本文關鍵詞：EVA價值管理體系及在我國商業(yè)銀行的應用　出處：《華中科技大學》2012年博士論文　論文類型：學位論文

  更多相關文章： 經(jīng)濟增加值(EVA) 商業(yè)銀行 績效管理 市場價值

【摘要】：加入WTO的五年過渡期之后,外資銀行全面進入國內(nèi)拓展業(yè)務,國內(nèi)商業(yè)銀行之間競爭日趨激烈；經(jīng)過2008年以來的全球金融危機,國內(nèi)外銀行業(yè)的監(jiān)管要求進一步提高。在內(nèi)外多重壓力之下,進一步提高自身的綜合競爭力和經(jīng)營績效,是我國商業(yè)銀行面臨的一個迫切而重要的課題。在這一背景下,我國商業(yè)銀行推行經(jīng)濟增加值(EVA)價值管理體系也具有強烈的現(xiàn)實意義。這是因為EVA不僅是商業(yè)銀行衡量企業(yè)價值和經(jīng)營績效的最佳標準,也是增進銀行組織效率的一個關鍵因素,更是建立以價值創(chuàng)造為核心的經(jīng)營戰(zhàn)略的必要組成部分。 本文首先完整介紹了EVA價值管理體系的定義、結(jié)構(gòu)及對其的評價。EVA的概念是Stern-Stewart管理咨詢公司在20世紀80年代首先提出的,隨后的學者對EVA的原始定義進行了多方面的修訂,并在西方企業(yè)的經(jīng)營管理中廣為應用。EVA價值管理體系包括“4M”功能,也即評價指標,管理體系,激勵制度和理念體系。相較于傳統(tǒng)會計指標,EVA價值管理體系的優(yōu)點表現(xiàn)在：能夠真實反映企業(yè)經(jīng)營績效,有利于統(tǒng)一企業(yè)的決策目標,更注重企業(yè)的可持續(xù)發(fā)展,能夠用于企業(yè)內(nèi)部的績效評價,能促進企業(yè)價值的提高和市場價值的提升。缺點則表現(xiàn)在規(guī)模差異、區(qū)域差異、財務取向、短期傾向、外部影響等方面。 EVA在國外商業(yè)銀行的應用經(jīng)驗可為我國提供啟示。本文對國際銀行業(yè)對EVA的研究概況、應用背景和方法做了梳理。國際經(jīng)驗表明,實施EVA管理體系不僅能幫助銀行建立健全現(xiàn)代企業(yè)制度,更能促進實現(xiàn)股東價值最大化經(jīng)營目標和有效適應市場競爭、促進持續(xù)健康發(fā)展。重點分析了富國銀行應用EVA的實施效果,從應用EVA進行人力資本管理、并購績效管理、企業(yè)價值管理等方面,為我國商業(yè)銀行提供了借鑒。最后總結(jié)了EVA在國外成功應用的因素,包括公平、競爭、有序、完備的市場體系,制度分散的股權(quán)結(jié)構(gòu)輔之以完善的公司內(nèi)部治理結(jié)構(gòu),以及掌握EVA理論和各類高素質(zhì)的人才等。 進入新世紀以來,我國多家商業(yè)銀行對EVA已經(jīng)有了初步的應用,實踐發(fā)現(xiàn)我國銀行業(yè)應用EVA既有有利條件也存在多方面的障礙。在從理論上和現(xiàn)實上分別論證我國商業(yè)銀行有引入EVA管理的必要性的基礎上,分析了我國銀行引入EVA的條件：銀行經(jīng)營目標從規(guī)模擴張演變?yōu)閮r值最大化是重要的理念基礎,我國銀行應用EVA在一系列主客觀有利因素的同時,還存在證券市場弱勢有效、公司治理結(jié)構(gòu)不適應市場經(jīng)濟要求、銀行實務界人士對EVA的認識不足、缺乏高素質(zhì)的管理人才等方面的障礙。最后總結(jié)了中國建設銀行、深發(fā)展、招商銀行、興業(yè)銀行、浙商銀行等國內(nèi)商業(yè)銀行對EVA的應用現(xiàn)狀,并重點分析了建設銀行的案例,分析了我國商業(yè)銀行應用EVA體系的進展和不足。 針對傳統(tǒng)EVA測算模型的局限本文進行了調(diào)整和改進,提出一種風險調(diào)整的EVA測算模型。對傳統(tǒng)EVA測算模型的調(diào)整,主要體現(xiàn)在稅后凈營業(yè)利潤(NOPAT)和資本成本(C)兩方面。風險調(diào)整的EVA測算模型所使用的折現(xiàn)率能反映企業(yè)投資風險的變化,從而更準確的反映企業(yè)的真實價值。研究表明這一風險調(diào)整的模型,有助于反映銀行在各部門、各業(yè)務間的風險分配情況,以更有效的平衡銀行收益和風險的匹配,實現(xiàn)股東收益最大化。 本文基于我國上市銀行的實際數(shù)據(jù)對EVA指標進行了實證測算。首先以寧波銀行的數(shù)據(jù)為例,詳細演示了模型中的會計調(diào)整項和計算過程,并分析了EVA值與MVA、RORAC、傳統(tǒng)會計指標(如ROA. ROE、EPS、NPR等)的相關性。結(jié)果表明,EVA與各傳統(tǒng)會計指標的相關性不一致,與MVA、RORAC則呈高度相關性,圍繞EVA形成的一套完整的評價體系能更好的解釋企業(yè)市場價值。然后,對我國10家上市銀行應用EVA測算模型進行了實證分析。結(jié)果表明各家上市銀行的EVA值和其它各項盈利指標整體呈上漲趨勢,這說明我國的銀行業(yè)整體經(jīng)營水平明顯提高,管理水平、盈利能力、成本控制都得到了優(yōu)化。比較發(fā)現(xiàn)股份商業(yè)銀行的經(jīng)營和盈利狀況、為股東創(chuàng)造價值的能力明顯優(yōu)于國有控股銀行,這可歸因于風險控制水平、盈利穩(wěn)定性和管理激勵機制等原因。 EVA最重要的應用之一就是商業(yè)銀行的績效管理。通過分部門、分條線的EVA測算,可精確計量、科學配置商業(yè)銀行的經(jīng)濟資本,從而引導所屬機構(gòu)和部門盡可能發(fā)展風險回報率高的業(yè)務,以實現(xiàn)全行EVA的最大化。