ABSTRACT

Under the background of EVA-based performance evaluation conducted by State Assets Administration Committee，it is of great importance for petroleum enterprise groups to study the mechanism of investment decision under the guidance of value maximization objectives.Research framework of EVA-based investment decision and its management mechanism are required，so that value enhancement of petroleum resources in the long run is formed.Therefore，owing to the shortcomings of existing research，indepth research on investment decision of petroleum enterprise groups is conducted from three strategic dimensions of value，risk，growth.The main contributions are as follows：

Firstly，according to the objective of investment decision for petroleum enterprise groups，theory of EVA-based investment decision is illustrated，and further establish framework of EVA-based petroleum enterprise groups’investment decisions including three dimensions of value，risk and growth.

Secondly，EVA-based investment value measurement and management is illustrated.On the basis of EVA value drivers，value management cycle including value analysis，value improvement，value control，value incentive stages are established.As a result，through financial strategy，investment budget and financing strategy are better integrated.

Thirdly，EVA-based risk analysis techniques are studied.Risk analysis methods are applied into the EVA indicator that can truly reflect investment value，so as to make more flexible and accurate investment decision：EVA-based volatility analysis of investment cash flows by real option method is measured and optimal investment timing is thereafter determined；allocation of resources constrained by uncertainty is conducted based on investment risk tolerance，better addressing the optimal portfolio and other tactical capital budget problems.

Fourthly，according to the current situation of oil companies，benchmarking model based on entropy-TOPSIS is constructed to evaluate the efficiency of investment decision.Furthermore，main improvement approaches are pointed out，promoting transformation of economic development and economic restructuring to achieve sustainable development.

Fifthly，by virtue of budget management information platform，the value management including operating mechanism，control mechanism，incentive mechanism and risk management mechanism is constructed.Therefore，service flow，cash flow，information flow and human resources flow are organically integrated.

Key Words：petroleum enterprise groups　economic value added　investment decision　investment value management　investment risk　resources allocation　management mechanism