Eva Is The Performance Evaluation Of China's Listed Companies

Newly issued 《A Certain Number Opinion of Promoting Opening Reform and Stable Development in Capital Market by State Council》has explicitly put forward the quality of listed company is the source of investment value in capital market. Direct and senior manager of listed company should take rooted in maximizing interests of shareholder and keeping on improving the profit level. They also should take feasible measures to change the condition of some listed companies valuing listing, neglecting reform system, and regarding fund raising as important, overlooking retaliate, improve the quality of listed company as a whole, provide the chance of sharing the economic increase achievement and adding fortune for investors. So, with the society reach agreement on improving the efficiency of capital disposed and realizing value maximized in the listed company, the management of enterprise need urgently adopt an assessment based on value to suit "new economy" system, break through the traditional ideas of accounting profit and profit rate, accurately appraise the enterprise, excavate new type capital and distinguish the new challenge of creating value, thereby reflect company's value and profitability more exactly, resolve deriving problems of the current financial assessing way. Accordingly, "economic value added, EVA", as a measure method of economy outstanding achievement, strategy of promoting the effiency of capital and creating owners' fortune, and means of changing company's superiority and action by going deep into the forefront of production in entire corporation limits, subsequently, EVA's application becomes an important problem between businese circles and academic circles. This research aims to put forward the problems in applying EVA measurement target in China by evaluating the outstanding achievement of the Chinese listed company, and obtain the enlightenment of how to maximum the enterprise's value. The article based on combing theory with practice, synthetically make use of compare analysis method and authentic proof method, gains the operate performances of Chinese listed company over the years through EVA measurement target, their comprehensive conditions of creating value in 2001 and contrast state of EVA and EPS in telecom and computer listed company. The research result demonstrates, the outstanding achievement of Chinese listed company is generally descending. By further researching manifest, EVA should be executed properly to conform the managers' benefits to the owners', expand ways to create value, so to establish the owner's culture in enterprise efficiency and lasting. Not only make enterprises' achievement measuring shake off the changeable of accounting regulars, really reflect the value creating by the enterprise, but also penetrate the mindset of cost of capital into the respective interest group, complish the target of maximum enterprise's value. Based on reviewing the cost of capital, Chinese listed company need run it through thoroughly to operate, finance and investment, valuate the efficiency of distribution of capital exactly, discern the core profession in diversification, guide the money capital and human capital to rational distribution, promote the outstanding achievement of the corporation. At the same time, it suggests Chinese listed company optimum the structure of property step by step, attach important to creating intangible assets, apply "no stock ofgoods" to improve the turning efficient rate of capital. The characteristic of this article is not only limited in evaluating the outstanding achievement, but more importantly, it provides enterprise and investors with new appraise mindset and angle, and way of how to create value.