The Empirical Analysis And Research Of EVA Evaluation In The Central Enterprise

Enterprises in our country, the central enterprises directly affects the construction of China’s capital market, which is the core of the steady and healthy development of Chinese capital market power; The central state-owned holding listed companies is a mainstay of the Chinese economy, which impact on national economy and people’s livelihood and the development of the national economy directly; Along with the deepening of economic globalization and the increasingly intense competition between domestic enterprises, the enterprises of domestic and foreign economic situation is changing all the time, the central enterprises management and performance appraisal are facing a huge test. Complete and conforms to our country concrete national conditions of the construction of the central enterprise performance evaluation system, the central enterprises listed companies set up the correct profit idea, strengthening the management of central enterprise internal control has a great practical significance. At the same time, establish reasonable and effective performance evaluation system of the central enterprises listed company, for the standardization of the effective operation of market in our country, realize the sustainable development of capital market and further reform of our country capital market, the market economy to better and faster development in our country also has a profound practical significance.Economic value added (EVA) is the popular enterprise performance evaluation method in the west since the1980s. Economic added value, also known as the economic profits, different from traditional to calculate the profit of the enterprises. Its biggest characteristic in all then, including equity cost of capital, after be deducted from the cost of the enterprise economic profits, is the enterprise most real profits. The state-owned assets supervision and administration commission issued "The head of the central enterprise operating performance evaluation interim measures"on December28,2009formally after a new round of revision, put EVA into the central enterprise performance evaluation system in our country officially.In this paper, main content and framework is as follows:the first part is problem put forward with the literature review. This chapter mainly introduces the significance of selected topic of this paper and the research background, purpose, and hope to achieve and related literature review, in order to determine the research methods and thesis framework, lays the foundation for later development. The second part is the performance appraisal system analysis and theory were summarized. This section based on EVA theory and performance theory in detail, and the comparison analysis of the advantages and disadvantages of all kinds of performance appraisal theory and EVA,further illustrate the significance of this study. The third part is the construction of evaluation model. Aimed at shortcomings existing in current performance appraisal system, introduce the evaluation index which the author put forward, and empower them, to build performance evaluation model which is new and suitable for the central enterprises based on EVA. The fourth part is empirical analysis. According to the new build performance evaluation model, select the sample enterprises to calculated, analyzed EVA value under the current performance appraisal system, in order to analysis the implementation effect of this new assessment of performance indicators. The fifth part is the empirical conclusion and prospect. This section will focus on the defects existing in the process of implementation of EVA performance evaluation system in the central enterprises and put forward some reference opinions and suggestions of the author and EVA development direction in the central enterprise in the future.This article through research of the existing theory of EVA and performance assessment method and the analysis of current performance calculation method, put forward a performance appraisal model which is more reasonable and suitable for the specific conditions of central enterprise based on EVA, according to the new building central enterprises performance comprehensive score model, take into the selected sample data to calculate the comprehensive score,and through the comprehensive comparison and analysis of model calculation results, prove the rationality of model building and EVA to the central enterprise and person in charge of central enterprises more effective performance.