EVA价值管理体系及在我国商业银行的应用

发布时间：2018-01-13 08:23

本文关键词：EVA价值管理体系及在我国商业银行的应用　出处：《华中科技大学》2012年博士论文　论文类型：学位论文

【摘要】：加入WTO的五年过渡期之后,外资银行全面进入国内拓展业务,国内商业银行之间竞争日趋激烈；经过2008年以来的全球金融危机,国内外银行业的监管要求进一步提高。在内外多重压力之下,进一步提高自身的综合竞争力和经营绩效,是我国商业银行面临的一个迫切而重要的课题。在这一背景下,我国商业银行推行经济增加值(EVA)价值管理体系也具有强烈的现实意义。这是因为EVA不仅是商业银行衡量企业价值和经营绩效的最佳标准,也是增进银行组织效率的一个关键因素,更是建立以价值创造为核心的经营战略的必要组成部分。本文首先完整介绍了EVA价值管理体系的定义、结构及对其的评价。EVA的概念是Stern-Stewart管理咨询公司在20世纪80年代首先提出的,随后的学者对EVA的原始定义进行了多方面的修订,并在西方企业的经营管理中广为应用。EVA价值管理体系包括“4M”功能,也即评价指标,管理体系,激励制度和理念体系。相较于传统会计指标,EVA价值管理体系的优点表现在：能够真实反映企业经营绩效,有利于统一企业的决策目标,更注重企业的可持续发展,能够用于企业内部的绩效评价,能促进企业价值的提高和市场价值的提升。缺点则表现在规模差异、区域差异、财务取向、短期倾向、外部影响等方面。 EVA在国外商业银行的应用经验可为我国提供启示。本文对国际银行业对EVA的研究概况、应用背景和方法做了梳理。国际经验表明,实施EVA管理体系不仅能帮助银行建立健全现代企业制度,更能促进实现股东价值最大化经营目标和有效适应市场竞争、促进持续健康发展。重点分析了富国银行应用EVA的实施效果,从应用EVA进行人力资本管理、并购绩效管理、企业价值管理等方面,为我国商业银行提供了借鉴。最后总结了EVA在国外成功应用的因素,包括公平、竞争、有序、完备的市场体系,制度分散的股权结构辅之以完善的公司内部治理结构,以及掌握EVA理论和各类高素质的人才等。进入新世纪以来,我国多家商业银行对EVA已经有了初步的应用,实践发现我国银行业应用EVA既有有利条件也存在多方面的障碍。在从理论上和现实上分别论证我国商业银行有引入EVA管理的必要性的基础上,分析了我国银行引入EVA的条件：银行经营目标从规模扩张演变为价值最大化是重要的理念基础,我国银行应用EVA在一系列主客观有利因素的同时,还存在证券市场弱势有效、公司治理结构不适应市场经济要求、银行实务界人士对EVA的认识不足、缺乏高素质的管理人才等方面的障碍。最后总结了中国建设银行、深发展、招商银行、兴业银行、浙商银行等国内商业银行对EVA的应用现状,并重点分析了建设银行的案例,分析了我国商业银行应用EVA体系的进展和不足。针对传统EVA测算模型的局限本文进行了调整和改进,提出一种风险调整的EVA测算模型。对传统EVA测算模型的调整,主要体现在税后净营业利润(NOPAT)和资本成本(C)两方面。风险调整的EVA测算模型所使用的折现率能反映企业投资风险的变化,从而更准确的反映企业的真实价值。研究表明这一风险调整的模型,有助于反映银行在各部门、各业务间的风险分配情况,以更有效的平衡银行收益和风险的匹配,实现股东收益最大化。本文基于我国上市银行的实际数据对EVA指标进行了实证测算。首先以宁波银行的数据为例,详细演示了模型中的会计调整项和计算过程,并分析了EVA值与MVA、RORAC、传统会计指标(如ROA. ROE、EPS、NPR等)的相关性。结果表明,EVA与各传统会计指标的相关性不一致,与MVA、RORAC则呈高度相关性,围绕EVA形成的一套完整的评价体系能更好的解释企业市场价值。然后,对我国10家上市银行应用EVA测算模型进行了实证分析。结果表明各家上市银行的EVA值和其它各项盈利指标整体呈上涨趋势,这说明我国的银行业整体经营水平明显提高,管理水平、盈利能力、成本控制都得到了优化。比较发现股份商业银行的经营和盈利状况、为股东创造价值的能力明显优于国有控股银行,这可归因于风险控制水平、盈利稳定性和管理激励机制等原因。 EVA最重要的应用之一就是商业银行的绩效管理。通过分部门、分条线的EVA测算,可精确计量、科学配置商业银行的经济资本,从而引导所属机构和部门尽可能发展风险回报率高的业务,以实现全行EVA的最大化。在论证EVA与经济资本配置关系的基础上,还以国内某大型商业银行为例,分析了EVA在该行信贷业务的绩效考核体系中的具体应用,发现基于EVA的绩效管理对于客户收益的评价考虑了风险与收益的匹配关系,使得银行对不同业务条线和产品的收益考核有了更为统一的标准,对商业银行的经营管理带来深刻变革。最后通过建模探讨了经济价值增加(EVA)与市场价值创造(MVA)之间的内在关系,总结了企业通过EVA来改进市值管理的内在机制,从理论上论证EVA的增加是如何提升市场价值的。并针对我国上市商业银行,对如何通过增加EVA而改进市值管理效率提出建议：一是优化融资结构降低资本成本,二是参考EVA来优化经济资本分配的结构,三是重点发展能带来未来增长价值(FGV)的业务,四是建立基于EVA的绩效考核机制,五是倡导和形成关注EVA和市值管理的企业文化。
[Abstract]:After five years of the transition period of accession to WTO, foreign banks entered the domestic business, the competition between domestic commercial banks is becoming increasingly fierce; since 2008 after the global financial crisis, domestic and international banking regulatory requirements further improved. Under the multiple internal and external pressure, and further improve their comprehensive competitiveness and business performance, is a an urgent and important issue faced by Chinese commercial banks. In this context, China's commercial banks to carry out economic value added (EVA) value management system also has a strong practical significance. This is because the EVA is not only the best commercial banks to measure corporate value and performance standards, is also a key factor in enhancing bank the organization efficiency, is necessary to establish the value creation as the core business strategy.
