Abstract: As the expansion of traditional accounting earnings indicators, EVA can represent true and comprehensive value creation. In this paper, by taking the opportunity of the implementation of the performance evaluation system on the basis of EVA in central enterprises, we use the public data of listed companies in capital market, and discuss the relevance between enterprise value and EVA. The results reveal that EVA is significantly correlated with stock prices under the framework of price model, but stock returns cannot be explained by EVA under the framework of return model. We then test the incremental information of EVA elements, and find that making accounting adjustments when calculating EVA is of great positive significance. In the end, we analyze and discuss the feasibility of the promotion and application of the idea of EVA in listed companies.