| With the accelerating pace of development of China’s capital market, the number of M&A among enterprises has increased constantly; the question of how to measure the value of the company accurately and improve it attracts attention by the authorities. So far, the company’s value assessment system has been dominated by traditional accounting indicators for a long time, but when the economic model has changed, the evaluation system of the traditional accounting indicators cannot reflect the real value of the firms, there is urgent to find a right way to value the enterprise more reasonably and precisely.So, in order to overcome the defects of traditional accounting indicators, here comes the Economic Value Added (referred to as EVA). The very advantage it has is to consider the cost of all kinds of capital, and then the value of the shareholders has been reflected scientifically and accurately.According to the requirements of the SASAC, all the central enterprises will introduce a comprehensive new system of EVA performance evaluation in China since2010, which shows that the EVA evaluation system plays a very important role in the process of governance. How to improve the EVA assessment indicators, as well as to adjust a business development strategy, making full and rational use of capital, in order to improve the corporate value, these are exactly the starting point of the research in this article.The whole article can be divided into two major parts:First is the theoretical basis for this article which refers to the relevant theoretical and empirical researches. The second part is the empirical research, this research will be based on the background of the new system of the performance evaluation of central enterprises, we choose219listed central enterprises among20industries as the research samples, and observe the performances during the three-year period (2008-2009), using multiple regression statistical analysis to find the relationship among the ownership structure, the capital structure and the EVA value. Meanwhile, six parts are divided from the proportion of institutional ownership, the proportion of managerial ownership, the ratio of the outstanding shares, the concentration of ownership, the balance degree of the equity, and the capital structure. Learn from domestic and foreign research results, there are six hypothesizes proposed in this paper:H1:There is no significant correlation between the level of institutional ownership and the EVAs of the listed companies.H2:There is no significant correlation between the proportion of managerial ownership and the listed companies’EVAs.H3:The proportion of outstanding shares has a significant positive correlation with the companies’EVAs.H4:The concentration of the shares has a significant positive correlation with the companies’EVAs.H5:The balance degree of the shareholding has a significant negative correlation with the companies’EVAs.H6:There is a significant inverted U-shaped curve between the capital structure and the companies’EVAs.All the empirical data are selected from the CSMAR data service center, and we select the samples from the SAC website which discloses the central enterprise directory. What’s more, the capital rate is calculated according to the SASAC’s Amendment Command (2009). The empirical results show that the concentration of the ownership has a significant positive correlation with the companies’EVAs, so does the proportion of the outstanding shares. On the contrary, balance degree has a significant negative impact. The asset-liability ratio indicators and the companies’EVAs have a very good secondary degree of linear fitness between each other, which indicates that the "inverted U" curve relationship exists according with the equilibrium theory of asset-liability ratio. |
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