eva - skratena verzija
Post on 08-Apr-2018
222 Views
Preview:
TRANSCRIPT
-
8/7/2019 EVA - skratena verzija
1/16
. :
(
),
( )
(EVA) .
EVA , - .
EVA
.
, 1 - , .
, . , , .
.
, , .
1Ion Stancu, Finance. Financial Markets and Portfolio Management. Direct Investment and their
Finance. Corporate Financial Management, Ed. Economica, Bucharest, 2007
1
-
8/7/2019 EVA - skratena verzija
2/16
- .
(EVA . 1996 Stern, Stewart Chew.
- VA
EVA , , , . , , , . EVA , .
, :
EVA > 0 , ;
EVA < 0
, .
EVA ( ) - .
, .
EVA Stern, Stewart Chew 1996, EVA. 1980, Alfred Marshall , .
2
-
8/7/2019 EVA - skratena verzija
3/16
( ) .
3
-
8/7/2019 EVA - skratena verzija
4/16
Stern Stewart & Co., EVA : ( )
2.
EVA = EVA = NOPAT WACC x EA
EVA = (ROA WACC) x EA
NOPAT ( - );
EA (
, , ; );
WACC .:
WACC = Ked x ( / ) + Kd x ( / )
Ked ( ) = Rf + bi x (Rm Rf);Rf ; Rm ; bi
, . Kd ;
ROA (ROA = NOPAT / WACC)???, .
EVA, :
( )- - = - ( () )=
2G. Bennett Stewart (1991), The Quest for Value: A Guide for Senior ManagersHarper Business, New York
4
-
8/7/2019 EVA - skratena verzija
5/16
EVA
EVA , ( )
, , . , . , EVA
( ) EVA( )
( )
( )
() .
.
( ).
(, ).
.
, - , .
EVA :
- - =
- - (
)=
( EVA) :
5
-
8/7/2019 EVA - skratena verzija
6/16
-
8/7/2019 EVA - skratena verzija
7/16
, NSV , EVA , ;
, .
, :
= + EVA
EVA, EVA EVA, EVA/WACC.
7
-
8/7/2019 EVA - skratena verzija
8/16
8
-
8/7/2019 EVA - skratena verzija
9/16
EVA NSV EVA. :
( )
EVA ;
( ) .
, - . , EVA , ( ) . , ,
, EVA NSV.
: NSV, EVA .
, :
1. NSV;
2. EVA, , ;
3. .
.
, , . .
9
-
8/7/2019 EVA - skratena verzija
10/16
. ,
.
, EVA.
.
EVA . ,
EVA. , EVA, . , , , .
, . , , . , , , .
, , EVA. , EVA . , . , , ( ).
10
-
8/7/2019 EVA - skratena verzija
11/16
, .
11
-
8/7/2019 EVA - skratena verzija
12/16
(Stern, Stewart Chew),
EVA , , . , , . .
:
EVA - , , ( ). , , ;
EVA ;
;
, ;
( ) ;
, , , , ;
, .
EVA :
1. EVA (Costigan&Lovata, 2002, Buddleet at. 1999);
12
-
8/7/2019 EVA - skratena verzija
13/16
2. EVA (Maditinos et at,2006; Lehen and Makhija 1997);
3. EVA (Ferguson et at, 2005);
4. EVA (Erasmus, 2008; Chen and Dodd, 1997; Kim, 2006; Palliam 2006);
5. EVA (Lefkowitz,1999; OByrne, 1996l Uvemura, 1996; Peterson and Peterson, 1996);
, ( Coca Cola, AT&T, Briggs & Stratton, Quaker Oats ) , 3. , .
, .
, . , . , ,
, , , . , , ;
, , ( ), . ,
EVA EVA ,
,
3Dimitris Kyriazis & Christos Anastassis (2007), The Validity of the Economic Value
Added Approach: an Empirical Application, European Financial Management, Vol. 13,No. 1
13
-
8/7/2019 EVA - skratena verzija
14/16
.
14
-
8/7/2019 EVA - skratena verzija
15/16
EVA , , .
, . , , . , .
, EVA , , ,
. , .
EVA , EVA.
EVA . , , , .
15
-
8/7/2019 EVA - skratena verzija
16/16
top related