随着国民经济的高速发展，近些年传统制造业增速放缓，新材料类制造企业的出 口规模受到了冲击，转型升级压力剧增，企业的发展也受到了前所未有的挑战，经济 的下行趋势也延伸到了超硬材料类行业企业。超硬材料竞争激烈，利润率也出现了逐 年下降的趋势，然而对于超硬材料类企业而言，如何面对发展压力，提高企业的治理 能力是亟待需要解决的问题。以EVA（经济增加值）为基础的财务业绩评价指标体 系的出现，相比于传统指标有着明显的评价优势，顺应了新形势下的企业发展要求。 本文以河南黄河旋风股份有限公司作为主要的案例进行分析，根据对黄河旋风公 司现行财务评价指标的分析，分析基于EVA财务绩效评价体系对黄河旋风公司的评 价效果，通过对比结果分析可以看出，EVA值的计算具有很强的应用性，EVA财务 绩效评价指标可以充分的了解企业经营成果和财务状况，对于改进黄河旋风的财务绩 效评价方法客观有效，有利于提高黄河旋风公司的市场竞争力，提升企业的市场价值。 本文首先论述EVA价值应用的研究背景和研究意义，对国内外研究现状、理论 研究基础、研究思路和研究方法分别作了介绍，然后，结合黄河旋风公司的发展概况 和行业发展特点，对其现有财务评价体系进行分析；其次，通过对研究对象目前财务 状况展开分析介绍，发现现行评价指标存在的问题，从而提出了构建以EVA为基础 的财务绩效评价指标体系，通过调整会计报表的财务数据，全面考虑企业的资本成本， 最终计算企业的EVA值；通过评估体系的构建，以黄河旋风作为案例展开分析，最 后通过计算结果分析黄河旋风公司的企业价值创造能力。最后，通过对价值分析，得 出相应结论，并对黄河旋风公司的发展提出合理化建议。 通过全文的分析可以看出，EVA财务绩效评价指标体系具有一定的前瞻性，通 过科学合理的计算过程得出的经营业绩成果具有一定的有效性，企业的发展要通过合 理调整权益资本和债务资本比例，加大研发投入，提高产品竞争力，积极探索下游产 业链，适应新时代市场经济环境，通过以上手段可以提高企业的综合实力。 关键词：EVA；黄河旋风；绩效评价 Abstract With the rapid development of national economy, the growth rate of traditional manufacturing industry has slowed down in recent years, and the export scale of new material manufacturing enterprises has been impacted. The pressure of transformation and upgrading has increased sharply, and the development of enterprises has also been challenged unprecedentedly. The downward trend of economy has also extended to enterprises in the superhard material industry. The competition of superhard materials is fierce, and the profit rate also shows a trend of declining year by year. However, for the superhard materials enterprises, how to face the development pressure and improve the governance ability of enterprises is an urgent problem to be solved. The emergence of the financial performance evaluation index system based on EVA (Economic Value Added) has obvious evaluation advantages compared with the traditional indexes and conforms to the development requirements of enterprises under the new situation. Based on the analysis of the Yellow River Whirlwind Company as the main case,Based on the business activities of the Yellow River Whirlwind Company,his paper expounds the evaluation effect of the financial performance evaluation system of EVA on the Yellow River Whirlwind Company. it can be seen that the calculation in terms of EVA mode has a strong applicability.which can help fully understand the operating results and financial condition of enterprises;it is also objective and effective to improve the methods for evaluating the Yellow River Whirlwind Company’s financial performance, and enhance its market competitiveness and market value as well. This paper firstly expounds the research background and significance of the application of EVA value, introduces the research status, theoretical basis, research ideas and research methods at home and abroad, and then analyzes the current financial evaluation system of Yellow River Whirlwind Company based on its development situation and industry development characteristics. Secondly, the problems of the existing evaluation indicators are found by analyzing the company’s financial situation. As a result, it is proposed to construct a financial performance evaluation index system based on EVA. By adjusting the financial data in the accounting statements, the EVA value of the enterprise is finally calculated with comprehensive consideration of the enterprise’s capital cost. Through the construction of the evaluation system and the analysis of the Yellow River Whirlwind Company as a study case, its enterprise value creation ability is finally calculated. Finally, the corresponding conclusions are drawn through the results of value analysis, and some reasonable suggestions are put forward for the development of Yellow River Whirlwind Company. It can be seen through the analysis of the full text that EVA value evaluation index system has certain perspectiveness. The method to calculate the business performance achievement through scientific and rational process has certain validity. The development of the enterprise depends on ways such as optimizing the capital structure, increasing investment in research and development, improving product competitiveness, and actively exploring the downstream industry chain, adapting to the new era of market economy environment, which can help the companies improve the comprehensive strength and enterprise value. Key words: EVA; Yellow River Whirlwind Company; performance evaluation I 目 录 第一章 绪论..............................................................................................................................1 1.1研究的背景及意义......................................................................................................1 1.1.1研究背景...........................................................................................................1 1.1.2研究意义...........................................................................................................1 1.2国内外研究综述..........................................................................................................2 1.2.1EVA业绩评价效应研究...................................................................................2 1.2.2EVA理论的优越性研究...................................................................................4 1.2.3总结评述...........................................................................................................6 1.3研究内容和研究方法..................................................................................................7 1.3.1研究内容...........................................................................................................7 1.3.2研究方法...........................................................................................................9 第二章 相关理论基础............................................................................................................10 2.1财务绩效评价内涵....................................................................................................10 2.2理论基础....................................................................................................................10 2.2.1企业价值理论.................................................................................................10 2.2.2委托代理理论.................................................................................................11 2.2.3利益相关理论.................................................................................................11 2.3EVA理论....................................................................................................................12 2.3.1EVA理论的内涵.............................................................................................12 2.3.2EVA理论的会计调整事项.............................................................................12 2.3.3基于EVA的财务绩效评价...........................................................................13 第三章 黄河旋风公司现行财务评价体系............................................................................14 3.1黄河旋风公司概况....................................................................................................14 3.2黄河旋风公司