| 2009, the SASAC announced that since January1,2010onwards, the person in charge of a new round of central enterprises term appraisal formally introduced EVA (economic value added) indicators, with the original basic indicators of performance evaluation-ROE parallel application. EVA in which the proportion of up to40%, a new evaluation method of the most important indicators. As a highly respected in the field of performance appraisal evaluation index, domestic and foreign scholars have been somewhat theoretical advantage early consensus in foreign countries, there are many cases of successful implementation, and many well-known business executives and even proud achievement of the enterprise thanks to the implementation of the EVA. This time, the SASAC central enterprises mandatory EVA, because I hope the help of this advanced assessment indicators and their management philosophy advocated by the value of the enterprise’s operating and investment behavior correct guidance, effectively improve the long-standing existence of central enterprises the phenomenon of serious non-efficiency investments, and enhance the market competitiveness of the central enterprises and sustainable development, to ensure the preservation and appreciation of state assets.However, given the immaturity of China’s capital market, imperfect, and the particularity of the central business economic entity, EVA indicator after SASAC substantial localization transformation, but also the possibility of writing a brilliant record of China, the central enterprises bring science to action? How the effectiveness of its implementation? Can even further at the local non-state nature of state-owned enterprises listed companies to be widely implemented? These are all worthy of attention and focus of the study. In view of the implementation of the new assessment initiative shortly, but few scholars empirical test results of its implementation of its results after the implementation of behavior-oriented research and even fewer, this is as an opportunity for non-empirical efficiency EVA investment suppression and improvement. If the empirical results show that the indicators are fruitful, then EVA improvement in the realization of the SASAC central enterprises with inefficient investment phenomenon, improve capital efficiency, improve the competitiveness of the original intention of the central enterprises, but also for a large-scale promotion EVA provides a good data support and protection.In the specific arrangement of contents, the paper mainly through the following six parts to expand the study:The first part of the introduction. Respectively, the research background, significance, research content and purpose of the study methods and innovation are discussed, the initial contour outline.The second part of the literature review. This section scholars at home and abroad as inefficient investment, economic value added (EVA) in related fields of research classification, sort, summarize, and make brief comments to clarify the status of this study and the theoretical value.The third part, related theories and assumptions made. This section first on the basis of relevant concepts and theories in detail, and then analyzes the impact of inefficient investment EVA implementation mechanism of action, after the relevant theoretical derivation made after this hypothesis.The fourth part of the study design. The first part of the sample selection, data sources, data processing is outlined; then introduced inefficient investment model, EVA and investment efficiency correlation test model construction and the basis for the selection of relevant variables.The fifth part, inspection and analysis of empirical results. This part of central enterprises listed companies in the sample, the use of Richardson (2006) proposed measurement model residuals of the central enterprises to measure the current investment situation, on this basis, of over-investment and under-investment in two parts linear regression found that the EVA implementation of non-efficiency investments have significant inhibitory effect, and compared to the implementation of the EVA of the company, the company exists not implemented EVA inefficient investment more serious phenomenon. Articles in changing investment spending after calculation methods come to the same conclusion, proved the robustness of the empirical results.Part VI, the conclusions and recommendations. EVA obtained through empirical analysis of non-efficiency investments significantly inhibited this beneficial conclusion, and on this basis from the EVA index correction, and other aspects of policy implementation to ensure the implementation of EVA evaluation SASAC propose appropriate recommendations for improvement, and finally the lack of this article and future research prospects are described.Innovation of this paper is mainly reflected in the following four points:First, the study more comprehensive. Based on the study non-efficiency investments, taking into account the over-investment and underinvestment two aspects make up for past over-investment studies mainly focus on investment in less than enough attention, few studies shortcoming; Second, the research method is relatively new. In this paper, comparative analysis, before and after EVA from the central rate, the central and local state-owned enterprises in the empirical analysis of two angles, a more comprehensive examination of the implementation of the enterprise EVA inefficient investment behavior, the more convincing conclusions; Third, the research perspective pioneering. In this paper, performance evaluation, the system inefficient regulatory perspective of corporate governance and improve investment and cash flow to pay by adding items to test its indirect inhibition; Fourth, the sample data more timely and practical. Select the central enterprises latest post actual data, test results of EVA localization applications, then put forward practical policies for China’s enterprises and proposals, with strong timeliness is also more practical value. |
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