Eva Applied Research, Evaluation Of Performance Of Listed Companies

Economic Value Added (EVA, English Economic Value-Added acronym), as the measurement of economic performance of enterprises, companies consider the use of the opportunity cost of equity capital. We can more accurately reflect the listed companies create wealth for shareholders. The EVA at the core financial management system will be performance evaluation,remuneration incentives and capital decisions linked together, both in practice and in theory aroused great interest. After nearly 20 years of development, Stern & Stewart's customers include Coca-Cola, Siemens, Sony, the Singapore government, and so more than 400 different types of multi-national corporations and government agencies, the implementation of the project were all achieved good results. Especially in recent years, an increasing number of enterprise groups have adopted EVA as a performance assessment and subordinate unit operators reward basis. In China, there are many companies in evaluating the performance also began to use EVA, and has produced good results. Through analysis of China's current evaluation of the performance of listed company status, performance evaluation that listed companies existing problems and summarize EVA indicators listed companies, the need for application and validity of the analysis, the final analysis of listed companies which should improve operating management, improve their own EVA, so as to create more shareholder wealth. Based on a solid foundation of theory and in close connection with the case on the basis of a comparative study of the use, standardized analysis and case analysis method combination of analytical methods, select China's earliest implementation of EVA companies - ZTE as a target analysis, a detailed calculation of its EVA and EVA traditional financial indicators and targets a net profit of comparative analysis to find out the cause of the discrepancy and noted that ZTE is the means through which increase EVA. lies in the characteristics of this paper will not stop at the operating results of listed companies on the evaluation more importantly for the operation of listed companies and investors, and other stakeholders to bring a new concept evaluation, and provides listed companies new ways to create value.This paper is divided into six chapters:Chapter I Introduction, the first topics presented in this paper motive and meaning, both at home and abroad at the same time briefly on the economic theory and empirical value added some research literature and, based on this research paper presented ideas and research methods.Chapter II EVA theory and performance evaluation methods, from the EVA theory about the background, EVA introduced the concept and basic project and the formula for calculating the adjustment, as well as a summary of the advantages and limitations of EVA.Chapter III will be in China's listed companies EVA performance evaluation of the application, first of all listed companies on China's current status and performance evaluation of the existing problems, followed on the performance of listed companies EVA used in the evaluation of the need, and pointed out that the EVA in China performance evaluation of listed companies the implementation steps. EVA is the fourth chapter in the performance of listed companies in the evaluation of examples, the paper chose the earliest implementation of China's listed companies EVA - ZTE Corporation as a target analysis, a detailed analysis of EVA calculation process, its results with traditional financial indicators net profit comparisons and to identify the cause of the discrepancyChapter V EVA indicators of performance evaluation of China's listed companies Enlightenment, mainly from the increase on the existing assets EVA, and optimize the asset structure, reduce capital costs and increase growth rates and the expected extension of the high-growth phase of four years raising the EVA to create more shareholder wealth.Chapter VI concluding remarks. The full text of a summary of the characteristics and pointed out that this shortage.