Research On The Relevance Of EVA And The Evaluation Of Listed Central SOEs

Central enterprises, in2010began to fully implement economic value added evaluation indexes, so the introduction of EVA index whether to adapt to the characteristics and development of the central enterprise itself, this article research goal is whether the EVA performance measurement index and the market value of the correlation between the central enterprises in China, if there is a correlation between both, compare the EVA performance measurement index of the market value of the correlation with the enterprise than traditional performance measurement indicators significant correlation with the market value of enterprises. In the middle of the current enterprise economic value added and the traditional accounting index under the condition of parallel, EVA index with which the traditional index combination can better reflect the market value of the enterprise.First, this article system selected topic background and research significance of the topic research, analysis of the status quo and literature review at home and abroad. Comprehensive analysis, the domestic and foreign scholars study the issue of EVA’s ability to explain the enterprise value, based on traditional accounting index as a general comparison object to study the effectiveness of EVA.Then, for the theory explanation and analysis the research topic, intended to establish a theoretical framework, to lay a good foundation for the back of the empirical study, according to the latest EVA index calculation method by the state-owned assets supervision and administration commission, calculate the more accurate EVA index number. Previous EVA index is not the central enterprises to implement EVA previous data, the innovation of this article lies in the use of the listed companies before and after the implementation of EVA index analysis of the data more convincing.Finally, in this paper, the performance evaluation index by correlation analysis method, a yuan regression, multiple regression and stepwise regression method for empirical research. Through analysis, it is concluded that EVA performance measure did not show great superiority than traditional accounting indicators. In order to explore the reasons, this paper takes the central enterprises started in2010before and after the implementation of assessment method of EVA for the node, the total sample is divided into two sub sample to study the central enterprise EVA before and after the2010market value to the company the size of the degree of reaction. Through the analysis, this paper found that the central enterprises in prior to the implementation of EVA, EVA and traditional accounting index value of the company almost no explanation ability and the correlation is less than the total sample; In implementation of EVA, EVA and traditional accounting indicators are showing strong explanatory power, the market value of the company and the interpretation of the EVA index ability better. Before further concluded that, the central enterprises in the implementation of EVA, the company mainly USES the traditional accounting indicators to measure performance, in a short period of time the effect not beautiful. After the implementation of EVA, considering the index of EVA and related matters, not only could improve the ability of EVA in the market value of the company in a timely manner, and improves the traditional accounting index in a short time the interpretation of the market value of the company. In general, the implementation of EVA performance indicators is conducive to the embodiment of the enterprise value, provide relatively valuable performance information to investors.Then study the combination of EVA and which accounting data is best. Through the data, the significance of EVA and EPS is best, followed by the total profit. But because of the correlation between EVA and EPS is too big, and earnings per share and has certain instability, so should choose profit as parallel with EVA performance measure. If China’s market is perfectly valid, can consider to adopt the method of EPS and EVA and at the same time.Although EVA index to central enterprises have certain positive role, but there are deficiencies in the actual research, aiming at these deficiencies, this paper puts forward the corresponding Suggestions.