EVA is the difference between a firm¡¦s net operating profit after taxes and its cost of invested capital. While in EVA calculation, some adjustments on GAAP are made to avoid potential information distortion. This study is to calculate CSC¡¦s EVA using Stern Stewart & Co.¡¦s approach and to discuss its information contents. The conclusions of this study are presented as follows¡G 1.For CSC, EVA is better than RI and traditional accounting measures of EPS and ROE in explaining stock prices and MVA. 2.The superiority of EVA to RI in explaining stock prices and MVA means that equity equivalent reserve adjustments are needed for calculating EVA. 3.EVA explains share prices and MVA better after CSC privatized, but the sensitivity of share prices and MVA response to EVA has decreased. 4.By stepwise regression tests, contemporary share prices are best explained by lagged EVA. Contemporary EVA cannot predict future share prices. Implication of this study: CSC¡¦s EVA measure has higher correlation with its share prices and MVA, EVA results would be reflected to share prices and MVA. Therefore, investment evaluation, performance appraisal and bonus plan by EVA-based are suitable for CSC and its subsidiaries. Using plenty surplus cash to purchase back shares for reducing capital stocks is the most efficient way for CSC to increase EVA. Disclosing EVA related information may improve company transparence and therefore enhance share prices and shareholders¡¦ wealth.