The Study On Value Driving Factors Of Thermal Power Enterprise Based On The EVA

Along with the advancement of the reform of state-owned enterprises and the advent of the era of value management, the traditional performance evaluation mechanism of profit-oriented already cannot adapt to the new environment changes and requirements. On December 28,2009, state-owned assets supervision and administration commission issued a newly revised "The evaluation method of the head of the central enterprise operating performance ", the decision from the head of the central enterprises in the third term (2010-2012) began to fully implementing EVA evaluation system, and to determine the basic contents of the EVA assessment and scoring rules. This means that the power companies must substantially promote the EVA appraisal. With the deepening of the research on EVA in recent years and the development of practice, power generation enterprises gradually realize the importance of enterprise value creation and value management. And whether power generation enterprises can be able to accurately capture the key metrics of EVA is the key to whether can enterprise effectively promote EVA.This paper first does the research overview of value management theory,value creation drivers and application of EVA value management of power generation enterprises in China, clarify the current situation and problems of power generation enterprise EVA value management. And then uses the system clustering analysis function of SPSS 17.0 software to do the overall clustering analysis on 22 financial indicators of 28 thermal power listed companies from 2011 to 2013 and calculates grey correlation degree. Finally, we find the operating income, accounts payable, fixed assets, projects under construction, operating cost, non-business expenses are six indicators for impact power generation enterprise EVA key driver of value creation. Through sensitivity analysis we do, we know the extent of the impact of each factor on EVA value. The results are applied to the specific case analysis, and we find out the methods oriented the EVA of power enterprise can be targeted to improve value creation and value management, and make it become the orientation of the common efforts of all staff.