Research On Value Management Of Listed Companies In TMT Industry Based On EVA

First, by building EVA data and relevant index matrix, analysis and study onbusiness performance of85listed companies in TMT industry from2009to2012inShanghai and Shenzhen Stock Market. Evidence that measuring the businessperformance of listed companies in TMT industry by EVA shows that the prosperitydegree of TMT industry and the EVA absolute value recorded by TMT industry areboth declining year by year. Specific performance in the EVA rate and ROIC of listedcompanies in TMT industry are declining year by year, but WACC is still risingsteadily, which leads to an increasing difficulty for listed companies to get excessprofits.Second, synthesis comprehensive index matrix of listed companies in TMTindustry to have a comprehensive and integrated evaluation for the businessperformance this year.EVA comprehensive index matrix includes multiple indicatorsused to measure performance of enterprise,which can be used to explore the businessperformance of listed companies from multiple perspectives such as businessearnings`quality、solvency、return ability in order to explore the excellent companywith a competitive advantage and capacity excess profits. Evidence indicates thatexcellent enterprises indeed can obtain the capital premium higher than that ofordinary enterprises under the effective market condition.However, the factorsinfluencing the stock returns of listed companies are multidimensional, so thatbusiness performance and stock returns does not show remarkable consistency. on thebasis of it, this paper tries to construct a investment strategy based on EVAcomprehensive report index.Third, on the basis of studying enterprise comprehensive index matrix, this papertry to study the mechanism and influence degree on the enterprise value by EVAindex of A-share market listed companies in our country. Evidence shows that EVAindex and other financial profit targets have significant positive correlation withenterprise value,and the correlation of enterprise value and NOPAT、EVA and otherfinancial indicators used to investigate the overall business performance is far higherthan that of enterprise value and net come. It shows that the new capital market in ourcountry has made a significant progress; its market effectiveness is continuouslystrengthening; market pricing mechanism is also being improved. However, the gap isvery obvious between China capital market efficiency and developed country capitalmarkets’, and the ability of measuring enterprise value through business performance needs to be improved.Finally, under the assumption that stock price of the target enterprise in A-sharemarket reflects the enterprise value, according to efficient market hypothesis, theresearch is an empirical application based on the enterprise value assessment of EVAdiscounted valuation model, to study the functional mechanism of enterprise equitypricing. Analysis conclusion indicate that enterprise value assessment is highlysensitive to the subtle changes of enterprise development assumption condition.Smallchanges in discount rate bring huge fluctuation in enterprise value assessment,which requires assessors to have a clear judgment on economic development、industry trend and enterprise future, have a long-lasting tracking study andcontinually correct valuation deviation in order to keep making progress in rightdirection.