理念為導(dǎo)向，運(yùn)用于管理層，，經(jīng)營(yíng)者將會(huì)站在股東的角度思考和經(jīng)營(yíng)管理，這樣經(jīng)營(yíng)者與股東的目標(biāo)根本一致，有效減輕股東與經(jīng)營(yíng)者的矛盾，降低代理成本。EVA指標(biāo)是一個(gè)絕對(duì)值，可以運(yùn)用于每一個(gè)業(yè)務(wù)單元，用于衡量這一業(yè)務(wù)單元是否增加股東價(jià)值。在一個(gè)業(yè)務(wù)單元的業(yè)績(jī)?cè)u(píng)價(jià)中，傳統(tǒng)財(cái)務(wù)體系的利潤(rùn)水平或投資回收率指標(biāo)，因?yàn)闆](méi)有把全部的成本都考慮進(jìn)去，即使是不斷增長(zhǎng)的利潤(rùn)也有可能會(huì)侵蝕股東價(jià)值。EVA財(cái)務(wù)體系不僅可以從戰(zhàn)略上分析出影響企業(yè)價(jià)值創(chuàng)造的驅(qū)動(dòng)因素，又可以經(jīng)過(guò)層層分解，在戰(zhàn)術(shù)上深入到企業(yè)經(jīng)營(yíng)的每個(gè)層次中，為企業(yè)資產(chǎn)管理，融資手段的選擇，資本結(jié)構(gòu)的決策等提供有效的幫助，最終實(shí)現(xiàn)股東價(jià)值最大化這一目標(biāo)。經(jīng)過(guò)理論分析之后，最后通過(guò)實(shí)證研究證明基于EVA基礎(chǔ)的杜邦分析體系的有效性。本文著重是應(yīng)用投影尋蹤模型結(jié)合免疫遺傳算法證明EVA財(cái)務(wù)體系的有效性。
[Abstract]:EVA is economic added value.Its theory originates from the Nobel Prize economist Merton.Hans Muller and Franco.Modigliani. Economic Model on Corporate value.In the most basic sense, economic added value is a measure of corporate performance. Starting from the existing EVA theory and combining with the traditional DuPont analysis system, a financial analysis system with equity EVA rate as the core is constructed.On the one hand, it can break the limitation of traditional DuPont analysis system, which takes equity net profit as the core, establish a new financial system based on EVA and prove the effectiveness of this system; on the other hand, EVA has a natural relationship with the maximization of enterprise value.Improving EVA is consistent with the goal of maximizing enterprise value.Therefore, through theoretical analysis and empirical research, we construct a comprehensive financial evaluation system which can truly reflect the value creation ability of shareholders' investment capital, and effectively analyze the financial situation and operating results of enterprises.But also for the management of business activities, financial situation to provide strong support.The traditional DuPont analysis system has many disadvantages in the new economic era, and EVA can be obtained by net profit adjustment. Thus, the net profit index in the traditional DuPont analysis system can be replaced by EVA, and a new system can be constructed.It is more logical to replace the net profit index in the traditional DuPont analysis system with EVA in the analysis of financial situation and operating results.The matching of investment and return can reflect the return on investment.In the new system, the logical total capital EVA ratio, total capital is the adjusted total capital, excluding the operating liabilities, which matches the EVA, and appropriately reflects the relationship between input and return.In addition, on the issue of financial leverage, the adjusted total capital removes the operating liabilities, and the operating liabilities do not have the leverage effect without the capital cost, which can better reflect the financial situation for enterprises to provide the basis for financing decisions.The financial system based on EVA is helpful to the construction of financial incentive system.In this way, the objectives of the operator and the shareholder are basically the same, effectively reducing the contradiction between the shareholders and the operator, and reducing the agency cost. EVA index is an absolute value, which can be applied to every business unit.Used to measure whether this business unit adds shareholder value.In the performance evaluation of a business unit, the traditional financial system has a profit level or an investment recovery indicator because the full cost is not taken into account,Even growing profits may erode shareholder value. Eva financial system can not only strategically analyze the driving factors that affect the value creation of enterprises, but also decompose through layers.It provides effective help for asset management, choice of financing means, and decision of capital structure in every level of enterprise management, and finally realizes the goal of maximizing shareholder value.After theoretical analysis, the effectiveness of DuPont analysis system based on EVA is proved by empirical research.This paper focuses on applying projection pursuit model and immune genetic algorithm to prove the validity of EVA financial system.
【學(xué)位授予單位】：西華大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2014
【分類號(hào)】：F406.7;F416.6

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