뗚?뻭?뗚?웚? 쪯볒쳺슷횰튵벼쫵톧풺톧놨 쓪6퓂 JOURNAL OF SHIJIAZHUANG INSTITUTE OF RAILWAY TECHNOLOGY 뛔컒맺짏쫐릫쮾닺뢺햮싊폫EVA뗄쮼뾼 췵톧쏱†샮맳럒†?ꎨ쪯볒쳺슷횰튵벼쫵톧풺†뫓놱쪯볒‰㔰〴?ꎩ?햪튪ꎺ닺뢺햮싊랴펳웳튵뗄놾뷡릹ꎬ뛔웳튵닆컱쒿뇪뗄쪵쿖웰ퟅ훘튪펰쿬ꆣ뛸뇊헟죏캪쒿잰ퟮ뫏샭캪듳볒쯹뷓쫜뗄웳튵닆컱맜샭쒿뇪펦쫇뺭볃퓶볓횵ퟮ듳뮯ꆣ놾컄듓럖컶컒맺짏쫐릫쮾닺뢺햮싊룅뿶죫쫖ꎬ싛쫶뺭볃퓶볓횵ퟮ듳뮯쫇ퟮ캪뫏샭뗄웳튵닆컱맜샭쒿뇪ꎬ닻쏷컒맺짏쫐릫쮾닺뢺햮싊폫䕖?뗄뷴쏜솪쾵ꆣ?맘볼듊ꎺ뺭볃퓶볓횵†††닺뢺햮싊†††닆컱쒿뇪?훐춼럖샠뫅ꎺ䘲㌱⸲? ?컄쿗뇪쪶싫ꎺ䄠? †††?컄헂뇠뫅ꎺㄶ㜳?ㄸㄶ⠲〰㘩〲?〱????4??닺뢺햮싊ퟷ캪튻룶훘튪뗄뒫춳뗄닆컱횸뇪ꎬ튻횱틔살놸쫜죋쏇뗄맘힢ꆣ웤룟뗍펰쿬떽웳튵뗄닆컱ힴ뿶ꎬ뺭펪돉맻벰쿖뷰쇷솿ꆣ뛸뺭볃퓶볓횵䕖?ퟷ캪튻룶탂탋뗄닆컱횸뇪ퟔ튻돶쿖뻍쿔쪾돶쇋잿듳뗄짺쏼솦ꎬ놻룷듳릫쮾쯹뷓쫜늢춶죫쪵쪩쟒좡뗃늻듭뗄킧맻ꆣ䕖?훰늽캪튵뷧뫍톧뷧훵쒿ꎬ䕖?ퟮ듳뮯ퟮ훕랢햹돉캪웳튵닆컱맜샭뗄ퟜ쒿뇪ꎬ평듋뿉볻웤폅풽탔ꆣ놾컄붫뻍컒맺짏쫐릫쮾닺뢺햮싊폫닆컱맜샭쒿뇪뺭볃퓶볓횵ퟮ듳뮯ퟷ튻킩쳖싛ꆣ?ㄠ?컒맺짏쫐릫쮾닺뢺햮싊룅뿶럖컶?듓짏쫐릫쮾뗄닺뢺햮뇭짏뿉틔뾴돶닺뢺햮싊쫇뢺햮ퟜ뛮폫닺ퟜ뛮뗄뇈횵ꎬ쫇짏쫐릫쮾뛔췢릫늼뗄닆컱횸뇪횮튻ꎬ튻횱쫜떽횤좯쫐뎡닎폫훷쳥뗄벫듳맘힢ꆣ햮좨죋맘탄닺뢺햮싊ꎬ쫇떣탄듻룸웳튵뿮쿮뗄낲좫돌뛈뫍웳튵뗄뎥햮쓜솦ꎬ쯻쏇쾣췻닺뢺햮싊풽뗍풽뫃ꆣ막뚫쏇맘탄닺뢺햮싊ꎬ쫇틲캪햮컱놾폫막뚫좨틦퓚뺭펪훐랢믓춬퇹ퟷ폃ꎬ떱ퟜ닺쾢쮰잰샻죳싊듳폚뢺햮샻싊쪱ꎬ막뚫쯹뗃뗄샻죳믡퓶듳?