Objective of this Master's thesis is to evaluate different ways of measuring financial performance of enterprise. Economic Value Added is compared with older, traditional indicators of profitability. Emphasis lies on general applicability. In theoretical part, history of entrepreneurial goals is in addition to the actual analysis of tested indicators outlined. EVA, profitability ratios are assessed using a sample of 100 Czech manufacturing companies. In practical part, outputs of thesis apart from actual testing are stated.

This thesis is concerned with a discussion of advantages, disadvantages and potencial areas of usage of the Economic Value Added (EVA) as a measure of value based management. The coherency of EVA with key performance indicators as a tool of effective management is also analysed. Mentioned are also several alternative concepts. This thesis further analyses practical application of key performance indicators in mobile telecommunication company T-Mobile and evaluates the implemented concept of EVA as a central component of value based management.

Thesis Ranking of selected soft drinks manufacturers examines the performance of Coca Cola, Pepsi and Kofola through compilation of ranking. Within the thesis there are constucted four rankings based on four different criteria. The supreme criterion of performance is enterprise value obtained using the method of economic value added. Results stemming from compilation of the rankings are formulated as recommendations for potentnial investor in these companies. Results of individual rankings are compared with each other in order to examine the validity of the use of foreign sources of information for evaluation of the selected criteria.

The objective of the thesis is to determine the market value of the company VAFO PRAHA Ltd. as of 1. 1. 2012. VAFO PRAHA manufactures and sells pet food, in the Czech republic and all over the world. The thesis is divided into following parts: strategic and financial analysis, generators of value, financial plan and business valuation. The valuation is based on the EVA Entity method and as a support an EBITDA multiple was used. The final value spread is determined by the alternative scenarios of the EVA Entity method.

This diploma thesis is focused on an assessment of the efficiency of the company ZLOMEK, s.r.o. in 2012-2016. The first part defines the basic concepts and describes methods of measuring the efficiency of companies in general. The second part carries out a strategic and financial analysis of the ZLOMEK company. Its results are then compared with two close competitors and industry averages. The end of this thesis suggests potential improvemens that ZLOMEK can implement.

Mindre företag är nödvändiga för ett land, och att förstå varför och hur de växer, samt hur de kan skapa ekonomiskt värde, är därför av stor vikt. Vi syftar till att kunna bidra med insikter inom två ämnen, tillväxt samt värdeskapande, genom att studera några av de snabbast växande bolagen i Sverige. Tillväxt mäts som omsättningstillväxt, och värdeskapande mäts enligt Economic Value Added (EVA), i studien. Genom att genomföra både multivariat samt bivariat regressionsanalys undersöker vi både relationen mellan hög tillväxt och värdeskapande, samt relationen mellan olika finansiella faktorer - hantering av rörelsekapital, lönsamhet, kapitalstruktur - och EVA. Analysen visar att hög tillväxt i sig inte kommer att skapa ekonomiskt värde, och drar slutsatsen att vägen till värdeskapande snarare är genom en välbalanserad strategi mellan tillväxt och finansiell stabilitet. Vi presenterar praktiska implikationer för företagsledare, investerare, samt statliga tillsynsmyndigheter kring ett ämne som historiskt sett har mottagit begränsad uppmärksamhet. / Small businesses are vital for a country, and understanding why and how they grow, as well as what creates economic value in this sector of the economy, is therefore important. We set out to provide insights into the two subjects, growth and value creation, by looking at some of the fastest-growing companies in Sweden. Growth, in this study, is measured as sales growth, and value creation is measured as Economic Value Added. Using multivariate and bivariate regression models we examine both the relationship between high growth and value creation, and the relationship between different financial variables - such as working capital management, profitability, and capital structure - and EVA. Our analysis shows that high growth in and of itself will not create economic value, and conclude that the road to value creation is rather through a well-balanced approach between growth and financial stability. We present practical implications for business leaders, investors, and state regulators alike on a topic that has received little or no attention before.

Tian Vane Ing. / Thesis (M.Phil.)--Chinese University of Hong Kong, 2002. / Includes bibliographical references (leaves 71-74). / Abstracts in English and Chinese. / Abstract --- p.ii / 摘要 --- p.iii / Acknowledgements --- p.iv / Chapter Chapter 1 --- Introduction and Overview --- p.1 / Chapter Chapter 2 --- Literature Review --- p.4 / Chapter 2.1 --- Shareholder Value and Corporate Governance --- p.4 / Chapter 2.2 --- Measures of Value --- p.7 / Chapter Chapter 3 --- Data and Methodology --- p.12 / Chapter 3.1 --- Data --- p.12 / Chapter 3.2 --- Economic Value Added (EVA) --- p.12 / Chapter 3.2.1 --- Net Operating Profit After Taxes (NOPAT) --- p.14 / Chapter 3.2.2 --- Invested Capital (INCAP) --- p.16 / Chapter 3.2.3 --- Cost of Capital --- p.17 / Chapter 3.2 --- Hypothesis of Interest --- p.18 / Chapter Chapter 4 --- Empirical Results --- p.23 / Chapter 4.1 --- The Cost of Capital --- p.23 / Chapter 4.2 --- Economic Value Added (EVA) in China and Hong Kong --- p.25 / Chapter 4.2.1 --- Analysis of the EVA: Overall --- p.25 / Chapter 4.2.2 --- Analysis of the EVA: Industry --- p.28 / Chapter 4.2.3 --- Discussions --- p.31 / Chapter 4.3 --- Testing of the Hypothesis --- p.36 / Chapter 4.3.1 --- EBEI and CFO in China and Hong Kong --- p.37 / Chapter 4.3.2 --- Regression on Market Value --- p.41 / Chapter 4.3.3 --- Discussions --- p.43 / Chapter Chapter 5 --- Summary and Concluding Remarks --- p.68 / Bibliography --- p.71

