Study On Influencing Factors Of EVA Implementation Effect Of Central Enterprises

In 2009,the SAC announced that the EVA index was formally introduced to the new term assessment of central enterprises headers from 2010.EVA,which account up to 40% of the weight,became the most important indicators in the new assessment.The purpose of implementing the performance evaluation based on EVA for the central enterprises is correctly guiding to the business activities of enterprises by means of the advanced assessment indicators and business philosophy.They hope that the new assessment can rectify the undesirable behavior which plagued the central enterprises for a long time and enhance the market competitiveness and sustainable development capacity of central enterprises.The central enterprise reform is the key to the SOE reform during the three decades.With the continuous economic development,the position of central enterprise who plays a mainstay role in economic development of China cannot be replaced in our national economy.Our Central enterprises has implement the EVA performance evaluation indicators for two years,studies on the correlation analysis of the effect of its implementation are still relatively little,empirical analysis research on related guiding factors is even more rare.This paper proceed from the reality of central enterprises,empirically analyzing the influence factors of EVA implementation effect in the central enterprises in order to explore the difficulties and obstacles during the implementation process and suggest improvements.Firstly,this paper combed the historical forefront of central enterprises performance evaluation in using qualitative research methods,expounded the measure basis and influencing factors theoretical analysis of EVA implementation effect at the same time.Then,combing qualitative with quantitative,statistics with charts illustrate,this paper make a dynamic comparative analysis which utilized comparison analytic method on the EVA implementation effect of 261 central enterprises controlled listed companies of Shanghai and Shenzhen exchanges in 2009--2013 year,and make a overall trajectory analysis,annual difference analysis and industry difference analysis at the same time.Finally,using the panel analysis,discriminate analysis and regression analysis,this paper explores the implementation effect of EVA and the corporate governance factors which would affect EVA implementation.Studies have shown that as a newborn performance evaluation,EVA can evaluate corporate financial performance effectively;corporate governance factors which include asset size and board size,ownership structure could explain the differences effect of EVA among the different enterprises.This indicates that as a corporate financial control system,he implementation effect of EVA is affected by corporate governance.It is need to further optimize the corporate governance factors to improve the enterprise value.