企業財務政策、經濟附加價值與現金附加價值之研究－以中國鋼鐵公司為例

Financial Policy, Economic Value Added and Cash Value Added-A Case Study of China Steel Corporation

楊清溪(Ching-Hsi Yang) ； 王茂昌(Mao-Chang Wang)

《東吳經濟商學學報》 54期 (2006/09) Pp. 27-64

https://doi.org/10.29735/SJEB.200609.0002

摘要

2001年起美國陸續發生安隆(Enron)、世界通訊(World Com)…等會計醜聞，使傳統會計的績效評估及價值衡量面臨嚴峻的挑戰包括：忽略權益投資人的資金成本、受一般公認會計原則(GAAP)規範…等問題，促使歐美地區之學術界及企業實務上對經濟附加價值(EVA®)、現金流量投資報酬率(CFROI)、現金附加價值CVA)的重視。
本文以我國國際知名企業－中國鋼鐵公司為個案，來探討企業財務政策與新績效及價值衡量指標－「經濟附加價值」及「現金附加價值」之關係，並與傳統會計衡量指標做比較。重要結論如下：
1.經濟附加價值及現金附加價值分別與投資政策之資本密度及投資密集度、長期融資政策，呈現反向波動關係，但與投資報酬率、流動負債對總負債比率及股利政策，則呈現同向波動關係。
2.歷史悠久且為資本密集的企業，其經濟附加價值可能有高估之情形。
3.邊際現金流量、資產生產力及總現金投資額的增加，使企業的現金附加價值增加，即企業的價值增加。

關鍵字

財務政策 ； 經濟附加價值 ； 現金附加價值 ； 績效評估 ； 價值衡量

並列摘要

Since the scandal of Enron and World Com in American from 2001, the classical accounting confront rigorous challenge on performance evaluation and value measurement, for example neglect of the cost of equity capital and conformity to GAAP…etc., so, it induces the academe and businessman emphasis Economic Value Added (EVA®)、Cash Flow Return on Investment (CFROI) and Cash Value Added(CVA) in Europe and American.
This article is a case study of China Steel Corporation, a world-noted firm in Taiwan. It examines the relation between financial policy and the methods of new performance and value measurement…「EVA®」and「CVA」, and compares with the methods of classical accounting measurement. The main results are:
1. Capital density degree and investment density degree of investment policy have negative relation with EVA® and CVA, and long-term finance policy is too. Return on investment, short-term debt to total debt and dividend policy, on the other hand, have positive relation with EVA® and CVA.
2. It is possible to overestimate EVA® in old-line and capital density firm.
3. The more cash flow margin, asset productivity and growth increase, the more CVA have, and it implies the market value of firm increase.

並列關鍵字

Financial Policy ； Economic Value Added EVA® ； Cash Value Added CVA ； Performance Evaluation ； Value Measurement

參考文獻

中國鋼鐵公司網站

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