EVA, 회계이익, 영업현금흐름과 기업의 가치와의 관계

Abstract

한 기업의 성과측정치로는 당기순이익, 영업이익?? 현금흐름이 많이 사용되어 왔다. 최근에는 회계이익과 회계이익성장률은 기업의 경영성과 평가에 오류를 범할 수 있으므로 기업의 성과평가지표로서 경제적 부가가치를 사용하여야 한다는 주장과 관행이 늘어 나고 있다. 본연구에서는 종전의 성과측정치들과 경제적부가가치 중 어느 것이 기업의 가치와 밀접한 관계를 보이고 있는지를 실증적으로 검증하였다. 통상적인 회귀분석 결과 경제적부가가치가 다른 어느 성과평가지표보다 기업의 가치(주가수익율)와 더 밀접한 관계를 보여 주고 있어 많은 선행연구들의 결과와 일치하고 있다.

Net income, Income from operation and cash flow have been used as a performance measurement of a corporation. Recently the arguments and practice have raised that economic value added be used as a performance measurement index of a corporation due to the possible errors of accounting earnings and growth rate of accounting earnings in evaluating the management performance of a corporation. This study investigates empirically which measurement among the conventional measurements and the economic value added is closely related to the value of a corporation. The result of usual regression analysis reveals that the economic value added shows closer relation with the corporation values (stock price yield ratio) than any other conventional performance measurements.

Net income, Income from operation and cash flow have been used as a performance measurement of a corporation. Recently the arguments and practice have raised that economic value added be used as a performance measurement index of a corporation due to the possible errors of accounting earnings and growth rate of accounting earnings in evaluating the management performance of a corporation. This study investigates empirically which measurement among the conventional measurements and the economic value added is closely related to the value of a corporation. The result of usual regression analysis reveals that the economic value added shows closer relation with the corporation values (stock price yield ratio) than any other conventional performance measurements.