Economics Value Added has two major characteristics that differ from the traditional accounting measure. First, the process of counting EVA includes the cost of equity. Second, it corrects distortion of Generally Accepted Accounting Principles¡]GAAP¡^by equity equivalent reserves. The purpose of this study is to test the relationship between performance measure EVA and stock return. Furthermore, we investigate if conbining these two parts provides additional information. In addition, the difference between literature and the study is that we use not only OLS regression model but also Panel Data Model. We choose a more suitable model to analyze our sample data. Our main finding is as follows¡G 1. Since sample data involve cross-section and time-series data. The result of test is that the Fixed Effect Model of Panel Data Model is more suitable for sample data. 2. Base on the Fixed Effect Model, the relationship between EVA and stock return is positive. 3. Considering the cost of equity and equity equivalent reserves increases the R-square respectively by 2.408% and 1.915%. It doesn¡¦t increase much power to explain stock return apparently. However, by F test, we find these two independent variables are obviously explainable. In a word, base on the Fixed Effect Model, there is relationship between EVA and stock return. Moreover, the joining of the variables of the cost of equity and equity equivalent reserves can explain contemporaneous stock return a little more.