The Research On Financial Evaluation Index System About The Enterprise Value Based On EVA

With more and more enterprises applied the EVA financial evaluation method, thisthesisi take advantage of an opportunity of the State-owned Assets Supervision andAdministration Commission (SASAC) implement EVA assessment method on centralenterprises and make a reaserch on the financial evaluation index system about the enterprisevalue based on EVA, the research has a important theoretical and practical significance ofcarrying EVA performance evaluation on central enterprises.In early2010, the operating performance appraisal method about central enterpriseswas issued and revised by State-owned Assets Supervision and Administration Commission(SASAC), determined to implement the economic value added assessment comprehensivelyfrom the third term. In the whole assessment, EVA indicators accounted for40%,while theprofit indicators only accounted for30%.From this determine,we can know that the SASACfocus on the central enterprises has been transferred from the scale of corporate assets andprofits to the the EVA-oriented enterprise value creation.The research object of this thesis is the financial appraisal indicators of enterprise valuebased on EVA,utilizing the theory of economic value added, enterprise evaluation andcorporate financial evaluation, we spread out the research followed by the logical thinking ofthe connotation of the financial evaluation about the enterprise value based on EVA, theconstruction of the financial evaluation indicators system about the enterprise value and theempirical research of the financial evaluation about the enterprise value.First of all,the thesisdefined the EVA-based financial evaluation method about enterprise value based oncombining financial appraisal with enterprise evaluation and analysied its features andfunctions. Secondly, established a new evaluation system--a financial evaluation system aboutenterprise value based on EVA with the recognization of the EVA evaluation index andfinancial evaluation index are highly complementary. Further more,choiced the top100EVAcompanies from2009to2011as the empirical research sample verifing the effectiveness ofthe index system in practical applications. Finally,it summarizes the basic conclusions andrecommendations of the study, discussed its inadequacies and future research directions.The results show that EVA evaluation indicators has higher explanatory power than the traditionalsupplementary indicators in explaining enterprise value.In addition,the traditional financialevaluation supplementary indicators contain many information about enterprise value,so it’san effective method to construct evaluation index system combining the two indicatorstogether to evaluate the enterprise value.By this research, author except that it will has a certain reference on the promotion ofEVA financial evaluation methods in China’s enterprises,and hope it can assist the applicationof EVA in financial evaluation and value management with the opportunity of theState-owned Assets Supervision and Administration Commission (SASAC) implement theEconomic Valued Added assessment in the central enterprises in2010.