A Study On EVA And Stock Price Correlation In Chinese Listed Companies

In the first ten years of 21 st century,China has officially passed Japan and become the world's second-biggest economy. It brings unprecedented development opportunities to the our country brings as well as the severe challenges from around the world. As the basic unit of society--enterprise only improve the value creation of enterprise by constantly in order to grasp the opportunity and meet the challenge. Stern & Stewart, a consulting firm of the United States in the 1980 s in order to keep up with the trend of the era development puts forward the new value management idea---- Economic Value Added(EVA). As a kind of brand-new management idea, EVA considering all the capital cost of the enterprise help enterprise shift from the pattern of expanding the growth size in the past to the pattern of improving the value of the growth. Therefore, EVA in the business circles of our country vigorously has important meaning to the change from big country to strong country.Firstly, this dissertation describes domestic and foreign literature about EVA and listing corporation stock price in recent years. Secondly, according to the research results we determine the calculation formulas of EVA and related factors. Then EVA and traditional accounting indicators are compared, pointing out the superiority of EVA. Stock price and EVA related data of 873 companies in the Shanghai A-shares in 2009-2013 as samples, this dissertation makes the empirical analysis. At last, the dissertation get the result: degree of EVA to explain stock price is lower than traditional accounting. In addition, according to the conclusions of this dissertation, it puts forward four corresponding suggestions.Although now Chinese stock price reflects the degree of EVA is low, but as the Chinese stock market and international market gradually integrate and EVA is used widely in the company, the correlation between EVA and stock price will gradually increase, the stock price reflects the extent of EVA will further strengthen. Therefore, the enterprise must also strengthen and improve degree of enterprise information in every field that is inevitable for the development of the company. The enterprises should establish and improve a series of application with EVA as the core. It can not only improve enterprises' each department, each level staffs' work enthusiasm, in the long term it will also become a propellant enterprises continue to grow stronger.