Creativity Research, Based On The Eva Hunan Value Of Listed Companies

The operating objective of enterprises is to maximize shareholders' value, and continuous value creation is the essential and motivity to realize it. Economic Value Added——EVA, serving shareholders' value as the core, urges enterprises to emphasize capital cost, and claims that only enterprises gain more profit than entire capital expenditure, do they really create value for the shareholders. This perspective provides a brand-new way and correct direction for creating value. Meanwhile, as a performance evaluation indicator and management method, EVA initiates a special field in the modern Value-based Management and makes an important and far-ranging difference in the world.The paper begins with the basic concepts of Economic Value Added and Value-based Management, and establishes a theoretical structure about EVA and VBM. From such aspects as the relation between EVA and market value, the utilization of EVA in investment decision-making and salary management, EVA value drivers as well, it analyzes how EVA drives enterprises' value to increase.Then, taken Hunan listed companies as an example, the paper analyzes the background and the applicability of EVA when it serves as one kind of value-creating access indicators. On this basis, the paper makes an empirical research on the Hunan listed companies' value-creating ability. The result indicates that EVA is superior in measuring enterprises' value-creating ability to the traditional performance evaluation indicators, especially taking enterprises' scale into account. Besides, the result also shows that Hunan listed companies are short of value-creating ability and the financial information cannot completely disclose those companies' real situation. Finally, according to the above conclusions, the paper puts forward some measures based on EVA to promote value from constructing value-based management system, implementing the corresponding financial strategies and integrating EVA and BSC.