| Value-drivers are the decision-making variables that affect or promote the creation of the enterprise value.They exist in the enterprise’s product development,production and marketing.Determining the value drivers of the enterprise helps managers and employees to understand how value is created and how to maximize the enterprise’s value.According to the importance of value drivers,rational allocation of resources can achieve the optimal allocation of resources.EVA as an indicator to measure the enterprise’s value creation ability has been widely recognized.Since 2010,SASAC has implemented EVA assessment on the central enterprises in an all-round way to improve the investment efficiency of central enterprises and promote sustainable development.In 2014,SASAC issued the Circular on Guiding Opinions on Strengthening Centralized Enterprise Value Management with Economic Value Added as the core,marking that EVA has achieved a shift from an evaluation indicator to a value management tool.EVA is a financial indicator.After determining the value creation of an enterprise,EVA can be decomposed according to the relationship between financial indicators to find the factors that drive the creation of enterprise value.In this paper,a case study method is used to analyze GREE electric appliances,a state-owned listed company in the household appliance industry,and analyze the factors that affect its EVA.The analysis idea is that first of all,we use the basic thought of Du Pont’s analysis to decompose EVA layer by layer,and build a EVA driving factor analysis model.The factors that are decomposed by the analytical model of the EVA driver are common factors that affect the value of the company.Combined with GREE Electric’s financial report data,the sensitivity analysis was used to find the sensitive factors of GREE ’s EVA,and the value driving factors were determined by the analysis of the sensitivity factors.The conclusions drawn from the study are that the sensitivity factors of GREE ’ EVA are raw material rate,sales expense ratio,total asset turnover rate and total capital.Based on the sensitivity analysis,the value drivers of the company are determined as product price,sales volume and material cost.,sales expenses,bills receivable and turnover of fixed assets,and the capital structure of the company.By investigating the value-driven factors of GREEElectric,it was found that the reduction of raw material ratio is a key factor in promoting the promotion of EVA.This is due to GREE Electric’s strict material cost system,price advantage,and stable marketing channels.In addition,the expansion of capital scale causes EVA to be equivalent.With the increase in the degree,these two factors have played a positive role in enhancing GREE Electric ’ EVA.GREE ’s sales expenses have always been relatively high,and the increase in sales expense ratio is a key factor in destroying GREE Electric’ EVA.According to GREE Electric’s operating status,it is suggested to expand downstream sales channels and actively expand overseas markets.The significance of this study lies in: Based on the EVA theory and value-driven theory,using sensitivity analysis to study the value drivers of EVA,it has a certain significance for enriching the relevant literature and theory of current EVA value drivers;in case studies,GREE Electric EVA’s value growth point and value damage point were analyzed in detail,and GREE Electric proposed EVA promotion,which provided reference for GREE Electric to improve its operation and management activities;other companies can refer to this paper when analyzing EVA value drivers.Analyze the EVA value driver and analyze the sensitivity of the company’s business management. |
