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1、基于EVA的企业价值评估方法王炜（安徽商贸职业技术学院，安徽芜湖，241000）摘要：EVA不仅是近年来在国外比较流行的用于评价企业经营管理状况和管理水平的重要指标，而且还可以引入价值评估领域，用于评估企业价值。基于EVA的企业价值评估方法与现行公认的企业自由现金流量折现法相比较，不仅在评估结果上是一致的，而且还具有与企业价值相关联又便于对价值实效计算考核的双重优点。关键词：企业价值评估；EVA；EVA估价法；FCFF估价法1、引言20世纪80年代初，美国的斯特恩斯图尔特（Stern Stewart）咨询公司提出了一种企业经营业绩评价的新方法EVA方法，在全球范围内得到广泛应用。EVA不仅是近
2、年来在国外比较流行的用于评价企业经营管理状况和管理水平的重要指标，而且还可以引入价值评估领域，用于评估企业价值。2、EVA简介EVA是英文Economic Value Added的缩写，可译为：资本所增加的经济价值、附加经济价值或经济增加值等。EVA指标设计的基本思路是：理性的投资者都期望自己所投出的资产获得的收益超过资产的机会成本，即获得增量受益；否则，他就会想方设法将已投入的资本转移到其他方面去。根据斯特恩斯图尔特咨询公司的解释，EVA是指企业资本收益与资本成本之间的差额。更具体地说，EVA就是指企业税后营业净利润与全部投入资本（债务资本和权益资本之和）成本之间的差额。如果这一差额是正数，
3、说明企业创造了价值，创造了财富；反之，则表示企业发生价值损失。如果差额为零，说明企业的利润仅能满足债权人和投资者预期获得的收益。EVA指标最重要的特点就是从股东角度重新定义企业的利润，考虑了企业投入的所有资本（包括权益资本）的成本，因此它能全面衡量企业生产经营的真正盈利或创造的价值，对全面准确评价企业经济效益有着重要意义。根据EVA的内涵，EVA的一般计算公式应是： = 税后营业净利润 - 资本总成本其中，税后净营业利润等于税后净利润加上利息支出部分（如果税后净利润的计算中已扣除少数股东损益，则应加回），亦即公司的销售收入减去除利息支出以外的全部经营成本和费用（包括所得税费用）后的净值。因此，
4、它实际上是在不涉及资本结构的情况下公司经营所获得的税后利润，也即全部资本的税后投资收益，反映了公司资产的盈利能力。资本总成本为全部投资资本（债务资本和权益资本之和）的成本，计算公式为：资本总成本投资资本加权平均资本成本率因此，上述EVA的一般计算公式也可以表示为：= 投资资本（投资资本回报率加权平均资本成本率）3、基于EVA的企业价值评估方法由上述EVA的计算公式可知，当企业的税后净营业利润超过资本成本时，EVA大于零，表明企业的经营收入在扣除所有的成本和费用后仍然有剩余。由于这部分剩余收入归股东所有，股东价值增大；反之，EVA小于零，表明企业经营所得不足以弥补包括股权资本成本在内的成本和费用
5、，股东价值降低。可见，EVA与股东价值成同方向变化，追求EVA最大化就是追求股东价值最大化。而股东价值是企业价值的重要组成部分，股东价值的增减必然会引起企业价值的增减。所以，我们可以将EVA引入企业的价值评估，在计算EVA的基础上确定企业价值。在基于EVA的企业价值评估方法（以下简称EVA估价法）中，企业价值应等于投资资本加上未来年份EVA的现值，即：企业价值=投资资本+预期EVA的现值下面，我们通过一个具体的案例来说明EVA评估法的运用。案例现对某企业进行价值评估，有关预测数据如下表所示：项目高速增长阶段稳定增长阶段时间长度5年5年后永久持续投资资本回报率（ROIC）15%12%留存比率（b
6、）80%50%增长率（g）12%6%加权平均资本成本率（WACC）10%10%根据上述有关资料，该企业预期EVA的估测如下表所示（单位：万元）：年度（t）0123456年初投资资本*（I t-1）100.00112.00125.44140.49157.35176.23税后营业净利润（NOPLAT）15.0016.8018.8221.0723.6021.15投资资本12.0013.4415.0516.8618.8810.57年末投资资本（I t）100.00112.00125.44140.49157.35176.23186.80资本成本10.0011.2012.5414.0515.7417.62
7、EVA5.005.606.287.027.863.53*注：投资资本是营业流动资金、厂房设备净额（已扣除折旧）以及其他资产净额（净非流动无息负债）的总和。根据上述预测资料，运用EVA估价法计算：企业价值 = 100 + + + + + + = 178（万元）4、EVA估价法与FCFF估价法的比较在当前的企业价值评估理论与实践中，企业自由现金流量折现法（以下简称FCFF估价法）是主流方法。该种方法认为企业的价值等于该企业以适当折现率所折现的预期企业自由现金流量现值。所谓企业自由现金流量是指企业经营所产生的税后现金流量总额，可以提供给企业资本的所有供应者，包括债权人和股东。企业自由现金流量等于本期
8、税后营业净利润与本期新增投资资本（这里的投资资本与前述一致，已扣除了固定资产折旧）的差额，用公式表示为：FCFFt = NOPATt I t其中：FCFFt第t期期末所能得到的企业自由现金流量；NOPATt第t期税后营业净利润；I t第t期新增投资资本(=I t - I t-1 )。FCFF估价法通用的企业价值评估模式为：企业价值=预期企业自由现金流量现值= 虽然EVA估价法与FCFF估价法的表达形式不同，但事实上两者殊途同归，其估价结果是相同的。公式推导证明如下：企业价值=投资资本+预期EVA的现值= I0 + = I0 + = + I0 - = + I0 - = + I0 - + = -
9、+ = = = 预期FCFF的现值前述案例如果运用FCFF估价法进行评估，评估结果为：企业价值= + += 178（万元）EVA估价法优于FCFF估价法之处在于，EVA对于了解公司在任何单一年份的经营情况来说，是一个有效的衡量，而FCFF却做不到。FCFF估价法难以通过对实际和预计的现金流量的比较来跟踪了解企业经营期投资资本的情况，任何一年的固定资产与流动资金方面的随意的投资，都会影响现金流量及折现值，管理者很容易只是为了改善某一年的现金流量而推迟投资，使企业长期价值创造遭受损失。而EVA估价法不考虑前后年度资本随意投资额的大小，仅确定单一时期的预计EVA，并可以同实际产生的EVA对比分析，以
