Research On Value Management Based On Eva

With the increasingly development of economy, fierce competition of market, strong ability of enterprises, the traditional management pattern which is focus on accountant profit has been questioned by many managers and scholars at local and abroad. Under the traditional management pattern, due to the cost of equity used to be ignored, some investment and programs have been decided to go which were seem to be profit, but those programs, actually, were truly lost the rights and interests of shareholders. That means the real situation of operation and development of enterprises used to be distorted based on traditional inspection index and measures. To change the phenomenon, more and more enterprises introduced value based management pattern, and maximization of shareholder's value has been as a goal instead of profit maximization.At the beginning of last decade of twentieth century, the enterprises which used value based management met more scientific way. Meanwhile, Stern steward co., an American consultant company, created EVA theory after many researches. The theory was introduced by different kind of companies immediately, because this theory met their requirements. And then, EVA theory became an achievement appraisal system and a new management pattern after consummation gradually.This paper researched the value based management theory and EVA theory, showed the using of EVA in the value based management in company by case. Then, we counted and reorganized the accountant numbers of listed enterprises, and proved that EVA has more value relevance compared with traditional accountant index by empirical analysis. Also, the paper researched value based management pattern which is based on EVA based the result of empirical analysis, found the problems we met from our country, and gave some ways to solve it. Last, to forecast the prospect and development of value based management which is based on EVA in China.