碩士 / 中國文化大學 / 會計研究所 / 94 / The performance measurement of EVA and MVA were developed by Stern Stewart ＆ Co.. According to the consultancy company’s evaluation, EVA is the best mechanism of performance measurement in explaining the variable change of MVA. They further suggested using the measurement of EVA to replace the measurement of traditional accounting.
The purpose of this study attempts to realize the relationship between EVA and MVA. Whether the EVA is more explicable with the MVA than that of traditional accounting performance measurement (ROA、ROE、EPS) is also investigated.The research samples were collected from the listed Shanghai stock market between 2000 and 2004. The research results can be summarized as following:
1.The EVA of listed companies in Shanghai Stock Exchange has ability to explain the MVA in overall type of stocks, and the ability varies with the type of distinguished positive, negative and special-stock-property.
2.According to the results after regression analysis, there are nine industries of stock A showing that EVA is more explicable with the MVA than that of traditional accounting performance measurement. Three industries of stock B show the same results. Moreover, three industries which issued stocks A and B simultaneously are also showing the same results.
3.Regarding investment in Shanghai stock market, this research found that ROA and EPS can improve the ability to explain MVA in stock B. Therefore, this research suggests that it is beneficial to adopt them as well. However, investment in stock A had better employ the EVA only.
4.With regard to the five elements of EVA correlated with the MVA, this research found that operation cash flow and accrual items have the great ability to explain the MVA.
| Identifer | oai:union.ndltd.org:TW/094PCCU0385044 |
| Date | January 2006 |
| Creators | Huang, Zi-Quan, 黃子觀 |
| Contributors | Chuang, Jia-jiann, 莊嘉建 |
| Source Sets | National Digital Library of Theses and Dissertations in Taiwan |
| Language | zh-TW |
| Detected Language | English |
| Type | 學位論文 ; thesis |
| Format | 98 |
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