市场波动下的经理人EVA激励研究

中国科学技术大学博士学位论文市场波动下的经理人EVA激励研究姓名：陈之荣申请学位级别：博士专业：管理科学与工程指导教师：赵定涛20100301EVA3economicvalueadded,EVAEVASternStewartEVAEVAEVA20092010EVAEVAEVAEVAEVAEVAEVAEVASternStewartEVAEVA)%(OEEVAYEVA−=-EVASPSS2008A1041EVAEVANPVMVASternStewartEVAEVAEVAEVAEVAEVA4AbstractAviewhasemergedgraduallyinAmericaandotherwesterndevelopedcountriessince1990s:themostimportanttaskofacompanyismakingshareholdersvalue.Accordingly,value-basedmanagermotivationwasbecomingmoreandmorepopular.Amongthese,EVA(economicvalueadded)motivationisthemostpopularone.BasedontraditionalEVAmotivationmodels,onlywhenEVAorEVAispositive,domanagersgetbonus.Attheendof2009,ChinasStateCapitalManagementCommitteeofStateDepartmentrequiredbigstate-ownedcompaniesassessperformancebasedonEVA,andlaunchedthefirstofficialdocumenttomakeEVAasassessingindicationintheworld.Accordingtothemotivationprincipleofassessingwhatyouwant,thispaperinsiststhatthebonusshouldbepaidtomanagersiftheycontributetoshareholdersvalue.Becauseoftheinfluencefromouteruncertaintyfactors,wheninthesordidcircumstances,themanagersbonusshouldbepaidiftheycutdownthelossofshareholdersvalueevenEVAorEVAisnegative,andviceversa.Accordingly,thispaperresearchesmanagerEVAmotivationbytheconsiderationofmarketfluctuation,launchesSternStewartaccountantadjustmentmethods,capitalcostcalculatingmethodsundermarketfluctuation,givesbettermentmanagerEVAmotivationmodel.Inaddition,thispaperresearchesthebettermentmodelbasedonprinciple-agenttheory,usesSPSStoanalyse1041Chineselistedcompanieseconomicdatain2008.Atlast,thepaperconcludesthatEVAreflectscorporatevalueandmanagersperformancebetterthanMVAandNPVinChina,EVAwhichconsideringmarketfluctuationassessesmanagersperformanceismoreimpersonalty,thebettermentEVAmotivationschemecombinesmanagersinterestandshareholdersbetter.KeyWords:MarketfluctuationEVAPerformanceManagersMotivationEVA5EconomicValue-addedEVAEVAEVAEVAEVAEVAEVAEVAEVAEVAEVAEVAEVAEVAEVAEVAEVAEVA,1.1[1]EVA6EVA[2]TCWACCNOPATEVA*−=NOPATWACCTCEVASternStewartEVAEVA=X%EVA+Y%EVA2000SternStewartEVA=OB+Y%EVAEIOBEIExpectationImprovementEVAYYEVAEIEVASternStewartEIEVAEVAEIEIEVAEIAliFatemi,AnandS.Desai,JeffreyP.Katz2003EVASEVAStandardEVASEVAEVAEIEI[3]EVAEVAEVAEVAEVAEVAEVAEVAEVAEVAEVA7EVAEVA:1EVA2EVAEVAEVA3EVAEVA4EVAEVA1.2-EVA(EVAEVA)EVAEVAEVAEVA-EVASPSSA20081041EVAEVAEVA1.3:SternStewartSternStewartEVA8EVAEVAEVAEVA=Y%EVA-OEOEEVAEIEVA-EVA1.4EVA200920091228201011EVA=03+-403030EVAEVAEVAEVA[4]EVAEVAEVAEVAEVAEVA91.5EVAEVAEVAEVAEVA2008A1041NPVEVAEVAEVAEVAEVAEVAEVA1.6EVAMVASternStewartEVAEVAEVAEVA[1]PeterDrucker:TheInformationExecutivesTrulyNeed(J),HarvardBusinessReview,January-February,1995.