As two policies of"capital management",if EVA Performance Assessment and Deleveraging policies can coordinated develop is worth to discuss.This paper take the central State-owend enterprises implemented EVA Performance Assessment as a chance and use listed companies data of China during 2005 to 2014 to analyze impact that EVA Performance Assessment makes on Deleveraging.The result indicates EVA Performance Assessment decrease the motivation of deleveraging of managers.After EVA Performance Assessment executed,financial leverage of central listed companies raised,because of raise of financial debt.Furthermore,financial debt decreases the governance effect of EVA Performance Assessment.The paper can not only expand scope of both EVA Performance Assessment and Deleveraging,but coordinate the two policies to promote structural reform of the supply-front.
EVA Performance assessmentDeleveragingFinancial leverage with financial natureFinancial leverage with operat-ing nature
万方数据
