The Research On Optimization Of SASAC EVA Performance Assessment Based On Angang Steel Company Limited

State-owned enterprises play an important role in the development of socialist economy in China.They lay an essential foundation of the national economy and drive forward socialist modernization construction.However,with the aimless expansion and the overlapping investment,some State-owned enterprises suffer from inefficient operation.Unfortunately,the particularity of state-owned enterprise system also worsens the principal-agent problem.The domestic economy faces the challenge of supply-side reform adjustment and industrial structure upgrading.At the same time,the "One Belt And One Road" development policy and the "made in China 2025" industrial strategy create huge opportunities for domestic enterprises.All these have put forward new target and high demand of the management of the enterprise.The State-owned Assets Supervision and Administration Commission(SASAC)proposed the implementation of the Economic Value Added(EVA)performance assessment guideline in the interim measures for the performance assessment of the central business leaders in 2006.Through the calculation and processing of enterprise operation data,EVA restores the intrinsic value of the enterprise from the perspective of economic profit.EVA value concept helps to curb short-term behavior,relieve the contradictions of principal-agent and provide incentive basis.However,there is too little adjustment project as well as the disadvantages of low capital cost rate about EVA of the SASAC standard.This article starts with the deficiency of the SASAC standard EVA,then issues are put forward including the SASAC standard EVA adjustments being too little according to the Stern Stewart research,capital costs being too low and the EVA assessment criteria being just single based on the actual national conditions.Then,it takes the actual situation of the Angang Steel Company Limited as an example to compare the improved EVA with the SASAC standard EVA.Finally,some suggestions are presented as Stern Stewart standard EVA adding adjustments based on the measure of materiality,prudence,flexibility and adaption improving the way of capital cost confirmation by the general standard of capital market,strengthening the EVA evaluation system construction from comprehensive budget for predicting value goals and BSC balanced score card for operation production management and setting up a comprehensive EVA assessment incentive mechanism according to the idea of EVA award fund.