How the Economic Value Added Influences on the Over-investment Behavior of Enterprises – Based on the Data of A-share SOEs

摘要

Enterprises investment behavior and efficiency are always the focus of academic attention, it is closely related with the performance evaluation methods of corporate management, good performance measures can influent and improve investment efficiency of enterprises. In recent years, investment brings tremendous pressure to the economic development, However, the macro data show that the investment efficiency of China's central enterprises is low and does not match the level of investment. SASAC formally added EVA indicator which is the measure of value creation capacity of enterprises, as the head of the state-owned enterprises core indicators of performance appraisal in 2010. This paper collects data of listed companies of A-share SOEs from 2008 to 2014, testing and counting the scale of over-investment according to Richardson investment model, examining the effectiveness of the EVA assessment system, and exploring whether it meets the SASAC's expectation of effectively investment, or what improvements it can make.