本文將基於中國資本市場數據，通過實證分析及案例分析兩個研究方式對於EVA及EVAOE進行探討。實證部份,為了將EVA包含的訊息充分利用與企業經營過程的評價，提出分析解決措施，本文將EVA指標延伸得到EVAOE（ECONOMIC VALUE-ADDED ON EQUITY），以便於採用類似杜邦分析之拆解方式，將EVA包含之訊息拆解為6個財務比率，用於分析企業併購過程的經營重點。案例分析部份，本文重點探索中國本土企業青島啤酒，於2002年使用EVA改革對於其經營績效的影響，從而實現成功發展。驗證EVA及EVAOE指標在實際中國市場具有運用價值。
最終得到的結果顯示，EVA及EVAOE在中國資本市場，尤其是在併購市場具有顯著的解釋能力。在併購過程中，企业應該重點注意企業之杠杆水準、淨利潤率以及資金成本這三大要素，有助於提升企業併購成功率。

This paper will based on the capital market of China to analyze the EVA theory from two parts, empirical analysis and case study. In the part of empirical analysis, we will introduce the advantages EVA, then we will bring in another newly financial indicator called EVAOE(Economic Value-Added On Equity) which we think that it can analyze the corporate operating performance better and find out the solution. Then we separate EVAOE into six factors to help analyze the operating problem of a company in the process of merges and acquisitions. In the part of case study, this paper will analyze the case of Qindao Beer, which is the biggest Chinese beer company. The Case use EVA management model to improve its operating process in 2002. By analyzing this case, we can see how EVAOE works in practice and prove that the EVA theory can be applied in the capital market of China.
As the result shows, the EVA theory can significantly explain the capital market especially used in M&A market. In the process of merges and acquisitions, the good way to help increasing the sucess probability is to pay attention to the leverage ratio、net profit margin and WACC of company.

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