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Abstract. Economic Value Added， referred to as EVA， also known as economic value added， in the early 1990s， in order to adapt to dramatic changes in the business environment， the U.S. consulting firm Stern Stewart proposed and implemented a concept of economic value added based financial management system， decision-making mechanism and incentive compensation system， new financial performance evaluation. Proposed EVA aims to overcome the deficiencies of traditional indicators accurately reflect the company's value creation for shareholders. In this paper， the basic theory of EVA to sort out， 4M's evaluation and EVA systems were reviewed research.
Key words： 4M's； economic value added； EVA system
1 the concept of EVA
Economic value added is generated based on after-tax operating profit and financial performance evaluation method for the total cost of business capital investment required these profits. Economic value added created equal annual after-tax profit and the net difference between the full cost of capital for business. Which capital costs include the cost of debt capital， including the cost of equity capital. EVA is a true "economic" profit evaluation， or that is a net operating profit compared with the same capital and investors to invest in other securities with similar risk minimum return， exceeds or falls below the latter value. EVA is a method to measure shareholder profits， it makes decisions consistent with shareholder wealth. Use two basic financial principles in the decision-making process. The first principle of any company's financial indicators must be to maximize shareholder wealth. The second principle， the value of a company depends on investors' profit expectations are exceeded or below the level of the cost of capital. By definition， sustainable growth will bring added value to the company EVA market value.
2 the significance of the study of EVA
a.consider the cost of equity capital. China's current financial and cost accounting are recognized to measure debt capital， without the cost of equity capital is deducted from the operating profit， so the calculated accounting profit can not really evaluate the company's operating results. Operators will also be mistaken for a free capital to equity capital， not pay attention to the effective use of capital. For example， when using ROI as a department manager performance evaluation indicators， department managers will forgo higher funding costs and lower than the current investment opportunities in sectors ROI， or return on investment to reduce the existing low but higher than the cost of capital certain assets to improve the performance of this sector， but damage the interests of shareholders. EVA to avoid conflict with the implementation of the internal decision-making， so that the whole enterprise goals and objectives consistent with the various departments. b. companies can more accurately reflect the value created in a given period. Traditional performance evaluation system to profit as the main indicator of business performance， easily lead managers for the cosmetic results and manipulate profits. The EVA in the calculation， the need for relevant content of the financial statements make the appropriate adjustments to avoid the distortion of accounting information. EVA index creator Stern - Stewart said： The purpose of the adjustment is to create a performance measurement approach managers can act as owners of the same， the specific objectives include： accounting adjustments affect the sound （such as research and development costs capitalized FIFO）， preventing earnings management （eg not to mention bad debts）， the elimination of past accounting errors affect decisions （such as preventing the carrying value of the asset is not real） and so on.
c.a listed company can solve the problem of decentralized operations. Available under the various departments according to their cost of capital to determine the EVA financial goals department， these goals should also through communication between departments to coordinate and complement each other. Each department can simultaneously develop long， medium and short-term goals for different financial purposes. According to the company's corporate headquarters may be the overall planning and total assets of EVA and departments to develop the company's integrated EVA targets. Therefore， operating on many issues， such as whether to accept new investment projects， the company's decentralized management scope how to determine whether to give up a department or an investment， the answer depends on whether the shareholder value added， EVA can be realized.
d.as a financial early warning indicators. First， EVA as a value creation indicators， because it not only takes into account all the capital used by the company make full use of all the public information provided by the company， but also consider the risks contained outside the enterprise market information. The traditional indicators of profitability depends entirely on the statements of the enterprise information. So with respect to the traditional financial indicators， EVA more information reliability； Secondly， because the existing accounting policy for EVA conducted a series of adjustments， reducing the enterprise by changing the choice of accounting policies， changes in the capital structure， spatial earnings management ， relative to traditional accounting indicators that can reflect more realistic business situation of enterprises； third， EVA compared to conventional profitability indicators， particularly in the case of business expansion， the poor can be found in earlier business situation of enterprises . e. is an effective incentives. Most domestic enterprises pay system is a fixed salary system， can not form an effective incentive for operators. The EVA growth incentives can be used to measure the amount of EVA contribution of operators， and here as a fixed percentage of the amount of the bonus awarded to the operator， so that the interests of managers and shareholders an incentive to operators from the business point of view， the creation of more value， is an effective incentives.
