뗚7뻭뗚3웚놨2004쓪6퓂ꆡꆡꆡꆡꆡꆡꆡꆡꆡ맜ꆡ샭ꆡ뿆ꆡ톧ꆡ톧ꆡJOURNALOFMANAGEMENTSCIENCESINCHINAꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡ폫뒫춳믡볆횸뇪뗄뇈뷏ꆪꆪꆪ훐맺횤좯쫐뎡뗄쪵횤럖컶ꋙ샮퇇뺲1,2,훬뫪좪3,믆뗇쫋1,훜펦럥4(1.컷쓏붻춨듳톧뺭볃맜샭톧풺,돉뚼610031;2.컷쓏쏱ퟥ듳톧맜샭톧풺,돉뚼610041;3.훐맺뿆톧풺쫽톧폫쾵춳뿆톧퇐뺿풺쾵춳뿆톧퇐뺿쯹,놱뺩100080;4.쿣룛훐컄듳톧닆컱톧쾵,훐맺쿣룛)햪튪:닉폃1999쓪훁2001쓪뮦쫐456볒짏쫐릫쮾뗄닆컱폫붻틗쫽뻝,뛔EVAꆢ뒫춳믡볆횸뇪뫍쪣폠쫕틦폫릫쮾쫐뎡볛횵볤뗄쿠맘탔뷸탐쇋쿪쾸뗄럖컶폫퇐뺿.뷡맻뇭쏷:뺡맜EVA폫릫쮾뗄쫐뎡볛횵헽쿠맘,떫쯹냼몬뗄릫쮾쫐횵뗄탅쾢뫜짙,퓚뒫춳믡볆횸뇪횮짏,EVA늻뻟폐퓶솿탅쾢뷢쫍쓜솦;뒫춳믡볆횸뇪폫릫쮾쫐횵쿔훸헽쿠맘,쟒쓜뫜뫃뗘뷢쫍릫쮾뗄쫐뎡볛횵.쿠뛔폚EVA,뒫춳믡볆횸뇪늻뷶뻟폐퓶솿탅쾢뷢쫍쓜솦,뛸쟒뿉틔좡듺EVA;EVA폫쪣폠쫕틦뮥폐퓶솿탅쾢뷢쫍쓜솦.맘볼듊:EVA;믡볆횸뇪;쪣폠쫕틦;퓶솿탅쾢뷢쫍쓜솦훐춼럖샠뫅:ꆡꆡꆡ컄쿗뇪쪶싫:Aꆡꆡꆡ컄헂뇠뫅:1007-9807(2004)03-0031-070ꆡ틽ꆡ퇔듳웳튵쿠볌닉폃쇋EVA살뾼뫋릫쮾튵벨,죧뿉뿚뿉샖ꆢ컷쏅ퟓꆢIBMꆢWal-Mart뗈,늢좡뗃뫃뗄벨죧뫎ힼ좷뛸폐킧뗘움볛릫쮾뗄볛횵,샺살뚼킧\[8ꆫ11\],EVA틑돉캪쏀맺놾쫐뎡뫍웳튵뢻폐쫇쎿튻룶춶헟ꆢ맜샭헟쯹맘힢뗄컊쳢뺺헹솦뗄벨킧움볛횸뇪\[12\].뷼쓪살,훐맺듳슽뫍.훐맺ꆶ닆뺭ꆷ퓓횾2001쓪뗚10웚,쫗듎뾯퓘쇋2000쓪뛈훐쿣룛뗄튻킩웳튵퓚폐맘믺릹뗄횸떼쿂튲닉폃맺짏쫐릫쮾뺭볃뢽볓횵(economicvalueadded,EVAퟷ캪릫쮾볛횵뗄움볛횸뇪믲헟ퟷ캪쓚늿벤샸믺훆짨볆뗄믹뒡\[13,14\]EVA)업탐냱,늢틽폃뺭볃뢽볓횵움볛횸뇪움맀훐.맺짏쫐릫쮾뗄벨킧\[1\].놾훊짏,EVA쫇뺭볃톧훐뗄뺭볃샻죳(eco2퓚20쫀볍80쓪듺쒩,Finegan쫗쿈쳡돶쇋nomicprofit)뫍믡볆톧훐뗄쪣폠쫕틦(residualin2EVA룅쓮\[2\],웤뫳쏀맺뗄쇭솽캻톧헟Stern폫come,RI)뗄뇤탎,믲헟쮵쫇튻훖쪣폠쫕틦탍횸Stewart붫EVA힢닡캪짌뇪,돉솢SternStewart&뇪.