以經濟附加價值(EVA)評估商業銀行之經營績效

A Study of EVA (Economic Value Added) in Measuring the Operating Performance of Taiwan''s Commercial Banks

林正旺(Cheng-Wang Lin)

指導教授 ： 盧以詮

元智大學/資訊學院/資訊管理學系/碩士(2002年)

摘要

金融改革之後，銀行業的經營環境競爭加遽，使得銀行的經營方向從早期的穩定金融體系的安定轉變成以追求股東價值最大化為主。股東價值最大化的經營目標有利於資本市場對銀行管理階層的評價和監督，同時也可消除代理人的問題，使得管理者與股東一樣都以創造公司價值為目標，進而可提昇公司的競爭力，吸引投資人的注意。因此，本研究以最近廣受探討的價值基礎管理模式－經濟附加價值（Economic Value Added; EVA）來衡量銀行的價值，並與傳統會計績效指標相比較，試圖找出一個較能代表銀行經營績效的績效指標，作為管理階層制訂決策及投資大眾選股的依據。另外，也探討利用過去的財務資訊是否能有效預測銀行當期的價值。本研究以35家上市、上櫃的銀行為樣本，民國86年至89年為研究期間，實證結果顯示：
1.當期的會計績效指標較EVA更能解釋當期的市場附加價值。
2.加入過去資訊的期數愈多，越能預測銀行當期的市場附加價值。

關鍵字

價值基礎管理 ； 經濟附加價值 ； 市場附加價值

並列摘要

After financial reformation, the more competitive business environment makes banking transfers its management prospective from maintaining the stable financial system in earlier times to pursuing shareholder value maximization. Having shareholder value maximization as the business goal enables capital market to evaluate and monitor the management team of a bank; meanwhile, it also solves the agency problems. In this way, managers and shareholders will both accept to regard increasing corporate value as the most significant goal, and such an agreement can enhance the competitive capacity of a company and furthermore attract more investors’ attention. Thus, this study is going to apply the heated value based management model, EVA (Economic Value Added), to measure the operating performance of Taiwan’s commercial banks, and will compare EVA with traditional accounting performance indicator to conclude which performance indicator is more cable of representing the management performance of the banks. The concluded performance indicator is supposed to be helpful reference for management team to make strategies and decisions or for the people to choosing stocks. In addition, whether past financial information can effectively decide or predict the current value of a bank is also included in my discussions. This study collects 35 listed or over the counter banks as samples, and the target research period is from 1997 to 2000. Results of my experiment as follows:
1.The current accounting performance indicator is more suitable than EVA for predicting the current MVA.
2.When more periods of information are taken into consideration, the current MVA will be more predictable and accurate.

並列關鍵字

Value Based Management ； Economic Value Added ； Market Value Added