EVA的业绩评价对我国企业非效率投资的影响——以中央企业为例

The Effect of EVA Performance Evaluation on the Non-efficiency Investment of Our Central Enterprises——With the Example of Central Enterprises

利用我国部分中央企业控股的上市公司数据,分析了我国中央企业控股的上市公司的非效率投资问题,并在此基础上建立了非效率投资检验模型。通过对模型分析发现:我国中央企业控股的上市公司的确存在一定程度的非效率投资行为,另基于EVA评价与非效率投资模型的进一步分析得出:EVA的业绩评价对中央企业严重的非效率投资行为有明显的抑制作用。

Based on the data of some listed companies held by central enterprises, the analysis was car- ried out about non - efficiency investment of listed companies held by central enterprises, followed by the con- struction of non - efficiency investment testing model. By the model analysis,it was found out that some non - efficiency investment behaviors do exist to some extent in listed companies held by our central enterprise. Meanwhile, based on the analysis of EVA evaluation and non - efficiency investment model, it is concluded that EVA performance evaluation has obvious inhibitory effects on the serious non -efficiency investment behavior of central enterprises.