떫쿠뛔폚뒫춳뗄쪣폠쫕틦횸뇪,EVA룸돶쇋Co닆컱톯릫쮾,듓쫂EVA뗄췆맣ꆢ펦폃폫톯볆쯣쪣폠쫕틦뗄쒣탍뫍랽램.릤ퟷ\[3\].쯻쏇벰퓞춬헟돆EVA쫇튻룶틔볛횵캪믹내헕SternStewart뗄뚨틥,EVA쫇쮰뫳뺻퓋펪뒡ꆢ폅폚뒫춳믡볆횸뇪,늢쓜릻움볛릫쮾햽싔벰뺭쫕죫폫놾뗄믺믡돉놾뗄닮\[15\],벴쮰뫳뺻퓋펪쫕펪튵벨ꆢ움볛릫쮾뗄쿮쒿춶폫늢릺ꆢ짨볆쓚늿벤죫뿛돽햮컱뫍막놾돉놾뗄닮뛮.퓚뻟쳥볆쯣쪱,샸믺훆ꆢ움볛쓚늿맜샭벨킧뗄떥튻횸뇪\[3ꆫ8\].EVASternStewart뛔쮰뫳뺻퓋펪쫕죫뫍놾돉놾뷸탐폚20쫀볍90쓪듺훐뫳웚훰붥퓚쏀맺뗈맺뗄웳튵쇋튻킩뗷헻,틔뇣쓜룼폐킧뗘랴펦릫쮾뗄쮰뫳뺻훐믱뗃펦폃,떽쒿잰캪횹,좫쟲틑폐300뛠볒훸쏻퓋펪쫕죫뫍놾ퟜ뛮.ꋙ쫕룥죕웚:2003-04-08;탞뚩죕웚:2004-04-08.믹뷰쿮쒿:맺볒ퟔ좻뿆톧믹뷰훺쿮쒿(70171054);쿣룛퇐뺿훺뻖훺쿮쒿(CUHK4302/01H).ퟷ헟볲뷩:샮퇇뺲(1964ꆪ),얮,즽뚫쒲욽죋,뢱뷌쫚,늩쪿짺.
ꆪ32ꆪ맜ꆡ샭ꆡ뿆ꆡ톧ꆡ톧ꆡ놨ꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡ2004쓪6퓂맘폚EVA뫍뒫춳믡볆횸뇪폫릫쮾쫐뎡볛횵뎡짏,EVA폫릫쮾뗄쫐뎡볛횵볤뗄쿠맘탔ꆢEVA볤뗄맘쾵뫍뛔릫쮾튵벨뛈솿뗄폅쇓,죋쏇믹폚쏀폫뒫춳믡볆횸뇪볤뗄맘쾵폫쏀맺뗈랢듯맺볒뷏캪맺뗈랢듯맺볒뗄횤좯쫐뎡ퟶ쇋듳솿뗄샭싛퇐뺿폫돉쫬쫐뎡쿂뗄뷡맻쿠뇈뷏,펦폐쯹늻춬.쫇럱죧쪵횤럖컶.퓚샭싛짏,튻킩톧헟횤쏷쇋EVA폅폚듋,헢헽쫇놾컄튪첽쳖뗄컊쳢.춬쪱,헢튻퇐뺿붫뒫춳믡볆횸뇪,죧Rogerson\[16\횤]쏷쇋닉폃쪣폠쫕폐훺폚럡뢻헢랽쏦뗄퇐뺿돉맻,뛔릫쮾훎샭ꆢ뛔쫐틦탍횸뇪죧EVA뛸럇뒫춳믡볆횸뇪ퟷ캪릫쮾튵뎡뗄볠맜폫췪짆ꆢ룼뫃뗘움맀릫쮾뗄튵벨ꆢ좷뚨폐벨뗄움볛횸뇪,닅쓜쪹뗃릫쮾뗄맜샭헟ퟶ돶캨튻킧뗄춶닟싔뚼믡폐쯹냯훺.폐킧뗄춶뻶닟살ퟮ듳쿞뛈뗄퓶볓릫쮾뫍춶헟놾컄믹폚짏몣횤좯붻틗쯹짏쫐릫쮾뗄쫽뻝,뗄쫕틦,횻튪룸폨맜샭헟뗄놨돪쯦ퟅ릫쮾튵벨뗄닉폃Ohlson쪣폠쫕틦뚨볛쒣탍(residualincome퓶볓뛸폐쯹퓶볓;Reichelstein\[17\횤]쏷쇋횻폐퓚쪣valuationmod\[22\]el),퇐뺿EVAꆢ쪣폠쫕틦뫍뒫춳믡폠쫕틦탍뗄튵벨움볛횸뇪훐,닅쓜듯떽춶헟뗄볆횸뇪폫쫐뎡볛횵볤뗄쿠맘탔.쫕틦폫맜샭헟뗄늹뎥쒿뇪뗄튻훂탔.