ZGDX集团公司EVA评估及其提升策略研究

发布时间：2018-04-30 02:25

本文选题：ZGDX集团公司 + 经济增加值　；参考：《广东财经大学》2017年硕士论文

【摘要】：国有企业是我国经济快速发展的中流砥柱,可以说以央企为核心的国有企业的繁荣与落败直接关乎着国家经济的兴衰成败。然而伴随着国有企业的迅猛发展,简单粗放的经营管理策略已不满足公司对价值管理的需求,企业资本使用效率低下、资本结构不合理、创新意识薄弱等缺陷暴露无遗,使用经济增加值(EVA)指标对企业业绩进行评价已经成为迫切需要。2010年1月,国资委首先对其监管的120多家国有企业实施了包含EVA指标的业绩评价体系,对国有企业经营与盈利情况进行全方位客观公允的评价,以期提高国有企业的价值创造能力。EVA价值管理体系起源于20世纪,由思腾思特公司正式提出,在我国的使用尚处于初级阶段,中国电信行业实施EVA业绩评价也只有短短几年时间,其使用情况有待考察。本文通过对ZGDX集团公司2012年-2015年会计报表中的相关财务数据进行挖掘分析,按照EVA计算要求对其会计要素进行调整,在此基础上计算出EVA值并对其做出评价。从运营收入、运营支出、资本结构、资本运营这四个因素出发,分析公司现阶段的经营与盈利情况及其对EVA的影响,并深入探究影响EVA价值实现的深层次原因。研究发现该公司在融资偏好、投资风险、治理结构、薪酬激励、企业EVA文化等方面存在着问题并对EVA的值产生负面影响。对此,本文从财务角度和非财务角度提出EVA价值提升策略,以期能够帮助ZGDX集团公司提升其经营管理水平,实现其追求长期价值增长的企业目标。
[Abstract]:State-owned enterprises are the mainstay of the rapid economic development of our country. It can be said that the prosperity and failure of state-owned enterprises with the central enterprises as the core are directly related to the success or failure of the national economy. However, with the rapid development of state-owned enterprises, the simple and extensive management strategy has not met the needs of value management, the use of capital efficiency is low, the capital structure is unreasonable, the innovation consciousness is weak and so on. It has become an urgent need to evaluate the performance of enterprises by using the economic value added index. In January 2010, SASAC first implemented a performance evaluation system including EVA indicators for more than 120 state-owned enterprises under its supervision. In order to improve the value creation ability of state-owned enterprises, EVA value management system originated in the 20th century and was formally put forward by Sittenstit Company. The use of EVA in China is still in its infancy, and the implementation of EVA performance evaluation in Chinese telecom industry is only a few years, and its application needs to be investigated. By mining and analyzing the relevant financial data in the financial statements of ZGDX Group Company from 2012 to 2015, this paper adjusts the accounting elements according to the requirements of EVA calculation, and then calculates the EVA value and evaluates it. Starting from the four factors of operating income, operating expenditure, capital structure and capital operation, this paper analyzes the current operating and profit situation of the company and its influence on EVA, and probes into the deep reasons that affect the realization of EVA value. It is found that the company has some problems in financing preference, investment risk, governance structure, salary incentive, corporate EVA culture and so on, and has a negative impact on the value of EVA. In view of this, this paper puts forward the EVA value promotion strategy from the financial and non-financial angle, in order to help the ZGDX group company to improve its management level and realize the enterprise goal of pursuing the long-term value growth.
【学位授予单位】：广东财经大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F626.115

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