[2]CarloAlbertoMagni:ONDECOMPASINGNETFINALVALUES:EVA,SVA,ANDSHADOWPROJECT(J),TheoryandDecision,(2005)59:51-95.[3]AliFatemi,AnandS.Desai,JeffreyP.Katz:Wealthcreationandmanagerialpay:MVAandEVAasdeterminantsofexecutivecompensation(J),GlobalFinanceJournal14(2003)159179.[4]G.BennettStewartQUESTFORVALUEM,CollinsBusiness1991.EVA10EVA[1]EVAEVA200Hamilton1950ElectricRIResidualincome,EVA(MertonMiller)(FrancoModigliani)19581961EVASternStewartG1982EVA[2]EVA,EVAEVA1.1EVA1.1.1(nomeasuresnomanagement),:EVA11CFO(DonaldsonBrown)1.1.2ReturnonEquity,ROEReturnonAssets,ROA1930(IrvingFisher)(principleofmaximumpresentvalue)EVA12(theprincipleofreturnovercost)Fisher(MertollH.Miller)(FrancoModigliani)MertonMillerFrancoModiglianiFisher1.1.3(value-basedmanagementVBM)(VBM)EVA13[3]VBMVBM(netprofit)(ROE)(ROA)(earningspershare,EPS)[4](AlfredRappaport)1986Rappaport(CreatingValueforShareholders)(shareholdervalueadded,SVA)SVA(cashflowreturnoninvestment,CFROI)(cashvalueadded,CVA)EVASVAEVA19911993EVA[5]1.2EVAEVARI(residualincome)1890(AlfredMarshell)(PrinciplesofEconomics)Marshell(economicEVA14profit)(residualincome)[6]1776(AdamSmith)(WealthofNation)1777(RobertHamilton)(AnIntroductiontoMerchandise)[7]Church1917Scovell1924[8]RI(AlfredSloan)1965SolomonsRIRIRI[9]RI(CapitalAssetPricingModel,CAPM)1982(SternStewart)economicvalueaddedEVAEVASternStewart1993927(FORTUNE)EVAEVASternStewartEVAAT&TCOCACOLADUPONTSIMENSSternStewartSternStewartEVAEVA5000[10]EVARIRIEVAEVA(CAPM)CAPMEVASternStewartGAAP()EVA[11]SternStewartRIEVA15RIRIRIRIEVASternStewartStephenF.OByrneDavidYoungEVAEVAandvaluebasedmanagementEVA,EVA[12]EVAEVA(199920002003)20019SternStewartEVASternStewart[13]1.3EVA1.3.1EVAEVATCWACCNOPATEVA*−=NOPATTCWACC[14]1.3.2EVAEVAEVAEVAEVAEVA16EVAEVAEVAEVAEVAEVAEVAEVA17EVAEVAEVA2.1EVAA1.(2001)EVA(MertonMiller)(FrancoModigliani)MMEVA-2.1.1MMMMMillerModigliani1958MM100%[15]MillerModiglianiSternStewartSternStewartEVAEVASternStewartEVANPV∑∞−+=1)1(NPVIiiCEVAEVA18iEVAiEVACEVAV∑∞=++=10)1(iiiCEVATCV0TCV0TCNPV2.1.2-EVA-1975SternStewartEVAEVASternStewartEVAEVAEVAEVA2.2EVAEVAEVA192.2.1EVAEVAEVARIPreinreich(1938),EdwardsBell(1961),Peasnell(1982)MillerModiglianiRI[16](cleansurplusaccounting)RIRISternStewartEVA()Stewart(1991),Biddle(1996),Byrne(1996),DechowHuttonSloan(1996),George(1997),Chen(1997),Dodd(1997)EVAEVAEVA[17]GaryC.BiddleRobertM.BrownJamesS.Wallace199777319831994106174[18]ChenDodd20008101983-199210[19]2005A2000-2002EVA,AEVA(Market