뺻닺샻죳싊뻍믡짏짽ꎬ쯻쏇쾣췻닺뢺햮싊풽룟풽뫃ꆣ죧맻쿠랴ꎬ퓲막뚫뗄샻죳뻍믡복짙ꎬ뺻닺샻죳싊뻍믡쿂붵ꎬ쯻쏇쾣췻닺뢺햮싊풽뗍풽뫃ꆣ뺭펪헟맘탄닺뢺햮싊쫇틲캪닺뢺햮싊룟ꎬ퓙뻙햮럧쿕듳ꎬ믲뷨늻떽잮ꎬ짵훁떼훂웳튵웆닺ꎻ뛸퓚ퟜ닺쾢쮰잰샻죳싊듳폚뷨뿮샻싊쟩뿶쿂ꎬ죧맻늻뻙햮폖쮵쏷웳튵뛔웤잰춾탅탄늻ퟣꎬ샻폃닆컱룜룋쓜솦닮ꎬ죝틗떼훂웳튵뗄뺭펪튵벨뗍쿂ꆣ닆컱맜샭헟맘탄닺뢺햮싊쫇틲캪쯻쏇뻝듋횸뇪뿉에뛏웳튵쒿잰뗄놾뷡릹ꎬ탨튪퓚룷훖샻뇗횮볤뷸탐좨뫢ꎬ틔ퟶ돶헽좷뻶닟ꆣ헾뢮맘탄닺뢺햮싊횸뇪ꎬ쫇틲캪짏쫐릫쮾쫇맺볒듳훐탍웳튵뗄듺뇭ꎬ짏쫐릫쮾닺뢺햮싊뗄룟뗍랴펳쇋맺쏱뺭볃뗄놾뷡릹ힴ뿶ꆣ죧맻닺뢺햮싊웕뇩뷏룟ꎬ쟒돉캪튻훖뎤웚뗄ꆢ늻뿉얤뗄뺭볃쿖쿳쪱ꎬ틗떼훂뷰죚캣믺뫍헾뻖뗄뚯떴ꆣ틲듋ꎬ닺뢺햮싊놻횤좯쫐뎡뛠랽쯹훵쒿ꆣ쓇쎴ꎬ컒맺짏쫐릫쮾닺뢺햮싊쟩뿶죧뫎ꎬ쿂뇭쇐뻙뗄쫇컒맺짏쫐릫쮾탐튵럖샠닺뢺햮싊춳볆쟩뿶ꆣ?? 쫕룥죕웚ꎺ2006-04-21 ퟷ헟볲뷩ꎺ췵톧쏱ꎨ1952-ꎩꎬ얮ꎬ몺ꎬ쇉쓾짲퇴ꎬ톧쪿ꎬ짳볆쪦ꎬ퇐뺿랽쿲뺭볃맜샭ꆣ 104
뗚2웚 췵톧쏱ꎬ뗈 뛔컒맺짏쫐릫쮾닺뢺햮싊폫䕖?뗄쮼뾼?㈰〴쓪내헕탐튵럖샠닺뢺햮싊뛔뇈뇭?탐튵?닺뢺햮닺뢺햮닺뢺햮닺뢺햮듳욽뻹횵?ퟮ듳횵?ퟮ킡횵?폚㜰?%?㜰ꆫ㈰?%?킡폚㈰?%?뗧ퟓ탐튵?㐳⸱??㠴⸹??㈮㤹???㜹?ㄱ?럄횯럾ힰ?㌹⸱??㘹⸸??㠮㜹???㔵??뮯릤?㐰⸴??㜹⸰??㤮????㤶?ㄱ?붨닄붨훾?㐷⸸??㜷⸰???〮????㐴???붻춨퓋쫤?㌶⸵??㜸⸳??㠮????㌴??뗘닺?㔲⸶??㜸⸱??㌲⸴????㌰???쓜풴뗧솦?㌱⸵??㔸⸱??ㄮㄷ???㐳?ㄲ?쓰뻆쪳욷?㌵⸲??㘵⸶??㤮㠵???㈹???얩쇖쓁폦?㌹⸲??㘹⸹??ㄵ⸰????㌰???쟡릤훆퓬?㐴⸳??㜹⸷??㤮????㔷???짌쎳싃폎?㐵⸶??㜷⸳??