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The EVA core financial Strategic Studies

Author: HeRuiHua
Tutor: RuanPing
School: Yunnan University of Finance
Course: Financial Management
Keywords: Financial strategies Economic value added Business value Empirical analysis
CLC: F275
Type: Master's thesis
Year: 2011
Downloads: 196
Quote: 0
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With economic globalization and information technology development, the business environment has become complex and diverse and business competition becomes increasingly fierce, businesses financial management should be not only sophisticated administration, but also far-sighted strategy and strategic thinking. Therefore, the development and implementation of financial strategies become more and more important. Scientific and rational financial strategy will help the enterprises to raise capital, invest capital, increase capital efficiency. Accordingly, the financial strategy formulation and implementation has become a hot topic in theory and practice.Modern financial strategy Management requires enterprises to establish the financial strategy of the core value. EVA launching provide a new perspective for financial strategies. Therefore, studying financial strategies of the EVA core help companies pay more attention to value creation, reduce the cost of capital, enhance the core competitiveness in the long term, guide the implement smoothly value management and help companies enhance value.This paper select the listed companies, which EVA is top 100 and last 100, as the samples of the study in 2008 and 2009. Firstly, by Pearson correlation analysis, we obtained, whenever the EVA is greater than 0 or less than 0, the correlation coefficients of EVA associated with the enterprise value are greater than the traditional accounting profit targets and the value of business. We proved EVA is better reflects the enterprise value than the traditional accounting profit, which also shows that the introduction of EVA are reasonable on the performance evaluation of state enterprises.EVA evaluation system make operators to enhance the value for the enterprise and is conducive to enterprise value creation.Furthermore, this article also obtained EVA impact on the business value more than traditional accounting profit indicators by a regression analysis. And we obtained the relationship of the EVA and traditional accounting profit indicators and corporate value by stepwise regression analysis. Finally, we integrate the concept of the EVA and financial strategy to establish a core of EVA for the financing strategy, investment strategy and cost strategies. When Constructing the financing strategy in the core of the EVA, we find that, if the concept of EVA lead into the financing strategy, it can break the Phenomenon of financing paradox in China’s capital market, that is, EVA makes managers more aware of cost of Equity capital, When making financing decisions, managers weigh carefully the pros and cons of cost of equity capital and debt capital, no longer need to pay for the cost of debt capital to bring lower profits to the exclusion of interest on debt financing.

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