经济增加值（EVA）业绩评价指标与其他传统的业绩评价指标相比，考虑了权益资本的使用成本，将经理层的目标与企业目标相统一，能够更加真实的反映企业经营业绩。因此，在国内越来越受到企业和各界的广泛关注。
本文首先对国外和国内的EVA研究情况进行了概括性的介绍；其次，根据EVA基本理论和我国实际情况，选取深圳证券交易所824家上市公司2010-2012年度相关财务数据，设计了一套计算模型，将824家样本上市公司2010-2012各年度的经济增加值数据计算出来；最后，按照行业、地区的不同，作了业绩评价。
关键词：经济增加值；业绩评价；上市公司
As a performance evaluation index, Economicvalue added (EVA) compared with other traditional methods, considers more ofthe cost of equity capital, ensure the objective of company in adjunction withthat of the executive management, and evaluate the operating performancebetter. Thus, it attracts a widespread concern in recent years.
This paper firstly gives a generalintroduction of EVA research by foreign and domestic scholarships. Secondly,according to the EVA theory , we choose data from 2010 to 2012 in annual reportfrom the 824 companies listed on Shenzhen Stock, and work out specific model ofEVA. After analysis, it gives the evaluation results by industry, and regionsrespectively.
Key Words: EVA，Performance evaluation，Publicly listed company
目录
1 绪论.............................................................................................................................. 1
1.1 研究背景和研究意义.......................................................................................... 1
1.1.1 研究背景................................................................................................. 1
1.1.2 研究意义................................................................................................. 1
1.2 国内外研究情况................................................................................................. 2
1.2.1 国外研究情况.......................................................................................... 2
1.2.2 国内研究情况.......................................................................................... 2
1.3 研究内容与研究方法.......................................................................................... 3
1.3.1 研究内容................................................................................................. 3
1.3.2 研究方法................................................................................................. 3
2 EVA基本理论概述......................................................................................................... 4
2.1 EVA的概念及其特点........................................................................................... 4
2.2 EVA在业绩评价中的优缺点................................................................................ 5
3 基于EVA对上市公司业绩的评价.................................................................................. 6
3.1 EVA业绩评价模型设计....................................................................................... 6
3.1.1 样本选取标准及主要数据来源.................................................................. 6
3.1.2 EVA调整原则及调整项目......................................................................... 6
3.1.3 EVA计算模型........................................................................................... 7
3.2 样本公司EVA计算............................................................................................. 8
3.2.1 主要EVA驱动因子计算........................................................................... 9
3.2.2 样本公司EVA指标计算........................................................................... 9
3.3 EVA计算模型结果分析..................................................................................... 10
3.3.1 样本公司业绩总体分析........................................................................... 10
3.3.2 各行业业绩差异性分析........................................................................... 11
3.3.3 各地区业绩差异性分析........................................................................... 12
4 对EVA业绩评价的总结.............................................................................................. 14
5 结论............................................................................................................................ 16
参考文献........................................................................................................................ 17
附录............................................................................................................................... 18
深圳证券交易所824家上市公司2010-2012年度EVA数据...................................... 18
金融机构人民币存款基准利率历史变动情况表........................................................ 34
金融机构人民币贷款基准利率历史变动情况表........................................................ 34
基于EVA对上市公司业绩的评价.doc
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