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