This paper first introduces the complete definition of EVA value management system, evaluation of structure and the concept of.EVA is the management consulting firm Stern-Stewart first proposed in 1980s, the original definition of subsequent scholars on the EVA was revised in many aspects, including the "4M" function in the management of western enterprises widely used in.EVA the value management system, namely the evaluation index, management system, incentive system and ideal system. Compared with the traditional accounting index, the advantages of EVA value management system in business performance can reflect the enterprise objective decision in favor of unified enterprise, pay more attention to the sustainable development of enterprises, can be used for the performance evaluation of the enterprise, can promote the improvement of the enterprise value and the market value of the lifting. The shortcoming is reflected in the differences in scale, regional differences, financial orientation, short-term tendency, external influence and so on.
EVA can provide inspiration for China's experience in the application of foreign commercial banks. The research situation of the international banking industry on the EVA, application background and methods to do a comb. International experience shows that the implementation of EVA management system can not only help the banks to establish and improve the modern enterprise system, it can promote the realization of shareholder value maximization and effective business objectives to adapt to market competition, promote the sustained and healthy development. Focus on the analysis of the effect of wells application of EVA, human capital management from the application of EVA, performance management, enterprise value management, and provides a reference for China's commercial banks. Finally summed up the factors of successful application of EVA in foreign countries, including fair and orderly competition. A complete market system, system of ownership structure, decentralized complemented by improve the internal corporate governance structure, and the master EVA theory and all kinds of high-quality personnel.
Since entering the new century, China's commercial banks of EVA was applied in practice found that China's banking application EVA has both favorable conditions and also there are many obstacles. In the foundation from the theory and reality of China's commercial banks have to demonstrate the necessity of introducing EVA management on the analysis the Bank of China into EVA conditions: business objectives from the expansion of the scale of the evolution of value maximization is the basic concept of important application perspective in China EVA bank, in a series of favorable factors and at the same time, there are still the stock market weak efficiency, corporate governance structure does not meet the requirements of the market economy, lack of understanding of the banking practitioners EVA, the lack of high-quality management personnel and other obstacles. Finally summed up the Construction Bank, Chinese deep development, China Merchants Bank, industrial bank, Zhejiang bank and other domestic commercial banks with the status of the EVA should be, And the case of the Construction Bank is analyzed, and the progress and deficiency of the application of EVA system for commercial banks in China are analyzed.
In view of the limitations of this traditional calculation model of EVA has been adjusted and improved, the proposed model EVA estimates a risk adjusted. The traditional calculation model of EVA adjustment is mainly reflected in the net operating profit after tax (NOPAT) and the cost of capital (C) two. Using the EVA calculation model of the risk adjusted discount rate changes to reflect the enterprise investment risk, to more accurately reflect the true value of the enterprise. The study shows that the risk adjusted model helps to reflect the bank in various departments, the allocation of risk among the various businesses, benefit and risk, close to balance the bank more effectively, realize the maximization of shareholder returns.
