由實證及理論面探討經濟附加價值
Other Title
An Analysis of Economic Value Added from both
Empirical and Analytical Perspectives
Empirical and Analytical Perspectives
Date Issued
2001
Date
2001
Author(s)
DOI
892416H002061
Abstract
Economic Value Added (EVA ® ) has amassed considerable attention as an
alternative to traditional accounting earnings for use in both internal
(business/planning and performance evaluation) and external (investment) purpose.
Some even suggested using it to replace the traditional accounting measure. The
notion of EVA can be dated back to Hamilton (1777). Solomons (1965)
recommended residual income as an internal measure of divisional performance.
Recently Stern Stewart & Co. registered a variation of residual income, Economic
Value Added (EVA ® ), as its trademark. Scores of multinational firms in the U.S. and
Europe adopted it as the foundation for business planning and incentive
compensation. Citations of EVA in the business reporting have risen from 1 in 1989
to 294 in 1996 (Lexis/Nexis ‘all news’ library). Starting from 1993, Fortune regularly
reported “Performance 1000” based on the data supplied by Stern Stewart & Co. It is
reasonable to believe that EVA will be widely used by the Taiwanese enterprises in
the near future.
The purpose of this research project is to provide a complete introduction to the
notion of EVA, with special focus on its relationship with NPV and abnormal earnings
(Ohlson, 1995). This study also purports to investigate whether EVA dominates
earnings, operating cash flows, residual income, in explaining contemporaneous
and/or future stock returns and firm values. More importantly, we like to know how
firm type (in terms of industry belonging, size, compensation system, capital intensity,
intangible assets intensity, risk, groEBEIh prospects, financial policy, governance structure, or time) will affect the explanatory ability.
Subjects
Economic value added
Residual income
Earnings per share
Operating
cash flows
cash flows
Publisher
臺北市：國立臺灣大學會計學系暨研究所
Type
report
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