Comparative Analysis Of Traditional EVA And Green EVA Evaluation Models ——A Case Study Based On Baosteel

In the 1980s,since the American stenster consulting company first took EVA as an index to measure enterprise performance,EVA index has been widely concerned and used.Scholars have fully analyzed the EVA index and pointed out the advantages of EVA evaluation index:making up for the deficiency of accounting profit,reflecting the value creation of enterprises from the perspective of economics,and making the evaluation index more comprehensive through higher information content and decision usefulness.Nowadays,EVA index has developed into a systematic value management system and has been widely used at home and abroad.However,with the progress of society,the index is difficult to meet the needs of green development of enterprises and sustainable development of the times because it ignores the consideration of environmental input-output.Especially in recent years,global environmental problems occur frequently,and the damage to the environment caused by high pollution and high energy consumption industries can not be ignored.The 19th National Congress proposed that "ecological civilization" is an important starting point for China to realize the strategy of sustainable development;In 2022,the two sessions were held.The government work report pointed out to promote the R?D,promotion and application of green and low-carbon technologies,build a green manufacturing and service system,and promote energy conservation and carbon reduction in iron and steel,nonferrous metals,chemical and other industries.Thus,it is imperative to promote the long-term green development of enterprises.Therefore,in order to make the EVA index closer to the concept of sustainable development,the concept of green EVA came into being.Based on the overall structure of EVA,stakeholder theory and social responsibility theory,coupled with the consideration of environmental factors,an index system in line with the development requirements of the times can be established.After inquiry,it is found that there have been a lot of analysis on green EVA.Scholars divide the environmental protection expenditure of enterprises into capitalized environmental protection expenditure and costed environmental protection expenditure,adjust and calculate the environmental protection expenditure according to the ecological efficiency,and consider the income tax effect of capitalized environmental protection expenditure and costed environmental protection expenditure,and draw the formula:Green EVA=EVA+adjusted value of green EVA.However,at present,these studies basically focus on the empirical research on how to construct the green EVA index.There is almost no detailed comparative analysis between the green EVA and EVA index of specific enterprises in the iron and steel industry in the form of cases,and there is also a lack of corresponding exploration on the specific countermeasures to improve the green EVA index.Therefore,this paper makes a supplement to this part,selects Baosteel Co.,Ltd.for a case study,calculates the EVA and green EVA Indexes respectively,compares them,draws the conclusion of what the advantages of green EVA are,and gives suggestions to improve green EVA in combination with current hot spots and national policies.It is found that the green EVA index has the following three advantages:it can enhance the development confidence of enterprises,show the ecological value of enterprises,and provide guidance for the green development of enterprises,which escort the high-quality transformation and upgrading of iron and steel enterprises.The paper uses the case analysis method to select Baoshan Iron and Steel Co.,Ltd.for research,based on the following three reasons:(1)due to the lack of financial data and environmental information disclosure in the iron and steel industry,it is difficult for us to use a large sample empirical research system to analyze the advantages of green EVA relative to EVA index,and the case study method can clearly explain the advantages of green EVA index compared with EVA index.(2)Baosteel is an advanced and representative steel manufacturing company in the world with high energy consumption and pollution.(3)Because some environmental protection information belongs to the category of voluntary information disclosure,many listed enterprises do not disclose this part of the data completely,while Baosteel enterprises pay attention to environmental protection investment,and all environmental protection data are presented completely in the social responsibility report,making the analysis feasible.The paper makes innovations in two aspects:(1)in the calculation process of green EVA index,wall scoring method is used to scientifically score the environmental protection effect of iron and steel enterprises,and there are few relevant studies before.Wall scoring method is a kind of data and comprehensive scoring method,which fundamentally comes from real data rather than Utopian evaluation,so it is more authoritative than general evaluation method;Its disadvantage is that there is a certain subjectivity in the process of index screening and weight assignment.However,this study is conducted in combination with the cleaner production evaluation index system of iron and steel industry issued by the national development and Reform Commission and the Environmental Protection Bureau.The weight of the cleaner production evaluation index in the index system is determined according to the impact of each index on the actual benefits and level of iron and steel enterprises and the difficulty of implementation.The irregular adjustment cycle is usually within 3-5 years,which is quite authoritative,so as to avoid defects.(2)This paper keeps pace with the times and creatively puts forward countermeasures and suggestions for Baosteel Co.,Ltd.to improve the green EVA index in combination with the current national development hotspots and new policies,such as improving the national environmental information disclosure regulations,scientific decision-making of local governments,strengthening refined energy management,building a "steel+IDC" layout,making good use of the strategy of Eastern digital computing to develop clean energy production,etc,In order to promote energy conservation,consumption reduction and pollution reduction of enterprises,it has certain theoretical contribution and practical enlightenment.