ㄱ⸳????㠱???튱뷰?㐲⸱??㠰⸶??㘮????㐴???튽튩?㌹?㘵?㠱⸷??㔮㌵???㘴???훘릤훆퓬?㐳⸱??㜸⸸??ㄲ⸹????㤲???ퟛ뫏?㐵⸴??㜶⸳??ㄱ⸲????ㄱ????ꎨ힢ꎺ욽뻹닺뢺햮싊럇볓좨욽뻹횵ꎬ쯹틔ퟜ쳥쮮욽욫뗍ꆣ쇏살풴ꎺ睷眮桥硵渮捯?ꎩ?듓짏뇭뿉볻ꎬ퓚헢ㄵ룶탐튵훐ꎬ늻춬탐튵뗄놾뷡릹닮뇰뫜듳ꆣ욽뻹닺뢺햮싊뗄뇤뮯튲랴펳쇋튻킩탐튵쳘헷ꆣ욽뻹놾뷡릹퓚㌱⸵??%ꆫ㔲⸶? %볤늨뚯ꎬퟮ룟폫ퟮ뗍놾뷡릹쿠닮㈱룶냙럖뗣ꆣ웤훐쓜풴뗧솦뗄욽뻹닺뢺햮싊ퟮ뗍ꎬ캪㌱⸵??%ꎬ뗘닺욽뻹뢺햮싊ퟮ룟ꎬ캪㔲⸶??%ꎬ죧맻뫶싔탐튵닮뇰ꎬퟜ쳥짏살뾴짏쫐릫쮾뗄놾뷡릹웕뇩뇈뷏컈붡ꎬ닺뢺햮싊늻룟ꆣ뷰돉놾쫇릫쮾죚탐캪뗄ퟮ룹놾뻶뚨틲쯘ꆣퟷ캪솽훖늻춬탔훊뗄죚랽쪽ꎬ햮컱죚뗄훷튪돉놾쫇뇘탫퓚풤뚨뗄웚쿞쓚횧뢶샻쾢ꎬ뛸쟒떽웚뇘탫뎥뮹놾뷰ꎻ뛸막좨죚뗄훷튪돉놾퓲쫇쒿잰뗄막쾢횧뢶뫍춶헟풤웚뗄캴살막쾢퓶뎤ꆣ듓샭싛짏럖컶ꎬ막좨죚뗄놾돉놾튪룟폚햮컱죚뗄놾돉놾ꆣ떫듓컒맺쪵볊쟩뿶살뾴ꎬ쟩뿶늢럇죧듋ꎬ컒맺횱뷓막좨죚뗄놾돉놾뷏뗍ꆣ평폚컒맺짏쫐릫쮾뗄쿖뷰럖엤첫짙ꎬ㈰〰쓪틔살ꎬ컒맺짏쫐릫쮾뛔막뚫뗄쮰잰쿖뷰럖뫬뇈샽돖탸뒦폚뷏뗍뗄쮮욽ꎬ욽뻹럖뫬햼뺻샻죳뗄뇈늻떽㔰?%ꎬ죴뿛돽쮰쫕ꎬ햼뺻샻죳뗄뇈샽붫룼뗍ꆣ헢룶쮮욽틑뺭풶풶뗍폚춬웚틸탐듻뿮샻싊뫍햮좯샻싊ꆣ막좨죚돉놾뮹쫇튪뗍폚햮좨죚돉놾ꆣ㈰〰훁㈰〳쓪볤ꎬ솬탸쯄쓪럖엤뫬샻뗄릫쮾뷶캪짏쫐릫쮾ퟜ쫽뗄㐮? %ꎬ뗍엉쾢싊횱뷓펰쿬컒맺횤좯쫐뎡뗄춶볛횵ꆣ뛔폚짏쫐릫쮾뛸퇔ꎬ폫햮컱죚뇘탫뮹놾뢶쾢뗄ꆰ펲풼쫸ꆱ쿠뇈ꎬ엤막죚뻟폐ꆰ죭풼쫸ꆱ뗄쳘뗣ꎬ웤뷰돉놾쪵볊짏횻쫇튻훖믺믡돉놾ꎬ늢늻뻟폐잿훆탔뗄풼쫸솦ꆣ틲듋ꎬ짏쫐릫쮾맜샭닣ퟔ좻붫막좨죚ퟷ캪튻훖뎤웚뗄컞탨뮹놾뢶쾢뗄뗍돉놾뷰살풴ꆣ헢쫇짏쫐릫쮾욫뫃막좨죚ꎬ닺뢺햮싊뗍뗄룹놾풭틲ꆣ?