| China's central enterprises,especially those in the power industry,are the blood of the state-owned economy.Their development is related to the stability of the economy,the national economy and the people's livelihood.On the one hand,these enterprises have national policy support in obtaining resources and funds;on the other hand,as asset-centralized enterprises,these power industry central enterprises for many years have neglected the cost of capital use,low efficiency of using resources and weak R&D capabilities.Under the new situation of transforming from "Made in China" to "Made in China",the central enterprises of the power industry can no longer adapt to the current social and economic environment by relying solely on investment and expansion of scale.In the financial field,the evaluation method and management pursuit of seeking net profit growth alone can not reflect the business performance of enterprises more comprehensively.Therefore,in 2010,SASAC vigorously promoted the EVA performance evaluation system,striving to make the performance evaluation method reflect the ability of enterprises to create value.This year is the tenth year for central enterprises to use EVA for performance evaluation.What is the use of EVA in central enterprises? Has it achieved the goal of promoting enterprises to actively implement valuemanagement? Has it promoted the transformation and leapfrog development of central enterprises in the power industry? Is there any human interference in accounting adjustment projects to adjust EVA? Which accounting adjustment and increase projects should be the focus of central enterprises in the power industry? Objects and so on have become the focus of research at this stage.This article focuses on the theme of "Types of Accounting Adjustment Projects of G Electric Power Company and Their Impact on EVA".Combining with the information of accounting adjustment projects of G Electric Power Company in eight years after the implementation of EVA performance evaluation,it first analyses the characteristics of the accounting adjustment projects of G Electric Power Company's EVA,that is,the focus is prominent,the proportion of government subsidies in non-recurrent gains and losses is higher,and the R&D expenditure is increasing year by year.The change trend of EVA is found to be based on the change of net profit.Then the changes of total accounting items and total capital cost items adjusted by net profit and the contribution rate of EVA are compared and analyzed.It is found that the main factor affecting the deviation of EVA from net profit after 2014 is the sudden increase of capital cost.Finally,the abnormal changes of various accounting adjustment items are analyzed concretely.On the impact of EVA,we find that the main causes of the "inverted V" change of EVA are "interest-free current liabilities","average liabilities" and "construction in progress",while the "R&Dexpenditure" projects which can enhance the core competitiveness of the company have little impact on EVA.In addition,this paper combines with the analysis of the company's asset-liability ratio before and after the implementation of EVA,and finds that the level of the company's asset-liability ratio after the implementation of EVA is significantly higher than that before the implementation,and the high asset responsibility ratio will put the enterprise in a certain risk.In 2014,abnormal changes occurred in many accounting adjustment projects,which coincide with the time of the capital cost rate adjustment promulgated by the SAC,and does not exclude human control.All these factors should arouse the attention of investors and operators.Therefore,in view of these phenomena,the following suggestions are put forward at the end of the paper: detailed disclosure of abnormal changes and causes of EVA accounting adjustment projects;emphasis on the contribution of research and development costs to EVA;focus on monitoring accounting adjustment projects related to liabilities;Strengthen supervision over business operators. |
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