Analysis And Evaluation Research On Value Creation Ability Of Photovoltaic Enterprise Based On EVA

In recent years,with the increasing supportive efforts of government,China's photovoltaic industry presents a rapid development trend.At present,China's annually increasing photovoltaic installed capacity and cumulative photovoltaic installed capacity are both world first,with sales and export volume of photovoltaic production both ranking top in the world.However,the emergence of a series of problems such as excessive expansion,excess production capacity,neglect of domestic market and overall unbalanced development are restricting the sustainable development of photovoltaic enterprises in China.In order to deal with these problems effectively,photovoltaic enterprises are supposed to use reasonable methods and standards to comprehensively measure their own strength.Therefore,applying EVA theory to analyzing and evaluating the Value Creation Ability(VCA)of China's photovoltaic enterprises is of practical significance for them to find disparity and seek for reformation.The main content of this paper is analyzing and evaluating the VCA of photovoltaic enterprises in China based on EVA theory.Firstly,the VCA theories,including EVA related theory,value chain theory and value creation theory,are intensively studied,and the theoretical connotation and application fields of VCA theory are emphatically discussed;Secondly,the development status of China's photovoltaic industry is summarized,while the main evaluation criteria of VCA are compared and analyzed,including the evaluation criteria of cash flow,the Balanced Scorecard and the EVA,and the reason why EVA theory is selected as the evaluation criteria in this paper is explained;Thirdly,on basis of theoretical analysis of influencing factors,a stepwise regression model is established to identify and select the internal driving factors and external influencing factors that significantly affect the photovoltaic enterprises' VCA;Finally,based on the results of regression empirical analysis,the EVA-based evaluation index system of photovoltaic enterprises' VCA is established.Then the Analytic Hierarchy Process(AHP)and Entropy Weight method are used to calculate the subjective-objective integration weight coefficients of influencing factors.Furthermore,based on the Fuzzy Comprehensive Evaluation theory,the VCA of sample photovoltaic enterprises is evaluated and compared.The results of empirical analysis show that the evaluation scores of sample photovoltaic enterprises' VCA are generally low,indicating that the overall evaluation outcome is not very ideal under the selected evaluation criteria hierarchy and membership function in this paper,which reveals the broad development space for China's photovoltaic enterprises' VCA.It is recommended that photovoltaic enterprises should continue to increase investment of technology innovation and production R&D,while profit level of main business is supposed to be further enhanced.In the meantime,growth capacity indicators such as growth rate of EPS should be put particular emphasis on.