-I- 摘要 财务是企业的核心部分，财务绩效评价是企业运营管理的灵魂。当今社会科学 技术、物流信息飞速发展，企业竞争不断加剧，对企业的管理也产生了极大地挑战。 因而企业的财务绩效评价体系是否适应企业的发展，能否促进企业提高竞争力，产 生资本增加值至关重要。随着我国高速公路的快速发展，高速公路财务问题也开始 显现：资产负债比例增大，财务风险加大；养护、运营费用逐年增加；欧亿·体育（中国）有限公司整体收 支缺口逐步扩大等。华北高速作为现代交通运输欧亿·体育（中国）有限公司的上市公司，在经营管理尤其 是财务管理上更要掌握先进的管理方法，才能对出现的问题加以解决。本文正是通 过对公司的概况和财务绩效现状的分析，阐述了华北高速当前环境下的财务绩效方 法的选择与财务绩效体系实施的内容，提出了建立EVA财务绩效评价体系的思路和 保障措施。 首先，本文对企业财务绩效国内外研究成果和相关理论基础进行了介绍，阐述 了企业财务绩效评价的相关概念和方法，介绍了EVA财务绩效评价的核心思想，为 建立财务绩效评价体系提供了理论支持。 其次，文章介绍了华北高速的简要概况和企业财务管理现状，具体阐述了企业 的当前状况。进而为分析华北高速现行财务绩效评价体系的优势和劣势奠定了基础。 再次，本文通过采用数量研究和定量、定性相结合的分析方法，对华北高速当 前财务绩效评价的现状进行研究，同时提出了华北高速建立基于EVA的财务绩效评 价体系的思路，通过将EVA指标与传统的会计指标对比分析，显示出EVA指标的敏 感性和先进性，为企业财务绩效评价体系的建立与实施提供依据。 最后，为华北高速提高财务绩效提出了对策及保障。其中对策建议包括优化资 本结构，节约管控成本，提高资本运营效率，制定多元经营战略，增加营业收入， 关注管理者利益和推行投资回报思想等。另外为保障华北高速EVA财务绩效评价体 系地有效实施，文中提出了构建以EVA为核心的薪酬激励制度和建立健全EVA监控 体系等措施。 关键词：EVA；华北高速；财务绩效；财务评价 燕山大学工商管理硕士学位论文 -II- Abstract Financeisthecorepartoftheenterprise,andfinancialperformanceevaluationisalso thesoulofenterpriseoperationmanagementespeciallyintherapiddevelopmentof scienceandtechnology.Particularlyeconomicsocietyandpoliticalenvironmentis becomingcomplicated,thisrequiredevelopingamoresuitableevaluationsystemfortheir ownfinancialperformanctoformingthecorecompetitivenessandimprovingthelevelof management.However,withtherapiddevelopmentofChina'sexpresswaysinrecentyears, thefinancialproblemsofexpresswaysarealsoemerging:theproportionofassetsand liabilitieshaveincreased,financialrisksareincreasing,maintenanceandoperation expensesareaisoincreasingyearbyyear.Theoverallrevenueandexpendituregapofthe industryisgraduallyexpanding.Asamoderntransportationlistedcompany,huabei expresswayshouldnotonlytaketheessenceofitsmanagement,butalsokeeppacewith thetimes.Basedontheanalysisofthegeneralsituationofthecompanyandthecurrent situationoffinancialperformance,thispaperexpoundstheselectionoffinancial performancemethodsandtheimplementationoffinancialperformancesysteminthe currentenvironmentofhuabeiexpressway,andputsforwardtheideaandguarantee measuresofestablishingEVAfinancialperformanceevaluationsystem. Firstofall,thispaperintroducesthebasictheoriesrelatedtocorporatefinancial performance,expoundstheresearchmethodsofcorporatefinancialperformance evaluation,andprovidestheoreticalandmethodologicalsupportfortheselectionand implementationoffinancialperformanceevaluationmethods. Secondly,throughthebriefsurveyofhuabeiexpresswayandtheintroductionof enterprisefinancialmanagement,thecurrentsituationoftheenterpriseisexpoundedin detail.Furthermore,itprovidesabasisforanalyzingtheadvantagesanddisadvantagesof thecurrentfinancialperformancedevelopmentofnorthChina. Again,thisarticleusesthispaperanalyzesthehigh-speedcurrentfinancial performanceevaluationofthestatusonhuabeiexpresswaywiththecomparisonanalysis method,andthenproposesthethinkingoffinancialperformanceevaluationsystembased Abstract -III- onEVAforhuabeiexpressway.ThroughcomparisonandanalysisofEVAandtraditional accountingindexes,showsthatthesensitivityoftheEVAindex,theestablishmentand implementationofthefinancialperformanceevaluationsystemfortheenterpriseto providethebasis. Finally,countermeasuresandguaranteesareputforwardtoimprovethefinancial performanceofhuabeiexpressway.Amongthem,countermeasuresandSuggestions includeoptimizingthecapitalstructure,savingthecostofcontrol,improvingthe efficiencyofcapitaloperation,formulatingdiversifiedbusinessstrategies,increasing operatingincome,payingattentiontotheinterestsofmanagersandpromotingtheideaof returnoninvestment.Inaddition,inordertoensuretheeffectiveimplementationofthe financialperformanceevaluationsystemofEVA,thispaperputsforwardsomemeasures, suchastheconstructionofEVAasthecoresalaryincentivesystemandtheestablishment andimprovementofEVAmonitoringsystem. Keywords:EVA；Huabeiexpressway；financialperformance；financialevaluation 目录 -V- 目录 摘要....................................................................................................................................I ABSTRCT............................................................................................................................II 第1章绪论.......................................................................................................................1 1.1选题背景和意义........................................................................................................1 1.1.1选题背景..............................................................................................................1 1.1.2研究意义..............................................................................................................1 1.2国内外研究现状........................................................................................................2 1.2.1国外研究现状......................................................................................................2 1.2.2国内研究现状......................................................................................................4 1.2.3国内外研究评述..................................................................................................6 1.3研究内容和研究方法................................................................................................6 1.3.1研究内容..............................................................................................................6 1.3.2研究方法..............................................................................................................8 第2章相关概念和理论基础.............................................................................................9 2.1相关概念界定............................................................................................................9 2.1.1财务绩效评价定义..............................................................................................9 2.1.2EVA指标的定义及调整.....................................................................................9 2.1.3EVA的核心思想...............................................................................................12 2.1.4基于EVA的财务绩效评价..............................................................................12 2.2基于EVA财务绩效评价分析的理论基础............................................................13 2.2.1企业价值理论....................................................................................................13 2.2.2剩余收益理论....................................................................................................13 2.2.3委托代理理论....................................................................................................14 2.3本章小结..................................................................................................................14 第3章华北高速的财务绩效评价现状及问题...............................................................15 3.1华北高速企业概况..................................................................................................15 3.1.1华北高速主营业务............................................................................................15 3.1.2华北高速经营状况............................................................................................16 3.2华北高速财务绩效评价现状.................