经济增加值在上市公司绩效评价中的应用-以L公司为例(硕士)(论文36000字)
中文摘要
从2007年美国次贷危机引起的全球性金融市场震荡到2017年初我国政府实施的一系列房地产调控政策，近十年来，国内房地产市场跌宕起伏。我国的房地产业是一个周期性强、受政策影响大的行业，房地产市场经历的种种变化已经让各房地产企业深刻地认识到了市场的不确定性，而且随着我国资本市场的迅速发展，房地产企业与资本市场的联动关系进一步放大了市场的不确定性风险。从房利美、房地美引发的美国次贷危机到国内房地产行业政策性调控对企业带来的巨大影响，众多经验教训使得政府、企业、消费者、股民等各方面对准确客观评估房地产公司的企业价值提出了更高要求。
传统财务指标在对企业内在价值进行评价时，仅考虑到债务资本成本而忽略了权益资本成本，难以反映出企业真实的经营状况和创造价值的能力，而且将传统财务指标作为对企业的评价标准容易导致企业片面追求规模和利润扩张，忽略利润的质量。经济增加值评价指标引入了权益资本成本的概念，在评价企业价值创造时，将净利润中的权益资本成本扣除，扣除后的剩余价值才是企业为股东创造的价值增值部分。利用这一价值评估方法对房地产企业进行绩效评价，有助于企业保值增值实现价值最大化，同时也能为政府监管、企业并购、消费者决策及上市公司股份持有者提供真实、准确的运营数据。
企业绩效评价的概念是在采用数理统计和运筹学理论的基础上，建立特定的指标体系，按照统一的标准和流程，通过定量分析、定性分析方法对被评价对象一定周期内的经营业绩进行公正、合理、科学、客观、综合的评价。企业绩效评价一般将企业法人作为被评价主体，评价指标侧重点通常包括保值增值能力、资产规模与结构、负债规模与结构、经营增长能力等方面，通过选取能够反映上述方面内容的定量、定性指标进行评价，将各指标的评价结果与相同行业、相同规模企业的平均水平进行比较，从而得出对被评价主体客观、公正的评价结论。传统的绩效评价方法包括关键绩效指标、360度考评、杜邦分析法等都仅对某些传统财务指标做出考核要求，比如净利润、净资产收益率、每股收益等，随着财务理论与实践的发展，追求股东价值最大化逐渐成为了企业的终极目标，这也就相应地要求以经济增加值指标作为衡量企业价值的标准，所以，从20世纪以来，可口可乐、西门子、通用、索尼等国际知名企业都采用经济增加值作为绩效考核指标，与此同时，在2010年国务院国有资产监督管理委员会发布的《中央企业负责人经营业绩考核暂行办法》中也提出，要求央企全面推行经济增加值为基础的绩效考核。由此可见，以经济增加值为基础的绩效考核方法经过国内外先进经验的检验，在真实反映企业价值、实现企业保值增值方面有广泛的借鉴意义。
经济增加值指从税后净营业利润中扣除包括股权和债务的全部投入资本成本后的所得。经济增加值的关键理念是：当投资回报与机会成本之差大于0时，企业才真正处于盈利状态，此时的企业才真正在为股东创造价值。由此得出的计算公式为：
EVA=税后净经营利润（NOPAT）-企业的投入资本（CE）×加权平均资本成本（WACC）
从上面的公式既能得知，为了获得EVA值，需首先确定三个指标，即利润、资本总额、加权平均资本，但在实际操作中，这三个指标不能从财务报表中直接获得，而要通过对财务报表中一系列数据进行相应调整，消除权责发生制下的会计报表与经济增加值理念上的差异，才能最终得到所需数据。为了得到真实准确的经济增加值数据，理论上需对160多项指标进行调整，但在实际操作中，为了适应工作实际达到简单易行的目的，我国仅对6-10个项目进行调整，调整的项目主要包括四种类型：影响非经营业务盈亏、影响会计稳健性原则、可导致盈余变化、弥补指标设计缺陷。
L公司是一家以房地产开发为主业的A股上市跨国企业，在2016年实现房地产主业合同销售金额2550亿元，稳居行业前列。目前，L公司实行“总部-事业部-城市公司”的三级管理模式，集团总部对分支机构的管控模式偏战略型管控，季度和年度考核指标为传统的财务指标，包括预销售金额、预销售面积、销售利润、施工面积、竣工面积等。根据这一绩效评价思路得出，L公司2014年至2016年的经营状况主要为：投资收益方面，在2014-2016年间呈逐年上升趋势，2014-2016年的投资收益分别为19.20亿元、44.73亿元和59.77亿元；利润总额和净利润方面，在2014年实现利润总额92.71亿元，实现净利润54.01亿元；2015年，实现利润总额105.75亿元，实现净利润73.85亿元；2016年，实现利润总额144.40亿元，实现净利润93.97亿元，即三年间实现净利润73.98%的增长。