ퟜ횮ꎬ춨맽뛔컒맺짏쫐릫쮾뗄놾뷡릹랢쿖ꎬ컒맺짏쫐릫쮾뗄놾뷡릹뫜늻뫏샭ꎬ막좨죚맽뛠ꎬ햮컱죚첫짙ꎬ쓪짏쫐릫쮾뗄욽뻹닺뢺햮싊쏷쿔뗍폚컒맺웳튵뗄욽뻹쮮욽ꆣ풶캴듯떽䵍샭싛쯹쮵뗄ퟮ병놾뷡릹ꆣ쇭췢ꎬ컒맺짏쫐릫쮾뗄뢺햮뇈샽튲뗍폚쫀뷧훷튪릤튵맺볒ꎬ퓚쒿잰뗄놾뷡 105
??쪯볒쳺슷횰튵벼쫵톧풺톧놨††††††††††′〰?쓪뗚?웚 릹쿂ꎬ컒맺짏쫐릫쮾뗄닆컱맜샭쒿뇪늢쎻폐듯떽ꆣ쒿잰뺡맜짏쫐릫쮾닺뢺햮싊욽뻹늻떽㔰?%ꎬ컒맺짏쫐릫쮾닺뢺햮싊쯤듳늿럖퓚뫏샭랶캧쓚ꎬ떫웳튵샭닆쮮욽늻쯣샭쿫ꎬ죋캪닙ퟝ퓚쒳훖돌뛈짏튲쫇듦퓚뗄ꆣ?떱좻ꎬ튲폐튵죋쪿죏캪ꎬ닺뢺햮싊뗄웕뇩욫뗍쮵쏷짏쫐릫쮾뗄뺭펪맽폚뷷짷ꎬ늻쓜룸막뚫듸살룼뛠뗄춶믘놨ꆣ춬쪱뷏룟뗄닺뢺햮싊튲뛔닆컱ힴ뿶뗄뛱뮯웰췆늨훺삽뗄ퟷ폃ꆣ뇊헟죏캪?웳튵펦퓚늻춬뗄랢햹뷗뛎ꎬ룹뻝뻟쳥랢햹뗄탨튪ꎬ좷뚨늻춬뗄닺뢺햮쮮욽ꆣ떱좻ꎬ죚뮷뺳뗃뻟놸ꆣ웳튵퓚룟랢햹뷗뛎ꎬ뿉틔닉폃뷏룟뗄닺뢺햮싊쮮욽ꎻ컈뚨랢햹쪱웚ꎬ닺뢺햮싊놣돖퓚튻냣쮮욽ꎻ뗍쯙랢햹쪱ꎬ퓲펦뇜쏢룟뢺햮듸살뗄돁훘뢺떣ꆣ?㈠?웳튵닆컱맜샭쒿뇪ꆪꆪ뺭볃퓶볓횵ퟮ듳뮯?††닺뢺햮싊헢튻뒫춳횸뇪퓚뫜듳돌뛈짏펰쿬웳튵닆컱맜샭쒿뇪뗄쪵쿖ꆣ뛸뛔닆컱맜샭쒿뇪뗄뚨캻ꎬ뇊헟죏캪쒿잰죏캪ퟮ뫏샭뗄떱쫴뺭볃퓶볓횵ퟮ듳뮯ꆣ?뺭볃퓶볓횵䕖?
䕣潮潭楣⁖慬略⁁摤敤?쫇평쏀맺뗄쮼쮼쳘맜샭톯릫쮾쳡돶뗄ꆣ䕖?쫇횸듓쮰뫳뺻샻죳훐뿛돽냼삨막좨뫍햮좨뷰뗄믺믡돉놾뗄뺭볃샻죳ꆣ쯼뗄믹놾샭쓮퓚폚웳튵뗄쮰뫳뺻펪튵샻죳뎬맽놾돉놾쪱ꎬ䕖?캪헽ꎻ랴횮ꎬ죧맻䕖?캪뢺ꎬ쮵쏷웳튵뺭펪쯹뗃늻ퟣ틔쏖늹냼삨막놾놾돉놾퓚쓚뗄좫늿돉놾뫍럑폃ꎮ듓뛸쪹막뚫뺻볛횵복짙ꆣ뫬뫬믰믰뗄쯄뒨뎤뫧뷼벸쓪쓪쓪폐펯샻ꎬ폐맘볒폃뺭볃퓶볓횵䕖?랽램볆쯣ꎬ듓ㄹ㤸쓪뾪쪼뺭볃퓶볓횵䕖?캪뢺횵ꆣㄹ㤹쓪뫍?〰?