Research On The Influence Of Operating Ability Of State-owned Listed Enterprises To EVA

State-owned listed enterprises, as the core of central enterprises, theoperation ability of them determines the overall direction of the centralenterprises’ operating capacity. For a long time, the central enterprises relyingon its solid strength and financing advantages, one-sided to do big business,investment scale becomes bigger and bigger and the asset scale expands rapidly,but with continually the expanding scale of assets is that the asset turnover rateis low and the ability of assets to create value is not high.SASAC was established in2003, and in the same year promulgated theInterim Measures for the assessment of the operational performance of theperson in charge of central enterprises, the performance evaluation systembased on financial indicators of total profit and assets growth rate, which leadedto stated-owned listed enterprises blindly pursuit large-scale, but ignore thequality, and the ability to create value was not high. For the above problems, theSASAC decided since2010in the central enterprises to fully implement ofEVA assessment, EVA has become the most important performance indicatorof stated-owned listed enterprises. The stated-owned listed enterprises shouldhave strong ability to create value, because of the great advantage of monopolyand policy. However, the assessment results showed that many enterprises didnot create value, even if decrease value. In2014, the state-owned assetssupervision and administration asked the central enterprises to map the valuetree of added economic value, and identify important driving factors from thevalue tree indexes, at the same time stressed that accelerating the assets turnoverto ascend the value creation ability of central enterprises. In view of this, thispaper study on the influence of the operation ability to economic value added,hope to find an effective way to enhance the economic value added through thisresearch. This paper firstly combed the domestic and foreign related researchliterature about the operation ability and economic value added, secondly fromcapital circulation theory, performance evaluation theory, principal-agent theoryand modern capital structure theory to analyze the theoretical basis of theinfluence of operation ability to economic value added. In the perspective ofeconomic value added value driving factors, this paper expounds the economicvalue added value management system and the main content of the added valueof economic performance. Using the disclosure financial data of the state ownedlisted company, analysis of the change of asset scale and structure of listedcompanies in2011-2013, especially focus on comparative analysis of theoperating ability and economic value added of state listed companies amongdifferent industries and different periods. Then, based on the theory analysis ofthe influence of the operation ability to economic value added, put forwardresearch hypothesis, select research variables, and establish three modelsbetween the current asset turnover and EVA, long-term asset turnover and EVA,total assets turnover and EVA. Based on this, with156Shanghai and ShenzhenA shares state-owned listed companies as research samples, descriptivestatistical analysis and correlation analysis was carried out on the relevantvariables, using the panel data from2011to2013carried out regression analysis.Empirical study found that current asset turnover, long-term asset turnover andtotal asset turnover are significantly related to economic value added rate, andascending the operation ability promotes the creation of economic value added.Finally, on the basis of theoretical analysis and empirical test, put forwardrelevant countermeasures and suggestions: improve the main business incomeof state-owned listed enterprises; Innovate the profit mode of state-owned listedenterprises; adjust the structure of the stock assets of state-owned listedenterprises; optimize the allocation of state-owned capital of state-owned listedenterprises.