引入EVA理論改善航天企業(yè)出資者財務(wù)管理.pdf

1、對外經(jīng)濟貿(mào)易大學碩士學位論文引入EVA理論改善航天企業(yè)出資者財務(wù)管理姓名：李澤之申請學位級別：碩士專業(yè)：工商管理指導教師：張建平20040501對外經(jīng)濟貿(mào)易大學碩士研究生論文引入EVA理論改善航天企業(yè)出資者財務(wù)管理2ABSTRACTThecompanysubsidiarysystemderivesfromtheenterpriselegalpersonbecomestheinvestmententityasashareholder.Ju

2、stascpatefinancemanagementwascalledmanagerfinancialmanagementthefinancialmanagementoftheparentcompanytowardthesubsidiarieswascalledShareholderFinancialManagement(SFM).TheessentialmanagementobjectofSFMistoenjoysuchrightso

3、fownersasbenefitingfromassetsofitssubsidiariestoinsurethesubsidiariesganizetheirproductionoperationfthepurposeofraisingeconomicbenefitmaintainingincreasingthevalueofitsassets.Thestateownedenterprises(SOE)arethebackboneof

4、thedevelopmentofnationaleconomy.AtpresenttherefmofSOEaimstoestablishmodernenterprisesystemrebuildSOEintostardizedcpations.Thecpationsystemofmodernenterpriseisagencyprincipalsystembasedupontheseparationbetweenownershipman

5、agingright.BecausetherearemanydlelayersintheagencyprincipalchainofSOEinvestmentmanagementsothereareboththeagencyriskprincipalriskwithinSOE.Theunionofinstitutesmanufacturersisthetypicalganizestructureoftheaerospaceindustr

6、ythewholeunionisaparentcompanytheseinstitutesmanufacturersareitssubsidiaries.TheenterprisesofaerospaceindustryarewhollystateownedtheyhavenotonlythecommonacteristicsofSOEfinstancetheagencyrisktheprincipalriskbutsomepartic

7、ularfexampleparticularcapitalstructurebecauseoftheincomefromnationaccdingwiththecostsofthepresentproductsindertogetmedollarsfromnationfinanceministrytheaerospaceenterprisestrytheirbesttoincreasethecostsexpensesoftheirpro

8、ducts.Basedupontheseparationbetweenownershipmanagingrightitiskeyissuestoevaluatethequalitiesofentrepreneursincentive&disciplinarymechanismofoperatstomeasuremaintainingincreasingthevalueofshareholderwealth.EconomicValueAd

9、ded(EVA)isthefinancialperfmancemeasurethatcomescloserthananyothertocapturingthetrueeconomicprofitofanenterprise.EVAalsoistheperfmancemeasuremostdirectlylinkedtothecreationofshareholderwealthovertime.PutmostsimplyEVAisope

10、ratingprofitminusanappropriategeftheopptunitycostofallcapitalinvestedinanenterprise.BytakingallcapitalcostsintoaccountEVAshowsthedollaramountofwealthabusinesshasbeencreateddestroyedineachreptingperiod.Throughtheimplement

11、ationofEVAbasedSFMincentivecompensationsystemthatgivesmanagerssuperimotivationtocreatethegreatestshareholderwealth.BecauseEVAistheonlyfinancialmanagementsystemthatprovidesacommonlanguagefemployeesacrossalloperatingstafff

12、unctionsallowsallmanagementdecisionstobemadealwaysintermsofthevalueaddedtoshareholderinvestmentitcanconcludethatEVAbasedSFMisoneofthebestwaysfthepurposeofraisingaerospaceenterpriseseconomicbenefitmaintainingincreasingthe