f.Six are truly reflect the company's results of operations. EVA-based enterprise performance evaluation biggest difference is that it will profit the cost of equity capital （opportunity cost） is also included in the cost of capital， helps to reduce the distortion of traditional accounting indicators of economic efficiency， so as to assess more accurately the enterprise or department of operating results， reflecting the operational efficiency of business or sector assets.
g.is the company's focus on sustainable development. EVA does not encourage long-term performance at the expense of the consideration to exaggerate the short-term effects， it does little to encourage the reduction of research and development expenses injection behavior. EVA focus on long-term development of enterprises， encourage enterprises to conduct business operators can provide a long-term benefits of investment decisions， such as the research and development of new products， develop human resources， etc.， to prevent the occurrence of such short-term behavior of business operators. Therefore， the application is not only in line with the long-term development interests EVA enterprises， but also meet the requirements of the knowledge economy era， benefit the whole progress of society and technology， enhance the core competitiveness of enterprises from the whole society and accelerate the adjustment of industrial structure.
3 EVA systems 4M's
"Four M's" American concept proposed by Stern Stewart EVA system can best be explained， namely evaluation （Measurement）， Management System （Management）， incentive systems （Motiva tion） and the concept of the system （Mindset）.
3.1 evaluation （Measurement）
EVA is the most accurate yardstick to measure performance， no matter what the time period for the performance of the company， you can make the most accurate and appropriate evaluation. In the process of calculating EVA， we first conduct a series of traditional concept of income adjusted to eliminate the abnormal condition resulting accounting operations， and make it as far as possible consistent with the true state of the economy. For example， GAAP requires companies to research and development costs are included in the cost of the year， even if these costs are for the future development of the product or business investment. In order to reflect the long-term economic development， and we as a one-time cost of the current R & D expenses excluded from the income statement. On the balance sheet， we have made the appropriate adjustments， the research and development costs are capitalized and amortized consumer installment in the appropriate period. The research and development costs capitalized even after payment of the appropriate cost of capital. Stern Lancaster has confirmed the right of more than one hundred and sixty kinds of GAAP income and balance sheet adjustment measures might do. These measures relate to many aspects， including inventory costs， currency devaluation， bad debt reserves， restructuring charges， and goodwill amortization extinction and so on. Nevertheless， under the premise to ensure accuracy， but also take into account the simple， so we usually recommend that customers of the company to take adjustment measures 5-15. For each client's specific situation， we will confirm that the real adjustment measures can really improve the performance of the company. The basic criteria include： adjustments can produce major changes have exact data available， these changes may be non-financial executives understand. And most important one， is that these changes be able to play a good influence corporate decision-making role， and cost savings. 3.2 Management System （Management）
EVA is a measure of enterprise single indicator for all decisions. Companies can EVA as the basis of comprehensive financial management system， this system covers all operational guidance， strategic policy guidelines， methods processes， and metrics. In the EVA system， all aspects of management decisions， including all won， including strategic planning， capital allocation， acquisition or divestment of valuation， development of annual plans， and even the daily operation of the program. In short， the increase in EVA is beyond all others the most important goal.
EVA understand the company's management to increase the value of only three basic ways： First， can operate more efficiently by existing business and capital， improve operating income； Second， the investment rate of return exceeds the company's cost of capital projects； Third， it could more valuable to others by selling assets or by increasing capital efficiency， such as speeding up the flow of funds operation， accelerate capital return， to achieve the purpose of the liberation of the capital precipitated out from existing operations.
