本文探索了企业在实施VBM的过程中如何发现关键价值动因的问题。通过将股东价值最大化的目标聚焦在长期业务健康上,并在整合价值树方法的基础上将战略管理中确立竞争优势的理论作为判断关键价值动因的基准,本文提出了更具有可操作性的实施VBM的过程和方法。通过绿能公司的案例研究,本文对所提出的方法进行了验证。 This article explores how companies find key value drivers in the implementation of VBM. By focusing on the goal of maximizing shareholder value in long-term business health, and using the theory of competitive advantage in strategic management as a benchmark for judging key value drivers on the basis of integrating the value-tree approach, this paper proposes a more operational approach. The process and method of implementing VBM. Through the case study of Green Energy Corporation, this paper validates the proposed method.