The Research Of Listed Companies' Value-creation Index

To meet the demand of practice, value creation has now become a fundamental objective of enterprise development, and in-depth study on source of value and value creation has now become an important issue. The growing of an enterprise depends on the creation and realization of the value, which is the most essential element that helps the enterprise to survive in the fierce market competition and achieve sustainable development. Value creation is so important for companies, so constructing the listed company's value creation evaluating indicator system and establishing the value creation index have important theory significance and the practical value for the company to know correctly the superior and inferiority of their own value creation, to clear about the value driver, to formulate scientifically the value promotion strategy, and to improve unceasingly the value creation ability.The research of this thesis is to find the valuable company and help the investors to make the right decision. Based on the interests of the investors outside the company, this thesis tried to establish a reasonable and practical value-creation evaluation indictor system of listed companies. And based on this system, we establish listed company's value-creation index number (LCVCI).At the same time, we take the listed companies in the coal industry as an example and figure out their value-creation index number to carry on the appraisal to their value creation ability and explore the usefulness of the results. Finally, we put forward a number of policy recommendations about how to how to improve the ability to create value of listed companies.Generally speaking, this thesis is divided into five parts. The first.part is the introduction. In this part, the purpose and significance were defined, the research in this field was reviewed and the content, new ideas, research methods were summarized. The second part summarized the theories including the value creating theory, value based on management and the review about value creation evaluating indicators. So this part plays a very important role as the foundation for the set up of the value creation evaluation indicator system. The third part is the foundation of the indicator system. This part analyzes the financial value drivers of value creation and an intellectual value driver based on the value creation of listed companies, and then establishes the value creation evaluation indicator system. The fourth part is the index of construction of the value-creation index number. In the foundation of the value creation evaluation indicator system, using the AHP as a basis for empowerment, we establish the value creation exponential model. The fifth part used the data of the listed companies in the coal industry and assessed the Value creation ability of these companies through the ICVCI. Further more, this part investigated the enlightenment of the conclusion. Last part, the thesis provided recommendations for investors and the regulators and the management class.This thesis used theoretical research and empirical analysis to do some deep research on the value creation ability of the public company. The creative points are the research of the value creating ability of a company and used the value creating index number to evaluate the value creation ability of a company. In the foundation of in the traditional value evaluating indicators; drawing on the idea of corporate governance index, combining the measurement of value of balanced score card and economic value added, integrating the theoretical analysis of value chain, connecting the financial dimension and the non-financial dimension and explaining each stratification plane the inner link, we finally build the value-creation evaluation indictor system and LCVCI. This paper bestows on the power with the analytic hierarchy process, to a certain extent this may solve the completely artificial subjective establishment weight problem. Although this thesis has the following problems:the limitation of the information, the EVA calculation and the defect of research methods.