Submitted in fulfillment of the requirements of the Degree of Master of Technology: Cost and Management Accounting, Durban University of Technology, 2014. / Economic Value Added (EVA) is a value based accounting measure used by companies to measure the amount of value created for shareholders. Accounting values derived from company annual financial statements (AFS), are used to calculate EVA. EVA requires the conversion of accounting values to economic values. This conversion process is known as the EVA adjustment. If accounting values are not converted to economic values, the value of the EVA can be distorted. Previous studies have shown that companies are experiencing difficulties in implementing EVA adjustments. To reduce these difficulties, companies have decided to limit their EVA adjustments to ten or even fewer. The problem is that if the appropriate adjustments are not made, an inaccurate EVA measure will be calculated. The aim of the research was to measure the impact of deferred taxes on the EVA measure. The study was conducted within a quantitative research paradigm. Secondary data analysis was carried out on JSE-listed Food producers and Retailers over a seven-year period, from 2004 to 2010. The unadjusted EVA was compared to the adjusted EVA measure to determine the before and after effects of deferred taxes on EVA. The findings of the study revealed that deferred taxes either understated or overstated the value of the EVA during 2004 to 2010. In addition, the results from the regression analysis revealed an overall significance for all deferred tax predictors. The regression results showed that deferred taxes significantly impacted the value of EVA. The study recommends that companies implement the deferred tax adjustment on the EVA measure.

隨著台灣加入WTO的無關稅障礙及全球化的無國界政策，台灣傳統產業面臨的營業環境，將從國內轉變為國際化的競爭，企業體不能奢望在政府的保護傘下從事營利活動，應順應時代的潮流，從事合併的工作，從世界著名重電機廠商ABB及Schneider最近幾年相繼併購小廠，證明傳統產業為了生存，併購是必經的途徑。 本文以價值衡量觀點出發，以經濟附加價值（EVA）為公司價值之衡量指標，實證結果發現： （一）提高資產週轉率、降低進貨成本，確有助創造企業價值提升。 （二）銷售成長率、加權平均資金成本與企業價值不相關。 （三）現金稅率愈高，企業價值愈高。 （四）增加投入資本反而有損企業價值，爰此引證，傳統產業應注重資產的管理，而不是一昧的追求營收的成長，對於未能賺取正的超額報酬率的產業，不當的投資及營收成長，反而造成企業價值的不增反減效果。 本研究再以能增加企業價值的財務因子，以進貨/營收作規模經濟效益分析及以資產週轉率作效率分析發現，與樂士電機、東元電機、亞力電機、士林電機公司合併後，分別增加的營運綜效為102%、65%、17%、4%，爰此證明，合併確能增加綜效，也是目前環境下企業價值創造必經的過程。 從財務報表發現，最近三年重電機產業營運紛紛虧損、投資報酬率低於資金成本、產能過剩、資產週轉率偏低的情況下，如維持現況即是在耗損企業價值，企業應將價值納入規劃中，瞭解價值驅動因子，建立以價值導向的管理系統，朝向內部改善及外部改善，以水平合併的方式，勿支付超額成交溢酬，管理併購後的整合工作，創造潛在的企業價值。 / Joins WTO along with the non-customs duty barrier and the globalization non-national boundary policy, the business running environment for Taiwanese traditional industry will extend from domestic to global competitions. The enterprises cannot hope to seek and make profit under government's protection. They should follow the trend to engage in the merger work. Within these several years the world famous heavy electric machinery companies ABB and Schneider continue to merge and acquire the small factories and companies, which proved that merger and acquisition are the essential ways for the traditional industry to survive. This paper based on the viewpoint of the value measuring, and used Economic Value Added (EVA) as the benchmark. The study results are: 1. Increasing asset turnover and reducing costs is helpful to create the enterprise value. 2. Sales growth rate, the weighted average cost of capital (WACC), and the enterprise value are not related. 3. The higher the tax rate, the greater the enterprise value. 4. Rising invested capital will harm the enterprise value. The evidences show that the traditional industry must pay great attention to the asset management, not only focus on sales growth. Regarding those unable to earn economic profit industries, the improper investments and the sales growths will cause the destroying the enterprise value instead of enhancing. Our studies also use the financial factors to increase the enterprise value. Using cost/sales to do economic scale and benefit analyses and using asset turnover to do efficiency analyses, we discovered that after merged and acquired with LUX Electric Co., TECO Electric Co., ALEX Electric Co., and Shih-Lin Electric Co, the operating synergies for each company grow up 102%, 65%, 17%, and 4% individually. The evidences prove that merger could increase the synergies. It is the path for the value creation under the present environment. From the financial statement we could find out that in the pass three years heavy electric machinery industry companies lost money one after another. The return on invested capital is lower than cost of capital. Because of surplus production and low asset turnover, to maintain the companies’ present situation is consuming the enterprise value. The enterprise should put the value into planning, understand the drivers of value, and develop value-oriented management system for the internal and external improvements. Enterprises could use horizontal mergers, not over premiums paid, to manage post-merger integration and create the potential value.

The main topic of diploma thesis is evaluation of the financial situation of company NICOTRANS, Inc. in years 2006 až 2009 from the viewpoint of external evaluator with the aim to analyzing financial health of the company and point out possibly problematic areas within the financial management of organization. The author formulates detailed analysis according to the methods of financial analyses for every part of the company.The last chapter of the practical part of the diploma thesis is devoted to calculation of the indicator Economic Value Added (EVA) as the indicator for evaluating the efficiency of company, revealing if the company is generating any added value to its owners or not. For the calculation, will be applied the methodology of Ministry of Industry and Trade of the Czech Republic.