10、弥补FCFF估价法的这一不足，有与企业价值相关联又便于对价值实效计算考核的双重优点。5、结束语EVA指标在税后净营业利润的基础上调整计算得到，它概念明确，易于理解。运用EVA指标来评估企业价值，综合考虑了投资资本回报率、增长率、资金成本等因素对企业价值的影响。与传统的公司估价方法相比，EVA估价方法把被评估公司作为市场体系中的一个经营整体来看待，真正从“创值”概念而不是“创利”概念出发评估公司的价值，因而有利于更真实完整地评估公司的价值。总之，运用EVA指标来评估企业价值的方法简明、科学有效，而且有利于企业价值最大化目标的实现。参考文献：1、张先治1997EVA理论与应用的研究求是学刊01：3
11、4-392、杨国彬/李春芳2001企业绩效评价指标EVA经济管理09：21243、耿云江2002EVA与企业价值评估.黑龙江财会054、美汤姆科普兰，等 价值评估贾辉然，等译北京：中国大百科全书出版社，1997Editors note: Judson Jones is a meteorologist, journalist and photographer. He has freelanced with CNN for four years, covering severe weather from tornadoes to typhoons. Follow him on Twitter: j
12、njonesjr (CNN) - I will always wonder what it was like to huddle around a shortwave radio and through the crackling static from space hear the faint beeps of the worlds first satellite - Sputnik. I also missed watching Neil Armstrong step foot on the moon and the first space shuttle take off for the
13、 stars. Those events were way before my time.As a kid, I was fascinated with what goes on in the sky, and when NASA pulled the plug on the shuttle program I was heartbroken. Yet the privatized space race has renewed my childhood dreams to reach for the stars.As a meteorologist, Ive still seen many i
14、mportant weather and space events, but right now, if you were sitting next to me, youd hear my foot tapping rapidly under my desk. Im anxious for the next one: a space capsule hanging from a crane in the New Mexico desert.Its like the set for a George Lucas movie floating to the edge of space.You an
15、d I will have the chance to watch a man take a leap into an unimaginable free fall from the edge of space - live.The (lack of) air up there Watch man jump from 96,000 feet Tuesday, I sat at work glued to the live stream of the Red Bull Stratos Mission. I watched the balloons positioned at different
16、altitudes in the sky to test the winds, knowing that if they would just line up in a vertical straight line we would be go for launch.I feel this mission was created for me because I am also a journalist and a photographer, but above all I live for taking a leap of faith - the feeling of pushing the
17、 envelope into uncharted territory.The guy who is going to do this, Felix Baumgartner, must have that same feeling, at a level I will never reach. However, it did not stop me from feeling his pain when a gust of swirling wind kicked up and twisted the partially filled balloon that would take him to
18、the upper end of our atmosphere. As soon as the 40-acre balloon, with skin no thicker than a dry cleaning bag, scraped the ground I knew it was over.How claustrophobia almost grounded supersonic skydiverWith each twist, you could see the wrinkles of disappointment on the face of the current record h