In this paper, the actual data of China's Listed Banks Based on empirical estimates of the EVA index. The first to the Bank of Ningbo's data as an example, a detailed presentation of the model in the accounting adjustments and calculation process, and analyzes the value of EVA and MVA, RORAC, traditional accounting indexes (such as ROA. ROE, EPS, NPR) correlation. The results show that the correlation between EVA and the traditional accounting index is not consistent, and MVA, RORAC are highly correlated, around a complete set of evaluation system of EVA formation can better explain the market value of the enterprise. Then, the application of EVA in China's 10 listed banks calculate model is analyzed. The results show that the the EVA value of listed banks and other indicators of profitability overall upward trend, indicating the overall management level of China's banking industry increased significantly, the level of management, profitability, cost control have been optimized. Compared to the shares of commercial banks In terms of business and profitability, the ability to create value for shareholders is significantly better than that of state-controlled banks, which can be attributed to risk control level, profitability stability and management incentive mechanism.
Performance management is one of the most important applications of EVA in commercial banks. Through the division, calculation of EVA line, accurate measurement, scientific allocation of commercial bank economic capital, so as to guide the institutions and departments as soon as possible the development of risk high return business, to achieve the maximization of the whole line. Based on EVA EVA demonstrated the relationship between capital allocation and the economy, but also to a large domestic commercial bank as an example, analyzes the application of EVA in the bank credit business performance appraisal system, found that the performance management of EVA is considered, the relationship between risk and return for the evaluation of customer profitability based on different business lines to make bank and benefit assessment with a more unified standard, has brought profound changes in the management of commercial banks.
Finally, through the discussion on the modeling of economic value added (EVA) to create and market value (MVA) relationship, summarizes the enterprise through the EVA to improve the internal mechanism of market management, increase the demonstration of EVA in theory is how to enhance the market value. According to China's listed commercial banks, to the increase of EVA and some suggestions to improve the market value management efficiency: one is to optimize the financing structure to reduce the cost of capital, the two is the structure of reference EVA to optimize the allocation of economic capital, the three is the focus of development will bring future growth value (FGV) business, four is to establish the performance appraisal system based on EVA, the five is to promote and form on EVA and market management the corporate culture.

【学位授予单位】：华中科技大学
【学位级别】：博士
【学位授予年份】：2012
【分类号】：F830.42;F224

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