The Research On Influence Of EVA To Stock Price Of China Main Board

In early2010，" central person in charge of the enterprise operating performanceevaluation approach" revised by NAC(national Assets Commission)， decide to fullyimplement the economic value added evaluation index since the central business person of thethird term and economic value added is in the assessment of the total weight of more than40%，exceeding the financial profit index which accounts for30%of. This marks that centralenterprises which equal to size of over20000billion， seventeen trillion income per year isconcluded into the economic value added index management system! The biggest differencebetween EVA and traditional performance evaluation index is that EVA takes consideration ofall capital of enterprises including equity capital， embodying the concept of economic profit.At the same time， EVA have adjusted the corresponding subjects on financial statements toovercome the distortion caused by traditional performance evaluation index in enterpriseperformance，truly reflecting the internal value，effectively measuring shareholder’s wealth.Operating performance and value creation ability is the most important determinant ofthe stock prices of listed companies， EVA is of excellent performance evaluation index，attempting to validate the EVA in the capital market in China， finding the relationshipbetween the EVA and stock price of the listed company， those is the focus of this essay.Firstly， we analyze from the factors affecting the stock prices and clarify the main cause ofvolatility of share price. Secondly， it explains the connotation and calculation method ofEVA and analyzes the economic meaning of EVA. Theoretically, the essay compare EVA withtraditional financial index that measures performance and influence share price Then， in theaspects of theoretical research， the essay comparatively analyze EVA system and traditionalaccounting of ability of analyzing company value， summing up the superiority of EVA thanthe traditional accounting index! The essay discus the superiority of EVA valuation model tothe classic discounted cash flow model. In the empirical study of China stock market， wetake listed company of main board from2008to2010of the relevant economic data as theresearch data. In order to minimize the impact caused by the size of the company ’sprofitability differences，we take asset value as a control variable the listed company contrastanalysis of EVA system index and traditional financial index with MVA value measured by the listed companies price and value. The essay take MVA as variable being explained，EVA and traditional accounting indexes as variables and then we undergo the regressionanalysis and corresponding inspection. In the empirical part， based on the results of whathave being studied， the essay undergo the analysis of analytic ability of EVA to differentindustries of the listed company. we conclude the results of the empirical analysis and analyzethe likely cause of empirical results. Finally，we point out the disadvantage of EVA index,and give some of the suggestion that EVA could be used in our country.