A Study Of The Value Assessment Of Electric Power Listing Corporation Based On Economic Value Added

Along with the capital market development and improvement, the estimation problem to the enterprise itself with the kind of "commodity", the academia pay more attention on it. The assessment of enterprise value correctly and reasonably is very important whether to the right decision for the business management personnel or investment institutions and investment.Because of the historical reasons, the enterprise value started relatively late in our country, The research and application of the related theories and methods are less than the developed countries in Europe and America, but in recent years has also made a lot of achievements. Recently, the value evaluation model based on EVA has been widely adopted in western countries, although this method has not been popular in China, but in 2010 following the SASAC central enterprises in the economic value added (EVA) into the performance evaluation system, more and more research about the evaluation index.First of all, the first part of this paper made a comprehensive review of the relevant background and the research significance of EVA value assessment theory, and summarized the research achievements of domestic and foreign scholars. The second chapter expounded the theory of enterprise value, value assessment theory and the theory of economic value added. The third chapter establishes the evaluation model of electric power enterprise based on EVA value on the basis of previous studies. Then, according to the characteristics of the power industry, this paper discussed the necessity of the adoption of the EVA index, and had done a detailed description of EVA to calculate the adjustment and various indicators involved. In this paper, he forth chapter to the relevant financial data of listed power companies as research samples, according to the different influence and the explaining ability of EVA and other indicators to evaluate the enterprise value of the correlation analysis and regression analysis, The empirical results show that:1) The economic value added of the electric power enterprise of listing Corporation significant positive correlation with the corporate value;2) The economic value added evaluation index of enterprise value is valid;3) the effective interpretation ability of economic value added is not less than other related financial indicators. In the fifth chapter, the financial data of Huaneng Power International 2009-2013 for EVA measurement, and the intrinsic value and stock price of Huaneng Power International were assessed using two phase model, analysed the evaluation result.In summary, based on the economic value added as the breakthrough point, and the electric power industry as an example, using the first method of theory analysis and empirical research, the case analysis show that EVA is effective for the evaluation of electric power industry in China the value of listing Corporation, the author believes that it is a certain practical significance for the promotion of EVA evaluation model in Chinese enterprises.