Nowadays, an enterprise is facing more and more pressure, which leads to its concentration on creation or keeping the shareholder value. However, the disadvantage of traditional financial statements makes an enterprise unable to communicate in a effective way to let investors fully understand the real value of an enterprise. The purposes of reducing the distortion of GAAP accounting system, converting the accounting value into economic value, and becoming the investors¡¦ evaluation index are the attentions of this article in the study based on the EVA¡]Economics Value Added¡^foundation.
This research is attempting to understand the real economic status hidden under the volatility of an enterprise value. Making the related research on evaluating the MVA on external managing effects, judging the company value according to current EVA (which is so-called COV ) and predicting the FGV with the growth of a company, is to find out the factors forming the trace of volatility itself.
The actual evidence tells that the electronics categorized stocks are in the status of positive relation instead of negative relation. It just shows the transition from PC to communication network, the eventual phenomena of pricking the bubbles of net work in the field of electronic industry, the transfer of overall market trend, and the market performance of losing the favors of investors in non-electronics industry. As for FGV and MVA, it shows the positive relation between different categorized stocks, and it also outstands the situation of inflation and deflation in Taiwan stock market.
In the analysis of the research mentioned above, we identify the value volatility traces of an enterprise. As for the key factor which effects the volatility, this research is attempting to explain the key influence on the value volatility of COV, FGV and MVA from the view points on the aspects of macroeconomic, industry information, market static data. The outcome of actual evidence also reveals that explaining capability on COV, FGV, and MVA from the views on macroeconomic aspect can truly reflect the situation of the volatility, and can be very helpful to realize the change trend of an enterprise.
| Identifer | oai:union.ndltd.org:NSYSU/oai:NSYSU:etd-0707103-164231 |
| Date | 07 July 2003 |
| Creators | Pan, Shih-Chi |
| Contributors | NONE, NONE, NONE |
| Publisher | NSYSU |
| Source Sets | NSYSU Electronic Thesis and Dissertation Archive |
| Language | Cholon |
| Detected Language | English |
| Type | text |
| Format | application/pdf |
| Source | http://etd.lib.nsysu.edu.tw/ETD-db/ETD-search/view_etd?URN=etd-0707103-164231 |
| Rights | unrestricted, Copyright information available at source archive |
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