EVA Performance Evaluation System And Creditor Protection Research

Creditor protection impact is broad and huge,it affects business agency problems affect the development of the capital market,and ultimately affect the economic development of a country.Country's development is inseparable from the healthy development of local enterprises,and the development of enterprises need the support of a lot of money,only business has been strong financial resources,companies can continue to create value of the benefits.The main source of funds business is investment and shareholder loan creditors.In the beginning of the creation of enterprises,corporate equity investors have put money into the business,and after replenishment will be very limited,therefore,among the enterprises in the development,the main way of funding sources or debt financing.But money is not the creditor,the company offers free and unlimited.They want to provide their own funds can bring a stable interest income and principal on time for their recovery,the creditors will be in accordance with the operating characteristics of the enterprise to a predetermined rate,the prescribed period,the provisions of credit limits and other terms of the funds lending business.Because the actual business activities of enterprises,the creditor can not participate in the management of the enterprise to promote,in view of the agency and information asymmetry and other practical problems,the status of the creditor is at a disad-vantage.In recent years,state-owned enterprises to state-owned assets supervision system is not perfect,non-serious investment efficiency,which greatly damaged the interests of investors.Thus,since January 1,2010,the State-owned Assets Management Committee for the central enterprise-wide implementation of EVA performance evaluation system,the introduction of the EVA heads of central enterprises performance evaluation indicators go.Economic and financial measures to increase the value of traditional computing company profits is different,it is considered business operating profit net of the cost of capital for all investors after considering profitability,growth capacity and other indicators,it is increasing the value of corporate assets measurable indicators.Thus,EVA performance evaluation system assessment focuses on the ability to grow with the development potential of enterprises,taking into account the interests of all the stakeholders together.As one of the relevant creditors,researchers EVA performance evaluation system and the effects of the important role of business interests with extraordinary theoretical and practical significance.At the same time,performance evaluation mechanism can not be out of its service objects exist in isolation.EVA evaluation system in order to conduct in-depth research,only its relationship with the creditor protection is not enough,but also consider the special nature of each enterprise has.According to the life cycle theory shows that the enterprise in which the life cycle is different,its growth,profitability,cash requirements and other circumstances will vary,leading to acceptance of the new policy will be different,which will affect the EVA degree performance evaluation system for the protection of creditors.Therefore,this paper linear regression model based on EVA performance evaluation system to verify the implementation of the creditor has a protective effect.After the proposed implementation of EVA performance evaluation system,given the impact of signal theory,the creditors of the enterprise with good faith and good will to believe that the healthy development of enterprises,thus provide a larger debt capital,lower cost of debt capital to the enterprise,a longer period debt loans.Then based on having different life-cycle stages of enterprises of different characteristics,sample firms are divided into two groups of growth and maturity,compared to verify the maturity of enterprises,the role of performance evaluation mechanism growing companies in EVA creditor protection,has increased more volume effect.