頁籤選單縮合
題 名 | 經濟附加價值與企業價值關聯性之研究=The Relationships between the Economic Value-added and the Value of Business |
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作 者 | 吳翠治; 曾憲政; | 書刊名 | 德明學報 |
卷 期 | 23 2004.06[民93.06] |
頁 次 | 頁15-31 |
分類號 | 494.7 |
關鍵詞 | 經濟附加價值; 企業價值; 市場附加價值; Economic value-added; The value of business; Market value-added; |
語 文 | 中文(Chinese) |
中文摘要 | 本文探討經濟附加價值(EVA)對企業價值(以市場附加價值表示:MVA)的解釋能力及EVA與一般公認會計原則架構下的績效評估指標如資產報酬率、淨利率及股東權益報酬率等指標對企業價值解釋能力的強弱。乃以臺灣上市企業84年至90年之財務資料為依據,並以Pearson相關分析,t檢定、迴歸分析等方法加以驗證,研究結論如下: (一)、經濟附加價值對企業價值之解釋能力為27%。當將樣本區分成經濟附加價值為正及負的兩組再予以檢驗,發現兩者對企業價值的解釋能力上有明顯的不同,EVA為正者對MVA的解釋能力為41.8%,EVA為負者則僅為12.3%,兩者有29.5%的差距。 (二)、依企業特質分類加以驗證,發現資本密集度較大、成長性低以及財務槓桿較小之企業EVA對MVA之解釋能力較高,而資本密集度較小、風險性較小以及財務槓桿度較大之企業則解釋能力較低。 (三)、經濟附加價值、資產報酬率、股東權益報酬率及稅後淨利率對MVA的影響力,除了規模小、密集度低、風險性小及財務槓桿度大之企業外,其餘各組均以EVA對MVA的解釋能力最高,可見相較於傳統績效衡量指標EVA對企業價值具有較大的解釋能力。 |
英文摘要 | This paper samples the public firms in Taiwan from 1995 to 2001 to investigate the explanatory power of economic value-added (EVA) to the value of business (as the proxy of market value-added: MVA), and to investigate whether it have better explanatory power than those of the traditional accounting-based indicators of performance evaluation, such as return on assets (ROA), profit margin (PM), return on equity (ROE). It is examined by ways of Pearson correlation analysis, independent t-test, and regression analysis. The conclusions are as follows: (1) The explanatory power of EVA to the value of business is 27%. When the sample firms are divided into two independent groups as firms with positive EVA and firms with negative EVA. The explanatory power of firms with positive EVA to MVA is 41.8%, and the explanatory power of firms with negative EVA to MVA is 12.3%, the difference is 29.5% in between. (2) The explanatory power of EVA to MVA for firms with the category of higher capital intensive, low growth rate, and lower financial leverage ratios characteristics is higher. On the other hand, the explanatory power of EVA to MVA for firms with the category of lower capital intensive, low risky, higher financial leverage ratios characteristics is lower. (3) The explanatory power of EVA to MVA is higher than those of ROA, PM, ROE except for the category of small scale, lower capital intensive, low risky, and higher financial leverage ratios characteristics ones. Therefore, the EVA indicators have higher explanatory power to MVA when compare with those traditional accounting-based indicators. |
本系統中英文摘要資訊取自各篇刊載內容。