企业价值创造的内涵及其衡量指标分析  

Analysis on the enterprise value creation and the measurable indicators

作　　者：叶小兰[1] 

机构地区：[1]江西师范大学商学院,江西南昌330022

出　　处：《美中经济评论》2008年第6期60-64,共5页Meizhong Jingji Pinglun

摘　　要：企业价值本质上是投资者封企业自由现金流量追索权的大小。企业的价值创造最终以现金流量的增加值反映出来。在衡量价值创造的各种指标中，MVA、TSR、ER是以股东财富最大化为目标的指标，不适合用来作为价值创造管理的核心指标。EVA建立在权责发生制基础上，容易被管理层操控，衡量的准确度不够。FCF作为一个收益性的指标，是衡量价值创造的最佳指标。The essential of enterprise value is the size of enterprise free cash flow recourse in investors. The value creation of the business reflects in the increase of cash flow finally. MVA, TSR and ER are to maximize shareholder wealth as targets in the various indicators of measuring value creation. They are not suitable for the core indicators as value creation management. EVA built on the accrual basis, which is easily manipulated by management. The measure accuracy is not enough. As a profitability indicator, FCF is the best measure indicators of value creation.

关 键 词：价值创造 衡量指标 企业价值 

分 类 号：F270[经济管理—企业管理] F275[经济管理—国民经济]