A Research On The Effectiveness Of EVA To The Performance Of The Coal Listed Companies

The coal industry is located in the bottom of the whole economy value chain and in the upstream of the four industries including steel、chemical industry、building materials and power.Deeply affected by the coal industry,the four industries affect China’s infrastructure construction and the overall development of industrial level,so the development situation of the coal industry directly affects the overall operation of the national economy.Now academics and practitioners generally accept taking the shareholder value maximization as the goal of the enterprise financial management.Since the enterprise selects the value increasing as a goal,how to measure the increase of the enterprise value,namely how to carry out the enterprise performance evaluation has become the focus of all attention.Making scientific and right evaluation of operating performance of the listed enterprises is helpful to improve management and increase the allocation efficiency of capitals.The current performance evaluation system of our country’s coal industry listed enterprises is the traditional performance evaluation system of taking the profit as the core indicator.However,there are some problems in this performance evaluation system,such as the absence of cost considerrations,the distortion of net profit on some degree,the short-term behavior of managers.All of do not conducive to the sustainable development of the coal industry listed enterprises.The concept of EVA was firstly proposed by Stern & Stewart consulting company.Since 2001,its branches in China also mainly bases on the EVA target to take"China market company wealth creation and deconstruction ranking".EVA is evaluation of economic profit,which has unparalleled advantages compared with traditional performance evaluation.lt not only inherits the advantages of traditional indicators but also more fully considers the opportunity cost of capital for enterprise use,in addition, it can unit enterprise investment decisions、performance evaluation and bonus incentives together.We bring EVA performance evaluation method to existing conditions of market economy.We introduce the development track of EVA,the theoretical background,advantages and disadvantages,the essence.Combining with the coal industry listed enterprises practical situation,we make appropriate adjustments on EVA basic formula and build a new,suitable for the listed enterprises of China’s coal industry performance evaluation system,designing to make the correct evaluation of the coal industry listed enterprises in Chnia,improve their business performance and promote internal capital constraints formation.In order to prove the effectiveness of EVA,we take 27 coal industry listed enterprises in China from 2010 to 20133 year as empirical sample, and then study on EVA and traditional financial measurement of performance evaluation by adopting sttistical method that’s general analysis.also known as descriptive statistical analysis.correlation analysis and regression analysis.And then come to the conclusion of the effectiveness of EVA index-based performance evaluation system.This is indicating that the EVA index system can take value of listed enterprises to create.At present,although some scholars brought EVA index into the coal industry listed enterprises and carried out some research,they only use EVA basic formula stead of combining with the characteristics of the coal industry listed enterprises to make specific adjustments.The innovation of this paper is to combine the characteristics of the coal industry listed enterprises adjusting to special accounts,such as coal exploration fees.It is more scientific to build EVA performance evaluation model of the coal industry listed enterprises.The purpose of this paper is to afford a new concept of performance evaluation to coal industry listed enterprise managers and improve enterprise performance.