3.3 incentive system （Motivation）
Today， many incentive compensation plan for managers too much emphasis on compensation， and not enough emphasis on incentives. Whether the bonus amount is high or low， are bargaining through the annual budget plan determined. Under this system， the management of the strongest motivation is budgeting an easy task to complete， and because the bonus is capped， they will not exceed the budget too much， otherwise it will make next year's expectations are too high， and even its credibility damaged.
EVA enables managers to business owners artificially sake， make them look at the problem from a long-term shareholder perspective and get the same reward as a business owner. Stern Stewart & Company made a cash incentive plan and internal leveraged buyout plan. Cash incentive plan that allows employees to get paid the same as the business owner， and the internal leveraged buyout plan you can make the owner of the real relationship between employees of the enterprise. We firmly believe that people are doing things in accordance with the compensation was appropriate. EVA incentive to increase as the basis for compensation， the source is the EVA system thriving vitality. Because maximizes the increase in EVA， is to maximize shareholder value. Under the EVA reward system， managers reap more benefits for themselves the only way is to create greater shareholder wealth. This reward is no upper limit， managers create more EVA， you can get more rewards. In fact， under the EVA system， managers get rewarded more shareholder wealth resulting more. 3.4 the concept of system （Mindset）
If the system is fully implementing EVA， EVA financial management system and incentive compensation system will enable the company's corporate culture has undergone profound changes. Under the EVA system， all financial operations functions are starting from the same base， for each department employees provide a channel of communication with each other. EVA as exchanges and cooperation in various branches provide favorable conditions for the decision-making departments and operations departments to establish a contact channel， and the eradication of mutual prejudices between departments， the situation of distrust， mistrust in particular exist in such operations between the department and the finance department.
The key to EVA written corporate culture that make it a common focus of reporting， planning and decision making. This requires two things to do. First， because EVA is a measure of all factors of production， one must recognize that EVA can and must be higher than other financial and operational indicators status. If EVA just as many additional means of implementing other performance metrics， so confusing， complicated situation will continue to exist in this solvable. Secondly， the decision-making process must EVA indicator. In this regard， we have a wealth of practical experience. We can assist clients in accordance with the specific circumstances of the company will be applied to a wide range of decision-EVA activities， in many important programs， such as budgeting and strategic approach， the use of these methods. We can also design a lot of staff training typical example to explain.
Key words： 4M's； economic value added； EVA system
1 the concept of EVA
Economic value added is generated based on after-tax operating profit and financial performance evaluation method for the total cost of business capital investment required these profits. Economic value added created equal annual after-tax profit and the net difference between the full cost of capital for business. Which capital costs include the cost of debt capital， including the cost of equity capital. EVA is a true "economic" profit evaluation， or that is a net operating profit compared with the same capital and investors to invest in other securities with similar risk minimum return， exceeds or falls below the latter value. EVA is a method to measure shareholder profits， it makes decisions consistent with shareholder wealth. Use two basic financial principles in the decision-making process. The first principle of any company's financial indicators must be to maximize shareholder wealth. The second principle， the value of a company depends on investors' profit expectations are exceeded or below the level of the cost of capital. By definition， sustainable growth will bring added value to the company EVA market value.
2 the significance of the study of EVA
a.consider the cost of equity capital. China's current financial and cost accounting are recognized to measure debt capital， without the cost of equity capital is deducted from the operating profit， so the calculated accounting profit can not really evaluate the company's operating results. Operators will also be mistaken for a free capital to equity capital， not pay attention to the effective use of capital. For example， when using ROI as a department manager performance evaluation indicators， department managers will forgo higher funding costs and lower than the current investment opportunities in sectors ROI， or return on investment to reduce the existing low but higher than the cost of capital certain assets to improve the performance of this sector， but damage the interests of shareholders. EVA to avoid conflict with the implementation of the internal decision-making， so that the whole enterprise goals and objectives consistent with the various departments. b. companies can more accurately reflect the value created in a given period. Traditional performance evaluation system to profit as the main indicator of business performance， easily lead managers for the cosmetic results and manipulate profits. The EVA in the calculation， the need for relevant content of the financial statements make the appropriate adjustments to avoid the distortion of accounting information. EVA index creator Stern - Stewart said： The purpose of the adjustment is to create a performance measurement approach managers can act as owners of the same， the specific objectives include： accounting adjustments affect the sound （such as research and development costs capitalized FIFO）， preventing earnings management （eg not to mention bad debts）， the elimination of past accounting errors affect decisions （such as preventing the carrying value of the asset is not real） and so on.
