Research On Investment Benefit Evaluation Of Electric Power Enterprises Based On Improved EVA

It is one of the most important purposes of an enterprise to maximize the shareholder's benefit.In order to make our listed electric power enterprises develop well,it is particularly important to evaluate their operating benefits scientifically and accurately.However,for a long time,enterprises have been affected by the accounting evaluation index with profit as the core,which can not reflect the real operating benefits of enterprises.In response to this phenomenon,Stem Stewart Consulting Company in the United States took the lead in establishing the EVA evaluation index in the 1980s,which solved this problem well.The performance of enterprises is evaluated by traditional performance evaluation methods and accounting indicators.However,the traditional performance evaluation method usually used in our country only considers the cost of debt capital,but does not consider the cost of equity capital.Not only can the calculated results not reflect the real performance of enterprises,but also make the managers think that equity capital is a kind of free capital,resulting in the waste of capital.The enterprise performance evaluation system based on EVA index considers this problem comprehensively.By adjusting the basic model reasonably,we can get the operation benefit of the enterprise,reflect the real performance of the enterprise,and further reflect the wealth created by the enterprise for the shareholders.In this context,based on reading a large number of domestic and foreign literature,this paper elaborates on the indicators and system of enterprise performance evaluation.The theoretical system of EVA index is studied and analyzed.According to the actual situation,based on the original model of EVA,the project is adjusted reasonably and a new model of EVA is constructed.Taking Guotou Electric Power as an example,this paper applies the new EVA model to the evaluation of the operation benefit of Guotou Electric Power from 2009 to 2018,which reflects the operation performance of the enterprise and the wealth created for shareholders.Using SPSS software,the correlation analysis between EVA,together with five traditional performance evaluation indicators and market added value MVA shows that EVA fits MVA better than traditional indicators.For enterprises,the ultimate goal is to maximize market value-added.In theory,MVA is the discounted value of EVA.The closer the relationship between the two,the better it shows that EVA can reflect the profitability of enterprises compared with traditional indicators,and it is more convincing to evaluate the operating efficiency of enterprises with EVA.