經濟附加價值(Economic Value Added；簡稱EVA)，是一種考慮到會計扭曲現象的剩餘價值觀念。本文以台灣上市公司為例，企圖瞭解EVA是否真能如Stern Stewart & Co.所言，取代傳統盈餘的地位。鑑於以往國內外相關的文獻，大都偏重於橫斷面迴歸，未能真正找出績效指標的價值所在，本文擬加因果關係探討，藉由釐清績效指標與股票報酬在時間上的雙向影響方向，進而瞭解績效指標的功能。本文的主要發現有：

一、EVA顯著正向影響同期股票報酬，每股盈餘則不顯著。肯定EVA對當期股票報酬的影響力。
二、EVA的獨特項---資金成本顯著負向影響同期股票報酬。表剩餘價值觀念在評價上的重要性，間接肯定EVA績效指標的存在。
三、EVA或每股盈餘，其與股票報酬間並無領先或落後關係存在。因此績效指標不存在預測功能。

總之，無視權益資金成本與會計應計基礎下的每股盈餘，既無法解釋當期股票報酬，也沒預測能力；相較下，考慮到權益資金成本與會計調整項的EVA，表公司的真實價值，所以可以解釋當期股票報酬，不過，仍是歷史基礎下的EVA，始終無法預測未來。簡單的說，EVA可以取代傳統盈餘，反應公司目前的營運狀況，這就是EVA評價指標上的主要貢獻。

Economic Value Added (EVA) is a residual income that corrects distortion of managerial incentives introduced by standard GAAP accounting. This study attempts to compare EVA with EPS and see which one is better. The difference between literature and this study is that we use not only cross-regression but also Granger causality test to make clear the relationship between stock return and performance measure and find out what is the value of EVA. Our main finding is as follows：

1.EVA significantly positively affects the contemporaneous stock return, but EPS is insignificant. This support the existence of EVA.
2.The components unique to EVA --- the cost of capital, significantly negatively affects the contemporaneous stock return, indicating that market does take into consideration the cost of capital when pricing the company.
3.As to Granger causality relationship, there is no lead-lag relationship between stock return and EVA or EPS. This means that performance measure cannot be a predictor of future stock return.

In a word, EPS, ignoring equity capital and being distorted by GAAP accounting, neither explains the contemporaneous stock return, nor forecasts the future. However, EVA, considering equity capital and correcting distortion of GAAP accounting, can explain the contemporaneous stock return by representing the intrinsic value of the company. But, EVA, being still on the basis of history, cannot forecast the future. Anyway, EVA can replace EPS in reflecting the operating of the company, that is the contribution of EVA.

目錄

第一章 緒論…………………………………………1
第1-1節 研究動機……………………………………1
第1-2節 研究目的……………………………………3
第1-3節 研究限制……………………………………4
第二章 文獻回顧……………………………………6
第2-1節 濟附加價值的簡介…………………………6
第2-2節 經濟附加價值相關研究……………………16
第三章 研究方法……………………………………26
第3-1節 研究假說……………………………………26
第3-2節 實證方法……………………………………27
第3-3節 樣本資料處理………………………………40
第四章 實證結果及分析……………………………47
第4-1節 敘述性統計分析……………………………47
第4-2節 迴歸分析……………………………………48
第4-3節 因果關係分析………………………………50
第五章 結論與建議…………………………………71
第5-1節 結論…………………………………………71
第5-2節 建議…………………………………………72
附錄………………………………………………………73
參考文獻…………………………………………………75

中文部分

1.張素鈴，1998，『公司評價新趨勢-EVA(經濟附加價值)在台灣應用的可行性』，中央大學財管所碩士論文
2.張耿豪，1999，『經濟附加價值資訊內涵之研究--以台灣上市公司為例』，交通大學科管所碩士論文
3.李武隆，2000，『績效衡量指標與股票報酬關聯性之研究』，台灣大學會計所碩士論文
4.Ehrbar A.，2000，『經濟附加價值EVA入門全書』，黃定遠譯，商周出版社。
5.王泰昌、劉嘉雯(2001)「經濟附加價值(EVA®)的意義與計算」，貨幣觀測與信用評等，2001年09月，14-26


英文部分

1.Biddle, G. C., and Bowen, R. M. (1997) “Does EVA beat earnings？ Evidence on association with stock returns and firm values, ” Journal of Accounting and Economics 24, 1997, 301-336.
2.Biddle, G. C., Bowen, R. M. and Wallace, J. S. (1999) “Evidence on EVA.” Journal of Applied Corporate Finance, v12, No2, 69-79.
3.Chen, S. and James L. Dodd(1997), “Economic Valued Added：An Empiricall Examination of a New Corporate Performance Measure,” Journal of Managerial Issues, 9, No.3, Fall, 318-333.
4.Dierks, Paul A. and Ajay Patel., 1997. “What is EVA, and how can it help your company?,” Management Accounting 79 ,November, 52-58.
5.Eviews 4 User’s Guide
6.Ecders, W., “Applied Economic Time Sereis”
7.Fama, E. F. and K. R. French, (1992) “The Cross-section of Expected Stock Returns,” Journal of Finance, No 6, pp. 427-465
8.Fernandez, P., (2001), “A Definition of Shareholder Value Creation,” SSRN Electronic Library, Working Paper.
9.Gujarati, D. N., (1995) “ Basic Economics ”
10.Grant, James L.(1996), “Foundations of EVA for Investment Manages：Just in time, EVA,” Journal of Portfolio Management, 23, No1, Fall, 41-48.
11.Isa M. and Walter L., (2001) “Economic Value-added in the Malaysian Listed Comoanies：A Preliminary Evidence”, Faculty of Busivess and Accountancy University of Malaya, Working Paper.
12.Wallace, James S., (1997) “Adopting Resideual Income-Based Compensation Plans：Do You Get What You Pay For？,” Journal of Accounting & Economics, Vol. 24, No.3, December, 275-300.
13.Lehn, K. and Anil K. Makhija(1996), “EVA and MVA ad Performance Measures and Signals for Strategic Change,” Strategy and Leadership, 24, No3, June,34-38.
14.Milunovich, S. and Albert Tsuei(1996), “EVA in the Computer Industy”, Journal of Applied Corporate Finance, 9, No1, Fall, 104-115.
15.O’Byme, Stephen F. (1996), “EVA and Market Value,” Journal of Applied Corporate Finance, 9, No1, Fall, 116-125.
16.Ferández P., 2001, “EVA, Economic profit and Cash value added do not measure shareholder value creation,” SSRN Electronic Library, Working Paper .
17.Stewart, Bennett G., (1994) “EVA：Fact or Fantasy？” Journal of Applied Corporate Finance, 7, No 2, Summer, 71-84.
18.Tham, J., (2001) “The Unbearable Lightness of EVA® in Valuation”， SSRN Electronic Library, Working Paper.