Evaluation Studies, Based On The Eva Performance Of Small And Medium-sized Listed Companies

In 2004,SME board was formally started on the Shenzhen Stock Exchange. The SME board was established primarily for providing a financing channel for SMEs which were with high-tech and high-growth potential and could not be listed on the Main Board through the capital market ,and also providing for China's venture capital a withdrawal channel through the capital market. The establishment of SME board was of great significance to China's capital market development. Its performance received extensive attention.Since its coming out, EVA has not only been of concern and widely used in foreign countries, but also has been universally respected in theoretical circles in China. There nearly were no relevant discussion about using EVA measure the Performance of SMEs. Therefore, the purpose of this paper is: introducing EVA to the SME board, trying to use empirical research to analyze whether it is superior to use EVA to measure the performance of SMEs to the traditional performance measurement, thus, providing a basis for carrying out EVA performance measurement in SMEs.This paper adopts empirical analysis methods, econometric analysis and case analysis. Through regression analysis and correlation analysis to the indexes of EVA and traditional performance measurement , establishing an econometric model.The result shows ,when using EVA and traditional method measure the SMEs performance ,there are differences between explanation capabilities of the two method for market value of listed SMEs: the explanation of EVA for the market value of the listed company in SME board are stronger than that of the traditional performance measurement.