基于EVA的财务绩效评价研究—以上海钢联为例

论文总字数：25113字

摘 要

作为新兴行业的互联网行业近年来发展十分迅速，上海钢联为了顺应世界发展的趋势，在互联网领域可取得了不错的发展效果与前景，上海钢联以大数据为依托，逐步建成综合网络信息、上下游产业研究、智能云存储、电子商务交易平台、专家团队咨询、信息物流等，互联网商品闭环生态圈，整合供应链服务，形成以钢铁、矿石、煤炭、焦炭为主体的黑色金属、有色金属、能源化工、农产品等多元化产品的集团产业链。上海钢联提供的这些服务使它成为钢铁和商品行业信息和电子商务增值服务互联网平台的综合服务提供商。目前，基于互联网 蓬勃发展的趋势，政府和更多的投资者开始将目光由传统线下企业转投向线上企业，互联网 把传统行业和互联网进行进行深度融合创造出新的发展模式。互联网 向我们展示了新的生产交易模式它在社会资源配置中充分发挥了把互联网的优化和集成作用，以此来全社会的创新生产发展能力，从而可以发展经济新形态，其是需要基于更广泛的以互联网为基础设施和实现工具来实现的。企业可以借助财务绩效评价有效的对企业进行评价和对其经营业绩和财务状况进行总结。在当前形势下，为了保持竞争优势，抓住发展机会，科学客观地评价财务绩效，对上海钢联企业管理者和投资者来说变得很有非常重要。由于权益资本成本被以净利润为核心的传统财务绩效评价体系所忽视，企业价值增值无法被准确反映，而 EVA评价指标在关注企业利润的同时考虑了权益资本成本，注重股东财富的增加，有效克服了传统财务评价指标的弊端。本文通过理论分析法、对比分析法、案例分析法将 EVA财务绩效评价运用于上海钢联公司，尝试证实企业运用 EVA 财务绩效评价的合理性和可行性。本文首先对国内学者在该领域的研究成果进行了介绍，然后介绍了上海钢联的财务绩效评价现状，接下来结合 EVA 财务绩效评价理论设计和计算得出上海钢联的 EVA 指标，并与其他财务指标进行对比分析，；最后在 EVA 理念、EVA 评价体系和注意方面等提出相应对策建议，用于上海钢联的 EVA 财务绩效评价和提升研究。通过研究发现，EVA 指标相对公司其他财务指标来说，能更加真实地反映公司的经营业绩，率先发现危机，预防经营风险。

关键词：EVA；上海钢联；财务绩效；

Financial Performance Evaluation of Enterprises Based on EVA: Case Study of Shanghai Steel Federation

—— Internet and EVA

Abstract

As an emerging industry, the Internet industry has developed rapidly in recent years. In order to conform to the trend of world development, Shanghai Steel Federation has achieved good development results and prospects in the Internet field. Based on big data, Shanghai Steel Federation has gradually built a comprehensive network information, upstream and downstream industry research, Intelligent Cloud storage, e-commerce trading platform, expert team consultation, information logistics. The closed-loop ecosphere of Internet commodities integrates supply chain services to form a group industrial chain of ferrous metals, non-ferrous metals, energy and chemical industry, agricultural products and other diversified products, with iron and steel, ore, coal and coke as the main body. These services provided by Shanghai Steel Federation make it an integrated service provider of information and e-commerce value-added services Internet platform for steel and commodity industries. At present, based on the trend of Internet vigorous development, the government and more investors have begun to turn their attention from the traditional offline enterprises to online businesses, and the Internet has integrated the traditional industries with the Internet to create a new development mode. Internet shows us a new mode of production and transaction. It fully exerts the function of optimization and integration of the Internet in the allocation of social resources, so as to develop the innovative production and development ability of the whole society, so as to develop the new economic form. It needs to be implemented on the basis of a wider interconnection network infrastructure and tools. Enterprises can effectively evaluate and summarize their operating performance and financial situation by means of financial performance evaluation. Under the current situation, in order to maintain competitive advantage, seize development opportunities and evaluate financial performance scientifically and objectively, it has become very important for managers and investors of Shanghai Steel Union. Because the cost of equity capital is neglected by the traditional financial performance evaluation system with net profit as the core, the value-added of enterprises can not be accurately reflected. While the EVA evaluation index pays attention to the profit of enterprises, it also considers the cost of equity capital and pays attention to the increase of shareholders"wealth, which effectively overcomes the drawbacks of the traditional financial evaluation index. Through theoretical analysis, comparative analysis and case analysis, this paper applies EVA financial performance evaluation to Shanghai Iron and Steel Co., Ltd. and tries to prove the rationality and feasibility of applying EVA financial performance evaluation to enterprises. Firstly, this paper introduces the research results of domestic scholars in this field, then introduces the current situation of financial performance evaluation of Shanghai Steel Federation, then designs and calculates the EVA indicators of Shanghai Steel Federation based on the theory of EVA financial performance evaluation, and compares them with other financial indicators. Finally, it puts forward corresponding countermeasures in the aspects of EVA concept, EVA evaluation system and attention. The proposal is applied to the evaluation and promotion of EVA financial performance of Shanghai Steel Federation. Through the research, it is found that EVA indicators can more truly reflect the company"s operating performance than other financial indicators, take the lead in finding crises and preventing operational risks.

Key words: EVA; Shanghai Steel Federation; Financial Performance;

目 录

摘 要 I

Abstract II

第一章 绪 论 1

1.1 研究背景 1

1.2 研究意义 1

1.3 研究内容 1

1.4 研究方法 2

1.5 研究框架 2

第二章 文献综述 3

2.1 EVA的原理及其计算方法 3

2.2研究方法 3

2.3 EVA和传统绩效评价分析的比较 3

2.4 EVA的应用 3

2.5 EVA与互联网企业 4

第三章 EVA的基本概念及调整方法 5

3.1 EVA的基本概念 5

3.2 EVA 的计算方法与会计调整原因 5

3.2.1 EVA 的计算方法 5

3.2.2 对EVA 进行会计调整的原因 6

3.3 EVA 评价指标计算中对会计要素的调整 6

3.4 其他企业绩效评价体系概述 7

第四章 上海钢联基本情况及财务绩效评价 9

4.1 上海钢联基本情况 9

4.1.1 上海钢联简介 9

4.1.2 上海钢联财务状况 9

4.2 其他财务绩效评价方法——以上海钢联为例 11

4.2.1 其他财务绩效评价体系与分析 11

第五章 基于EVA的上海钢联财务绩效分析 13

5.1 上海钢联公司 2014-2017 年 EVA 指标调整 13

5.2 计算税后净营业利润 13

5.3 计算资本总额 13

5.4 计算加权平均资本成本率 14

5.5 计算 EVA 指标 17

5.5 净利润与EVA值对比 18

第六章 基于EVA的上海钢联公司财务绩效评价的对策与建议 19

6.1 在公司内全面贯彻 EVA 理念 19

6.2 构建以 EVA 为落脚点的财务绩效评价体系 19

6.3 企业在运用EVA评价方法时需要注意的方面 19

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