但基于上述经济增加值评价思想的种种优势，依据2014年-2016年L公司对外公布的财务报告数据对这三年的经济增加值进行测试。在对L公司进行的经济增加值绩效评价测试中，选择对利息支出、在建工程与工程物资、营业外收支、无息流动负债（包括应付账款、预付款项、应付票据、应交税费、应付利息、其他应付款、其他流动负债、专项应付款等）、商誉、递延税款、会计准备（包括固定资产减值准备、无形资产减值准备、坏账准备、存货跌价准备等）共7项进行调整。通过EVA指标的计算结果得出，L公司2014-2016年的EVA值分别为-124.51亿元、-146.17亿元、-174.58亿元，一直为负数且呈逐年下降趋势。由此可见，虽然L公司实现的营业利润增长率上升显著、业务规模不断扩大，但是由于L公司的资本占用比例过大，资本成本增加， EVA指标一直呈现为负值且逐年下降，企业为股东创造的价值增值持续下降，真实经营状况存在极大问题。
EVA绩效评价体系在国外经过三十多年的推广和实践已经积累丰富的经验，从2010年开始，我国也由国资委主导开始在所有中央企业范围内开展EVA绩效评价，至此也已进行了近七年的实践经验，纵使到目前为止我们有很多的经验可供借鉴，但在实践过程中仍会发现，EVA绩效评价依然存在较多的问题，如：指标过于单一；过于依赖财务数据，财务信息失真对EVA绩效评价的结果影响巨大；EVA的计算方法容易导致企业存在抑制增长的倾向；EVA绩效评价与企业发展战略、薪酬激励制度的统一性较差。
针对以上四个问题，我们在构建EVA绩效评价体系时，需要建立相应的保障机制：第一，树立以 EVA 为核心的经营理念；第二，建立健全绩效考核和配套激励制度；第三，对绩效评价指标进行科学合理地分解；第四，提高绩效评价执行团队的能力水平；第五，构建配套的激励约束机制；第六，构建后续的能力提升体系。
关键词：经济增加值 绩效评价 上市公司 房地产企业
Abstract
From the global financial market volatilities caused by the US subprime mortgage crisis in 2007 to a series of real estate control policies implemented by the Chinese government in early 2017, the domestic real estate market has experienced ups and downs in the past decade. China's real estate industry is a strong cyclical branch and is also strongly affected by policies.With different changes happened in the real estate market, the real estate companies already have a profound understanding of the uncertainty of the market, and with the rapid development of China's capital markets, the linkage of real estate companies with the capital market has further magnified the risk of uncertainty in the market. From subprime mortgage crisis in the United Stated caused by Fannie Mae and Freddie to the influences on the domestic real estate industry by the political regulatory control, these lots of experiences and lessons make the government, enterprises, consumers, investors and all other objectives have higher requirements to make an accurate assessment of real estate.
