摘要摘要
如何评价一家企业的价值和业绩情况一直以来就是学术界和企业界共
同的课题。企业绩效评价不仅关系到企业自身对经营成果的衡量，也关系到
企业投资人的利益，还会影响到社会公众对企业的认知。因此，企业应该建
立一种科学的、可操作的业绩评价方法。在我国，国有企业一直占据着国民
生产经济体系中最重要的位置，其经营的好坏直接影响到我国整体的经济运
行情况。国资委作为国有企业的控制人，每年都需要对国有企业的经营业绩
进行评价，而传统的业绩评价方法对于国有企业治理中关键的“代理问题”
并没有起到较强的约束作用。随着市场经济的不断发展，传统的业绩评价办
法已经逐渐不能满足企业发展和上级监管的要求，引入一种更先进的评价办
法是大势所趋

EVA 的出现正适应了当前我国国有企业治理中对于业绩评价指标的新要
求，它最大的特点是考虑了企业的权益资本成本，即股东的投资成本，使企
业的利润更趋近于所谓的“经济利润”，而非传统的会计利润，体现了“股
东价值最大化”的现代企业管理理念。EVA 充分协调了国有企业的所有者，
即国家，与国有企业的经营者之间的利益，通过科学的激励方式和约束机制，
使国有企业的管理者对企业的经营勤勉尽责，有效的实现国有资产的保值增
值

虽然 EVA 可以更真实的反映企业的经营业绩，但我国的国有企业，特别
是中央企业，与西方一般的以盈利为目的的企业有所不同，还肩负着为国家
战略服务的社会责任。特别是央企中非常特殊的一类—军工科研院所，其本
身具有事业单位的属性，军工欧亿·体育（中国）有限公司在我国也处于尚未完全市场化的状态，因
此，如果仅仅用财务数据通过 EVA 的公式计算出一个指标，则不能最大程度
的发挥 EVA 对企业管理起到的作用。基于以上考虑，笔者将通过对军工科研
院所业绩评价现状的分析，以大型央企—中国航空工业集团公司旗下的 C 研EVA 在军工科研院所的应用——以 C 研究所为例究所为例，探讨如何利用 EVA 更科学的评价军工科研院所的业绩，并促进研
究所管理能力的提升

全文共分为七个部分：
第一部分是绪论，对于本文研究的背景和目的以及研究思路与框架等内
容进行了简要的介绍；
第二部分是对 EVA 基本原理的介绍。包括 EVA 产生的历史背景和演变过
程，EVA 的计算公式以及斯腾斯特公司提出的基于 EVA 理论的四大功能，帮
助企业建立起以 EVA 理念为基础的业绩评价体系、内部管理机制、薪酬激励
机制以及企业文化建设；
第三部分主要是对军工科研院所的业绩评价现状进行分析。通过对我国
军工科研院所的总体情况进行概述，分析其业务方面、财务方面的特点。同
时，对于中央企业和军工科研院所传统的业绩评价方法进行分析并评价其不
足和可取之处；
第四部分对军工科研院所可选择的几种业绩评价方法进行对比，分别从
财务评价和非财务评价、必要性和可行性等多个维度对军工科研院所选择
EVA 进欧亿·体育（中国）有限公司绩评价的原因进行说明；
第五部分以 C 研究所对 EVA 的实际应用为例，详细阐述了研究所对 EVA
指标的计算和分解过程，以及如何运用分解的结果与企业日常管理结合，最
终达到促进研究所 EVA 提升的目标；
第六部分对 C 研究所在 EVA 实施过程中发现的问题进行了分析，主要是
目前在EVA计算过程中对于资本成本率的认定不符合军工科研院所的实际情
况的问题，以及通过 EVA 评价促进企业信息化建设的需要和引入非财务评价
作为全面评价企业业绩的必要性。文章最后对 EVA 在军工科研院所未来的发
展做了展望，虽然目前 EVA 尚不能很完善的反映军工科研院所真正的价值，
但其考虑资本成本的理念对于促进研究所管理、决策水平仍然是大有裨益
的，C 研究所对于 EVA 的应用也值得向其他军工科研院所进行推广

第七部分对全文进行了总结

关键词：EVA 军工科研院所 业绩评价 国有企业AbstractAbstract
How to evaluate the value and performance of an enterprise has always been
a common topic in academic and business circles. Enterprise performance
evaluation is not only related to the measurement of the enterprise&39;s operating
results, but also to the rights and interests of the investors. Therefore, the enterprise
should establish a scientific and practical performance evaluation method. In our
country, the state-owned enterprise(SOE) has occupied the most important position
in the national economic system, and its operation has a direct impact on the
overall economic environment of our country. State owned assets supervision and
Administration Commission (SASAC), as the controller of state-owned enterprises,
needs to evaluate the performance of state-owned enterprises every year. But the
traditional evaluation methods can not play a strong role in the constraints of the
agency problem. With the continuous development of market economy, the
traditional approach has been unable to meet the requirements of the development
of enterprises and the supervision of government.
The emergence of EVA assessment is adapted to the requirements of the
performance evaluation indicators in the current state-owned enterprise
governance. The greatest feature of EVA evaluation method is to calculate the cost
of owner’s equity, also known as the investment cost of shareholders. The method
makes the profits of the enterprise close to the concept of economic profit, rather
than of the traditional accounting profit, reflecting that the core interests of modern
enterprise management is to maximize shareholder’s value.. EVA examination
fully coordinates the contradiction between the owner and operator of the
state-owned enterprise. With the incentive and restraint mechanism, the managers
of state-owned enterprises will be diligent and responsible for enterprise’s
management, achieving the goal that the state-owned asset appreciation will be
appreciated.
EVA assessment is the most suitable way to appraise corporate operatingThe Application of EVA Theory in Military Research Institute----Taking C Institute as an exampleresults. In China, the state-owned enterprise, especially the state-owned key
enterprise, is different from the western company which is seek for profits only.
Chinese SOE has to be responsible for national strategy works. The military
research institute, as a special part of Chinese SOE, does not participate in market
competition yet. Therefore, if we just calculate a financial index through the EVA
formula, the results will not only be helpless to evaluate the performance of the
military research institute, but also be useless to guide for corporate management.
Based on the above considerations, the target of this essay is to discover the
effective way for military research institute to evaluate enterprise operating results.
The study will take C Institute as an example, which is the subsidiary of China
Aviation Industry Corp.
The full text is divided into seven parts:
The first part is the introduction, which briefly introduces not only the
background and purpose of the study, but also the ideas and frameworks
The second part introduces the basic principle of EVA. After reviewing the
history, the development and the formula of EVA, the study will focus on the “4M”
method established by Stern and Stewart Co., which can help enterprise to
establish corporate performance evaluation system, internal management
mechanism, incentive mechanism and corporate culture.
The third part is the analysis of the current performance evaluation of military
research institute. This paper summarizes the general situation of military research
institutes in our country and analyzes the characteristics of business, accounting
and performance evaluation. Meanwhile, this paper analyzes and evaluates the
traditional performance evaluation methods of SOE key enterprises and military
research institutes.
The fourth part is the comparison of several performance evaluation methods
of military research institute. From the financial sector, non-financial sector, the
necessity sector and feasible sector, this paper explain the reasons why military
research institute choose EVA assessment to appraise the performance.
Taking C Research Institute as an example, the fifth part introduces the
calculation and decomposition process of EVA index, and explains the way to use
the results combining with the management of C institute.
The sixth part analyzes the problems found in the application of EVA assessmentAbstractof C Institute. In this paper, the author explains the reasons why the cost of cap