基于EVA财务管理体系构建

【Abstract】wWw.shuoshilunwen.com The theory of EVA was founded by the consulting firm of Stern Stewart Co. in the 1980s.The traditional evaluation methods based on accounting profit, didn’t consider the equity capital. In fact, neither debt capital nor equity capital can be used by enterprises for free. EVA, which considers the cost of equity capital, surmounts this defect. AI Ehrbar, the senior editor of Fortune magazine, said:“EVA is a real revolution of modern company management”,“EVA is not just a high-quality performance indicator, but also a comprehensive financial management framework and a mechani of managers’compensation incentives. It could affect the staff’s decision-making from the board of directors to the low-level workers. EVA can change a company’s culture and has improved the internal working environment of the organization for everyone. EVA will bring the managers more wealth for both the shareholders and themselves.”This paper starts with the basic theory of EVA, and then introduces a comprehensive framework of the EVA financial management system from four aspects: EVA financial decision-making system, EVA performance evaluation system, EVA compensation management system and EVA risk control system. EVA financial decision-making system includes three sub-systems: EVA investment system, financing system and dividend distribution decision-making system. In the part of performance evaluation system, the author firstly analyses the limitations of traditional performance evaluation methods, and then suggests the application of the combination of EVA and Balanced Scorecard. For compensation management system, the EVA bonus plan and EVA-based virtual stock options plan are introduced. Finally the EVA risk control system is brought into the whole system considering the companies’risk control needs. In this paper, the application of EVA is introduced almost in all aspects of financial management, and a complete financial management system based on the index of EVA is constructed.After introducing the EVA financial management system, the author introduces a succesul case of EVA and then further discusses some issues of the EVA financial management system application in our country. Finally the author puts forward some suggestions of the EVA financial management system in our country’s companies in detail, hoping it will do more good to the construction of the EVA financial management system of our country’s enterprises.