Research On The Ifnancial Management Objective Of Our State-owned Enterprises Based On Eva Theory

The state-owned enterprise is an important creators of material wealth and play aleading role in the national economy in China. After years of development,comprehensive strength of the state-owned enterprises increases. However, thestate-owned enterprises are faced with the low efficiency of allocation of resources,and coordination problems. In order to solve this prominent problem, and guidestate-owned enterprise behavior, we need to clear financial management objective.But, there is no consistent conclusion on the objectives of financial management, andvery few people study the goals that suitable for state-owned enterprises. So, it isvery urgent to research the goals because the primary task is to improve and optimizethe state-owned enterprises during the Twelve-Five period.There are some problems about the major views based on the analysis of thedomestic and foreign financial management objectives: either position is wrong, orthe possibility is very small. We point out the most basic factors to select the goalsare relevance, harmonious sex and maneuverability considering position ofenterprise.We put forward the principles that set up financial management objectivesshould follow. In EVA framework, we analyze whether EVA maximization iscongruous with the principles that set up financial management objectives.Conclusion is sureCash flow is had to be considered set up financial management objectives, soEVA maximization that cash flow is not included is limited. The financialmanagement goal of state-owned enterprise in our country is EVA maximizationunder the constraint of cash flow smoothly. Since EVA is in introducing stage in ourstate-owned enterprise, the EVA performance evaluation system has not been set upyet, EVA excitation mechanism and EVA financial management system are lacking.So we put forward improvement measures on how to ensure the realization ofthe target in the papers, such as: to establish EVA performance evaluation system,EVA excitation mechanism and EVA financial management system. This paper has the following three points in the innovation:First, study the financial management target from the position of enterprises inorder to better guide the practice and benefit the shareholders, business operators andother stakeholders.Second, put forward the EVA goal of maximization is possible. Standing in theenterprise standpoint, coordinating the interests of stakeholders and ensure thecorrelation and practical is the most basic factors when selecting target. thecorrelation and operability of EVA is very strong and can well coordinated enterprise,shareholders, business operators and other stakeholder interests,thus make the EVAgoal of maximization of really become a realistic goal.Third, hold that the financial management goal of state-owned enterprise in ourcountry is EVA maximization under the constraint of cash flow smoothly in EVAframework.