论文部分内容阅读
股东将资金投入企业期望获得经济利润,而由于现代企业的所有权与经营权的分离,股东与经营者的效用函数并不一致。这就需要用一系列的指标去评价经营者是否为股东创造了财富。本文介绍了NPV、EVA和MVA作为财务指标在经营业绩评价中的作用,讨论了三者的关系,提出了将这三者联系在一起构成一个综合完整的业绩评价体系的观点。
Shareholders put their money into the enterprise expecting to obtain economic profit, and due to the separation of the ownership and management right of the modern enterprise, the utility function of the shareholder and the manager is not consistent. This requires a series of indicators to evaluate whether the managers have created wealth for the shareholders. This paper introduces the role of NPV, EVA and MVA as financial indicators in the evaluation of business performance, discusses the relationship between the three, and puts forward the view that these three are linked together to form a comprehensive and complete performance evaluation system.