Empirical Study Base On The Holistic Listing Companies' Shareholder Value Evaluation Model With EVA Theory

Along with Stock market's unceasing development, more and more To be listed take whole going on the market the method to do strongly do in a big way, this phenomenon has aroused the secondary market investor's close interest. Actually overall going on the market to company and shareholder to be whether advantageous? This topic arouses many scholar's interests. present, are many in view of the enterprise group whole going on the market research, has theoretical to study also has the real diagnosis research, this topic's research significance lies in take the EVA model as a method, through obtains the correlation data to some enterprise group's investigation and study, carries on the real diagnosis analysis, revelation whole going on the market to the shareholder value influence, may take one of enterprise whole going on the market value appraisal methods, this has the positive practice reference value to enterprise whole going on the market. This article first originated, the topic research significance and the domestic and foreign related research on the topic has carried on the summary, then from the shareholder value, the shareholder value first discussed with the shareholder values three aspects has discussed the shareholder value and the shareholder values question. Has studied again then whole going on the market with the shareholder value between relations, elaborated the whole going on the market theory origin and the whole going on the market policy background as well as whole going on the market affect the shareholder value the principle. To whole going on the market and in the shareholder value research's foundation, introduces under the EVA method appraisal whole going on the market condition the shareholder value, proposed that based on the EVA whole going on the market shareholder value assessment model, has carried on the empirical analysis through the EVA model to 10 typical whole To be listed. The main conclusion which obtains through the empirical analysis is: 1st, EVA and the shareholder value's increase in value's relevance is high,uses EVA to appraise the shareholder value to be feasible, and has the extremely high feasibility,may appraise the whole using the EVA model to go on the market to be whether advantageous to shareholder value increase. The EVA value assessment model has reflected shareholder's value really. 2nd, the whole goes on the market certainly to be whether advantageous in increasing the shareholder value not to be able to be generally spoken. The key needs to look that pours into newly to be listed's property profit ability to be whether advantageous to the promotion enterprise's economical increase in value (EVA). If whole going on the market pours into the property produces the investment return rate (ROIC) is higher than its capital cost rate (WACC),then EVA (economical increase in value) is just, indicated that whole going on the market has created the shareholder value. Otherwise, whole going on the market cannot creates the value for the company and the shareholder.this article main innovation following (1) has discussed the EVA model evaluation shareholder value feasibility, and explained the EVA appraisal law sophistication as well as with other assessment method uniformity. (2) established based on the EVA whole going on the market shareholder value evaluation model and has given the inferential reasoning process. (3) to IC model's whole To be listed, has carried on the empirical analysis using the EVA model.