论新经济时代eva的效用性

EVA(200433),,,,(EVA),EVA(EVA)(FGV),,,2080,,,(EP)(EVA)(MVA)(SVA)(BSC)EVAEVA,,,,EVAEVA,EVA1.EVA,,,,,,(,110,20%,40%),,,,EVA,,,10,80%90%EVA,20%50%EVA2.EVA91200314©1995-2004TsinghuaTongfangOpticalDiscCo.,Ltd.Allrightsreserved.,,,,EVA,EVA,,A,INT19961999A,A35%1:1996199719981999181214012327206483962218564651239017501182726255524497473491602498411218754020124324511380481213268294010001596-1595-4016-13161-20840-88%-29%-40%-32%,,A,472%,,5,,A4EVA40%,200044%2:199619971998199917501182726255524497473491602498411541074352974881937802399598665664821430329134EVA6396336126722579735%45%39%40%02200314©1995-2004TsinghuaTongfangOpticalDiscCo.,Ltd.Allrightsreserved.,EVA,3.EVA,EVA,:=+(EVA)=+EVA/+()=(COV)+(FGV)EVAEVAEVA,,(COV)EVA,(FGV)FGV,FGV,:(1)(2)(3)FGVCOVFGV(1)EVAEVAEVAEVA,A,40%1998,AOL24%,CISCO30%,44%,59%EVA,.(2000),,,,EVAPETERKEEN20003,,,,,80%EVA(2),,EVA,,,KEVINKELLY(1999):,,,20060,1998,REALNETWORKS230%,AOL,99%,CISCO62%,35%,ORACLE34%,,430%,,11%12200314©1995-2004TsinghuaTongfangOpticalDiscCo.,Ltd.Allrightsreserved.(3),,,,,,AMAZON,,,,,(4),,,,EVAKENNETHBAKER19999:,,,,,,,,FGV-EVA,,,,EVAAI.,.2001EVA..2001.:()..1998.21..1997...1999...2000.EVA.,11.2000..45,.2000.EVA:.,4.1998.7..M.BromwichandM.Walkert,1998.Residualincomepastandfuture.ManagementAccountingResearch.9ChristopherD.Lttern,DavidF.Larcker.1998.InnovationsinPerformanceMeasurement:TrendsandResearchImolica2tions.UniversityofPennsylvania,JMAR,10JohnOHanlonandKenPeasnell,1998.WallStreetscontributiontomanagementaccounting:theSternStewartEVAfi2nancialmanagementsystem,9AI.EbrbarandBennettStewart,SternStewartCo.TheEVArevolutionPhilipRennie.1999.HowEVAiscalculated,BRWFridayAustralia,11RobertT.Kleiman.1999.SomeNewEvidenceonEVACompaniesMichaelC.Jensen,WilliamH.Meckling.1999.SpecificKnowledgeandDivisionalPerformanceMeasurementJoelM.Stern,JohnS.Shiely,IrwinRoss.2001.TheEVAChallenge:ImplementingValued-AddedChangeinanOrga2nization©1995-2004TsinghuaTongfangOpticalDiscCo.,Ltd.Allrightsreserved.