中文摘要：

本文将“可持续分红比例”估算与EVA价值管理系统结合起来，构建了一个国有企业价值创造系统框架。框架分析与相关数据验证表明，2002～2006年国有控股上市公司各行业股权经济增加值状况较差，资本使用效率较为低下。国有企业价值实现的基本路径应当包括构建与完善EVA价值管理平台、不断提高和保持留存收益再投资报酬率水平、树立全面的资本成本观念、提升对公司业务的识别与处置能力、形成和保持有利于价值创造的财务可持续增长能力等。

英文摘要：

This paper takes the estimation of Sustainable Payout Ratio （SPOR）into account and improves the system of EVA in order to build a framework of value creation system of state - owned enterprises （SOEs）. Both the system analysis and its data test indicate that the equity economic value added is low generally in many industries and the efficiency of capital use is low in the state - controlled listed companies from 2002 to 2006. Then the paper gives some suggestions on the basic paths of the value creation of SOEs, such as construction and improvement of the SOEs＇EVA system, continuously improving and maintaining the rate of return on reinvestment of retained earnings, setting up a correct idea of cost of capital, enhancing the ability to dispose of the company＇s asset, developing and maintaining the capacity of sustainable growth to be conducive to the value creating and so on.