Eva Performance Of Chinese Listed Companies

In recent years, the valuation of performance switches to the benefits of investors, focusing on measuring the wealth created by corporations, EVA just appears in this circumstance. As a brand new value creation measurement index, EVA has aroused heated discussion among both academic and real business world. On base of the already existed research, this essay modifies EVA, tests its efficiency on explaining firm value, making the EVA system capable for wider use, it also gives policy suggestions according to the results.The researchers haven't got uniform rules of calculating EVA, and its efficiency needs further normative test too. Through discussion the author reckons only profits from the core business represents as the most competitive and stable revenue source, so based on this profit the author modifies EVA to REVA; results for relationship between EVA and MVA represents they are reasonably negative: namely the higher price stock the more value it destroys, especially for those high value creating corporations; compared with EVA and traditional accounting indexes, REVA represents higher grade explanation ability; and the essay puts forward a matrix, it makes value creation different from profit creation quite clear.The essay suggests adopting REVA which combines several parties'benefits for supervising. Considering the influence of non-financial ingredients, it suggests promoting efficient growth through internal reformation in the corporation or relying on macro-economical policies.