在国资委对中央企业实施EVA业绩考核背景下，以价值最大化管理目标为指导，研究石油企业集团投资决策机理，构建基于EVA的投资决策和管理机制，形成着眼长远的石油资源价值提升具有特别重要的意义。针对已有研究的不足，本书从价值、风险、增长这三个维度出发，对中国石油企业集团的投资决策问题进行了深度研究，主要内容如下：第一，在分析内外部环境基础上，根据石油企业集团投资决策的目标，论证EVA用于投资决策的机理，建立包括价值、风险与增长三个维度在内的EVA投资决策研究框架。第二，构建基于EVA的投资价值管理。以EVA价值驱动因素分析为桥梁，建立包括价值分析、价值改善、价值控制、价值激励的价值管理环，更好地整合财务战略、投资预算与融资策略。第三，研究基于EVA的投资风险分析。将风险分析方法应用到反映真实价值的EVA指标中量化风险，做出更加灵活、准确的决策：基于实物期权方法测度EVA现金流的波动性，研究最佳投资时机的确定问题；基于风险承受力进行不确定环境约束下资源的分析与配置，解决最优投资组合等战术性资本预算问题等。第四，分析石油企业集团的投资现状，构建基于熵权—TOPSIS法的对标模型，对投资决策的效果进行评价，进而指出提高投资决策效率的主要途径，转变发展方式，实现可持续发展。第五，借助预算管理信息平台，构建石油企业集团包括运行机制、控制机制、激励机制、风险管理机制在内的价值管理机制，实现业务流、资金流、信息流和人力资源流的有机整合。 关键词：石油企业集团　经济增加值　投资决策　投资价值管理　投资风险　资源配置　管理机制

Under the background of the implementation of EVA performance appraisal by the State-owned Assets Supervision and Administration Commission (SASAC) for central enterprises, it is of particular significance to study the investment decision-making mechanism of petroleum enterprise groups, build an investment decision-making and management mechanism based on EVA, and form a long-term value enhancement of petroleum resources under the guidance of value maximization management objectives. In view of the shortcomings of existing research, this book conducts in-depth research on the investment decision-making of CNPC enterprises from the three dimensions of value, risk and growth, the main contents are as follows: First, on the basis of analyzing the internal and external environment, according to the objectives of the investment decision-making of oil enterprise groups, the mechanism of EVA used in investment decision-making is demonstrated, and the research framework of EVA investment decision-making including value, risk and growth is established. Second, build EVA-based investment value management. With EVA value driver analysis as a bridge, establish a value management loop including value analysis, value improvement, value control, and value incentive, and better integrate financial strategy, investment budget and financing strategy. Third, research on investment risk analysis based on EVA. Apply the risk analysis method to the EVA index that reflects the true value to quantify the risk and make more flexible and accurate decisions: measure the volatility of EVA cash flow based on the real option method, and study the problem of determining the best investment time; Based on risk tolerance, analyze and allocate resources under uncertain environmental constraints, and solve tactical capital budget problems such as optimal portfolio. Fourth, this paper analyzes the investment status of oil enterprise groups, constructs a benchmarking model based on the entropy weight-TOPSIS method, evaluates the effect of investment decision-making, and then points out the main ways to improve the efficiency of investment decision-making, transform the development mode and achieve sustainable development. Fifth, with the help of the budget management information platform, build a value management mechanism including operation mechanism, control mechanism, incentive mechanism and risk management mechanism of oil enterprise groups, and realize the organic integration of business flow, capital flow, information flow and human resource flow. Keywords: petroleum enterprise group economic added value investment decision investment value management investment risk resource allocation management mechanism（AI翻译）