Publication Type

PhD Dissertation

Version

publishedVersion

Publication Date

4-2025

Abstract

Against the backdrop of intensifying global economic competition and the deepening reform of state-owned enterprises (SOEs), improving the operational efficiency of central state-owned enterprises has become a core issue in China’s pursuit of high-quality economic development. Meanwhile, as market-oriented reforms advance and capital markets open further in both directions, central state-owned enterprises’ market value management has increasingly emerged as a pivotal mechanism connecting national strategies with market value, necessitating the establishment of an institutional framework that balances value creation and value realization. In 2009, the State-owned Assets Supervision and Administration Commission of the State Council introduced the Economic Value Added (EVA) assessment system, explicitly incorporating capital costs to shift enterprises from scale expansion to value creation, thereby providing a new pathway for the market-oriented reform of central state-owned enterprises. Using a sample of Chinese A-share state-owned listed companies from 2007 to 2023, this paper examines the impact of the EVA assessment system on value creation in central state-owned enterprises, focusing on whether the implementation of the EVA performance assessment system effectively guides enterprise managersto prioritize value creation and achieve the intended policy outcomes. Additionally, it explores whether the EVA system can address the long-standing issue of low innovation efficiency in central state-owned enterprises, ultimately enhancing their core competitiveness in market value management. The findings of this study not only contribute to a deeper understanding of the EVA assessment mechanism but also provide new insights and approaches for central state-owned enterprises to achieve high-quality development in the new era.

Keywords

Economic Value Added, Market Value Management, Innovation Efficiency

Degree Awarded

SMU-SJTU Doctor of Business Administration

Discipline

Corporate Finance | Finance and Financial Management

Supervisor(s)

FU, Fangjian

First Page

1

Last Page

138

Publisher

Singapore Management University

City or Country

Singapore

Copyright Owner and License

Author

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