Research Manager Of Eva-based Bonus Plan

Under modern enterprise system, the separation of Enterprise property rights and operating rights Causes the entrusts and agent relation between Shareholders and managers. The shareholder is a trustee, The manager is an agent. Because the information is asymmetrical and the benefit is not accommodating, their goal is different.Through "reversion choice" and "moral risk",the manager harms the shareholder and enterprise's benefit and seeks own benefit maximization.So, it is important for realization enterprise value and shareholder wealth maximization to design Scientific manager achievement appraisal and drive system.On the basis of enterprise value maximization, according to the standard of target's relevance, operational, uniformity, easy to understand, select achievement appraisal system EVA which is popular overseas since 1990s, the manager's bonus plan is determined. Analysis of feasibility study achievement of EVA is the basis of the design of bonus plan. The validity of EVA includes appraisal validity and encouragement validity. Because the relation is more closely with enterprise value than traditional accountant target, the appraisal validity has more effective information which can be used to appraise the achievement of the manage. To encouragement validity, the Salary drive plan which based on EVA can Enhances the management to twist the effect and Increase enterprise value.It is essential to obtain the EVA concept to design the manger's bonus plan. This thesis Introduce the concept of EVA and discussed the computation of EVA, the accountant's adjutants of EVA and the problem of capital cost computation is included. The object of the accountants' adjutants of EVA is to eliminate the Influence of Steady accountant principle and Accountant error, prevents the occurrence of the earnings management which includes the adjustment of NOPAT and the total capital adjustment, may use the capital asset fixed price model to the capital costComputation. This thesis has carried on the demonstration through the computation the example to EVA, Carries on the comparison between the EVA target and the traditional achievement appraisal target, analyzed the flaw of the profit achievement appraisal target based on accountant and achievement appraisal target based on the stock price, pointed out the superiority of Appling EVA to the manager achievement appraisal.The thesis further analyzes the present of the reward machine-made of the manager in our country at present: the heavy spirit rewards the light material reward; the low connection between year reward and the enterprise manage achievement; the pessimistic income is high, which is easy to create the short-term to be eager for quick success and Immediate gain the behavior, and pointed out the flaw of tradition bonus plan in aspect the and soon target, pattern, standard in our country. Drives the reward mechanism existence in view of the present manager the main question and the traditional bonus plan flaw, proposed the EVA manager bonus plan based on EVA, and has carried on the analysis to this bonus plan.The thesis has produced the question which the main conclusion, innovation and needs further to study in the end.