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经济附加值(EVA)指标反映了归属股东的净经营利润扣减股东要求报酬之后的价值创造能力。由于该指标未经过风险调整,所以在比较具有不同经营风险的公司业绩时存在一定的局限性。引入M2测度重新建立风险调整EVA模型可有效改善传统EVA模型的局限性,既能直接度量企业经营绩效,又能在不同上市公司之间进行横向比较,同时还对解决股东和经营者的委托代理问题、避免经营者选择高风险的投资项目提供了有益的参考。
Economic value added (EVA) indicators reflect the net operating profit attributable to shareholders deduct shareholders’ remuneration after the value creation ability. As the indicator has not been adjusted for risk, there are some limitations in comparing the performance of companies with different operating risks. The introduction of M2 measure to re-establish the risk-adjusted EVA model can effectively improve the limitations of the traditional EVA model, both directly measure the business performance, but also in the horizontal comparison between different listed companies, but also to solve the shareholders and managers of the agency Problems, to avoid the operator to choose high-risk investment projects provide a useful reference.