頁籤選單縮合
題 名 | 經濟附加價值與企業經營績效關係之研究=The Study of Relationship between the Economic Value Added and Business Operating Performance |
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作 者 | 呂健銘; | 書刊名 | 中小企業發展季刊 |
卷 期 | 13 2009.09[民98.09] |
頁 次 | 頁51-88 |
分類號 | 494.7 |
關鍵詞 | 經濟附加價值; 剩餘利潤; 企業經營績效; EVA; RI; Business operating performance; |
語 文 | 中文(Chinese) |
中文摘要 | 本研究以民國92 年至96 年間,台灣50 指數成份股之上市公司為研究對象,進 行實證分析,探討經濟附加價值(EVA®)指標對股票報酬是否具有顯著的解釋能 力,可作為評估企業經營績效的參考依據。經濟附加價值(economic value added)是一 種源自於剩餘利潤的觀念,強調企業欲創造股東財富,必須賺取超過資金成本之利 潤,並且考量在傳統會計制度下,企業盈餘受到一般公認會計原則之扭曲,對其所扭 曲的部分加以調整。經濟附加價值(EVA®)有別於傳統會計指標的兩大特徵為: 一、將權益資金成本納入考量。二、使用約當權益準備項目,來匡正會計原則扭曲的 部分。經實證分析結果顯示,經濟附加價值指標對股票報酬具有顯著的解釋能力,可 以當作評估企業營運績效的重要指標。 |
英文摘要 | The purpose of the study is to investigate the relation between EVA and the stock returns. This paper’s sample was the data of the listing Taiwan 50-Index Stocks during 2003- 2007. The basic concept of EVA is dervited from residual income. This could have EVA to correct distortion of managerial incentives introduced by General Accepted Accounting Principal. EVA has two major characters which are different from the traditional accounting indicator: Considering equity capital and correcting distortion of GAAP accounting. The findings supported that EVA performance measure can explain the stock return. Currently, Economic Value Added (EVA®) is more applied tools in the field of performance evaluation related with share holder weath. |
本系統中英文摘要資訊取自各篇刊載內容。