EVA®：作為績效衡量指標之個案分析

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羅敦敏(Tun-Min Lo) 查詢紙本館藏

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財務金融學系

論文名稱

EVA®：作為績效衡量指標之個案分析
(Case Studies on EVA® as a Performance Indicator)

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摘要(中)

經濟附加價值(EVA®，Economic Value Added)自90年代後，成為企業價值管理與衡量企業價值最熱門的工具之一，然90年代末期，許多先前使用EVA®的公司，紛紛放棄使用，回歸傳統會計指標。因此本研究主要目的在於探討，是否EVA®本身設計上存在問題，抑或是企業引進EVA®執行上的問題，造成實際執行與理論產生落差，導致企業放棄使用。本文先利用文獻探討方式，觀察學者及業界對EVA®實行上的問題及困難有何見解，再利用AT&T個案研究以及國內個案訪談，印證文獻內容，並提出結論，希冀給予台灣企業在引進EVA®系統前，一些執行面的建議及EVA®系統設計的改善方法。

研究結果發現EVA®的確有其優點，從AT&T及訪談公司的採用可以了解，EVA®注重全部資金成本的概念，確實改善了經理人經營觀念。但是企業本身錯誤使用反而會造成EVA®無法達到預期效果，本研究有以下五點發現，(1) EVA®是事後財務績效指標，是企業決策下的結果，因此企業必須有完善的策略，並明確分辨價值動因，才能改善經營績效，提升EVA®，而非只是在數字上做改變。(2) 在執行EVAâ上，管理者對其系統應有深度的了解及認可才能持續實行，否則容易於初期遭遇挫折而放棄使用。(3) 跨國及多角化企業應針對各國會計原則、法律以及產業特性設定合適的EVAâ計算與調整，以免EVA®無法反應真實價值。(4) 企業應揭露EVA®計算方法、調整項目及紅利計算資訊予投資人，避免投資人不了解正確性而回歸會計指標來觀察企業績效，然非上市公司可能報表資訊原本便不易取得，EVA®之揭露可能難以實行，然仍應注意是否採用正確。(5) 可配合平衡計分卡以及價值報告書補充非財務指標部份，再連結到EVA®。

摘要(英)

Since 90s, EVA® has become one of the most popular tools in value-based management and valuation. But in the late 90s, many EVA®-adopted companies gave up using it and returned to traditional accounting measurements. The main purpose of this paper is to investigate whether the problems of EVA® as a performance indicator are inherent in its original design, or are due to the unexpected issues in the implementation stage. This paper is organized as follows. First, it reviews literature on EVA® as a performance indicator and solutions provided by both the academician and practitioners. Second, it provided two case studies, AT&T and domestic company. Finally, it concludes the results.

There are some findings obtained in the results. (1) Though EVA® has some advantages over other performance indicators, it is a post-financial measure. Enterprises need good strategies and value drivers to generate good EVA® numbers. (2) For the EVA® program to succeed, it must have full backing of the CEO and senior managers. (3) To reveal the true value of a multinational, it should design proper EVA® adjustments according to each country’s accounting rules, laws and industry characteristics. (4) Enterprises should disclose full EVA® information to investors, including adjustments and bonus plan. (5) Enterprises can use Balanced Scorecard and value-reporting tools to support the EVA® performance indicator.

關鍵字(中)

★ 經濟附加價值
★ AT&
★ T
★ EVA®
★ 策略
★ 績效指標
★ 價值管理

關鍵字(英)

★ EVA®
★ AT&
★ T
★ Value-based Management
★ Performance Indicator
★ Strategy

論文目次

"目錄
頁次
圖目Ⅵ
表目Ⅵ
第一章緒論1
第一節研究動機與目的1
第二節研究架構2
第三節研究流程3
第二章 EVA®理論結構4
第一節 EVA®之起源與內涵4
第二節 EVA®之計算方式10
第三節 EVA®調整項目及WACC12
第四節 EVA®紅利計算25
第三章實行EVA®的問題27
第一節 EVA®計算上的問題27
第二節 EVA®管理上的問題39
第三節 EVA®作為評價工具的問題47
第四章個案研究55
第一節 AT&T的失敗55
第二節國內個案公司66
第五章結論與建議80
第一節研究結論80
第二節研究限制82
第三節研究建議82
參考文獻84
附錄90
附錄一 90
附錄二 92
圖目
頁次
圖1-3-1 研究流程3
圖2-3-1 直線折舊法的扭曲19
圖4-1-1 各主要長途電話業者營收佔市場總營收比例59
表目
頁次
表2-2-1 EVA®之計算公式10
表2-2-2 EVA®與標準化之EVAâ計算11
表2-3-1 NOPAT 計算表13
表2-3-2 INVESTED CAPITAL的計算14
表2-3-3 直線折舊法的扭曲19
表2-3-4 以年金償還本利和之貸款20
表2-3-5 償債基金折舊法下EVA®之計算(ROIC=WACC)20
表2-3-6 償債基金折舊法下EVA®之計算(ROIC>WACC)21
表2-3-7 償債基金折舊法下EVA®之計算(ROIC表3-1-1 折舊、資產帳面價值及資本成本29
表3-1-2 EVA®?之計算29
表3-1-3 EVA®?之計算31
表3-1-4 EVA®?之計算32
表3-1-5 EVA®?之計算32
表3-1-6 EVA®?之計算33
表3-3-1 EVA®與股價、股價報酬及MVA是否有相關性47
表3-3-2 EVA®比起傳統指標更具相關性48
表3-3-3 EVA®比起傳統指標較不具相關性49
表3-3-3 （續） EVA®比起傳統指標較不具相關性50
表3-3-3 （續） EVA®比起傳統指標較不具相關性51
表4-1-1 主要長途電話業者市場佔有率（1984-1997年）58
表4-1-2 AT&T之MVA排行62
表4-1-3 NCR1992-1996營業純益表64
表4-2-1 個案公司2001年營收比重：69
表4-2-2 個案公司NOPAT的計算71
表4-2-3 個案公司ACE的計算72"

參考文獻

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指導教授

鄭漢鐔(Hann-Tarn Jeng)

審核日期

2002-7-13

推文