Traditional financial indicators, which only consider the cost of debt capital,but ignore the cost of equity capital in the evaluation of the intrinsic value of the enterprise, can hardly reflect the real business conditions and the capacity to create value of an enterprise. On the other hand, to take the traditional financial indicators as a business evaluation criterion can easily lead an enterpriseonly to pursuit of scale and profit expansion, ignoring the quality of profits. The indicator evaluation of economic value added (EVA) introduces the concept of equity capital cost, in other words, when we are evaluating the value creation of an enterprise, the cost of equity capital in the net profit will be deducted and only the surplus value obtained through this adjustment can truly reflect the value-added ability of the enterprise. To evaluate the performance of real estate enterprises by this means is helpful to realize the value maximization and can also provide real and accurate operational data for government regulation, mergers and acquisitions, consumer decision-making and investors.
Enterprise performance evaluation is referred as the comprehensive appraisal for the operating efficiency and performance of management staff by method of an indicator system analyzed qualitatively and quantitatively in a certain period of time with mathematical statistics and operational research principles in accordance with certain processes,the basic characteristics of which is that the corporate legal person is regarded as a evaluation object and the evaluation content focuses on value-added ability to maintain,asset scale and structure,liabilities scale and structure,business growth, etc., so that all the quantitative and qualitative indicators, which can reflect the above mentionedcontent, are used as the factors for the evaluation and eachindicator will be compared with the same industry and above the average level in the branch, in order to obtain a fair and objective evaluation result for an enterprise. Traditional performance appraisal methods including key performance indicators, 360 degrees evaluation, DuPont analysis, etc. only give assessment requirements for some traditional financial indicators, such as net profit, return on net assets, earnings per share, etc. With the development of the financial theories and practice, the ultimate target of an enterprise has gradually become the pursuit of maximization of shareholder value, which accordingly gives the requirement that the economic value added indicators should be the criteria to measure of corporate value.Therefore, ever since the 20th century, famous international corporations such as Coca-Cola, Siemens, General Motors, Sony, etc. have used the value-added indicators as their performance indicators. In the meantime, in 2010, the "Interim Measures for the Assessment of Business Performance of Central Enterprises Leading Personnel" issued by SASAC also proposed that central government-owned enterprises should also implement the performance evaluation based on economic value added. Therefore, the performance appraisal method based on economic value added has been tested by advanced experience both at home and abroad and has extensive referential significance in terms of truly reflecting the value of the enterprise and realizing the value preservation and increment of the enterprise.
The economic value added refers to the profit after deduction of all the invested capital including equity and debt from the net operating profit after tax. The core concept of economic value added is: When the difference between the return on investment and the opportunity cost is greater than 0, the enterprise is truly in a profitable state. Only at this moment is the enterprise really creating value for the shareholders. The resulting formula is:
EVA = net after-tax operating profit (NOPAT) - invested capital (CE) × weighted average cost of capital (WACC)
From the above formula, we can see that we must first define the three indicators in the calculation of EVA, namely, profit, total capital, and weighted average capital. However, in actual operation, these three indicators cannot be directly obtained from the financial reports, but a series of data in the financial statements should be adjusted accordingly to eliminate the difference between the accounting statements and the concept of economic value added under the system of accruals, so as to finally obtain the required data. In order to obtain real and accurate economic value added data, more than 160 indicators need to be adjusted in the theory, but in actual operation, in order to meet the actual needs to work simply and easily, in China only 6-10 points are adjusted mainly including four types: the profit and loss of the non-operating business affective, the soundness of accounting principles affective,able to lead to changes in earnings, to make up for the design flaws in the indicators.