在論證EVA與經(jīng)濟資本配置關系的基礎上,還以國內(nèi)某大型商業(yè)銀行為例,分析了EVA在該行信貸業(yè)務的績效考核體系中的具體應用,發(fā)現(xiàn)基于EVA的績效管理對于客戶收益的評價考慮了風險與收益的匹配關系,使得銀行對不同業(yè)務條線和產(chǎn)品的收益考核有了更為統(tǒng)一的標準,對商業(yè)銀行的經(jīng)營管理帶來深刻變革。 最后通過建模探討了經(jīng)濟價值增加(EVA)與市場價值創(chuàng)造(MVA)之間的內(nèi)在關系,總結(jié)了企業(yè)通過EVA來改進市值管理的內(nèi)在機制,從理論上論證EVA的增加是如何提升市場價值的。并針對我國上市商業(yè)銀行,對如何通過增加EVA而改進市值管理效率提出建議：一是優(yōu)化融資結(jié)構(gòu)降低資本成本,二是參考EVA來優(yōu)化經(jīng)濟資本分配的結(jié)構(gòu),三是重點發(fā)展能帶來未來增長價值(FGV)的業(yè)務,四是建立基于EVA的績效考核機制,五是倡導和形成關注EVA和市值管理的企業(yè)文化。
[Abstract]:After five years of the transition period of accession to WTO, foreign banks entered the domestic business, the competition between domestic commercial banks is becoming increasingly fierce; since 2008 after the global financial crisis, domestic and international banking regulatory requirements further improved. Under the multiple internal and external pressure, and further improve their comprehensive competitiveness and business performance, is a an urgent and important issue faced by Chinese commercial banks. In this context, China's commercial banks to carry out economic value added (EVA) value management system also has a strong practical significance. This is because the EVA is not only the best commercial banks to measure corporate value and performance standards, is also a key factor in enhancing bank the organization efficiency, is necessary to establish the value creation as the core business strategy.
This paper first introduces the complete definition of EVA value management system, evaluation of structure and the concept of.EVA is the management consulting firm Stern-Stewart first proposed in 1980s, the original definition of subsequent scholars on the EVA was revised in many aspects, including the "4M" function in the management of western enterprises widely used in.EVA the value management system, namely the evaluation index, management system, incentive system and ideal system. Compared with the traditional accounting index, the advantages of EVA value management system in business performance can reflect the enterprise objective decision in favor of unified enterprise, pay more attention to the sustainable development of enterprises, can be used for the performance evaluation of the enterprise, can promote the improvement of the enterprise value and the market value of the lifting. The shortcoming is reflected in the differences in scale, regional differences, financial orientation, short-term tendency, external influence and so on.