c.a listed company can solve the problem of decentralized operations. Available under the various departments according to their cost of capital to determine the EVA financial goals department， these goals should also through communication between departments to coordinate and complement each other. Each department can simultaneously develop long， medium and short-term goals for different financial purposes. According to the company's corporate headquarters may be the overall planning and total assets of EVA and departments to develop the company's integrated EVA targets. Therefore， operating on many issues， such as whether to accept new investment projects， the company's decentralized management scope how to determine whether to give up a department or an investment， the answer depends on whether the shareholder value added， EVA can be realized.
d.as a financial early warning indicators. First， EVA as a value creation indicators， because it not only takes into account all the capital used by the company make full use of all the public information provided by the company， but also consider the risks contained outside the enterprise market information. The traditional indicators of profitability depends entirely on the statements of the enterprise information. So with respect to the traditional financial indicators， EVA more information reliability； Secondly， because the existing accounting policy for EVA conducted a series of adjustments， reducing the enterprise by changing the choice of accounting policies， changes in the capital structure， spatial earnings management ， relative to traditional accounting indicators that can reflect more realistic business situation of enterprises； third， EVA compared to conventional profitability indicators， particularly in the case of business expansion， the poor can be found in earlier business situation of enterprises . e. is an effective incentives. Most domestic enterprises pay system is a fixed salary system， can not form an effective incentive for operators. The EVA growth incentives can be used to measure the amount of EVA contribution of operators， and here as a fixed percentage of the amount of the bonus awarded to the operator， so that the interests of managers and shareholders an incentive to operators from the business point of view， the creation of more value， is an effective incentives.
f.Six are truly reflect the company's results of operations. EVA-based enterprise performance evaluation biggest difference is that it will profit the cost of equity capital （opportunity cost） is also included in the cost of capital， helps to reduce the distortion of traditional accounting indicators of economic efficiency， so as to assess more accurately the enterprise or department of operating results， reflecting the operational efficiency of business or sector assets.
g.is the company's focus on sustainable development. EVA does not encourage long-term performance at the expense of the consideration to exaggerate the short-term effects， it does little to encourage the reduction of research and development expenses injection behavior. EVA focus on long-term development of enterprises， encourage enterprises to conduct business operators can provide a long-term benefits of investment decisions， such as the research and development of new products， develop human resources， etc.， to prevent the occurrence of such short-term behavior of business operators. Therefore， the application is not only in line with the long-term development interests EVA enterprises， but also meet the requirements of the knowledge economy era， benefit the whole progress of society and technology， enhance the core competitiveness of enterprises from the whole society and accelerate the adjustment of industrial structure.
3 EVA systems 4M's
"Four M's" American concept proposed by Stern Stewart EVA system can best be explained， namely evaluation （Measurement）， Management System （Management）， incentive systems （Motiva tion） and the concept of the system （Mindset）.
