企业投资绩效评价体系理论研究.pdf

密 级： 学校代码：10075 分 类 号： 学 号：20091407 管理学硕士学位论文 管理学硕士学位论文 企业投资绩效评价体系理论研究 学位申请人： 张晓坤 指 导 老 师 ：贾国军 教授 学 位 类 别 ：管理学硕士 学 科 专 业 ：会计学 授 予 单 位 ：河北大学 答 辩 日 期 ：二○一二年六月 Classified Index: Code:10075 U.D.C:10075 NO:20091407 A Dissertation for the Degree of M.Management The Theory Research on Performance Appraisal System of Enterprise Investment Candidate: Zhang Xiaokun Supervisor: Professor Jia Guojun Academic Degree Applied for: Master of Management Specialty: Accounting University: Hebei University Date of Oral Examination: June，，2012 摘 要 I 摘 要 企业投资是实现企业价值最大化的重要环节， 高质量高效率的投资活动能够增强企 业的竞争力并最终增加企业价值， 但是现阶段我国企业还存在很多诸如投资低效和投资 失败的问题，因此，建立一套完备的企业投资绩效评价体系，使企业在投资前能够进行 科学合理的可行性分析、投资中不断进行监测、投资后总结经验教训可以在很大程度上 促进企业投资活动的效益和效率，减少投资低效和投资失败等问题的出现。

本文将分别从两个层面对企业投资绩效进行研究： 一是企业投资绩效评价的理论层 面，二是企业投资绩效评价的应用层面具体而言，企业投资绩效评价的理论层面研究 又分为投资效率研究和投资效益研究两方面进一步的，投资效率研究又可以分为投资 的静态效率研究和投资的动态效率研究， 通过对二者的分析最终得到影响各自的因素和 分解乘式，在此基础上可以利用因素分析法对之进行具体的因素影响分析在投资效益 研究中，本文将采用站在企业法人角度利用基于现金流的 EVA 体系变动体系进行研究 EVA 与其说是一个指标不如说是一种思想， 本文正是借鉴了 EVA 的思想， 将现有的 EVA 结合本部分的研究内容进行变动，最终得到基于现金流的 EVA 体系变动体系利用该 体系，企业可以根据现实数据计算基于现金流的 EVA 体系变动体系具体数值，考量其 是否达标，如果不达标则可以进一步分析是哪些因素导致的，从而予以调整和改进 本文在企业投资绩效评价应用层面的投资绩效研究是基于“时间维度”针对“项目 投资”进行的，本文所研究的项目投资仅是指对某一单一方案投资的可行性以及在该单 一方案投资之后的事中、事后评价具体而言，本文采取前后对比法的思想首先将绩效 评价的时间进程划分为事前评价、事中评价和事后评价三个时段，其次分别论述了各个 阶段评价所采用的评价方法和选用的对比数据， 最后在此基础上分别确定了各阶段评价 所选用的指标、各指标的权重并构建各阶段的指标评分体系，将绩效评价用定量的方式 予以展示，最终完成了按时间维度设定的事前、事中和事后评价的全过程。

相信将本文的研究运用到企业的投资实践当中势必会起到一定的指导意义， 促进企 业投资的高质高效，减少投资低效和投资失败的发生，为企业实现其最终目标——企业 价值最大化提供帮助 关键词 企业投资 绩效评价 投资效率 投资效益 项目投资 Abstract II Abstract Enterprise investment is an important tache to achieve the maximize of enterprise value, high quality and efficient investment can enhance the competitiveness of enterprises and ultimately increase the corporate value. But there are also some problems such as investment inefficiency and failure in enterprises of our country at present, therefore we should establish a maturity performance appraisal system of enterprise investment, which makes enterprises analyze scientifically before investing, monitor continually during investing and summarize experience after investing. It can promote the effectiveness, efficiency and reduce inefficient, failure of enterprise investment at last. This article will research the performance of enterprise investment on two aspects. On one hand, we will research on the theoretical level of performance appraisal of enterprise investment. On the other hand we will research on the applied level of performance appraisal of enterprise investment. Specifically, the theoretical level of performance appraisal of enterprise investment will be divided into two aspects which are effectiveness and efficiency of investment. Furthermore, the efficiency of investment can also be divided into static efficiency and dynamic efficiency of investment. Through the analysis of these two aspects, we can finally get their impact factors and can do the specific analyze through the factors analysis. In the research on effectiveness of investment，we will stand on the view of corporate legal and use the fluctuant EVA system based on cash flow to research it. EVA is not only an indicator but also an ideological. This article will consult the EVA ideological, vary the existing EVA ideological combined with the content of this part and ultimately get the fluctuant system based on the cash flow of the EVA system. Using this system, enterprises can calculate the EVA'NCF value based on the realistic data, considerate whether the EVA'NCF is qualified, or else, we can check out the factors which lead to unqualified, then adjust and improve. In this paper, the research on the application level of performance appraisal of enterprise investment is based on the “time view“ for the project-investment. The research on Abstract III project-investment in this paper is only for the feasibility of a single project-investment, as well as the concurrent and feedback appraise of this single project-investment. Specifically, this article will take the idea of contrasting before and after. Firstly, we will divided the time of the performance appraisal process into three time periods, that is, analyze before investing, analyze during investing and analyze after investing. Secondly, we will discuss the appraisal method and the data. Finally, we will determine on the indicators, the weight of each indicator and the appraisal system in each stage, then we can exhibit the performance appraisal in a quantitative manner and complete all the process. I believe it can play a guiding significance in investing practice and it can promote the high quality and efficiency, reduce the inefficient and failure of enterprise investment, what’s more, it can make the final aim--achieve the maximize of enterprise value--come true. Key words Enterprise Investment Performance Appraisal Efficiency of Enterprise Investment Effectiveness of Enterp。