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The Study of China Railway Corporate Value Based on the EVA Approach

Author: ZhangZhiLing
Tutor: ZhouYaoDong
School: Beijing Jiaotong University
Course: Business Administration
Keywords: Economic Value Added Enterprise Value The cost of capital
CLC: F530.68
Type: Master's thesis
Year: 2011
Downloads: 340
Quote: 1
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Abstract


Abstract: In our country , ROE traditional accounting profit targets has been the standard for measuring the performance of the company , has naturally become the primary business objectives of the enterprise management and incentive benchmark . The main drawback is that these indicators do not take full account of the actual cost of capital , in particular, the cost of equity capital , can not objectively reflect the true value of the enterprise ; performance evaluation system based on it will inevitably lead to the short-term management behavior of enterprise management earnings manipulation and a series of problems , the lack of scientific and systematic . Therefore, the search for and the introduction of more effective performance evaluation and management system is imperative for Chinese enterprises . EVA is an abbreviation of the English Economic Value Added , and that the economic value added . Formally proposed by the United States of Stern Stewart in 1982 , its core philosophy is: a business only when the full cost of its capital gains in excess of capital invested to get the income to deliver shareholder value . Emphasis on the cost of capital is the cost of equity capital is the obvious features of the EVA . EVA outstanding advantages in performance evaluation and management philosophy , international , many well-known companies have introduced and has made ??remarkable achievements . But in our country , EVA is still a new concept of how the introduction of the advanced concepts and management methods to China, the establishment of the EVA management system suited to China's enterprises , reflecting the ultimate corporate goal of maximizing shareholder value , is an important research topic . This article uses the case study method of assessment based on the enterprise value of the EVA method , and discuss the issue of the difference with the traditional enterprise valuation method and advantages . The thesis is divided into five parts , including research background , EVA concept and its enterprise value evaluation applied theory , the EVA indicator applications and should grasp the main points of analysis, conclusions , based on the the EVA method of Chinese iron enterprise valuation case . EVA enterprise value assessment system in China has just started , this paper calculated on the EVA the value of China Railway Group Limited , and compared with traditional accounting indicators , reflecting the advantages of EVA enterprise value assessment system for Chinese enterprises promotion EVA valuation system to be theoretical and empirical support .

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CLC: > Economic > Transportation and economic > Rail transport and economic > Railway transport economic theory > Organization and management of railway enterprises > Financial Management
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