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国有企业通常使用NPV作为项目投资决策的工具,编制投资预算,在计算项目利润时只考虑债务资本成本而没有考虑权益资本成本,并且在对项目经理进行业绩评价时往往采用另一种计算指标如净利润、投资报酬率等,这样会导致前期项目投资预算和后期业绩评价脱节。本文阐述了利用EVA和NPV在进行项目投资评价时具有等价性,探讨了如何使用EVA进行项目投资评价和考核项目经理业绩,实现投资预算和业绩评价的有机统一。通过分析说明了EVA在国有企业的项目投资评价中具有重要意义,应在国有企业项目投资评价中得到广泛的运用。
State-owned enterprises usually use NPV as a tool for project investment decision-making and make investment budget. Only the cost of debt capital is taken into account in calculating project profit without considering the cost of equity capital, and another calculation index is often used in performance evaluation of project manager. Net profit, return on investment, etc., this will lead to the previous project investment budget and late performance evaluation out of line. This paper describes the use of EVA and NPV in the project investment evaluation is equivalent, discusses how to use EVA for project investment evaluation and project manager performance evaluation, investment budget and performance evaluation to achieve the organic unity. The analysis shows that EVA is of great significance in the evaluation of project investment of state-owned enterprises and should be widely used in the evaluation of project investment of state-owned enterprises.