經濟附加價值與財務比率分析應用於績效評估之探討－以石化上中游產業為例

Applications of Economic Value Added and Financial Ratios Analysis in Evaluating Performance-The Case of the Petrochemical Industry in Taiwan

郭建信(Chien-Hsin Kuo) ； 溫秀英(Shiow-Ying Wen)

《全球管理與經濟》 2卷1期 (2006/06) Pp. 87-106

https://doi.org/10.6565/JGME.2006.2(1).5

摘要

本研究主要分析台灣石化上中游產業之企業經營績效與傳統財務比率分析（Financial Ratios Analysis）以及經濟附加價值（Economic Value Added, EVA）間的關係，並藉以了解在此產業中，何種績效評估方法較能解釋石化土中游公司的經營績效。實證設計主要以石化上中游產業上市公司共十五家為實證樣本，研究期間為1995年至2004年共計十年，所使用的計量方法為Panel Data分析方法。一般而言，財務比率分析例如資產報酬率（ROA）或每股盈餘（EPS）等常用來做為衡量企業經營績效之指標。但自1982年Stem Stewart & Co.提出了以經濟附加價值（EVA）來衡量公司經濟利潤的指標之後，引起了相當多的討論，主要的討論在於EVA或其他的財務比例分析指標是否更能解釋或預期公司的經營績效，而公司的經營績效則常以市場附加價值（Market Value Added, MVA）為代表。在文獻上，某些學者認為相對於其他財務指標，EVA對經營績效具解釋能力；但也有學者持相反的意見，認為EVA與經營績效之間並無相關性。而本研究希望能籍由實證分析，探討傳統財務比率分析以及經濟附加價值對企業經營績效的解釋能力。本文實證查結果顯示，樣本公司的資產報酬率、股東權益報酬率或每股盈餘越高，其經營績效越好。而EVA方面的結果也與上述雷同，當EVA的值越高，表示其企業經管績效也會越好。此外，研究結果亦顯示出EVA可能較其他傳統績效指標更能解釋公司之經營績效。

關鍵字

經濟附加價值 ； 財務比率 ； 市場附加價值 ； 石化產業 ； 績效評估

並列摘要

The paper aims to investigate the relationship of economic value added (EVA) and traditional financial ratio to market value-added (MVA), in which indicate the corporate performance. The samples we use in the paper are including 15 petrochemical companies in Taiwan from 1995 to 2004. The econometric model used to conduct the empirical study is the Panel Data approach. Many companies use the traditional financial indexs, such as ROA, ROE, and EPS, to evalute their operation performance. Since 1982, Stem Stewart & Co. has promoted the economics value added (EVA) as a measure index to evaluating the corporate performance, more and more attentions have given to EVA. However, there still are debates in whether EVA or other financial indexes are appropriate to evaluate the firm performance. The paper addresses the question is that the EVA or other financial indexes are better indexes to evaluate the firm performance in the petrochemical companies.The results indicate that the higher ROA, ROE or EPS companies have, the better the market performance they represent. And also, the higher EVA the companies get, the better the performance they have. The results also show that EVA perform a better index for evaluating the performance of the petrochemical industry in Taiwan than the traditional performance indexs do.

並列關鍵字

Economic Value Added (EVA) ； Financial Ratios ； Market Value Added (MVA) ； Panel Data Analysis ； Corporate Performance