The System Revolution Of EVA In State-Owned Enterprises

According to statistics of state-owned enterprises Financial Express in 2005, the State-Owned Enterprises (SOEs) achieved 11.5 trillion yuan in revenues in 2005, increased 19% as 2004;904.7 billion yuan in profits, an increase of 25% as 2004, creating a new high efficiency of state-owned enterprises. But we should also be clear that enterprises realized profits mainly in the industries of oil, petrochemical, telecommunications, but the majority of enterprises' capital efficiency among theirs is not high, and the Return of total Assets below 6%. Therefore, it is a very urgent and important to set up standardized state capital business incentive and restraint mechanisms for further enhancing and improving functions of guide about SOEs' operating performance evaluation.Judging from the current situation, on the one hand, the methods of SOEs' operating performance evaluation have the significant shortcomings, such as to distort reality of performance evaluation at a certain extent, yet to overlook wealth growth, not to concern the core business, not to care about a capital discipline. On the other hand, ones need appraisal indicators to truly evaluate the state-owned enterprises' performance and supervise the process of creating value, to play a value-oriented role in order to promote capital operating efficiency and the abilities of creating value. Otherwise, there are few authors to study the practice of EVA in SOEs.In view of this, the dissertation put forward to the Value-based Management system of SOEs on the basis of Economic Value Added (EVA),and apply EVA system to SOEs' operating performance evaluation, Management system, incentive and restraint mechanisms, culture and politics, the system overcome shortcomings of the traditional performance appraisal methods which does not consider capital costs, and improve and enhance SOEs business performance appraisal system, and solve SOEs' problems of agency by agreement, and improve SOEs' employee incentive and restraint mechanism, establish a set of SOEs' Value-based Management System to upgrade its capacities to create value and core competitiveness by value-orientation,. So it is revolutionary to improve the current SOEs operating performance evaluation system, and has important lessons and significance to State-owned Assets Supervision and Administration Commission of the State Council in implementation of theperformance appraisal system on basis of EVA to SOEs.By the research methods of empirical and standardized research, on the basis of two hypothesis, and in analyzing the current operating performance evaluation of SOEs, the dissertation analyze and explore the theory and research with practice of EVA over the world, particularly the practice of SOEs;and further analyze the problems and put forward the countermeasures;then bring forward the Value-based Management System on the basis of EVA, which appropriate to state-owned enterprises, including principles and steps about state-owned enterprises' bringing the Value-based Management System on the basis of EVA into practice and two chains of system and valuation, and its four sub-models such as performance appraisal model and management system and incentive model and culture model on the basis of EVA;Finally, the dissertation prospect for SOEs' carrying out the Value-based Management System on the basis of EVA and its revolution to the traditional system.