| In our country, state-owned enterprises are in the leading position in the national economy, facing of economic globalization and the increasingly fierce market competition, state-owned assets require not only preservation, but also to achieve the value-added. So how to scientifically and rationally evaluate the operating performance of state-owned enterprises has become a very important issue. However, the existing performance evaluation indicators have been increasingly unable to satisfy the shareholders and the needs of other stakeholders, to establish a scientific, standardized performance evaluation indicator system for deepening the reform of state-owned enterprises to improve corporate performance have important practical significance.The current performance assessment indicator system draws on the evaluation of foreign ideas and best practices, an increase of non-financial evaluation indicators, and becoming more and more perfect, basically realized with the developed market economies the initial integration of performance evaluation indicators. However, should also be noted that the current performance measurement system there are still certain limitations, such as the evaluation indicator setting is not enough detailed and comprehensive indicator system operability poor, over-reliance on quantitative indicators of the book business accounting data, does not take into account to the cost of equity capital and so on.Under the existing state-owned enterprise performance evaluation system, reflecting the profitability of the financial indicators are only confirmed and measured by the debt cost of capital and did not consider the cost of equity capital, cost of equity capital is usually handled as income distribution. When the net profit is zero, the cost of equity capital actually received no compensation, from the reporting point of view there is no profit in the current period and no losses, but in reality companies have lost money, and only when net income is greater than the cost of equity capital time, business really profitable.. If the cost of equity capital of state-owned enterprises have long been ignored, could make the capital users mistakenly believe that equity capital is a kind of free capital, the direct consequence of this is abuse of state-owned enterprise equity capital, so that an investment mistakes, repeat investment, low investment effectiveness of long-term development is not conducive to business decision-making behavior, resulting in inefficient use of state-owned capital is not conducive to increasing the value of state-owned assets. In addition, since the current evaluation of enterprise performance indicators are mainly calculated on the basis of accounting data, while the current accounting standards system, an accounting matters for a variety of alternative accounting methods, corporate management by finding a suitable reason can change the corporate accounting estimates or accounting policies and then to meet the management's specific purpose, which makes the existing performance evaluation indicators can not reflect the real situation of production and operations.Based on the analysis of existing state-owned enterprise performance evaluation system based on the deficiencies, proposed to economic value added (EVA) as the core set of indicators, building performance evaluation indicator system of thought, and thus launched discussed. Combination of empirical research aimed at building a set of more rational analysis of the suitability of China's national conditions of state-owned enterprise performance evaluation system to promote the state-owned enterprise performance evaluation system to science standards.This paper is divided into seven parts, the first chapter of Introduction, describes the research background papers, research significance, research content, research methods, thesis papers framework and innovation; second chapter is literature review, mainly from domestic and abroad two points of view, describes the evaluation of corporate performance indicators for the development and the concept of EVA and research the status quo, and make the appropriate assessment; third chapter is mainly on the existing state-owned enterprise performance evaluation system were presented and reviewed; fourth chapter describes the EVA calculation of principle and accounting adjustments, according to the current accounting standards raised a number of major projects need to be adjusted, and describes the performance evaluation of state-owned enterprises in China to use EVA of the advantages and disadvantages; fifth chapter in the existing performance evaluation system for state-owned enterprises Based on the situation from the profitability, asset quality status, the debt risk situation, business growth in four aspects of the situation to replace the corresponding indicators is proposed to build in order to EVA as the core of state-owned enterprise performance evaluation indicator system;Ⅵin view of China's market economic environment and capital market imperfections, EVA indicator of state-owned enterprises in China's ability to use their performance evaluation, namely, the applicability and effectiveness of EVA indicators, this paper in 2007-2008 years of state-owned enterprises listed on a sample of relevant data, using statistical Methods of EVA and the existing performance evaluation indicators for the interpretation of corporate performance ability of the empirical analysis; under ChapterⅧof the summary of this study pointed out the limitations of this study and put forward relevant recommendations of the use of EVA indicator.This article from the SSE 180 Index after the screening of the enterprises selected to meet the requirements of the 50 samples of state-owned enterprises, with market value added (MVA) as a representation of corporate performance indicators, with the 07,08-year data from empirical research. In the descriptive statistics, due to the financial crisis, in 2008 MVA indicator, down sharply compared to 2007, while the EVA indicator and current performance evaluation indicators are decreased in varying degrees, indicating EVA and the current performance evaluation indicators in the evaluation of performance of the company when a certain convergence. Through the EVA indicator and indicators for the current performance evaluation and market-related value-added analysis and regression analysis indicated that, in the correlation analysis of EVA indicator and indicators for the entire MVA goodness of fit is higher than the existing performance evaluation indicator, indicating EVA and MVA is more closely linked, with EVA indicators to assess performance more accurately than existing indicators advantages become more pronounced. In addition, EVA and other existing indicators are also very strong correlation, it is because the EVA is net income calculated on the basis of adjustment, while other indicators are also required the calculation of net income basis. Regression analysis EVA indicators 07,08 years have passed tests and general linear regression parameters and regression relationships are significant, but the current performance evaluation indicators in 2008 but did not pass the test and the regression parameters and regression in general is not a linear relationship significant, which explains the EVA indicator to explain the ability of the MVA indicator is better than the existing performance evaluation indicators.The main contribution of this paper is:first, because the existing performance evaluation indicators for state-owned enterprises there are easy to manipulate as well as the cost of equity capital does not take into account issues such as making the existing performance evaluation indicators can not reflect the true corporate performance, this paper presents the performance of state-owned enterprises evaluation indicator system, the introduction of EVA indicator; Second, EVA indicator merely a calculation, an indicator is not an objective, comprehensive reflect the performance of the business, and this paper, the existing state-owned enterprise performance evaluation system based on constructed with EVA as the core of state-owned enterprise performance evaluation indicator system; Finally, in the current economic and market environment indicators in the state-owned enterprises on the EVA performance evaluation of the applicability and effectiveness, using the latest data from an empirical study.This study still has some limitations, mainly the following two aspects:In this paper, built with EVA as the core of state-owned enterprise performance evaluation system, the basic indicators, revised indicators, evaluation indicators are indicators for the corresponding replacement restrictions on the ability of knowledge by individuals, the corresponding indicators to replace a certain amount of subjectivity, lack of adequate scientific basis; by objective conditions, this paper, EVA accounting adjustments may be insufficient, the small number of empirical research samples, span is shorter, may make this empirical research findings are not universal. |
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