An EVA-Based Study Of Optimization Of Corporate Governance Structure

The establishment and optimization of good corporate governance structure, as a competition advantage in economically globalizing markets, and as an essential indispensable ingredient of sustainable growth and development, become a focus of issue attracting global attention. In the past decade, China has extended remarkable progress in laying down modern corporate governance policies and practices. But so far, challenges still exist. On the basis of deputation theory, and from a thought of value management of EVA, this study seeks to create a bond between the concept of EVA and corporate governance structure, digs for impacts made by the idea of EVA on our optimization of corporate governance structure, and finally finds out an effective corporate governance mechanism.The study confines the contents of corporate governance structure to four aspects, that is, its main objectives, motivation mechanism, capital composition, and culture. Adopting such an approach as canonical parse combined with empirical analysis grounded on theoretical underpinnings of literature and real-life empirical data, the study deals with all-round effects on optimization of corporate governance structure exercised by the idea of EVA, as an indicator of performance, a remuneration system, an economic category, and a sense of worth. At the end of this research, the author advances corresponding policy proposals.The dissertation is in 3 sections. The first concerns theoretical exploration and models. It systematically presents research background, status quo, purpose, research methods, and framework. According to the definition of basic concepts and the internal link between the idea of EVA and corporate governance structure, the author brings up the research hypothesis and develops a theoretical analysis model.The second part goes into canonical analysis and empirical analysis. The author systematically analyzes significance EVA indicators reveal in measuring objects of corporate governance and its conformance, the comparative advantages EVA remuneration system gains in improving incentive compatibility and raising excitation degree, reducing risk in leaving one's job and stockholders' cost, and the important influences produced by standard for value of EVA on capital structure and its optimization of policy-making, and finally the much significance held by the idea of EVA for construction of culture of corporate governance.The third part comes to a conclusion. On the whole, the author sums up the analytic result, the overall influences the idea of EVA has on optimization of corporate governance structure, and brings forward the basic problems to have to be focused on in construction of corporate governance structure in our country from the aspect of policy.