經濟附加價值、異常盈餘和異常現金流量與公司權益價值之關聯性研究

An Association Research Of Economic Value Added, Residual Income And Cash Flow With Corporate Equity Value

管玉儷(YU-LI KUAN)

指導教授 ： 林江亮

中原大學/商學院/會計研究所/碩士(2003年)

https://doi.org/10.6840/cycu200300277

摘要

隨著知識經濟時代的來臨，傳統上強調資產規模、以有形資產為競爭力及著重歷史資訊的財務報表正面臨重大的挑戰。基於此背景因素，以價值為思考導向之管理理論乃迅速的蓬勃發展，愈來愈多的企業積極的想導入以價值為導向的衡量方法期望朝創造股東財富極大化的方向邁進。而經濟附加價值正是近來新興的一項衡量價值創造的績效指標，Stern Stewart(1991)宣稱以經濟附加價值來代替盈餘或營運現金流量不僅可同時衡量公司內部與外部的績效，且主張經濟附加價值是一種綜合會計觀念及經濟基礎的價值衡量指標。Stern Stewart並認為企業的財務報表需經過部分會計的調整後，才能完整呈現企業的真實經濟價值為股東創造財富。

本研究認為EVA在理論上具有價值攸關性，因為以往以會計財務報表所計算之績效衡量指標並未同時考量權益與負債之資金成本。但有鑑於以往實證研究之結果普遍未如預期的好，且考量單期之績效衡量指標可能無法完全偵測出同期間的權益價值與股價報酬。是故，本研究擴大績效指標衡量之期間，探討多期之累計效果並結合Ohlson(1995)之理論模型，以了解異常盈餘、異常現金流量指標和經濟附加價值指標何者與公司權益價值與股價報酬之間具有較佳之關聯性。本研究選取1991年至2001年之台灣上市公司共2529家為樣本，進行實證研究，其結果如下：

1.本研究發現此三種獲利衡量方法以價值攸關的觀點來看，與公司權益價值和股價報酬間皆具有資訊內涵。研究結果顯示異常盈餘為最佳之績效衡量指標且符合成本效益之考量。

2.本研究也發現，不論是在價格模式或報酬模式下，在擴大衡量期間的情況下，會使三個績效衡量指標之間的差異性縮小，能使會計實質更貼近經濟實質。

3.由敏感度分析所得之結果而論，整體而言經濟附加價值與異常盈餘在電子產業、多頭市場與盈餘為正數之情況下，對公司權益價值與股價報酬的解釋力較高。

關鍵字

Ohlson模式 ； 經濟附加價值 ； 異常盈餘 ； 異常現金流量

並列摘要

As the "new economy" has been emerging, many unrecorded intangibles (such as R&D and human resources) are gaining their importance. Moreover, since current GAAP does not require a firm to impute its cost of capital, the financial statements may not reflect true value that a firm has created. Stern Stewart & Company (1991) claims that EVA can be used as an internal and external performance measure. It also claims that EVA is the only performance measure to tie directly to the intrinsic market value and that it is the fuel that drives the stock market value up.

This study based on the Ohlson(1995) model intends to compare relative informativeness of Corporate Equity Value and Stock Return of the Residual Income, Cash Flow and the EVA concept. The sample includes the stocks listed on the Taiwan Stock Exchange and the target research period is from 1991 to 2001. The research results show that EVA, Residual Income and Cash Flow are positively associated with security prices and Stock Return. However, the results indicate that Residual Income has more value relevance than the EVA and Cash Flow. But by extending the measurement periods, it is insignificant relationship between Residual Income, Cash Flow and EVA.

並列關鍵字

Economic Value Added ； Ohlson modern ； Residual Income ； Cash Flow

參考文獻

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