Research On Performance Evaluation Of China's Real Estate Enterprises Based On EVA Theory

The economic environment of our country is changing gradually,and the market competition is becoming more and more fierce.In order to enable enterprises to better manage their own as well as to make it with a greater market competitiveness,the need for enterprise performance is a very comprehensive and standard evaluation.However,China’s current market environment is very grim,which allows enterprises to evaluate their own performance methods and systems are still a lot of limitations.In 1980 s the United States put forward the performance evaluation method of EVA economic value added,so this is an innovative approach to many methods of enterprise performance evaluation,and economic value added EVA in enterprise performance evaluation also caused extraordinary attention,China’s enterprises have continuously tried to use this new performance evaluation method,especially since the SASAC issued in 2009 the "Interim Measures for the central enterprise performance evaluation" in which the economic value added EVA index into the since of the central enterprises performance evaluation,and EVA performance evaluation system and method has been extensive concern and application in China.In this paper,the basic theory of EVA to analyzes the characteristics of the real estate industry’s current development situation and its own,and through the study and analysis of the real estate business case to prove the validity of EVA evaluation method is in the real estate industry,and puts forward the real estate enterprises need to adopt EVA evaluation method in the development,so that the theory and practice of performance evaluation itself can be combined more effectively,and make some important supplement and explore its.The thesis is divided into five parts: the first part describes the background and significance of this paper,and EVA summarized the domestic and foreign related research scholars at present research and application,in order to construct the structure of this paper,and determined the overall research methods and innovation.The second part summarizes some important theories about performance evaluation,including the principal-agent theory,stakeholder theory,value management theory,strategic management,etc..The third part of the EVA performance evaluation theory system,respectively introduces the basic theoretical framework and system of EVA,as well as comparative analysis of the EVA performance evaluation system and the traditional performance evaluation system.The fourth part is the case study,using the EVA evaluation method to evaluate the performance of HD real estate company 2012-2015,and the analysis results of the traditional financial indicators are compared and analyzed.The fifth part of the conclusion,through the case study of this paper,put forward the attention of the Real Estate Company to use the EVA,as well as to improve the EVA performance evaluation system given the relevant recommendations.