经济增加值计算方法在KM公司的应用研究
发布时间：2018-10-30 16:41
【摘要】：KM公司股东大会决定从2011年开始采用价值管理体系,但由于该公司原来使用的评价指标净资产收益率不能直接满足这一要求,而经济增加值(Economic Value Added,EVA)指标反映的正是公司的价值增量,所以KM公司的业绩评价指标也转变为EVA。而KM公司管理者和财务人员发现对于EVA的计算,文献中主要是计算框架,应用时需要解决一系列具体的问题,如：KM公司EVA的计算范围是什么?在KM公司中如何处理金融活动和非经常性损益对公司税后净经营性利润的影响?总资本中经营资产和非经营资产怎么区分?根据KM公司目前的发展状况、市场地位和战略目标,重点会计调整项目是什么?如何确定KM公司本期计算EVA时的调整项目?计算EVA的逻辑步骤运用到KM公司中去具体过程是什么?本文通过运用2011年财务报表数据及其他资料,计算KM公司2011年的EVA并解决在KM公司应用EVA计算方法过程中遇到的问题,以便KM公司以后各年计算EVA时使用。 本文在计算KM公司2011年的EVA过程中,总结出将计算EVA的逻辑步骤运用到KM公司中去的具体流程：步骤一、了解EVA的经济含义及其计算公式；步骤二界定本公司EVA的计算范围,并进行数据准备工作；步骤三、运用调整项目筛选表筛选KM公司应进行的会计调整项目；步骤四、调整并计算调整金额；步骤五、选取并估测公司资本成本；步骤六、计算结果并评估。 在步骤二中,KM公司计算EVA主要是考核经营活动对KM公司价值的影响,因此本公司EVA的计算范围包括医药产品的生产、经营和批发销售等主营业务。所以在进行会计调整的过程中,调整税后净经营性利润时,需要将金融活动(如长期借款等)和非经常性损益(如营业外收支等)的影响从利润中剔除；在调整总资本时,需要将非经营性资产(如无息流动负债等)剔除。 在步骤三中,根据会计调整的原因(会计信息存在扭曲和失真),以及我国企业会计准则(如对商誉和存货的规定)和KM公司2011年的实际情况(如科目是否有发生额),通过运用调整项目筛选表筛选出KM公司2011年计算EVA时需要进行的会计调整,共有11项,分别是：利息费用、汇兑损益、营业外收支、所得税费用、战略性投资、无息流动负债、其他非经营性资产、研究费用、市场开拓费用、各种资产减值准备、递延税款。同时,KM近几年都处在业务的发展期,不断开拓新的产品市场和地域市场,因此战略性投资和市场开拓费用、研究费用是重点应该调整的项目。 如果KM公司以后用本文提出的计算方法来计算EVA,那么在具体操作中,步骤一了解EVA、步骤二中的界定EVA计算范围(医药产品的生产、经营和批发销售等主营业务)、步骤三中的了解常见的重点调整项目以及各项目的调整方法(附录2)都可以用计算2011年EVA时的结果,不必再重复工作,这些步骤得出的结果在近几年公司业务无大改变的情况下是可以通用的。所以本文的结论能够为KM公司及同行业、同类型公司计算EVA时借鉴所用。
[Abstract]:KM Company's shareholders' general meeting decided to adopt the value management system since 2011, but because the net asset rate of return of the evaluation index originally used by the company cannot meet this requirement directly, and the economic value added (EVA) index reflects the company's value increment. So KM company's performance evaluation index also changed to EVA. KM Company managers and financial personnel find that for EVA calculation, the literature mainly refers to the calculation framework, and the application needs to solve a series of specific problems, such as: what is the calculation scope of KM company EVA? How to deal with the impact of financial activities and non-recurring profit and loss on net operating profit after tax in KM? What is the distinction between operating assets and non-operating assets in total capital? According to KM Company's current development status, market position and strategic objective, what is the key accounting adjustment project? How to determine the adjustment items when KM Company calculates EVA during the current period? What is the logical step of calculating EVA to go to KM? Based on the data of 2011 financial statement and other materials, this paper calculates the EVA of KM Company in 2011 and solves the problems encountered in the application of EVA calculation method in KM Company, so as to use the EVA in every year after KM Company. In this paper, based on the calculation of the EVA process of KM Company in 2011, this paper summarizes the following concrete steps: step 1, understanding EVA's economic meaning and its calculation formula; step 2, defining the calculation range of EVA, and preparing data. working; step 3, screening the accounting adjustment items to be carried out by KM companies by using the adjustment project screening table; step 4, adjusting and calculating the adjustment amount; step 5, selecting and estimating the capital cost of the company; and step 6, calculating the calculation results and In Step II, KM Company calculates EVA mainly affects KM Company's value. Therefore, EVA's calculation scope includes the production, operation and wholesale sales of medical products. In the process of accounting adjustment, after adjusting the net operating profit after tax adjustment, it is necessary to eliminate the effects of financial activities (such as long-term borrowing, etc.) and non-recurring profit and loss (such as non-operating income and expenditure, etc.) from profit; in adjustment In the case of total capital, non-operating assets (such as negative flow) need to be negative Elimination of debt, etc. In step 3, according to the reasons of accounting adjustment (accounting information is distorted and distorted), as well as the accounting standards of China (such as the provisions on goodwill and inventory) and the actual situation of KM Company in 2011 (e.g., Section Whether there is any amount), the accounting adjustment required to be carried out when KM Company calculates EVA in 2011 is selected by using the adjustment project filter table. There are 11 items, respectively: interest expense, exchange gain/ loss, non-operating income and expenditure, income tax expense, strategic investment, financial and financial flow liabilities. Other non-operating assets, research expenses, market development expenses, various assets reduction At the same time, KM has been in the development period of the business in recent years, and continuously develops new product market and regional market. Therefore, the research cost is heavy. The items to be adjusted should be adjusted. If KM Company uses the calculation method proposed in this paper to calculate EVA, then in the specific operation, Step I understand EVA, and Step Two defines EVA calculation range (production and operation of medical products). Main businesses such as wholesale and sales), the familiar key adjustment items in step 3, and the adjustment methods for various purposes (Appendix 2) can be used to calculate the results of the 2011 EVA and do not need to repeat the work. The results obtained in these steps have no major changes in the company's business in recent years It can be used universally, so the conclusion can be KM company and same industry, same type of public.
