Green EVA Measurement And Relevance To The Evaluation Of Listed Company

Under the background of increasingly serious environmental pollution and sustainable development strategy,in the macroscopic aspect,the protection of the ecological environment and the sustainable development of the society have become the direction of all countries.Andin the microscopic aspect,the sustainable development of the enterprise itself becomes the its urgent pursuit,especially for large enterprises.The sustainable development of enterprises must take the environmental protection into account in the production and management,so the enterprise performance evaluation should also take environmental factors into consideration.Based on the SASAC's assessment of EVA in the central enterprises,we studied the environmental factors and put it in the enterprise performance evaluation indicators,that is,the construction of green EVA indicator and the study of its effectiveness.In this paper,normative research,case study and empirical research are combined to complete the index construction and the test of effectiveness.The index construction is by way of normative research and case study.The effectiveness of the index is proved by empirical research.The results of this paper are as follows:(1)This paper constructs the green EVA index which is feasible at present.From the traditional value of EVA,we define the contribution-environmental costs,and distinguish between the capital contribution-environmental costs and the cost contribution-environmental costs.According to the different calculation of EVA between the capitalization part and the cost part,we can calculate capitalization adjustment and cost adjustment Value,which draws the traditional EVA adjustment value,and further we get the green EVA value.(2)This paper shows the calculation and application of indicators in the way of case study,and uses the green EVA calculation method to calculate the green EVA value of 41 enterprises.Taking the Hegang stock as an example,the calculation process of the index is presented and the usefulness of the index is proved.(3)In this paper,we use the calculated green EVA value to do the empirical research,proving the validity of green EVA index.Green EVA,traditional EVA and traditional financial indicators to explain the value of the enterprise were compared to prove that the green EVA indicators is as effective as the traditional EVA,and a combination of green EVA and traditional financial indicators are of more effective.The significance of this study is as follows:(1)This paper provide a performance evaluation indicator which is operable and taking environmental factor into account.Compared with the current situation that many environmental factors are not feasible,the direct meaning of this paper is to provide a performance evaluation indicator which is operable and taking environmental factor into account.(2)It can prove the enterprise performance evaluation,enrichment the current content of financial management system in our country.The existing performance evaluation indexes mostly ignore the impact on the environment,with short-term objective.Aiming at the status quo,green financial management system put forward in recent years is significant,and the role of EVA in performance evaluation system make the green EVA become an important part of green financial management system.(3)Green EVA can encourage enterprises to increase investment in environmental protection and guide enterprises to implement the concept of sustainable development.Because of the environmental factors to considered in the green EVA,enterprises can make the emphasis on environmental protection,pay more environmental investment.The more input into the environmental protection,the higher environmental protection scores of enterprises,and the EVA can be increased.This green EVA can help enterprises to consciously increase environmental investment,improve the EVA evaluation index insufficient.This paper provides enterprises with a set of performance evaluation system more in line with the sustainable development of enterprises,and guides enterprises to implement the concept of environmental protection and sustainable development.