Tendency On How To Maximize The Value Of Management Upon Financing Activities Of Listed Companies--Demonstrative Analysis Based On The Relationship Between EVA And Capital Structure

The maximization of company value should be the maximization of shareholder value. Only is the share holder value used as the behavior principals, it could be benefit for the development of the company and the effective allocation of social resources. The capital structure affects the company value and its distribution between the different shareholders. Banking behavior results in the capital structure. Studies from many researchers show a lot incompliance between the capital structure of Chinese listed companies and the related classic theories like the strong banking impulse, obvious share banking bias, or different banking sequence in mature market. On the one hand, people realize the vacancy of the owner of the national listed company, on the other hand, they criticize the inference of the big shareholders to the medium and small ones. This contradiction comes from the target that the banking behavior is always pursuing.This dissertation gives the introduction of the basic and related theories of capital structure and EVA, and accordingly explains the relationship in between. In it, 3293 A share listed companies from the year 2000 to the year 2002 have been used as the samples to verify thedeviation between the banking behavior of the Chinese listed companies and the maximization principals of share holder value, by the way of statistics regression analysis , demonstrational analysis and the others, in which the EVA is taken as the indictor of the share holder value. It is brought out that the maximization of management person value guides the banking behavior of listed companies, and the maximization of management person value exerts some bad influence on the banking behavior. Finally, some suggestions are given after the analysis has been made to the current status of the governance of listed companies.