3.1 evaluation （Measurement）
EVA is the most accurate yardstick to measure performance， no matter what the time period for the performance of the company， you can make the most accurate and appropriate evaluation. In the process of calculating EVA， we first conduct a series of traditional concept of income adjusted to eliminate the abnormal condition resulting accounting operations， and make it as far as possible consistent with the true state of the economy. For example， GAAP requires companies to research and development costs are included in the cost of the year， even if these costs are for the future development of the product or business investment. In order to reflect the long-term economic development， and we as a one-time cost of the current R & D expenses excluded from the income statement. On the balance sheet， we have made the appropriate adjustments， the research and development costs are capitalized and amortized consumer installment in the appropriate period. The research and development costs capitalized even after payment of the appropriate cost of capital. Stern Lancaster has confirmed the right of more than one hundred and sixty kinds of GAAP income and balance sheet adjustment measures might do. These measures relate to many aspects， including inventory costs， currency devaluation， bad debt reserves， restructuring charges， and goodwill amortization extinction and so on. Nevertheless， under the premise to ensure accuracy， but also take into account the simple， so we usually recommend that customers of the company to take adjustment measures 5-15. For each client's specific situation， we will confirm that the real adjustment measures can really improve the performance of the company. The basic criteria include： adjustments can produce major changes have exact data available， these changes may be non-financial executives understand. And most important one， is that these changes be able to play a good influence corporate decision-making role， and cost savings. 3.2 Management System （Management）
EVA is a measure of enterprise single indicator for all decisions. Companies can EVA as the basis of comprehensive financial management system， this system covers all operational guidance， strategic policy guidelines， methods processes， and metrics. In the EVA system， all aspects of management decisions， including all won， including strategic planning， capital allocation， acquisition or divestment of valuation， development of annual plans， and even the daily operation of the program. In short， the increase in EVA is beyond all others the most important goal.
EVA understand the company's management to increase the value of only three basic ways： First， can operate more efficiently by existing business and capital， improve operating income； Second， the investment rate of return exceeds the company's cost of capital projects； Third， it could more valuable to others by selling assets or by increasing capital efficiency， such as speeding up the flow of funds operation， accelerate capital return， to achieve the purpose of the liberation of the capital precipitated out from existing operations.
3.3 incentive system （Motivation）
Today， many incentive compensation plan for managers too much emphasis on compensation， and not enough emphasis on incentives. Whether the bonus amount is high or low， are bargaining through the annual budget plan determined. Under this system， the management of the strongest motivation is budgeting an easy task to complete， and because the bonus is capped， they will not exceed the budget too much， otherwise it will make next year's expectations are too high， and even its credibility damaged.
EVA enables managers to business owners artificially sake， make them look at the problem from a long-term shareholder perspective and get the same reward as a business owner. Stern Stewart & Company made a cash incentive plan and internal leveraged buyout plan. Cash incentive plan that allows employees to get paid the same as the business owner， and the internal leveraged buyout plan you can make the owner of the real relationship between employees of the enterprise. We firmly believe that people are doing things in accordance with the compensation was appropriate. EVA incentive to increase as the basis for compensation， the source is the EVA system thriving vitality. Because maximizes the increase in EVA， is to maximize shareholder value. Under the EVA reward system， managers reap more benefits for themselves the only way is to create greater shareholder wealth. This reward is no upper limit， managers create more EVA， you can get more rewards. In fact， under the EVA system， managers get rewarded more shareholder wealth resulting more. 3.4 the concept of system （Mindset）
If the system is fully implementing EVA， EVA financial management system and incentive compensation system will enable the company's corporate culture has undergone profound changes. Under the EVA system， all financial operations functions are starting from the same base， for each department employees provide a channel of communication with each other. EVA as exchanges and cooperation in various branches provide favorable conditions for the decision-making departments and operations departments to establish a contact channel， and the eradication of mutual prejudices between departments， the situation of distrust， mistrust in particular exist in such operations between the department and the finance department.
The key to EVA written corporate culture that make it a common focus of reporting， planning and decision making. This requires two things to do. First， because EVA is a measure of all factors of production， one must recognize that EVA can and must be higher than other financial and operational indicators status. If EVA just as many additional means of implementing other performance metrics， so confusing， complicated situation will continue to exist in this solvable. Secondly， the decision-making process must EVA indicator. In this regard， we have a wealth of practical experience. We can assist clients in accordance with the specific circumstances of the company will be applied to a wide range of decision-EVA activities， in many important programs， such as budgeting and strategic approach， the use of these methods. We can also design a lot of staff training typical example to explain.