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1、REVA指标在企业经营业绩评价中的应用（TheapplicationofREVAindexinenterpriseoperationperformanceevaluation）NationalcoreperiodicalsofChina-accounting.2009.6midEVAtakesfullaccountofthebalancesheetandprofitstatementprovidedbythecompanyToacertainextent,itmakesupthedefectsof
2、thetraditionalaccountingindicators,sothatmanagersbeginPayattentiontotheeffectivenessofmanagementandtheprofitabilityofcapital,soastoimprovetheefficiencyofcapitalallocationTherateof.EVAispositive,indicatingthatthecompanyhascreatedvaluefortheshareholders
3、inthecurrentperiod;EVANegative,indicatingthatthecompanyreducesshareholdervalue.ButEVAisconcernedonlywithbusinessesThecurrentoperatingsituationdoesnotreflectthemarket'sfutureperformanceofthecompany'spre-Test.Therefore,Bacidoreetal.(1997)basedontherevis
4、ionofEVACorrectedEVA,thatis,REVA.ThebasicideaistotakethemarketvalueofcapitalInsteadofcarryingeconomicvalue,thevalueismeasuredbycompanyvalue.OneREVADesignprincipleWecandividethecompany'svalueintotwoparts:Partofthecompanytangibleassets,Includingplant,eq
5、uipment,Operatingcapital,etc,Anaccountofthecompany'sassetsAnotherpartisthenetpresentvalueofthecompany'spresentandfutureinvestmentopportunities,Itisdrivenbythecompanystrategyandbelongstotheintangibleassets,andoccupiesaconsiderableamountinmanyenterprise
6、sProportionshouldnotbeneglected.stayEVAmodel,thecostofcapitalusedtocreateanetprofitisbasedontheenterpriseThecalculationofthecarryingeconomyvalueoftheindustry,thatistosay,fromtheEVAangleofviewThecapitalinputofoperatingprofitismeasuredbyBookEconomicvalu
7、e.ButatREVAThetotalamountofcapitalcreatedbyprofitisnotbookeconomicvalue,butmarketvalue.becauseIntheory,Atthebeginningofanyfiscalyear,InvestorscanmakemoneyItissoldatitsmarketvalue,Thenputtheproceedsintothesameriskyassets,Theexpectedreturnofweightedaver
8、agecapitalcostisobtainediftheinvestordoesnothavetheassetLiquidationresultsinthelossoftheexpectedreturnontheweightedaveragecostofcapital.fromInthissense,withinanagreedperiod,iftheenterpriseistrulyaninvestorCreated"profit("Managementsurplus),The
