近年来我国资本市场发展迅速,尤其是2012年创业板成功开启迎来中小企业春天,目前成功在创业板发行上市企业已达到355家。作为中小股民,对这些规模小、成长性强、市盈率高、风险较大公司该如何评价?显然,简单财务数据已经无法全面揭示公司内在价值。本文通过引入我国央企EVA评价体系以佳讯飞鸿为例对其经营绩效进行分析研究,以期为投资者打开一种全新股票价值投资理念。 In recent years, China’s capital market has developed rapidly. In particular, in 2012, the successful launch of GEM hit the spring of small and medium-sized enterprises. At present, 355 enterprises have been successfully listed on the GEM. As small and medium-sized shareholders, how do you evaluate these companies with small scale, strong growth, high PE, and high risk? Obviously, simple financial data can not fully reveal the intrinsic value of the company. In this paper, the introduction of China’s central enterprises EVA evaluation system to good news Feihong as an example of its business performance analysis, with a view to open a new investor for the value of the stock investment philosophy.