企业经济
企業經濟
기업경제
Enterprise Economy
2013年
9期
181~184
,共null页
经济附加值 国有企业 价值评估
經濟附加值 國有企業 價值評估
경제부가치 국유기업 개치평고
economic value added; state-owned enterprises; value evaluation
国有企业引入EVA进行企业价值评估，既是对宏观政策导向的一种积极响应，也是企业提升自我认知能力、全面实施价值管理的必要手段，是保持企业经营目标与股东价值最大化目标一致的有效途径。在对比分析以EVA与ROE为核心的评估体系的关键差异基础上，从EVA评估、财务评估和非财务评估三个方面设计了包含评议指标10项和指标因子36项的国有企业价值评估指标体系，结合信息熵和物元分析计量方法构建了企业价值评估模型，运用于某大型国有企业，并分析该模型的普适性和局限性。
國有企業引入EVA進行企業價值評估，既是對宏觀政策導嚮的一種積極響應，也是企業提升自我認知能力、全麵實施價值管理的必要手段，是保持企業經營目標與股東價值最大化目標一緻的有效途徑。在對比分析以EVA與ROE為覈心的評估體繫的關鍵差異基礎上，從EVA評估、財務評估和非財務評估三箇方麵設計瞭包含評議指標10項和指標因子36項的國有企業價值評估指標體繫，結閤信息熵和物元分析計量方法構建瞭企業價值評估模型，運用于某大型國有企業，併分析該模型的普適性和跼限性。
국유기업인입EVA진행기업개치평고，기시대굉관정책도향적일충적겁향응，야시기업제승자아인지능력、전면실시개치관리적필요수단，시보지기업경영목표여고동개치최대화목표일치적유효도경。재대비분석이EVA여ROE위핵심적평고체계적관건차이기출상，종EVA평고、재무평고화비재무평고삼개방면설계료포함평의지표10항화지표인자36항적국유기업개치평고지표체계，결합신식적화물원분석계량방법구건료기업개치평고모형，운용우모대형국유기업，병분석해모형적보괄성화국한성。
State -owned enterprises＇ introducing EVA into business valuation is not only a positive response to macro policy, but also a necessary means of the improvement of self- awareness and the implement of total value management, which benefits the consistency between management goal and stockholder wealth maximization target. Based on the analysis of key differences between EVA focus assessment and ROE focus assessment, this paper designs state - owned enterprises valuation index system including 36 index factors divided into 10 categories from EVA, financial and non - financial aspects. In addition, a business valuation model is developed hy measurement of information entropy and matter - element analysis and its universalities and limitations are concluded.
