| Abstract:As an important basic energy, Coal mineral resources is not only the main raw material of the civilian chemical and mechanical power, but also on the rise and fall of the coke, electromechanical, metallurgy, transportation and other related industries in China. It has an important impact on the sustainable economic development of China. Coal enterprises play a crucial role in China’s economic development. Business performance evaluation system occupies a pivotal position in the entire enterprise value evaluation system, scientific and rational performance evaluation method can optimize the capital structure, raise the level of corporate governance, and promote the listed companies to achieve value growth. According to the principle of accounting profit, Coal listed companies in China mainly take net profit, residual income, cash flows as three kinds of performance evaluation methods. However, there are some problems in the current performance evaluation, such as the absence of cost considerations, the distortion of net profit on some degree, the short-term behavior of managers. All of do not conducive to the sustainable development of the coal listed companies.Economic Value Added (EVA, Economic Value Added) take in to account the opportunity cost of equity capital, which is deducted from the net profit after taxing.It take a more accurate reflection of the value created through the production and operation.We bring EVA performance evaluation method to existing conditions of market economy. Basing on corporate performance evaluation theory, we introduce the theoretical background of EVA, the basic principles, advantages and limitations. Combining with the coal industry specific circumstances, we make appropriate adjustments on EVA basic formula and build a new, suitable for the listed companies of China’s coal performance evaluation system, designing to make the correct evaluation of the coal listed companies in China, improve their business performance and promote internal capital constraints formation. In order to prove the effectiveness of EVA, we take34coal listed companies in China in2010as empirical sample to build a regression model. Using the method of combining normative and empirical analysis, a comprehensive comparative study on three kinds of performance evaluation indicators come to the conclusion of the effectiveness of EVA index-based performance evaluation system. This is indicating that the EVA index system can take a more accurate evaluation of corporate performance and reflecting the value of listed companies to create. Than we make a comparative study of34coal listed companies from all aspects using EVA, analyzing of its operations and there are advantages and disadvantages detailed and comprehensively, and then come to the evaluation performance revelation through the EVA index listed coal companies in China.At present, although some scholars brought EVA index into the coal listed companies and carried out some research, they only use EVA basic formula stead of combining with the characteristics of the coal industry to make specific adjustments. The innovation of this paper is to combine the characteristics of the coal industry adjusting to special accounts, such as coal exploration fees. It is more scientific to build EVA performance evaluation model of the coal listed companies. On the basis of the results, we make a comparison and comparative study of34coal listed companies, in order to afford the valuable information and new concept of performance evaluation to coal business managers and improve business performance. |
