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Study on Ralationship of Liability Structure and Economic Value Added

Author: LuDai
Tutor: DuanYun
School: Harbin Institute of Technology
Course: Accounting
Keywords: Economic Value Added Stakeholders Liability structure
CLC: F224
Type: Master's thesis
Year: 2011
Downloads: 122
Quote: 0
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Abstract


The current China's internal performance evaluation index system based on accounting profit, as the core indicators of the financial statements, the blind pursuit of capital and profits and growth, ignoring the value creation approach is clearly implemented with the goal of maximizing shareholders real departure from the management of a modern enterprise system. EVA financial management system is proposed by the New York consulting firm Stern Stewart performance evaluation and incentive system, its purpose is to make the company managers as its code of conduct in order to maximize shareholder value. And the two stakeholders creditors and shareholders are two contradictions unified body, plays a decisive role in the survival and development of enterprises. EVA is a comprehensive assessment of the corporate balance sheet and income statement, and its core is that capital investment costs, corporate earnings higher than the cost of capital will create value for shareholders. Shareholders' equity EVA indicators to reflect, therefore, the relationship between research and liability structure and corporate economic value added will be able to fully reflect the relationship between corporate creditors and shareholders. It is based on this need, this paper introduces the EVA method combing of the related inquiry achievements at home and abroad to discuss the shortcomings of the current evaluation index system, to principal-agent theory, behavioral science theory, systems theory and economic profit theory as a guide, listed companies in China as the research object, formulating hypotheses, and to explore the relationship between the liability structure and EVA. This is of great significance to make the right decisions on of manufacturing internal performance evaluation system improvement, business owners and business sector. First, we summarize the current status quo at home and abroad within the enterprise performance evaluation and EVA, and on this basis, the relevant theoretical fusion, formed the theoretical basis for the the below study provides theoretical support and guidance. Secondly, the three assumptions, inspection and asset-liability ratio and enterprise economic value added, the debt ratio and the relationship between the economic value added, commercial credit and corporate economic value added. Then the design of the indicators and modeling, validation by multiple linear regression. Finally, draw conclusions and liability structure and EVA relationship reasonable explanation, put forward policy recommendations and look to the future direction of development.

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CLC: > Economic > Economic planning and management > Economic calculation, economic and mathematical methods > Economic and mathematical methods
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