【学位授予单位】：华南理工大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275.2
本文编号：2300565
[Abstract]:KM Company's shareholders' general meeting decided to adopt the value management system since 2011, but because the net asset rate of return of the evaluation index originally used by the company cannot meet this requirement directly, and the economic value added (EVA) index reflects the company's value increment. So KM company's performance evaluation index also changed to EVA. KM Company managers and financial personnel find that for EVA calculation, the literature mainly refers to the calculation framework, and the application needs to solve a series of specific problems, such as: what is the calculation scope of KM company EVA? How to deal with the impact of financial activities and non-recurring profit and loss on net operating profit after tax in KM? What is the distinction between operating assets and non-operating assets in total capital? According to KM Company's current development status, market position and strategic objective, what is the key accounting adjustment project? How to determine the adjustment items when KM Company calculates EVA during the current period? What is the logical step of calculating EVA to go to KM? Based on the data of 2011 financial statement and other materials, this paper calculates the EVA of KM Company in 2011 and solves the problems encountered in the application of EVA calculation method in KM Company, so as to use the EVA in every year after KM Company. In this paper, based on the calculation of the EVA process of KM Company in 2011, this paper summarizes the following concrete steps: step 1, understanding EVA's economic meaning and its calculation formula; step 2, defining the calculation range of EVA, and preparing data. working; step 3, screening the accounting adjustment items to be carried out by KM companies by using the adjustment project screening table; step 4, adjusting and calculating the adjustment amount; step 5, selecting and estimating the capital cost of the company; and step 6, calculating the calculation results and In Step II, KM Company calculates EVA mainly affects KM Company's value. Therefore, EVA's calculation scope includes the production, operation and wholesale sales of medical products. In the process of accounting adjustment, after adjusting the net operating profit after tax adjustment, it is necessary to eliminate the effects of financial activities (such as long-term borrowing, etc.) and non-recurring profit and loss (such as non-operating income and expenditure, etc.) from profit; in adjustment In the case of total capital, non-operating assets (such as negative flow) need to be negative Elimination of debt, etc. In step 3, according to the reasons of accounting adjustment (accounting information is distorted and distorted), as well as the accounting standards of China (such as the provisions on goodwill and inventory) and the actual situation of KM Company in 2011 (e.g., Section Whether there is any amount), the accounting adjustment required to be carried out when KM Company calculates EVA in 2011 is selected by using the adjustment project filter table. There are 11 items, respectively: interest expense, exchange gain/ loss, non-operating income and expenditure, income tax expense, strategic investment, financial and financial flow liabilities. Other non-operating assets, research expenses, market development expenses, various assets reduction At the same time, KM has been in the development period of the business in recent years, and continuously develops new product market and regional market. Therefore, the research cost is heavy. The items to be adjusted should be adjusted. If KM Company uses the calculation method proposed in this paper to calculate EVA, then in the specific operation, Step I understand EVA, and Step Two defines EVA calculation range (production and operation of medical products). Main businesses such as wholesale and sales), the familiar key adjustment items in step 3, and the adjustment methods for various purposes (Appendix 2) can be used to calculate the results of the 2011 EVA and do not need to repeat the work. The results obtained in these steps have no major changes in the company's business in recent years It can be used universally, so the conclusion can be KM company and same industry, same type of public.
【学位授予单位】：华南理工大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275.2
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