EVA와 代替的인 成果測定値 情報內容 比較

다국어 초록 (Multilingual Abstract)

EVA(Economic Value Added) is getting more popularity to asess and forecast firm values than other performance measures in Korea. This study tests which one is more relevant to the CAR(cumulative abnormal stock return) among OP(after tax operating profit), RI(residual income) and EVA in the capital market of Korea. Moreover examines which EVA components (OP, total capital cost;CAP, and accounting adjustments;Adj) has the incremental information content.
Hypotheses(stated in the null form) for this study are as follows.
H_1 : The information content of OP, RI and EVA is equal in explaining the CAR.
H_2-1 : CAP does not provide incremental information content beyond that provided by OP in explaining the CAR.
H_2-2 : Adj does not provide incremental information content beyond that provided by RI in explaining the CAR.
H_2-3 : EVAdOP(difference between EVA and OP) does not provide incremental information content beyond that provided by OP in explaining the CAR.
H_2-4 : One of the EVA components does provide information content beyond that provided by remaining components in explaining the CAR.
The samples for empirical analysis were 1554 Korean firms from 1993 to 1999. I modified research model, level and change earnings of Easton and Harris(1991) to examine above hypotheses. Also, multiple regression method was used in the examination. Following is the modified model of level and change earnings.
The major results of this study are as follows.
First, from the relative information content assessed by comparing R^2s from three separate regressions with three separate profitabilit measures(OP, RI and EVA), the OP regression has a larger R^2 than the RI regression and both has a larger R^2s than EVA.
Second, from the incremental information content assessed by comparing R^2s from three separate regressions with three separate profitability and added measures("OP and CAP", "RI and Adj" and Op and EVAdOP"), the "OP and CAP" regression has a larger R^2 than the OP regression, and the "RI and Adj" regression has a larger R^2s than RI but the predicted Adj sign is in the wrong direction, and the "OP and EVAdOP" regression don't have a larger R^2 than OP.
Above results indicates that the capital market of Korea may place higher reliance on current accounting earnings than it does on EVA or RI, in a point of view that OP is more relevant than EVA and RI to the CAR. Accordingly, it must be careful to adopt EVA in the firms.
And two of the EVA components, CAP and Adj, offer some incremental information content in addition to accounting earnings. But, only CAP exhibits useful incremental contributions beyond accounting earnings. Therefore, it would be desirable to report CAP in the financial statements(e.g., supplemental disclosure).
＊ A thesis submitted to the committee of Graduate School, Chungnam National University in partial fulfillment of the requirements for the degree of Doctor of Philosophy in Business Administration Conferred in February 2001.

목차 (Table of Contents)

• 목차
• 제1장 서 론 = 1
• 제1절 연구동기 및 목적 = 1
• 제2절 연구방법 및 구성 = 3
• 제2장 EVA의 개념분석 및 선행연구 검토 = 5
• 제1절 EVA의 개념분석 = 5
• 1. EVA의 의의 = 5
• 2. EVA의 산출 = 6
• 3. EVA, RI 및 회계이익의 관계분석 = 14
• 제2절 선행연구 검토 = 22
• 1. EVA의 우수성에 관한 연구 = 23
• 2. EVA의 열등성에 관한 연구 = 25
• 3. 선행연구의 시사점 = 28
• 제3장 연구설계 = 33
• 제1절 가설의 설정 = 33
• 1. 비교정보내용 가설 = 33
• 2. 중분정보내용 가설 = 36
• 제2절 변수의 정의 = 37
• 1. 종속변수 = 38
• 2. 독립변수 = 39
• 제3절 연구모형 = 45
• 1. 비교정보내용 검증 모형 = 48
• 2. 중분정보내용 검증 모형 = 49
• 제4절 표본기업의 선정 = 52
• 제4장 분석결과 및 해석 = 54
• 제1절 변수에 대한 기초분석 = 54
• 1. 기술통계 분석 = 54
• 2. 변수의 상관관계 분석 = 55
• 제2절 가설의 검증 = 56
• 1. 비교정보내용 검증 = 56
• 2. 중분정보내용 검증 = 63
• 3. 가설검증 결과요약 = 71
• 제5장 결론 및 제언 = 72
• 제1절 요약 및 결론 = 72
• 제2절 연구의 한계점 및 제언 = 74
• 참 고 문 헌 = 77
• ABSTRACT = 82