經濟附加價值

經濟附加價值(Economic Value Added,EVA)通常被定義為企業營運減除投入資本機會成本剩餘價值。以商業辭彙而言,EVA可由營業收入 - 主權債務利息支出(Rate of Interest in Sovereign Debt)計算,因主權債務可被視為投入資本或業主權益的替代機會。經濟利潤(Economic Profit)的概念近似於EVA,但經濟利潤是未經調節的。

史坦·史都華公司编辑

紐約的史坦·史都華公司英语Stern Stewart & Co(Stern Stewart & Company)此一公司在軟體品牌財務顧問/訓練服務擁有EVA™的商標權,是專屬於Stern Stewart & Co.調整修改的權利。而對經濟利潤進行商譽攤銷無形資產資本化英语Capitalization和其他調節即為EVA。

計算EVA编辑

EVA = 稅後營業收入 - 長期資金機會成本

EVA = Net Operating Profit After Tax - Appropriate Charge for the Opportunity Cost of All Capital (Debt & Equity) in a firm;

EVA = NOPAT - (Cost of Capital)*Total Capital

其他評估股權價值的方法编辑

參閱编辑

參考文獻编辑

  • G. Bennett Stewart III. The Quest for Value. HarperCollins.
  • Stephan Hostettler, Hermann Stern. Das Value Cockpit. Wiley.

外部連結编辑

  • Economic Value Added from Stern Stewart & Company
  • Economic Value Added (EVA), Prof. Aswath Damodaran
  • EVA valuation tutorial from valuatum.com
  • Understanding Economic Value Added, nvestopedia.com
  • All About EVA, investopedia.com
  • Economic Value Added: A simulation analysis of the trendy, owner-oriented management tool, Timo Salmi and Ilkka Virtanen, 2001