Research On EVA Value Management Of State-owned Enterprises

Since the 16th Congress of the Party, as the progress of the reform of the state-owned enterprises advances, both the government and the operators of the enterprises have begun to form the common agreement that the state-owned enterprises as the stanchion of the economy must create value. However, traditional profit-oriented performance accessing mechanism is short of the sense of capital cost, and thus can not thoroughly reflect the capacity and production of value creation of the enterprises. Therefore, it is the significant theoretic and practical subject faced by the theoretic circle and all levels of state-owned assets supervision and administration facilities that how to make current performance assessment of state-owned enterprise upgrade from profit-prior assessment to value-management-cored assessment, and roundly carry out EVA value management in the state-owned enterprises.Based on the general judgment of the existent problems in carrying out EVA value managing system in the state-owned enterprises in China, this thesis with the applying principles and countermeasures of EVA in state-owned enterprises, using the method of combining quantitative analysis and qualitative analysis, comparative analysis and demonstrative analysis, systematically straighten up and summarize the theoretic research results on EVA from both home and abroad, from the theoretic substance, intension and extension, theoretic origin, background etc., theoretically discusses the value managing system and computing patterns of EVA. On that base, the thesis systematically reviews and analyses the progress of the application of EVA of the state-owned enterprises, and demonstratively analyses the typical enterprises from two levels of international and domestic, practical effects and existent problems, and provides experiences for reference and lessons that must be taught. Thereout, it brings forward the suggestions on EVA value managing mode designing of state-owned enterprises in China, and the countermeasures of deepening EVA value management, formulates the EVA-cored value managing mode of the state-owned enterprises. The mode includes two chains, which are system chains and value chains, and four sub-modes, which are EVA-cored performance assessing mode, EVA-cored managing mode, EVA-cored incentive mode and EVA-cored idea mode, and provides theoretic and practical support to the application of the domestic enterprises to some extent.The thesis points out that EVA is not a singular financial index, but a synthetic assessing system reflecting capital coast ratio and capital efficiency ratio, therefore, the application of EVA can not be accomplished in an action, in the progress it is not acceptable to scratch the surface or pursue success in on step, or furthermore be metaphysical and deviate from the fact of the enterprises. So that, in the progress of applying EVA, the state-owned assets supervision and administration facilities should reinforce guide and control, while the state-owned enterprises should perfect system, establish feasible scheme, and carry out training from top to bottom, in proper sequence and normative. The good effects can only be accomplished in that way. Therefore, on the base of systematically analyzing the macroscopic and microcosmic factors that affect the application EVA in the state-owned enterprises, sufficiently citing the experience of successful applying EVA value management of America Herman Miller, Inc. and Singapore Temasek Holdings, the thesis points out the 5 principles that must be observe in applying EVA of the state-owned enterprises, and then brings forward countermeasure and suggestions on furthermore perfecting EVA value managing system from four sides, how to construct performance assessing mode, value managing mode, incentive mode and idea mode in the state-owned enterprises.The effective application of EVA value managing system in the state-owned enterprises can correct the problem of blindly pursuing increasing ratio and size currently existing in the state-owned enterprises, effectively promote the settlement of the problems of principal-agent and intramural-person-control, harmonize the relationship among operators, employees and investors of the state-owned enterprises, and provide value guide for performance assessment of the state-owned enterprises. The thesis means to bring forward concrete countermeasures and suggestions, and offer value reference and theoretic base for the state-owned assets supervision and administration facilities and the operators of the state-owned enterprises, through the research on the issue of applying EVA value management in the state-owned enterprises. Meanwhile, the thesis believes that the application of EVA in the state-owned enterprises is not an issue only concerning the state-owned enterprises themselves, and we should consider perfecting the whole marketing mechanism, straightening corporate governance, establishing mature operator market and changing the direction of performance assessment etc., and sufficiently bringing the instruction and restraint of the state-owned assets supervision and administration into play, and this has a great practical significance to the state-owned assets supervision and administration facilities fulfilling the responsibilities of investors, enhancing the power of creating value of the enterprises, and realizing the healthy and persistent development of the state-owned enterprises.