A Study For Value Drivers Of Enterprise Value Creation

As the most basic economic behavior of all business activity, the creation of value is studied in this paper. Based on systematic analysis of the value creation relevant theory,I studied the value driving factor in-depth. In the course of the study on value drivers,I analyse separately from the financial drivers and non-financial drivers. This paper will define the enterprise value as the present value of the future cash flow,and define the enterprise value creation is defined as the remaining profits obtained after minusing the opportunity cost of all kinds of resources.In this paper, the value creation is measured by the economic value added,I made the financial value drivers and value creation related and regression analysis in empirical research methods,identified the relative key value drivers named cash operating capacity,profitability,growth capacity,asset management capacity,trading capacity. For the difficulty to measure non-financial value drivers, using a questionnaire survey approach to research, collect and organize the results of the surveys to analyse the value creation efficiency. Analysis showed that more and more Chinese enterprises pay attation to the accumulation of intellectual capital and improve the Enterprise Management System. Industry structure as the traditional non-financial value drivers, companies will attach greater importance to core competitiveness, brand awareness and management capabilities.The conclusion of this paper is that the key enterprise financial value drivers is the operating cash capacity, profitability; the key enterprise non-financial value drivers is the intellectual capital and institutional factors.