쓪헢튻뢺횵삩듳떽쇋???틚뫍ㄵ?㘲틚ꎬ놾살맢닊뛡쒿뗄뎤뫧ꎬ훨좻횮볤뇤뗃떭컞맢ꎬ헢볾쫂틽웰뫜듳랴쿬ꆣ?릫쮾볛횵좡뻶폚춶헟풤웚뗄캴살샻죳뎬돶웤춶죫놾뗄돉놾뗄럹뛈ꆣ컞싛쫇돉뎤훐뗄릫쮾ꎬ뮹쫇뺭펪ힴ뿶늻병뗄릫쮾ꎬ훘튪뗄쫇늻뛏쳡짽뗄䕖?ꎬ뿉틔캪막뚫늻뛏뗘뒴퓬닆뢻ꎬ듓뛸늻뛏뗘쳡짽웳튵뗄볛횵ꆣ뺭볃퓶볓횵ퟮ듳뮯뻍쫇횸춨맽ퟮ폅뗄닆컱뻶닟뫍닆컱펪퓋ꎬ쪹뺭볃퓶볓횵믱뗃컈늽쳡룟ꎬ늢쟒듯떽ퟮ듳횵ꎬ틔쪵쿖막뚫닆뢻뫍웳튵볛횵뻹듯떽ퟮ듳뗄쮫펮뻖쏦ꆣ틲캪뺭볃퓶볓횵뗄늻뛏퓶볓ꎬ볈쫇막뚫닆뢻죕틦퓶뛠뗄믹뒡ꎬ춬쪱튲쫇웳튵웤쯻샻틦쿠맘헟뗄좨틦뗃틔쪵쿖뗄룹놾놣헏ꆣ틲듋뇊헟죏캪냑뺭볃퓶볓횵ퟮ듳뮯ퟷ캪웳튵닆컱맜샭쒿뇪쫇쒿잰ퟮ뫏샭뗄톡퓱??춨맽틔짏럖컶뿉틔뗃돶웳튵뗄뺭볃퓶볓횵뗄볆쯣릫쪽죧쿂ꎺ?EVA= NOPAT-WACCꇁK ††††††††††††††††††††?ꎨ?ꎩ?웤훐ꎬNOPAT쫇뗷헻뫳뗄쮰뫳펪튵뺻샻죳ꎻ?WACC 쫇웳튵막좨놾뫍햮좨놾뗄볓좨욽뻹놾돉놾ꎻ?K쫇웳튵뗄놾춶죫ퟜ뛮?냼삨막좨놾뫍햮좨놾?ꆣ?놾춶죫?막놾ퟜ뛮ꎫ볆쾢뢺햮?냼삨뛌웚뫍뎤웚???퓚헢죽룶뇤솿좷뚨횮뫳ꎬ뻍뿉틔퓋폃틔짏뗄릫쪽볆쯣돶웳튵뗄䕖?ꆣ평릫쪽ꎨ?ꎩ뿉틔뾴돶䕖䄠폫닺뢺햮싊맘쾵쪮럖쏜쟐ꎬ닺뢺햮싊뗄룟뗍맘쾵ퟅ짏쫐릫쮾뗄뷰돉놾ꎬ튲폫뺭볃퓶볓횵횱뷓맒릳ꆣ?㌠⁅噁듙뷸짏쫐릫쮾놾뷡릹뗄폅뮯?웳튵닆컱맜샭쒿뇪듓틔잰뗄샻죳ퟮ듳뮯떽뫳살뗄쎿막쫕틦ퟮ듳뮯ꎬ떽쒿잰뇈뷏캪듳볒쯹뷓쫜뗄웳튵볛횵ퟮ듳뮯뫍뺭볃퓶볓횵ퟮ듳뮯ꆣퟜ횮ꎬ캪쇋듯떽웳튵닆컱맜샭쒿뇪ꎬ뚼탨튪짨훃릫쮾ퟮ병뗄놾뷡릹ꎬ쯹틔릫쮾탨튪폐튻뚨뇈샽뗄햮컱죚ꎬ틲캪샻쾢뿉틔뗖쮰ꎬ???뫍릫쮾볛횵믡쯦ퟅ뢺햮 106
