Research On Enterprise Performance Evaluation Of Z Company Based On EVA Method

Petroleum industry is a pillar industry in China and an important part of China's state-owned enterprises.Therefore,the performance and development trend of petroleum enterprises have always been the focus of attention of insiders and scholars.This paper first elaborated the research background and significance,research content and method,sorted out the research status at home and abroad and the theoretical basis of enterprise performance evaluation based on EVA method.Secondly,this paper systematically and detailedly analyzes the status quo and problems of enterprise performance evaluation of Z company.Specifically,it focuses on analyzing the financial situation of Z company from four aspects,namely,its debt paying ability,profitability,operation ability and growth ability.By analyzing the current situation of performance evaluation of Z company,it is found that there are mainly problems in the performance management of Z company at the present stage,such as ignoring the cost of capital,insufficient constraint effectiveness on managers' behaviors and lack of unified standards.In addition,the performance evaluation system of Z company is constructed based on the current situation of Z company.The selected EVA indexes mainly include after-tax net operating profit,total capital,weighted average cost of capital,etc.,so as to compare EVA with traditional performance evaluation indexes.From the perspective of traditional performance evaluation indicators,Z company mainly has problems such as inaccurate enterprise performance measurement,low efficiency of multi-objective management and non-long-term decision-making behavior.From the perspective of EVA index,the application of EVA index has made improvements in improving the use efficiency of enterprise capital,optimizing enterprise capital structure,motivating operation managers,realizing the preservation and appreciation of shareholder wealth,and can effectively eliminate the manipulation of profits and other activities.Finally,it puts forward the EVA-oriented measures to improve the performance of Z company,strengthen the management of economic capital,and improve the environmental construction of Z company.