The Study Of Yankuang Group Achievement Appraisal System Based On The EVA

Taking the shareholder wealth maximization as the goal of the enterprise financial management has become one viewpoint that the financial management theorists and Practices accept generally. Since the enterprise takes increasing the value as a goal, how measures its added value that becomes the focal point of all quarters' attention? Simple and the direct means is calculating its market value added (MVA, Market Value Added), Namely the market company's market value subtract the enterprise complete capital investment. But, the MVA very difficultly uses in the daily management. After massive research, people found that EVA (Economic Value Added, Hereafter refers to as EVA) possibly to explain the change of the MVA. Since the previous century's end, stern& Stuart consulting company (EVA brand inventor) firstly proposed the concept of EVA, and successfully applied EVA more than 300 enterprises in the global. Since 2001, stern& Stuart consulting company (China) also mainly bases on the EVA target to take "china market company wealth creation and deconstruction ranking". EVA belongs to the expansion of the traditional financial index, though EVA evaluation index and traditional financial index have certain similarity, but superior to the traditional financial index notably. With our country's traditional performance evaluation index—The financial index is compared; EVA can appraise and encourage uniting with the bonus the investment decision, performance of enterprises. EVA is it increase EVA to orientate financial management objectives of enterprise as, and in order to have increase of EVA as standard and yardstick that business performance appraise of investment decision, formulation of incentive system can according to create how much EVA is it confirm to come too. This makes this kind of enterprise management and administration of creating the idea on the basis of value of EVA simple, direct and having logical consistency.As a new indicator to evaluate the operational performance of a company, Economic Value Added (EVA) includes the opportunity cost of the stock ownership capital. Then it can reflect the true wealth created for the stockholders by the listed companies more accurately. The application of EVA has become a hotspot in the business circles and the academia. By examining the actuality of the listed coal enterprises, the study points out the problems in them, analyzes the feasibility and the necessary of EVA's application and recommends it's calculation. The study then puts forward how to improve their EVA's of the listed coal companies to create more wealth for their stockholders. Based on comparison-analysis standardization-analysis and case-analysis, the study calculates the EVA of the Yankuang Group and compares the result with the traditional return indicator. According to the analysis above, the study concludes that the evaluative system of EVA can reflect the operational performance of the listed coal companies more truly and more accurately. As an indicator of performance evaluation, this article fatherly points out EVA also brings a new idea for the operators and investors of those listed coal companies and offers the new approaches on how to create more value for coal companies.