頁籤選單縮合
題名 | 經濟附加價值與公司股價之關聯性研究=Economic Value Added and Security Prices |
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作者 | 張仲岳; 邱士宗; | 書刊名 | 東吳經濟商學學報 |
卷期 | 32 2001.03[民90.03] |
頁次 | 頁1-26 |
分類號 | 563.53 |
關鍵詞 | 經濟附加價值; 經濟帳面價值; 一般公認會計原則; 股價; J肑統計檢定; J肑 test; Economic value added; EVA; Economic book value; EBV; GAAP; Security price; |
語文 | 中文(Chinese) |
中文摘要 | 由於所謂新經濟 (New Economy) 的興起,許多無法入帳的無形資產 (如研究發展、品牌忠誠度、人力資源、行銷通路等),其重要性日益增加。但是現行一般公認會計原則基於穩健原則及衡量困難等因素,並未加以忠實表達。此外,傳統財務報表又並未設算資金成本,以表達公司真正獲得之經濟利潤,故Stern and Stewart乃提出「經濟附加價值 (economic value added,EVA)」的概念,來解決現行一般公認會計原則所衍生的問題。 鑑於以往國內相關之會計研究,並未詳加探討企業創造經濟附加價值 (EVA)、及經濟帳面價值 (EBV) 與股價之間的關連性,因此本研究深入探討此一課題。以比較依現行一般公認會計原則與依照EVA的概念所編製之財務資訊,兩種資訊何者與股價之間具有較高攸關性。研究結果雖顯示EVA與EBV雖均與股價具有攸關性,但是JA統計檢定結果卻顯示:對許多橫頁而言,依現行一般公認會計原則所編製之財務資訊,其攸關性反而較EVA的概念所編製之財務資訊為高。 |
英文摘要 | As the "new economy" has been emerging, many unrecorded intangibles (such as R& D, brand loyalty, human resources, and marketing channels) are gaining their importance. Moreover, since current GAAP does not require a firm to impute its cost of capital, the financial statements may not reflect true value that a firm has created. Accordingly, Stern and Stewart proposes the concept of "economic value added, EVA" to resolve those issues of the current GAAP. As the prior accounting research has not investigated the value relevance of economic value added (EVA) and economic book value (EBV) related to security prices, this study intends to compare relative informativeness of value relevance of the current GAAP and the EVA concept. The research results show that EVA and EBA are positively associated with security prices. However, the results of the JA test indicate that, to many industries, the current GAAP still has higher value relevance than the EVA concept. |
本系統之摘要資訊系依該期刊論文摘要之資訊為主。