如何协调商业银行股东与管理者之间的利益,建立起与法人治理结构相适应的商
业银行业绩管理体系,实现银行股东价值的最大化,己成为当前我国商业银行亟
待解决的重要问题。

EVA (Economic Value Added)也称经济增加值,是由美国Stern Stewart公司
于20世纪80年代初提出的一种应用于企业业绩评价管理的方法,其核心思想是
企业的税后净经营利润减去企业所投入的全部资本成本后的差额。与传统会计利
润评价指标相比,EVA不仅考虑了债务资本,而且同时考虑了企业股东所投入资
本的机会成本,体现了企业真正的价值增加部分。将EVA引入商业银行业绩管理
体系之中,能有效弥补传统财务指标在商业银行业绩管理方面存在的不足,实现
商业银行股东价值的不断增长。

EVA理论引入国内的时间较短,国内理论界对EVA应用研究中介绍性的文章
居多,研究的主要方向集中于EVA与企业价值的相关性以及EVA作为业绩评价指
标的有效性研究上,而对EVA如何与我国企业,尤其是与我国商业银行内部业绩
管理体系相结合,构建起基于EVA的业绩管理体系的研究较少,研究层次不够深
入。本文以SG银行作为案例,在研究借鉴国内外相关研究成果的基础上,深入分
析了 SG业绩管理体系中存在的问题,然后结合SG银行自身特点,从EVA业绩
计量体系、EVA业绩评价指标体系及EVA奖金激励机制三个部分构建了基于EVA
的SG银行业绩管理体系。首先,以产品EVA为主线,构建了以产品EVA为基础
的分机构、部门、员工维度的EVA业绩计量体系,为实施对各维度的业绩评价打
下基础;第二,将EVA与平衡计分法相结合,分别从机构、部门、员工维度设计
了以EVA为核心的业绩评价指标体系,并将各维度业绩指标评价结果折算为奖金
发放调节系数,为实现对各维度的奖金激励做好准备;第三,在借鉴国内外EVA
奖金激励理论的基础上,结合SG银行机构、部门及员工各自的特点,对EVA奖
金库的设置及其发放方式进行了改进,实际奖金发放金额由基本发放比例及奖金
山东大学硕士学位论文
发放调节系数两个指标共同确定,有效地将业绩指标评价体系与奖金激励机制结
合起来,克服了 EVA奖金激励只重视EVA改善值而忽视其他评价指标评价结果的
弊端。最后,本文从管理信息系统建设、经济资本管理体系建设及企业文化建设
等方面,对该业绩管理体系如何实施提出了相应对策与建议,以更好的推进EVA
在SG银行业绩管理体系中的应用,同时为我国商业银行构建基于EVA的业绩管
理体系提供有价值的参考。

关键字:EVA;商业银行;业绩管理
ABSTRACT
With the corporate governance structure of China's commercial banks improving
steadily, the ownership and management of commercial banks are experimenting a
separation, arising from the conflict of interest between the commercial bank
shareholders and bank managers. Finding a balance between the interests of
shareholders and managers of commercial banks to establish a commercial bank
performance management system compatible with the corporate governance structure to
maximize the bank's shareholder value, has become one of the most important problems
to be solved for China's commercial banks.
EVA (Economic Value Added), is used in the management of enterprise
performance evaluation method proposed by Stern Stewart in the early 1980s,its
method of calculation is derived by the difference between corporate after-tax net
operating profits and the enterprise whole investment capital. Compared with traditional
accounting profit targets, EVA not only considers the company's capital liability, but
takes also into account the opportunity cost of capital invested by corporate
shareholders, reflecting the real increase value of the company's operating results. EVA
introduction of performance management system of commercial banks made up for the
shortcomings of traditional financial indicators in performance measurement, and it led
to maximizing commercial bank's shareholders value.
The EVA theory has been applied in China for a short period time, and from the
current research situation perspective,the main direction of the studies is focused on the
correlation between EVA and the enterprise outer performance evaluation studies, and
the effectiveness of EVA as the performance evaluation index, whereas it focuses less
on the enterprise from the inside, especially on the internal performance system of
commercial banks. Most importantly the emulation in China of the foreign EVA theory,
failed to combine the characteristics of China's commercial banks with the EVA
performance management system, because the level of the research is still not deep
enough.
This work takes the SG bank's performance management system as a case-study,
on the basis of an in-depth study in China and abroad of EVA performance management
research, and an in-depth analysis of current problems in the performance management
system; it then combines the characteristics of SG bank, taking EVA measurements as
the main line, building EVA-based sub-agencies, departments, employees dimension
EVA measurement system in order to achieve accurate measurement of the contribution
value of each dimension of EVA and to lay the foundation for the realization of EVA
performance evaluation of each dimension. Second, through the combination of EVA
and BSC,from the perspective of the agencies, departments and staff,it was designed a
performance evaluation index system which takes EVA as its core. Third, on the basis of
the EVA bonus incentive theory, combined with SG bank's own characteristics, the EVA
bonus incentive mechanism has been improved, with the way of setting the bonus
accommodation coefficients and the basic proportion of bonus distribution, this work
combine the EVA performance evaluation system and the bonus incentive mechanism
together, and overcome the shortcomings of the EVA bonus incentive mechanism,
which decided the bonus mainly by the EVA improvement and less considering the
evaluation results of other performance indicators.
Lastly,considering the construction of a management information system, an
economic capital management system and the building of a corporate culture, this work
has provided the relevant actions on how to carry out the performance management
system, and also on how to implement the appropriate measures in order to better
promote the EVA system of performance management in SG bank's applications, to
achieve continuous improvement of the bank's shareholders value.
Key Words : EVA; Commercial Banks; Performance Management