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EVA-based evaluation of the performance of listed companies on China 's telecom industry

Author: WuHua
Tutor: GuoShiHui
School: Northwestern University
Course: Finance
Keywords: EVA EVA efficiency Economic profit Accounting profit MVA
CLC: F626.115
Type: Master's thesis
Year: 2011
Downloads: 287
Quote: 1
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Abstract


In recent years, a measure of the results of operations of an enterprise , and slowly began to stand on the investor 's point of view . Measure the enterprise wealth for investors , not just the pursuit of corporate net profit . It is in this context that the Stern Manchester EVA. EVA is economic value added , to measure the performance of enterprises , not only consider claims costs , but also consider the cost of equity , you can make up for the defects of the traditional accounting profit targets , to more accurately reflect the listed companies to create wealth for shareholders capacity. Academia the EVA index and the traditional accounting indicators which one is better controversial. Some foreign scholars EVA indicators better than traditional accounting indicators truly reflect the operational performance of the enterprise . Chinese scholars have supported opposition . Whether the EVA or traditional accounting indicators , who more accurately reflect the results of operations of the enterprise , this paper attempts to solve the above problems through research and analysis . By selected China's telecommunications class 76 listed companies , were calculated for three years in a row EVA value , found that nearly half over the sample company EVA value is negative , actual results unsatisfactory , the managers of these enterprises and create wealth for shareholders , but damage shareholder wealth . EVA index by regression analysis and traditional accounting indicators to explain the extent of the market value added (MVA) , and verify that the incremental information the EVA index relative to traditional accounting indicators . The final analysis of the reasons for the low Telecom listed company EVA value proposed by measures to improve the capital structure , cost management , and improving the asset turnover and change investment concepts to improve EVA wholeheartedly for the creation of shareholder EVA .

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CLC: > Economic > Posts and Telecommunications economic > Telecommunications > Telecommunications business organization and management > Phone company > Corporate organization and management > Financial management, economic accounting
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