Research On The Performance Evaluation Of Photovoltaic Power Generation Enterprises Based On EVA

The ultimate goal of a business is to achieve the maximization of enterprise value,but the enterprise development for a long time under the influence of accounting target profit as the core,cannot reflect the enterprise actual performance.In response to this problem,in the late 1980s,the concept of EVA was developed by Tem&Stewart consulting,which solved this problem well.Enterprise's performance is thro ugh the tracditional enterprise performance evaluation method and the accounting index assessment,but it failed to take into account the enterprise the actual cost of capital,especially the equity capital cost,therefore can not truly reflect the enterprise's performance.And model based on EVA performance evaluation system of enterprise performance evaluation,fully considered the problem,through the adjustment of the traditional accounting,related to accurate assessment of enterprise value,it is concluded that corporate earnings,reflect the true performance,enterprise can better serve the shareholder wealth maximization of the enterprise performance targets.Based on such a research background,the author studies and analyzes the theory system of enterprise value evaluation,EVA enterprise value evaluation method,on the basis of reading a lot of relevant literature at home and abroad.Based on EVA index as the breakthrough point of the research,using traditional financial index to calculate and adjust,and photovoltaic power station of the actual financial data in a given area as an example,according to industry characteristics through the traditional financial index analysis and EVA performance evaluation method for the quantitative study of the following:first,the analysis of traditional financial indicators to evaluate project comparison,understand their advantages and disadvantages,it is concluded that the project income;Secondly,starting from the basic theory of EVA,the applicability of EVA is evaluated on the basis of the calculation of various parameters of EVA and the adjustment of the project,and the ways to improve EVA are pointed out.Third,in order to validate and further discussed based on EVA on photovoltaic power generation the operability of the performance evaluation of enterprise and its practical significance,through the real financial data of a photovoltaic power generation project instance analysis,operation will be EVA calculated period of earnings gains its comparison with traditional index calculated,found that the traditional indicator failed to consider the cost of rights and interests of the appearance of big profits,through new photovoltaic power generation project financial evaluation model is easier to understand and apply,realize the goal of enterprise wealth maximization.Fourth,using SPSS19.0 software of a photovoltaic power station project 26 years,the overall correlation analysis will market the added value of EVA and MVA and economic added value linear regression,six traditional indexes in the project data analysis,can see on the enterprise value evaluation is the consideration for equity capital cost.At the same time,the fitting degree of MVA and EVA fitting better than traditional indicators,MVA is the discounted EVA,both closely can better reflect the profitability of the whole process of enterprise,the result more convincing.