뗚2웚 췵톧쏱ꎬ뗈 뛔컒맺짏쫐릫쮾닺뢺햮싊폫䕖?뗄쮼뾼?뇈샽뗄쳡룟뛸쫊떱뗘퓶볓ꆣ죧잰쯹쫶ꎬ듓샭싛짏럖컶ꎬ막좨죚뗄놾돉놾튪룟폚햮컱죚뗄놾돉놾ꎬ퓚튻뚨랶캧쓚ꎬ닺뢺햮싊풽룟ꎬ䕖?뻍풽듳ꆣ떫듓컒맺쪵볊쟩뿶살뾴ꎬ쟩뿶늢럇죧듋ꆣ컒맺짏쫐릫쮾뛠쪵탐뗍막쾢싊짵훁쇣막쾢싊ꎬ떼훂막좨놾돉놾맽뗍ꎬ닺뢺햮싊폫䕖?뗄맘쾵돶쿖쇋얤쟺쿖쿳ꎬ뢺햮뗄돯폅쫆뫍뗖쮰ퟷ폃쎻폐쳥쿖돶살ꆣ?틔䕖?캪뫋탄뗄탂탍웳튵맜샭쾵춳퓚좫쟲랶캧쓚뗃떽맣랺닉폃ꆣ쒿잰퓚훚뛠맺볊탔듳릫쮾훐ꎬ䕖?헽좡듺뒫춳뗄튵벨움볛횸뇪ꎬ돉캪뫢솿웳튵뺭펪튵벨뗄훷튪뇪ힼꆣ쯦ퟅ뺭볃쳥훆룄룯뗄늻뛏짮뮯뫍컒맺웳튵뗄뺭펪샭쓮뗄뇤ꎬ뾼뫋웳튵뺭펪튵벨뗄틀뻝튲훰붥듓뒫춳뗄믡볆샻죳횸뇪쿲막뚫좨틦볛횵횸뇪ꆣ좻뛸ꎬ컒맺듳솿짏쫐릫쮾뗄닺뢺햮싊벫뗍ꎬ뺿웤풭틲ꎬ훷튪쫇릫쮾맜샭헟웳춼뺡솿복짙햮컱뗄샻쾢뾪횧뛸닉폃퓚컒맺돖폐뷰돉놾뫜뗍뗄횱뷓막좨죚살놣횤샻죳횸뇪ꎬ듓뛸뫶싔놾돉놾뗄ퟷ폃뫍놾뷡릹뗄폅뮯ꆣ뛸䕖?횸뇪뿉듺쳦샻죳횸뇪룼뫃뗘훆풼맜샭헟뗄탐캪ꎬ벤샸쯻쏇뗄뒴퓬죈쟩ꎬ캪막뚫펮뗃룼뛠뗄샻틦ꎬ췆뚯훐맺막쫐뗄뷸튻늽돉쫬ꆣ䕖?ퟷ캪웳튵튵벨움볛횸뇪ꎬ쓜뷏뫃뗘랴펳릫쮾놾뷡릹틔벰뺭볃볛횵뇤뮯뗄쳘뗣ꎬ폫릫쮾뗄쫐뎡볛횵믲막욱볛룱쏜쟐쿠맘ꎬ퓚얷쏀랢듯놾쫐뎡틑좡뗃쿔훸돉맻ꆣ쯦ퟅ뺭볃쳥훆룄룯뗄뷸튻늽짮뮯ꎬ䕖?룅쓮뇘붫놻컒맺웳튵뷧폫톧쫵뷧웕뇩죏춬ꎬ䕖?뗄맣랺펦폃튲뇘붫캪컒맺웳튵듸살룼뛠뗄쪵볊쫕틦ꎬ췆뚯훐맺막쫐룼뿬뗘ퟟ쿲돉쫬ꆣ떫튲튪뾴떽ꎬ䕖?뗄펦폃뇘탫쫊펦컒맺맺쟩ꎬ틲듋컒쏇펦얬솦첽쯷죧뫎붫䕖?돉릦뗘틽죫컒맺뗄룷룶탐튵ꎬ쳘뇰쫇짏쫐릫쮾ꎬ듙뷸웤놾뷡릹뗄폅뮯ꆣ?ꎨ퓰죎뇠벭†샮퓆쾼ꎩ?닎뾼컄쿗ꎺ [1]뚡쿾펢,헅퇞랼.쫔첸닆컱맜샭쒿뇪뗄탂톡퓱.뺭볃퓶볓횵싊ퟮ듳뮯.즽뚫럄횯뺭볃. [2]췵뫩몣.뷢뛁뺭볃퓶볓횵닆컱횸뇪쳥쾵.닆믡퓂뾯. [3]돂룕,돂놦럦.틔뺭볃퓶볓횵(EVA)ퟷ캪닆컱맜샭횰쓜뗄춳튻쒿뇪퇐뺿.뮪뚫뺭볃맜샭. On the Balance Sheet Ratio and EVA of the Listed Companies in China Wang Xuemin Li Guifen (Shijiazhuang Institute of Railway Technology Shijiazhuang Hebei 050041 China) AbstractꎺThe balance sheet ratio represents the capital structure of the corporations, and it is very important to realize the financial target. At present the most reasonable and widely accepted financial target is the maximization of the Economic Value Added. This paper analyzes the balance sheet ratio of Chinese listed companies, explains why the maximization of the Economic Value Added is the most reasonable financial target, and elaborates the close relationship between the balance sheet ratio and the EVA. Key wordsꎺEVA balance sheet ratio financial target 107
