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主题:解读国资委新政策——央企实施经济增加值考核 -- 土拨鼠yuanap

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家园 very shocked at your comment

纯粹属于不懂一点财务技术的人编出来的玩意--胡说八道

In English, it is called Economic Value Added. It was a popular tool in corporate finance, first introduced by Stern Stewart Co,in 1991.

It was used by corporate headquarter to evalute division-level performance whose shares are NOT publicly traded, thus lacking monitoring pressure from external market.

AT&T and GE all used EVA in 1990s.

The shortcoming of this tool: one-time measure, very short-term oriented; it could not take into consideration VOLATILITY (business/industry risk).

Benefits of this tool: division CEO is more careful in capital budgeting.

BTW, Chinese are definitely smart in manipulation. 央企只要不上缴利润,什么故事都可以做出来。寅吃卯粮都可以做到极致,何况几个小小考核指标。--that's for sure.

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