經(jīng)濟(jì)價(jià)值增值和市場(chǎng)價(jià)值增值

下載正保會(huì)計(jì)網(wǎng)校APP 訂閱最新報(bào)考消息

來源: 正保會(huì)計(jì)網(wǎng)校編輯： 2014/03/12 18:10:08　字體：大小

選課中心

多樣班次滿足需求

選課中心

資料專區(qū)

干貨資料助力備考

資料專區(qū)

報(bào)考指南

報(bào)考條件一鍵了解

報(bào)考指南

Economic value added (EVA^TM) was developed by and the trademark of consulting firm Stern Stewart. This measure is most closely linked to shareholder value over time. It is an estimate of the amount by which earnings exceed or fall short of the required rate of return that investors could achieve from alternative investments of similar risk.

EVA=NOPAT-(Cost if capital*Capital employed)

Where NOPAT is net operating profit after tax adjusted for non-cash expenses

Advantages of EVA^TM

1. Keeps the focus on shareholder value

2. The most meaningful measure of profit for shareholders

3. Easy to understand

Disadvantages of EVA^TM

1. Easy to manipulate

2. Short-term focus

3. Make comparisons difficult

Market value added (MVA)

MVA is the difference between the market value and the book value of a company’s invested equity and debt capital. It is not a performance measure but a wealth measure, it measures the level of value that a company has accumulated over time.

The higher the MVA, the more wealth the company has generated for its shareholders. A negative MVA means that the shareholders’ wealth has been eroded. The main problem with MVA is that it does not take opportunity cost if capital into account as EVA^TMdoes.

【我要糾錯(cuò)】責(zé)任編輯：Sarah