主题：解读国资委新政策——央企实施经济增加值考核 -- 土拨鼠yuanap

1. First, separate out 国资委下属军工企业--that's for strategic purposes, simple profit orientation does not make sense.

2. Second, for firms in highly regulated industries, 铁路客运从来都是亏损运营，电费不让市场化，大多燃煤电厂也是亏损，you can recalculate the "ADJUSTED" profit assuming market price and then deduct the cost of capital (=capitalx interest rate). Since regulation does NOT impact capitalization, but impacts operating profit. You can just change profit to make EVA still viable.

3.Third, competitive industries (excluding financial service--IB,CommercialB, Insurance,Trust, Assets management), EVA should be used--but risk adjustment is needed (see my other reply).

If there is a will, there might be a way.

The worst system--the owner,Guo Zi Wei, does nothing and let those managers freely "eat" away the gov. assets.