Research On Performance Evaluation Of GAC Group Based On EVA Method

State-owned enterprises in China play a leading role in economic development.At present,China is growing towards a new economic model with high quality and efficiency.The previous model which pursuit excessively high profit and growing rate is no longer suitable for further development.Moreover,the principle-agent problems emerged because of the separation of the ownership and management rights,especially the impersonalized of property rights in china and the profit motive requirement always cause contradiction.Therefore,the SASAC put forward the implementation of EVA evaluation system.EVA(Economic Value Added)refers to the adjusted net operating profit after tax minus the adjusted total cost of capital.The paper first combs and analyzes the concept and theoretical basis of performance evaluation,then introduces the difference between the traditional method and EVA evaluation method.Additionally,the paper applies EVA method to the actual assessment of a listed company,investigates the evaluation results so as to provide suggestions and improvement measures for the company.The paper aims to enrich the theoretical cases on performance evaluation,and provide reference value for enterprises.This paper mainly adopts the method of case analysis and selects GAC group as the research object to study the application effect that implement EVA performance evaluation system.In chapter 1,it begins with the introduction of the research background and significance,shows the research methodology and framework,and presents the technical route of this paper.In chapter 2,it introduces the theory of performance evaluation,reveals the relationship between the theory and the method,summarized the method adopted in each stage in our country,which lays the theoretical foundation for the whole study.In chapter 3,it introduces GAC’s operation and financial situation,which demonstrate the limitations of current methods and the necessity of adopting the EVA method.Chapter 4 focuses on EVA indicators analysis,including the comparison of historical data and data between enterprises.Chapter 5 is the summary of the whole paper,which draws the EVA evaluation conclusion and benchmarking conclusion,gives suggestions including adjusting financing structure,etc.