L Company is a multinational corporation listed on the A-share market with real estate development as the main business. In 2016, the contract sales amount of its main real estate business reached 255 billion yuan, ranking the first in the branch. At present, Company L has implemented the three-level management mode of "headquarters-business division-city company", the headquarter mainly gives mainly strategic control for the subsidiaries and the quarterly and annual assessment indicators are taken as the traditional financial indicators including the pre-sales amount, pre-sales area, sales profit, construction area, completed area and so on. According to this performance evaluation, L company's business performance from 2014 to 2016 is mainly as follows: In terms of investment income, it has been increasing year by year in 2014-2016, with investment income of RMB1,192 million and 4,473 million and 5,977 million respectively; In terms of total profit and net profit, total profit was 9.271 billion yuan in 2014, with a net profit of 5.401 billion yuan,in 2015, the company achieved a total profit of 10.575 billion yuan and a net profit of 7.385 billion yuan whilein 2016 , a total profit of 14.44 billion yuan, a net profit of 9.397 billion yuan, that is, three years 73.98% growth in net profit. However, based on the advantages of economic value added, when the financial reports released by L Company in 2014-2016 are tested, namely we chose to make 7 adjustments as follows: interest expense, construction in progress and construction materials, non-operating income and expenses, interest-free current liabilities (including accounts payable, prepayments, notes payable, tax payable fees, interest payable, other payables, other current liabilities, special payables, etc.), goodwill, deferred tax, accounting provisions (including fixed assets impairment, impairment of intangible assets, provision for bad debts, provision for decline in value of inventories, etc.), according to the calculation result of EVA indicators, the EVA values of L Company in 2014-2016 are respectively -12.451 billion yuan, -14.617 billion yuan and -17.458 billion yuan, which has been negative and declining year by year. Thus, although the L company achieved significant growth in operating profit growth and the business was continually expanding, but because L company's capital ratio is too large and the cost of capital increased, the EVA indicator has been showing a negative and declined year by year and the value created by the corporate for shareholders is continually declining and the real operating conditions have big problems.
After 30 years of promotion and practicein foreign countries, EVA performance evaluation system has accumulated rich experience.From 2010 onwards and led by the SASAC, China also began to carry out EVA performance evaluation in all central enterprises.However, even though so far we have a lot of experience to learn from, but in the process of practice will still find that EVA performance evaluation have many problems, such as: indicators are too single; too dependent on financial data; financial Information distortion has a great impact on the results of EVA performance evaluation; EVA's calculation method tends to lead to the tendency of enterprises to restrain growth; the unification of EVA performance evaluation and enterprise development strategy and compensation incentive system is poor.
For the above four issues, we need to establish a corresponding guarantee mechanism in the construction of EVA performance evaluation system: Firstly, to establish a business philosophy with EVA as the core; Secondly, to establish and improve the performance appraisal and supporting incentive system; Thirdly, to decompose the performance evaluation indicatorsreasonably; Fourthly, to improve the competence of the implementation team for the performance evaluation; Fifthly, to build a supporting incentive and restraint mechanism; Sixthly, to build a follow-up capacity enhancing system.
KEYWORDS：economic value added；performance evaluation；Quoted company； real estate
目录
第一章 绪论 10
1.1 研究背景 10
1.2 研究目的 11
1.3 文献综述 11
1.3.1 概念界定 11
1.3.2 国外研究综述 13
1.3.3 国内研究综述 14
1.4 研究内容及方法 15
1.4.1 研究内容 15
1.4.2 研究方法 16
1.5 研究创新 16
第二章 传统绩效评价体系分析 17
2.1 企业绩效评价的概念 17
2.2 企业绩效评价的理论框架 17
2.3 传统绩效评价方法 18
2.3.1 非财务评价方法 18
2.3.2 财务评价方法 20
第三章 L公司绩效评价体系现状 22
3.1 公司简介 22
3.2 绩效评价体系现状 22
3.3 现行体系中存在的问题 25
第四章 L公司引入EVA评价方法的具体操作 27
4.1 EVA绩效评价体系基本思想及原则 27
4.1.1 构建EVA绩效评价体系的目的 27
4.1.2 构建EVA绩效评价体系的思想 27
4.1.3 构建EVA绩效评价体系的原则 27
4.2 引入EVA指标的评价测试 28
4.2.1 传统财务指标分析 28
4.2.2 EVA指标分析 39
4.3 引入EVA绩效评价的具体内容 44
4.3.1 评价目标 44
4.3.2 评价对象 44
4.3.3 评价指标 44
4.3.4 评价标准 45
4.3.5 评级方法 45
4.3.6 分析报告 46
4.4 考核过程中的注意事项 47
4.5 保障机制 49
第五章 结论与展望 50
参考文献 53 |
