從本研究得知國內上市櫃國際觀光旅館業創造價值之動因，計有 加權平均資金成本、投入資本、稅後淨營業利潤、銷售利潤率、資本週轉率與住房率六個價值動因，其中加權平均資金成本與投入資本和EVA®呈負相關，稅後淨營業利潤、投入資本、銷售利潤率、資本週轉率與住房率與EVA®呈正相關，至於平均每日房價、餐飲坪效則與EVA®不相關，表非顯著之價值動因。 經以EVA®評估台北市主要十家國際觀光旅館的經營績效結果，大型觀光旅館之經營績效具有正的EVA®，以晶華表現最佳，君悅次之，中型觀光旅館之經營績效以西華較佳，老爺次之。經營規模固影響著EVA®之大小，然企業是否具正的超額報酬率才是關鍵。由本研究實證分析顯示，不論大型或中型旅館業，只要原始投入資本低或正確產品定位，配合優秀的經營團隊，都可產生正的EVA®企業價值。 創造國際觀光旅館價值策略及旅館投資案評估方法，建議採經濟附加價值EVA®法或DCF法，也就是以未來旅館營運可產生自由現金流量折現值的方法，來避免掉入不動產買賣行情陷阱，造成過度不當投資，另外也應減少資金大量投入土地資本，改採長期租用方式、爭取國際連鎖管理公司採EVA®為計算基礎之管理費或獎勵金，以解決現行收入和營業利益計費不合理性模式、透過開源節流策略，提高投入資本報酬率ROIC、在現有已投入設備資本下，採取產品差異化的行銷、並導入EVA紅利制度，降低固定人事費用與能源費用提高利潤率。 為維持旅館經營長期超額報酬的期間，在有重新改裝(Renovation)機會時，應以新加入市場者心態，設法創造大躍進式全新的旅館業價值，建立旅館新價值曲線(Value curve)，追求市場領先競爭優勢，不但應分別從同業競爭標準的產品、服務和運輸三構面思考外，更應針對顧客對旅館的真正需求項目,予以增加或超越同業標準，並縮減或刪除顧客根本不在意的服務項目，以達兼顧顧客的需求、企業價值的創造與降低經營成本的效果。 / The following six factors will affect the value created from the listed international hotels: WACC, IC, NOPLAT, PM%, CT% and OCC%. The WACC and IC are negative correlated to EVA®, the NOPLAT, IC, PM%, CT% and OCC% are positive correlated to EVA® and the ADR and F&B are no correlated to EVA®. This paper uses EVA® to evaluate the operating results of ten major international hotels in Taipei. We find the large hotels have positive EVA® operating results, the Grand Formosa Regent Taipei Hotel is the best, and the Grand Hyatt Taipei is the second. Sherwood Hotel is the best in the medium-size hotels, and Hotel Royal Taipei is the second. The operating size will affect the EVA® result and the key factor is the Excess-Ordinary Returns. In our study we discover both large and medium size hotels will have positive EVA® if the have low original input capital, correct product position and excellent operating team. The study suggests using EVA® or DCF, discounting the future free cash flow from hotel operating, to evaluate the value of international hotels. This way will avoid the over investment in real estate. Hotels can improve the unreasonable Franchise and Affiliation Fee Structure by long-term leasehold and EVA® valuation model. They also can decrease fixed personal expense and resource cost to increase profit rate by increasing the ROIC of input capital return, varied product and using the EVA® bonus system. In order to keep the long-term Excess-Ordinary Returns of hotel operating, when the hotel has renovation opportunity, they should act as a new competitor and try to create entire new hotel value, create the new value curve. The hotel should seek the lead competition advantage and think about the product, service and transport. They should increase the quality of service which customer need, and decrease or deduct the service people don’t care, and then they will satisfy the customer, create the hotel value and decrease the operating cost.