Study On Market Value Management Of Listed Companies In China Based On EVA

With the rapid development of economic globalization,China's listed companies are facing increasing competitive pressures.As one of the core indicators for researching and evaluating the market's winning power,the company's market value has received great attention.The predecessors' existing researches on market value management are mainly on the micro level,such as the means of market value management,the content of market value management,and the influencing factors of market value management,and lack of research on the role of macro theory in market value management.EVA is widely used in foreign companies and is also very mature.In 2001,Stenter entered China.With the continuous promotion of EVA theory by Stent,many domestic scholars gradually shifted their attention to the study of EVA.As the advantages of EVA theory are gradually exposed,some enterprises in China have begun to try to apply EVA and the importance of EVA theory has gradually deepened.This paper attempts to explore the application value of EVA theory in the Market Value Management of Listed Companies in China,which has important practical significance for the localization of EVA theory in China.Firstly,this article sorts out related domestic and foreign literatures and summarizes previous research results on market value management and EVA,and research defects.Then,by analyzing the problems existing in the traditional market value management and the advantages of EVA theory,the necessity of the application of EVA theory in the market value management of Listed Companies in China is illustrated,and the specific application of EVA theory is analyzed in the company's strategic management system,corporate governance structure,management decision system,and the specific application of the performance evaluation system which has established the application system of EVA in the Market Value Management of Listed Companies.Secondly,introduces Baosteel Co.,Ltd.and its EVA system.Through the case of Baosteel Co.,Ltd.,the specific application effects of EVA theory in value creation,value realization,and value management in its market value management were specifically analyzed.Finally,evaluates the effect on the market value management of Baosteel Co.,Ltd from the financial indicators,the contrast of market value and EVA value,and the market reflection.In addition,relevant suggestions for improvement were proposed based on the deficiencies in its market value management.Through the study of theory and case analysis,the EVA theory is to enhance the effect of market capitalization of listed companies management role,build enterprise value management system based on EVA,it can improve the enterprise management concept of value,the value oriented enterprise development,to better handle the principal-agent problem of enterprise value management major significance.At the same time,it also provides a reference for the wider application of EVA theory in China's listed companies.Through the theoretical and case study,this article analysis shows that the EVA theory has effect on improvingthemarket value management of Listed Companies.EVA's enterprise market value management system construction can improve the management value and make the development of the enterprise value-oriented and better deals with the issues of entrusted agency,which is of great significance on the management of the market value of enterprises.At the same time,it also provides reference for more extensive application of EVA theory in China's listed companies.