试析国资委经济增加值

现代企业财务管理正逐步转向价值创造和以价值最大化为基本目标。2010年初,国资委发布的《中央企业负责人经营业绩考核暂行办法》用经济增加值（EVA）指标取代了传统的净资产收益率（ROE）指标。经济增加值是价值总量指标,借助经济增加值的计算结果可以直接判断企业是否在为股东创造财富。在实际计算经济增加值时需要对利润和资本等项目进行调整。经济增加值考核指标有助于引导企业更加关注价值创造,提高企业可持续发展的能力。但是经济增加值考核指标仍然存在问题：行政规定的资本成本率影响经济增加值的准确性、可比性,影响企业对于项目风险的态度;经济增加值指标可能不利于鼓励企业进行长期投资;依然存在企业管理者利用各种盈余管理手段调节利润增加经济增加值的问题。

Analysis of Economic Value Added

The financial management in modern enterprises is aiming basically at value creation and maximization.At the beginning of 2010,SASAC has released the Temporary Regulations of Performance Evaluation on the Legal Person in Central Enterprise,in which SASAC replaced the traditional ROE index with EVA,the index of the gross amount of value.The calculating result of EVA can help reach the conclusion whether enterprises make profits for shareholders or not.When calculating the EVA,we should adjust items includmg profit and capital and so on.The performance evaluation of EVA draws enterprises attention to value creation and improve enterprises＇ sustainable development.However,there are still drawbacks existing.The capital cost that government regulated has influenced the accuracy and the comparability of EVA and enterprise attitudes towards the investment risks.The index of EVA may not be beneficial to enterprises＇ long –term investment.There is still the problem that the management tries to increase the EVA by using earnings management for profit adjustment.