Research Into The Appraisal Of Enterprise Value Based On EVA

In recent years EVA not only was in overseas quite popular uses in the important appraisal of enterprise management condition and the management lever. Moreover it also may be introduced to appraise the domain enterprise value. The method of EVA value appraised in our country applies whether effectively or not is the question which is worth studying.EVA appraisal method compared with other value appraisal method -commutation cash flow, the market comparison, the time fixed price appraisal method. The present calculation method of EVA has mainly two inferiorities. First, calculation is complex and difficult to obtain data. Second, the calculation of capital cost is not suitable to the present situation in China.We may see EVA from the EVA formula the computation are in fact are composed by three parts, may separately calculate after tax operation net profit, the investment capital, the weighted average capital cost. The thesis introduces EVA computational method separately from these three aspects.In the real diagnosis analysis, first carry on sample screening according to the scope of EVA application, finally selected 97 as the market company's sample. Carrying on regression analysis and the relevant analysis in 2003 on the total company value and adjusted EVA, announced EVA in 2003 and the total company value. The result was the EVA appraisal value has the more relevance with the total company value than the announced EVA. It proved that the calculation method of EVA in this thesis is effective in China.Chinese Securities Supervision Committee thought the EVA value appraisal has brought the advanced idea and the method for the rapid growth of enterprise in China, it has the extremely broad prospect.