The Influence Of Central Enterprise EVA Appraisal On Enterprise Value Improvement

Maximizing enterprise value is the target of financial management,and the shareholders have been focused on the sustainability of the enterprise,maximizing its wealth.In the separation of the two rights,the agent's decision-making behavior may deviate from the target of the shareholders,and the agency cost problem under the principal-agent is generated.Because of the special institutional background of state-owned enterprises in the principal-agent chain is long,and there is owner's absence,the phenomenon such as insider control,the principal-agent problem is more serious.While the appearance of EVA appraisal is to reduce the agency cost and motivate the manager to make decisions that favor the promotion of the value of the enterprise.And the EVA review system has been widely implemented in the United States,general motors and ford.n order to solve the principal-agent problem in state-owned enterprises,state-owned assets supervision and administration commission also draw lessons from the successful experience of the foreign enterprise EVA appraisal implementation,based on the operating status of state-owned enterprises,designed a set of the localization of EVA appraisal system,hope can change state by EVA appraisal,head of behavioral decision,guide its focus on the promotion of enterprise value.However,whether the implementation of EVA appraisal can alleviate the principal-agent problem in the central enterprise,and thus enhance the value of the enterprise,is still a question to be studied.In addition,the implementation of EVA appraisal is quite smooth in the state-owned enterprises with strong control ability at the headquarters.Therefore,whether the control ability of the headquarters of the central enterprise group will promote the role of EVA appraisal to enhance the enterprise value is also a question worth studying.In this paper,the data of listed central enterprises from 2004 to 2016 were selected as the research samples to study the impact of EVA assessment on enterprise value improvement,and further studies the influence of the control ability of the group headquarters on the effect of EVA appraisal on improving the enterprise value.The research conclusion is as follows :(1)There is a significant positive relationship between the implementation of the central enterprise EVA appraisal and the improvement of enterprise value,and the EVA appraisal of the central enterprise has effectively promoted the enterprise value after the comprehensive implementation.(2)From the characteristics of the central corporation,the control ability of the central enterprise group's headquarters has a certain effect on the performance of the enterprise value of the EVA appraisal,but the impact is not obvious,so further research is required.(3)From the perspective of the system itself,there are still some places to be improved in the establishment of the EVA appraisal system of the central enterprise,and the EVA assessment system of the central enterprise needs to be further refined in the setting of capital cost rate.