Research On The Impact Of Changes In New Leasing Standards On The EVA Of Enterprises

The new international lease standard was officially promulgated in 2016 and was widely implemented internationally in the same year.With the implementation of the new international standard,the current standard in my country has also been adjusted and improved,and the new lease standard was issued by the Ministry of Finance in 2018.The new standard matches Chinese national conditions and will be officially implemented in January of the following year.The new standard points out that it will eliminate the operating lease model of the lessee in the past.Its implementation will effectively reduce the phenomenon of "off-balance sheet financing" and improve the quality of financial reports.However,it will have a certain impact on some financial indicators and data of the company.Due to economic growth EVA contains more information increments,which is of great significance in the process of company value measurement and evaluation.This thesis intends to analyze the EVA of listed companies,and use the data of the annual reports of recent listed Chinese companies to analyze the impact of the new lease standard on the EVA of enterprises.Therefore,on the basis of analyzing the new leasing standards,this thesis selects the financial indicators and data of some listed Chinese companies from 2016 to 2021 for comparative analysis.The doubling method DID model is used to study the impact of the implementation of the new standards on the EVA of enterprises,whether the implementation of the new standards has a difference in the impact of the implementation of the new standards on the EVA of listed companies with different lease ratios,and whether the implementation of the new standards has an impact on the EVA of listed companies with hysteresis.The empirical results show that:(1)The impact coefficient of the implementation of the new standard on the EVA of listed companies is significantly negative,indicating that the implementation of the new standard can have a negative impact on the EVA of listed companies.(2)The cross-term coefficient between the implementation of the new standard and the proportion of enterprise right-of-use assets is significantly positive,and the implementation of the new standard has a greater impact on the business-to-business EVA of high operating leases.(3)The implementation of the new standards has a certain lag in the impact on the EVA of enterprises.(4)Although the implementation of the new standards has a certain negative impact on the company’s EVA,enterprises can improve their solvency,profitability,capital situation,and operating capabilities,which will help companies cope with the implementation of the new standards effects on EVA.In order to adapt to the impact of the new standard on the enterprise and make it operate and develop well,it puts forward suggestions on clarifying the core position of value management in the enterprise,improving financing channels,and maintaining sufficient cash flow;and making corresponding suggestions to other stakeholders Suggest.Therefore,it provides reference suggestions for the implementation of the new standards,so that it can understand the impact of the enterprise’s EVA to the greatest extent.