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Positive research on the application of EVA and MVA in China’s stock market
1、Introduction
1.1 Nature of the Research
After China’s accession into WTO, listed companies in China’s stock market are faced with fierce challenges from economic globalization, free trade, knowledge economy times and post industrial society. Customers’ demand changes fundamentally and continuously, technological innovation has been accelerating, product life cycle has been shortened and market competition has grown more fierce. All theses changes have made the traditional accounting measurement standards and management format out-of-dated. Management of listed companies have been faced with more and more challenges and shocks so that timely implementation of new economic management has become more and more important. Seek of a set of feasible, effective and easily operational performance evaluation systems have become a vitally important objective of owners and management of listed companies. It is at this time that a brand new system of EVA and MVA has been introduced into the stock market of China.
EVA is not only an effective index system of corporate performance measurement but also an overall framework of corporate management. It serves as a stimulating mechanism of payment for managers and employees and strategic appraisal tool. Also it serves as basis in the application of merger and acquisition strategy. Due to the extraordinary advantages of EVA in performance appraisal and manageri无忧论文 【http://www.uklunwen.com】al notions, some famous transnational companies have introduced this index and have achieved prominent performance. EVA is now a new concept in China either in theoretical research or practice exploration. So how to introduce the concept and application methods of EVA into the stock market in China has become and important research topic.
（Xioang；li，2002）For many years, Chinese listed companies have been promoting the transformation of conceptions, perfection of operational mechanism and improvement of economic performance. However, after a lot of efforts have been made by many listed companies in the shareholding reform, application of merger and acquisition strategy, debt-to-equity swap and implementation of stock options, the bad operational performance has not been fundamentally improved. Meanwhile, some listed companies have artificially raised the stock price in order to gain more finances, which has produced great difficulties for proper and exact appraisal of corporate value and rational investment.
How to apply the theory and model of EVA and MVA in the explanation and resolution of these problems has become the researched problem in this dissertation.
This dissertation would introduce the related theory and model of EVA and MVA; analyze the data of EVA and MVA in Chinese stock market in order to find out some useful conclusion.
Positive research on EVA and MVA in the stock market of China
Acknowledgements
Abstract
List of Tables and Figures
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