Eva Research, Theory Application In China

Our corporations have facing the opportunity and challenge after china joined WTO. Under such an environment, the most basal factor which effect firm's success is adjustment and adaptation of the international rules, so enterprises must realize the value management ,EVA is a kind of effective value management system,but by the survey of domestic research document in EVA, we know that scholars paid more attentions to theoretical study ,such as introduction of EVA , description ,etc ,but they cared less about how to use EVA among enterprise or how to improve it ,etc such details .So form the point of view of an enterprise, this text study the theory of EVA and its application in china.Combining EVA and our stock market's character, this text consider that EVA, at present, is appropriate to apply in enterprises as the managing system .By analyzing the 385 listed companies data in Shenzhen stock market in 2001, we prove that EVA has high dependence with our enterprise value, it's ability of explaining the variation of value is stronger than accounting variable. EVA is worth adopting in enterprises of our country, there is very big application space in china. In the course of using EVA, we should not only make full use of the successful experience of western company, but also combine our company's actual conditions to localize EVA. And in the end, to create the tactics which suits our company.This text is divided into four parts. First of all, text proceeds with the goal of operation. by comparing different goals, it draw the conclusion that the maximum of EVA is the most proper goal. And Combining EVA and our stock market's character, this text consider that EVA, at present, is appropriate to apply in enterprises as the managing system .Then, through analyzing the case of EVA in the overseas enterprise , text summarize the applied experience and the operating frame of EVA among enterprise. In order to study EVA further, text draw the model of EVA, on the basis of EVA theory and the financial laws. Though EVA succeeded in overseas enterprises, it doesn't mean EVA is suitable for our enterprises to adopt. So, in order to analyze EVA suitability in our country, text make the real example test about EVA variable , accounting variable and enterprise's value ,using the technique of plural linear regression. Afterwards, text analyzes how to use EVA in our company, list some problems and the corresponding solutions which firms maybe face in the course of practicing. Finally, text summarizes the full content, and puts forward the deficiency and limitation of this research.The text has the following creative viewpoints: 1.text draw the model of EVA, on the basis of EVA theory and the financial laws.2. Combining EVA and our stock market's character, this text considers that EVA, at present, is appropriate to apply in enterprises as the managing system, not as external index.3. through analyzing the case of EVA in the overseas enterprise , text summarize the applied experience and the operating frame of EVA among enterprise and analyzes how to use EVA in our company, list some problems and the corresponding solutions which firms maybe face in the course of practicing.4. By analyzing the 385 listed companies data in Shenzhen stock market in 2001, text proves that EVA has high dependence with our enterprise value, its ability of explaining the variation of value is stronger than accounting variable.