19、older and capcom (capsule communications), Col. Joe Kittinger. He hung his head low in mission control as he told Baumgartner the disappointing news: Mission aborted.The supersonic descent could happen as early as Sunday.The weather plays an important role in this mission. Starting at the ground, co
20、nditions have to be very calm - winds less than 2 mph, with no precipitation or humidity and limited cloud cover. The balloon, with capsule attached, will move through the lower level of the atmosphere (the troposphere) where our day-to-day weather lives. It will climb higher than the tip of Mount E
21、verest (5.5 miles/8.85 kilometers), drifting even higher than the cruising altitude of commercial airliners (5.6 miles/9.17 kilometers) and into the stratosphere. As he crosses the boundary layer (called the tropopause), he can expect a lot of turbulence.The balloon will slowly drift to the edge of
22、space at 120,000 feet (22.7 miles/36.53 kilometers). Here, Fearless Felix will unclip. He will roll back the door.Then, I would assume, he will slowly step out onto something resembling an Olympic diving platform.Below, the Earth becomes the concrete bottom of a swimming pool that he wants to land o
23、n, but not too hard. Still, hell be traveling fast, so despite the distance, it will not be like diving into the deep end of a pool. It will be like he is diving into the shallow end.Skydiver preps for the big jumpWhen he jumps, he is expected to reach the speed of sound - 690 mph (1,110 kph) - in l
24、ess than 40 seconds. Like hitting the top of the water, he will begin to slow as he approaches the more dense air closer to Earth. But this will not be enough to stop him completely.If he goes too fast or spins out of control, he has a stabilization parachute that can be deployed to slow him down. H
25、is team hopes its not needed. Instead, he plans to deploy his 270-square-foot (25-square-meter) main chute at an altitude of around 5,000 feet (1,524 meters).In order to deploy this chute successfully, he will have to slow to 172 mph (277 kph). He will have a reserve parachute that will open automat
26、ically if he loses consciousness at mach speeds.Even if everything goes as planned, it wont. Baumgartner still will free fall at a speed that would cause you and me to pass out, and no parachute is guaranteed to work higher than 25,000 feet (7,620 meters).It might not be the moon, but Kittinger free fell from 102,800 feet in 1960 - at the dawn of an infamous space race that captured the hearts of many. Baumgartner will attempt to break that record, a feat that boggles the mind. This is one of those monumental moments I will always remember, because there is no way Id miss this.
