The Empirical Study On The Correlation Between EVA And Value Of Listed Companies

On December 28 2009, the State-owned Assets Supervision and Administration Commission of the State Council approved the'Provisional Statute of Performance Appraisal of the Central Enterprises'Principal'. From January 1st 2010, all of the Central Enterprisession will actualize EVA, to guide the enterprise development, improve capital efficiency, realize the sustainable development. So-called EVA, it is to show the enterprise with the net after-tax profits of the weighted average cost of capital enterprise, is the difference between creating for investors real profits.The largest window is not only the cost of debt, considering the equity investment opportunity cost, eliminate the accounting profits in traditional enterprise that "free" capital of shareholders.EVA as an enterprise performance evaluation index, in the 1980s, after the establishment in a wide range of applications, and performance evaluation of enterprise value appraisal method development. But EVA evaluation method, since theoretically and highly respected at the same time, it also is a practical effectiveness of doubt. Listed companies in the use of EVA when facing a contradictory evaluation method is the theoretical: on the one hand, on the other hand is the great esteem to the effectiveness of the method of evaluation of EVA, therefore, the contradiction of the solution, i.e. judge index and EVA listed company value is related to the extent and necessary, and this is the writing this arises. This is so as to fully at home and abroad to EVA validity research, on the basis of the choice of listed companies to EVA as research object, the value index and listed companies, and the effectiveness of EVA indexes inspection in China, aiming at the popularization and EVA provide empirical evidence.Thesis expatiates significance topic was briefly introduced, and the research framework, and presents the structure arrangement and innovation, Secondly, introduces EVA concept and research status, Then, the calculation of EVA index is studied and EVA index calculation formula of the corresponding adjustment and the principle and content, obtained after the adjustment of the unified formula for calculating the EVA, Subsequently, Shanghai and Shenzhen exchanges were selected from 53 listed companies, its 2007-2009 financial data and stock price, sample data, according to the group 159 front, the formula of calculating sample companies, and other data EVA variables, and analyzed. the results show that the economic value, the listed companies in China stock index and the relationship between the obvious, but the related degree is not very high, in the measure of value, comprehensive investigation and traditional financial indicators EVA index, in order to better reflect the operating performance level; the company Then, the combination of prior to the theoretical analysis and empirical study results, on how to enhance the value of listed company puts forward corresponding countermeasures, Finally, the full review summarized, analyzed the deficiency of this study, and the future research direction is discussed.