The Performance Study On Listed Corporation Based On Economic Value Added

Currently listed companies performance evaluation index is one of the traditional accounting index, net income, or on the basis of the net profit, into the other index by the new index, such as P/E ratio, price-to-book, etc. In observing the performance of the capital markets, it is reached that there is a low correlation between these indexes and the trend of the stock market, the real situation of capital market could not be reflected veritably.Economic value added theory originated from the famous British economist Alfred Marshall, his research "residual income" is to redefine the performance of the companies, which deducting capital stock from capital cost. EVA of modern economic theory on the basis of the net profit accounting index, according to the principle of importance, clarity and economy to the adjustment and correction, to do the adjustment and correction, as the index of the performance evaluation.At present, in our country, there is an increasing inclination of the citizen’s environmental protection consciousness and the increasing environmental protection, the development of energy conservation and environmental protection industries is gradually shown to the national perspective.As an emerging and sunrise industry,while it is not fully accessing applied that the performance evaluation system of EVA, the key is to judge whether EVA is suit to the energy conservation and environmental protection industry. Energy conservation and environmental protection industry is broad, mainly including the listed company of waste water treatment, air pollution, waste management, building energy-saving materials, contract energy industries. If making energy conservation and environmental protection industry as the research object, the business of listed companies do not shown up their similarities, it is not conducive to do the comparison among listed companies of the same industry, this article selects the sewage treatment industry listed companies as the research object.EVA is represented by the difference between net operating profit after tax and the amount of the cost of capital, on this paper, net operating profit after tax is taken by inverse method of accounting, adjusting financial expenses, impairment loss, changes in fair value gains and loss, non-operating income and expense and the other captions of account based on the "net income" in the income statement; on the cost of capital of this paper,estimating with the capital asset pricing model is used. Based on the above theory of EVA, the paper selected 16 listed companies of sewage treatment to calculate EVA, using correlation analysis, it is taken that there is a difference between EVA and the traditional performance evaluation system accounting profit conclusion, using regression analysis, a significant conclusions could be taken with EVA and stock correlation, based on EVA financial analysis, it is derived listed companies of sewage treatment gearing ratio between 18%-40%, ROE above 12% appropriate is appropriate, thus summarizing EVA model of the listed companies of sewage treatment, in order to use the regression curve and earnings data on EVA of other listed companies to make a simple estimate.Based on the theory of EVA to explore the theory of equilibrium conditions to maximize profits derived by manufacturers, which manufacturers to achieve equilibrium conditions to maximize the EVA of the theory, and were from the set of existing performance evaluation standards and improve operations both angles discuss improving EVA suggestions and comments.