EVA Impact Studies For Non-efficiency Investments Experience Data From Central Enterprises Listed Companies

Scientific investment decision is the important premise of realizing the sustainable development of enterprises,but because of the existence of asymmetric information and principal-agent problem,may lead to inefficient investment behavior of managers.The SASAC in 2010 began to push the central enterprises operating performance,head of the interim measures for the used EVA index instead of return on net assets,and the combination of China's enterprises to improve and revise the actual EVA appraisal system,its purpose is to want to use EVA appraisal system,guide and constraint,head of the state's investment decision-making behavior,create enterprise value.As of 2016,EVA assessment has been implemented in central enterprises for up to seven years.How effective is the implementation of the implementation of EVA,and can it play a role in governing the non-efficiency investment of central enterprises?All this requires a deeper study.Based on the domestic and foreign about the economic consequences of economic value added and the efficiency of investment,on the basis of summary of the related literature summary,through to the related theoretical basis,analyses the reasons for the efficiency of investment,and based on the characteristics of the EVA appraisal its is how to use the index design of its own characteristics exert effect on the efficiency of investment management,and joined the free cash flow,analysis of EVA appraisal of free cash flow and the influence of the relationship between the efficiency of investment,the management of test its indirect effect.At the same time,this paper selects the listed companies of central enterprises holding listed companies as samples,and empirically tests the governance effect of EVA assessment on non-efficiency investment before and after the implementation of EVA assessment by the central enterprises.Finally concluded that:first,from the perspective of a sample of inefficient investments that account for inefficient investments,underinvestment is more widespread among central enterprises,and based on the sample mean,the average value of overinvestment is much greater than the mean value of absolute underinvestment.Excessive phenomenon is more serious.Second,EVA assessment can effectively manage non-efficiency investments to a certain extent,including overinvestment and underinvestment.Thirdly,the implementation of EVA assessment can weaken the positive correlation between free cash flow and overinvestment,but it is not obvious in the underinvestment.From the perspective of performance appraisal and institutional supervision,this paper studies the inhibitory effect of non-efficiency investment,and also verifies the effectiveness of implementing EVA appraisal policies,and expands the perspectives and approaches for governance of non-efficiency investment.