EVA의 시장효과에 대한 실증연구

Abstract

Exact estimation of the values of corporations is very important, but very hard because the value of corporations is constantly changing according to future conditions. In the past, corporations used accounting profits which was a traditional achievement measurement to asses their management achievement and values. However, these days, as they turned their attention to quality of management beyond quantitative growth, they are more interested in economic added values. The reason they are interested in the added value focusing on value management is that the traditional assessment method that uses accounting profits as a measurement standard can not evaluate the added value that shows real achievement of corporations appropriately. However, most of the Korean corporations still evaluate their values based on traditional accounting profits. As the variables such as short-term net profit that has been used as a measurement variable of corporation value have conceptional limits, they are not enough to be used as a single variable to measure profits. However, as the Economic Value Added is a standard to establish goals to create values for the management, investors can effectively use it as an index to measure the achievement of corporations properly. Therefore, this study examined the market effects of Economic Value Added focusing on information effects on Economic Value Added in addition to theoretical review on Economic Value Added that has been highly approved of the management achievement indexes. It used Cumulative average residual as a value index and Gross Margin, Operating Profit, Ordinary Profit and Economic Value Added as traditional achievement indexes. This study conducted a regression analysis with Cumulative average residual as sub-variable and Gross Margin, Operating Profit, Ordinary Profit as independent variables and found that all the variables had negative regression coefficients. And, it used a stepwise method to identify relative significance of Economic Value Added compared to traditional achievement measurements and as a result, produced a total of three regression models by adding variables of Cumulative average residual one-by-one. However, as the expected variables such as Economic Value Added and △Economic Value Added were eliminated, Cumulative average residual was not explained significantly. The limit of this study is that it used numbers and concepts published by the Korea Exchange. As the Economic Value Added of the Korea Exchange includes only profit and loss through sales as investment and post-tax new sale profit while excluding profit and loss by investment and financial activities, it is different from the Economic Value Added of Stern Stewart Co. which considers investment and financial activities as activities for corporations to create Economic Value Added and so it can not be considered as exact assessment of the Economic Value Added. To overcome the problem in measurement, we need further studies on assessment of exact Economic Value Added.