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Research on the Relevance of the EVA and the Value of the Listed Central SOEs

Author: ZhanJunHua
Tutor: ChiGuoHua
School: Dongbei University of Finance
Course: Financial Management
Keywords: Enterprise value the traditional accounting indicators economic value added value of the correlation
CLC: F275
Type: Master's thesis
Year: 2011
Downloads: 216
Quote: 0
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Abstract


In recent years, As the continuous development of capital operation in China’s capital market, such as the inter-firm mergers and acquisitions, equity acquisitions, debt restructuring, business associates and joint ventures and so on, we become increasingly concerned about the issue of how to more accurately assess the value of the underlying companies. As we all know, requires a complete assessment of the value of the index system to support the valuation practice. Since the economic value added (Referred to as "EVA") appears, theory and practice circles seem to have found a more suitable evaluation methods and enterprise value system, because the EVA index because of its value creation theory is widely accepted. Starting in 2010, the SAC will assess EVA targets as head of the central enterprises the most important business performance indicators, to replace the original traditional accounting indicators. However, in China’s capital market environment, whether EVA targets in the interpretation of the central enterprise value is more effectively than other accounting indicators, whether the SAC use the EVA index as the highest weight in central enterprises performance evaluation system at this stage is appropriate, still needs further study.Based on this, this thesis will be based on China’s capital market environment, the central enterprises under the Shanghai Stock Exchange listed company, from an empirical point of view of EVA targets and indicators in the traditional interpretation of the central enterprises accounting enterprise value, the ability to explain both what kind of relationship, which that at this stage whether the EVA targets more accurate and fair reflection of the central rate of enterprise value. This thesis is divided into four parts:the first is the introduction part, this paper focuses on the topics of motivation and significance, summed up the value of domestic and foreign companies on EVA and status of related research, this study also pointed out that the content and methods, and this thesis innovations and limitations; second part is the EVA and enterprise value’s theoretical explanations, including the basic principles of EVA, the central enterprises in the EVA index evaluation system, the company’s value and the value of the relationship between EVA and related theories, as the text of the post- empirical basis for the study; third part is the core of this chapter, will be in 2008 and 2009 the central rate of China’s Shanghai stock market data of listed companies as samples, mainly in the method of comparative analysis and empirical research EVA indicators, traditional accounting indicators and listed central enterprises the relevance of corporate value; fourth part is the conclusion, summarize the conclusions of this study and to interpret them, make final recommendations for the study.This thesis does explore is that enriching and supplementing the domestic short-term benefits on an enterprise value of the relevant research, theory and practice in the demand have some research value; and this thesis is based on principal component analysis method, the interpretation of central enterprises the enterprise value of the important indicators of factors, such as EVA indicators, traditional revenue targets, cash flow indicators to extract the main ingredients, with a view to the central rate of enterprise value to construct a statistical excellent explanation on the financial indicators.In this thesis, empirical research finally reached the following conclusion:in the interpretation of the central business enterprise value, EVA and other accounting indicators index has almost the same effect, that the EVA index did not show a strong nature of the other indicators. At this stage, on the EVA indicator of without audit and accounting adjustments, we should more believe the intermediaries audited accounting earnings targets.

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CLC: > Economic > Economic planning and management > Enterprise economy > Corporate Financial Management
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