我国央企上市公司EVA管理的动机研究与检验.pdfVIP

Abstract As a most advanced performance and value evaluation method of today EVA has been used successfully in developed countries, the state-owned assets supervision and administration in China (SASAC) used EVA as a performance evaluation indicator to replace the original ROE indicator in the latest “interim regulations of central enterprise operating performance evaluation”, which took effect from 2010. The method has been implemented for three years. It is worth thinking about whether EVA is gaining recognition in our country, whether the new method has achieved the desired effect, and also whether the managers of the central state-owned listed companies have done effective management of EVA under the incentive. Based on this background, this paper takes Chinas Shanghai and Shenzhen A-share non-financial listed companies as the research object and tests the information content of EVA in the capital market of China by using multiple regression test. It also verifies whether there ’s effective EVA management behavior by using comparative study, to compare changes in EVA and related indicators ofthe central state-owned listed companies with those of the other listed companies. This main conclusion of the study is: EVA in Chinese capital market has information content, it has been recognized by investors in China ,so it can be one of EVA management motivation; Overall, after implementation of the new method in 2010, under the dual incentive from both compensation contracts and the capital market, the managers of central state-owned listed companies did effective EVA management; By breaking down the EVA compo