基于EVA模型的云南白药数字化转型财务绩效评价研究

Research on the Financial Performance Evaluation of Yunnan Baiyao’s Digital Transformation Based on EVA Model

摘要: 现如今，数字化转型已然成为企业强化核心竞争力的关键措施。然而，大规模的数字化投入能否有效转化为企业长期价值，仍需科学的绩效评价体系加以验证。本文以我国民族品牌云南白药为研究对象，针对其自2018年以来推进的数字化转型，引入EVA模型进行财务绩效评价。通过调整税后净营业利润与资本总额，并充分考虑加权平均资本成本，算出云南白药2018到2024年的经济增加值。研究发现，其经济增加值呈现出与数字化转型进程紧密关联的“U型”波动。转型初期的效率红利推动EVA快速增长，全面推广阶段因巨额投入与市场风险溢价上升导致EVA转为负值，进入深化整合阶段后，随着协同效应释放与资本成本回落，EVA重回正向并稳步提升。本研究采用的EVA模型在穿透会计利润表象的同时能够真实衡量数字化转型的长期经济利润，对同类企业评估转型成效具有参考意义。

Abstract: In today’s era, digital transformation has emerged as a pivotal strategy for enterprises to bolster their core competitiveness. However, whether substantial digital investments can effectively translate into long-term corporate value remains to be verified through a scientific performance evaluation system. This paper takes Yunnan Baiyao, a national brand in China, as the research subject, focusing on its digital transformation since 2018 and introducing the EVA model for financial performance evaluation. By adjusting the net operating profit after tax and total capital, and fully considering the weighted average cost of capital, the economic value added of Yunnan Baiyao from 2018 to 2024 is calculated. The study reveals that its economic value added exhibits a “U-shaped” fluctuation closely correlated with the progress of digital transformation. In the initial stage of transformation, efficiency dividends drive the rapid growth of EVA. However, during the comprehensive promotion phase, due to substantial investments and rising market risk premiums, EVA turns negative. As the company enters the deepening integration stage, with the release of synergistic effects and a decline in capital costs, EVA returns to positive territory and steadily increases. The EVA model employed in this study, while penetrating the appearance of accounting profits, can truly measure the long-term economic profits of digital transformation, providing valuable insights for similar enterprises to assess the effectiveness of their transformation efforts.