Empirical Study On Business Performance Of Chinese Publishing Listed Company From EVA-based Perspective

The press and publishing industry report of 2009 pointed out that "the reform and transformation become the two key words of the publishing industry development”. Along with the reform in the publishing industry in our country, part of the publishing enterprises transform into business, the reform of the publishing industry in our country has entered a new stage of historical development. Governments at all levels have increase input and support to culture industry, listed companies of publishing industry are seeking for greater development. Under this background, theoretical and empirical studies on the business performance of the publishing industry, can regulate the behavior of enterprise production and management, improve the industry efficiency and the quality of enterprise management, so as to improve competitiveness of our country’s publishing industry in the worldEVA is the residual income that net profit after tax to lose input cost in the production. EVA as a new type of enterprise performance measurement indicators, it has the has the following three basically advantages: first, it made up for the shortage of the traditional performance indicators for considering the cost of capital; second, it can accurately reflect a certain wealth that enterprises create for shareholders in a period; third, it can be able to measure whether enterprise realize the value maximizationConsidering the cost of capital, this paper carries on the empirical analysis of the publishing industry operating performance of listed companies in the Shanghai market, by analyzing EVA value, EVA rate of return and social return on EVA, we draw a conclusion that: operating performance of listed companies in the publishing industry are not good, some companies even has been bad. But the empirical results show that different listed companies have different management level, based on this, this chapter summarizes the reasons of different value creation ability of publishing industry listed company, mainly due to national policy, scale and environmental factors. Finally puts forward specific policy proposals: first, create the management system based on the value of EVA; second, enhance the core competitiveness of listed companies in the publishing industry and the sustainable development ability; third, keep capital structure flexibility, to achieve operational autonomy and flexibility.