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The Validity of EVA Method in the Performance Valuation of China List Companies

Author: GongShangZhi
Tutor: NieDan
School: East China Normal University
Course: Finance
Keywords: Economic Value Added Performance Evaluation Effectiveness
CLC: F275
Type: Master's thesis
Year: 2010
Downloads: 570
Quote: 3
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Abstract


21st century, the company's financial goals to maximize the value from the shift to maximize profits. How to find the right business performance evaluation to assess whether the value maximization, and on this basis to establish an incentive mechanism that enables operators and shareholders' goals toward the goal of maximizing shareholder wealth, is a very important issue . Economic Value Added (EVA) from the U.S. firm Stern Stewart has been proposed, in Western countries caused a huge impact, achieved some degree of success. Not yet established Chinese enterprises to maximize the value of ideas, EVA application of the method to be further developed. In order to provide theoretical support for the application of EVA, this paper focuses on the performance of listed companies in China in the evaluation of the effectiveness of the problem: EVA whether the market value added (MVA) as the representative of the company's market value of the correlation, if compared to traditional Performance Evaluation more relevant. In this paper, according to the 2007 implementation of the new accounting standards on a reasonable EVA accounting adjustments, the proposed method of calculating EVA, EVA system introduced relevant indicators such as economic value added per EVAPS, future growth in the value of FGV, the current operating value of COV and so on. Then the merits of proposed performance evaluation criteria, the traditional performance evaluation indicators into three categories: indicators based on accounting earnings, residual income based indicators and indicators based on cash flow, according to the merits of the Standard Performance Evaluation three types of indicators analysis of the advantages and disadvantages for eleven and EVA index and the traditional performance indicators for comparison and found the EVA measure of value, and the company's strategic relevance, accuracy of performance evaluation, consistent with the interests of shareholders and other aspects there is an obvious advantage. On this basis, the paper select 2008 A-share listed companies in 1140 samples from three types of performance evaluation indicators were selected EPS EPS, ROE ROE, economic value added per EVAPS, per operation Net cash flow OCFPS, future growth value per share FGVPS as explanatory variables in order to increase the market value of MVA as explanatory variables, empirical studies of the performance evaluation and the market value of the correlation. The empirical results show that, EVA index system FGVPS and EVAPS and MVA has a good correlation between and is compared to the traditional performance evaluation, information gain significantly, indicating that the EVA method of performance evaluation in Chinese listed companies in the effectiveness and superiority.

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