基于EVA薪酬激励机制的研究.doc

摘要：随着现代企业制度的建立，财务管理的目标演进为股东价值最大化，委托—代理问题凸现。如何选用合适的经营者业绩评价指标，建立有效的薪酬激励机制，把对经营者的激励与其真实的经营业绩挂钩，有效地激励和约束经营者，缓解经营者与股东之间的矛盾已成为人们普遍关注的话题。

　　20世纪80年代以来，美国思腾思特公司提出经济增加值指标，即EVA，它是企业净营业利润减去其全部的资本成本（包括债务成本和股权成本）后的余额。EVA是一种好的业绩衡量指标，基于EVA薪酬激励机制更是一种科学的激励方法，在实际运用中发挥更大的作用，它能够克服传统的评价指标与薪酬激励的局限性，将经营者利益与股东利益联系起来，努力为股东创造价值。

关键词：经济增加值（EVA）  薪酬激励  业绩评价

Abstract：With the estabilishment of modern enterprise system, the target of financial management progresses is to maximate the stakeholder’s value and the problem of commission-proxy becomes more and more serious. As a result, how to choose the right CEO Performance Evaluation, establish an effective mechanism of remuneration incentives, link the incentive on the operators to their true operating performance as well as encourage and restrict operators effectively becomes a common concern.In the 1980’s, the American company put forward the concept of EVA, which is the operating profit of a company minus the cost of capital(including the cost of debt and equity cost) to the balance. As not only a good measure of performance, but also a scientific motivation and method, EVA plays a great role in practical application. The achievement evaluation and reward motivation mechanism of manager based on EVA can avoid the limitations of traditional evaluation indexes and reward motivation, connect the interests of managers and stakeholders, make great effort to create value for stakeholder.Starting with the limitations of traditional evaluation indexes and reward motivation.

Keywords: Economic Value Added  Incentive Mechanism  Performance Measurement