EVA can provide inspiration for China's experience in the application of foreign commercial banks. The research situation of the international banking industry on the EVA, application background and methods to do a comb. International experience shows that the implementation of EVA management system can not only help the banks to establish and improve the modern enterprise system, it can promote the realization of shareholder value maximization and effective business objectives to adapt to market competition, promote the sustained and healthy development. Focus on the analysis of the effect of wells application of EVA, human capital management from the application of EVA, performance management, enterprise value management, and provides a reference for China's commercial banks. Finally summed up the factors of successful application of EVA in foreign countries, including fair and orderly competition. A complete market system, system of ownership structure, decentralized complemented by improve the internal corporate governance structure, and the master EVA theory and all kinds of high-quality personnel.
Since entering the new century, China's commercial banks of EVA was applied in practice found that China's banking application EVA has both favorable conditions and also there are many obstacles. In the foundation from the theory and reality of China's commercial banks have to demonstrate the necessity of introducing EVA management on the analysis the Bank of China into EVA conditions: business objectives from the expansion of the scale of the evolution of value maximization is the basic concept of important application perspective in China EVA bank, in a series of favorable factors and at the same time, there are still the stock market weak efficiency, corporate governance structure does not meet the requirements of the market economy, lack of understanding of the banking practitioners EVA, the lack of high-quality management personnel and other obstacles. Finally summed up the Construction Bank, Chinese deep development, China Merchants Bank, industrial bank, Zhejiang bank and other domestic commercial banks with the status of the EVA should be, And the case of the Construction Bank is analyzed, and the progress and deficiency of the application of EVA system for commercial banks in China are analyzed.
In view of the limitations of this traditional calculation model of EVA has been adjusted and improved, the proposed model EVA estimates a risk adjusted. The traditional calculation model of EVA adjustment is mainly reflected in the net operating profit after tax (NOPAT) and the cost of capital (C) two. Using the EVA calculation model of the risk adjusted discount rate changes to reflect the enterprise investment risk, to more accurately reflect the true value of the enterprise. The study shows that the risk adjusted model helps to reflect the bank in various departments, the allocation of risk among the various businesses, benefit and risk, close to balance the bank more effectively, realize the maximization of shareholder returns.
In this paper, the actual data of China's Listed Banks Based on empirical estimates of the EVA index. The first to the Bank of Ningbo's data as an example, a detailed presentation of the model in the accounting adjustments and calculation process, and analyzes the value of EVA and MVA, RORAC, traditional accounting indexes (such as ROA. ROE, EPS, NPR) correlation. The results show that the correlation between EVA and the traditional accounting index is not consistent, and MVA, RORAC are highly correlated, around a complete set of evaluation system of EVA formation can better explain the market value of the enterprise. Then, the application of EVA in China's 10 listed banks calculate model is analyzed. The results show that the the EVA value of listed banks and other indicators of profitability overall upward trend, indicating the overall management level of China's banking industry increased significantly, the level of management, profitability, cost control have been optimized. Compared to the shares of commercial banks In terms of business and profitability, the ability to create value for shareholders is significantly better than that of state-controlled banks, which can be attributed to risk control level, profitability stability and management incentive mechanism.
Performance management is one of the most important applications of EVA in commercial banks. Through the division, calculation of EVA line, accurate measurement, scientific allocation of commercial bank economic capital, so as to guide the institutions and departments as soon as possible the development of risk high return business, to achieve the maximization of the whole line. Based on EVA EVA demonstrated the relationship between capital allocation and the economy, but also to a large domestic commercial bank as an example, analyzes the application of EVA in the bank credit business performance appraisal system, found that the performance management of EVA is considered, the relationship between risk and return for the evaluation of customer profitability based on different business lines to make bank and benefit assessment with a more unified standard, has brought profound changes in the management of commercial banks.
Finally, through the discussion on the modeling of economic value added (EVA) to create and market value (MVA) relationship, summarizes the enterprise through the EVA to improve the internal mechanism of market management, increase the demonstration of EVA in theory is how to enhance the market value. According to China's listed commercial banks, to the increase of EVA and some suggestions to improve the market value management efficiency: one is to optimize the financing structure to reduce the cost of capital, the two is the structure of reference EVA to optimize the allocation of economic capital, the three is the focus of development will bring future growth value (FGV) business, four is to establish the performance appraisal system based on EVA, the five is to promote and form on EVA and market management the corporate culture.

【學位授予單位】：華中科技大學
【學位級別】：博士
【學位授予年份】：2012
【分類號】：F830.42;F224

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