쪵횤럖컶랽쏦,Milunovich뫍T18\seu\[i폃]쏀맺1ꆡ볙짨폫쒣탍241볒듳릫쮾퓚1987ꆢ1988ꆢ1992뫍1993쓪뗄쫽뻝,뗃돶EVA뫍막욱쫕틦싊뗄쿠맘탔폅폚뒫춳믡볆횸캪쇋럖컶EVAꆢ쪣폠쫕틦뫍뒫춳믡볆횸뇪폫맺뇪:닺쫕틦싊뫍뺻닺쫕틦싊.Chen뫍Dodd\[11\]쓚짏쫐릫쮾쫐뎡볛횵볤뗄쿠맘탔,벴릫쮾튵벨움볛믹폚1983쓪훁1992쓪1000볒쏀맺짏쫐릫쮾뗄쫽횸뇪EVA폫웤쫐뎡볛횵쫇럱쿠맘;퓚뷢쫍릫쮾쫐뎡뻝,퇐뺿쇋뒫춳믡볆횸뇪(쎿막쫕틦ꆢ닺쫕틦싊ꆢ볛횵쪱,EVA쫇럱폅폚뒫춳믡볆횸뇪,죧뺻샻죳ꆢ뺻좨틦쫕틦싊)ꆢ쪣폠쫕틦ꆢEVA뗈폫막욱쫕틦싊뗄쿠닺ꆢ펪퓋쿖뷰쇷뗈;EVA폫쫐뎡볛횵뗄쿠맘탔쫇럱맘탔,뗃떽EVA퓚뷢쫍막욱쫕틦싊짏폅폚뒫춳믡잿폚쪣폠쫕틦,놾컄쳡돶죧쿂3룶볙짨:볆횸뇪,떫뒫춳믡볆횸뇪뮹쓜퓚EVA횮짏뛔막욱볙짨1ꆡEVA폫릫쮾쫐뎡볛횵헽쿠맘;쫕틦싊뷸튻늽쳡릩폐볛횵뗄뷢쫍쓜솦.B19ꆫ21\]idd\[le볙짨2ꆡ퓚뷢쫍릫쮾뗄쫐뎡볛횵쪱,EVA쳡뗈닉폃쏀맺1983쓪훁1994쓪773볒짏쫐릫쮾뗄릩뗄탅쾢뎬맽뒫춳믡볆횸뇪,죧뺻샻죳ꆢ뺻닺ꆢ6174룶퇹놾쫽뻝,뇈뷏쇋뒫춳믡볆횸뇪뫍EVA벰펪퓋쿖뷰쇷쯹쳡릩뗄탅쾢;EVA뗄컥룶ퟩ돉늿럖(펪퓋쿖뷰쇷솿ꆢ펦볆펪퓋믡볙짨3ꆡEVA쳡릩뗄탅쾢뎬맽쪣폠쫕틦쯹쳡볆쿮쒿ꆢ쮰뫳샻쾢럑폃ꆢ놾돉놾ꆢ믡볆뗷헻)폫막릩뗄탅쾢;욱쫕틦뗄쿠맘탔,쯻쏇랢쿖뒫춳믡볆횸뇪폫막욱쫕뛔틔짏3룶볙짨,놾컄톡폃Ohlson뗄쪣폠쫕틦뗄쿠맘탔폅폚EVA,뛸퓚뒫춳믡볆횸뇪횮짏,틦뚨볛쒣탍뷸탐춳볆볬퇩.틀뻝Ohlson뗄뷡맻,EVA뗄쿠맘늿럖(놾돉놾뫍믡볆뗷헻)뛔막욱릫쮾볛횵뿉틔폃릫쮾뗄뺻닺뫍쪣폠쫕틦틔벰쪣쫕틦죔폐퓶솿탅쾢뷢쫍쓜솦.폠쫕틦틔췢뗄웤쯼탅쾢(informationotherthan헢킩럖컶뻹쫇헫뛔쏀맺뗈랢듯맺볒뷏캪돉쫬residualincome)뗄쿟탔ퟩ뫏살뇭쪾뗄횤좯쫐뎡,막욱볛룱뷏듳돌뛈짏쓜헦쪵뗘랴펳MV=ꢻ1NA+ꢻ2RI+ꛁ3V+ꛅ(1)릫쮾뗄튵벨.뛸컒맺뗄횤좯쫐뎡웰늽뷏췭,떽쿖퓚웤훐:MV쫇릫쮾뗄쫐뎡볛횵;NA쫇뺻닺;RI뷶쪮살쓪뗄쪱볤,쫐뎡퓋ퟷ폫볠맜뚼늻짵붡좫;춶쫇쪣폠쫕틦;V쫇쪣폠쫕틦틔췢뗄웤쯼탅쾢ꋙ;ꛅ헟훐뗄뻸듳늿럖캪룶쳥춶헟,춶믺탔잿,좱짙쫇컳닮쿮.뛔릫쮾튵벨럖컶뗄쓜솦,죝틗쫜쫐뎡짏튻킩탩볙탅쾢뗄ퟳ폒;늢쟒짏쫐릫쮾뗄막욱놻럖룮돉뿉쇷2ꆡ퇹놾톡퓱뫍뇤솿짨볆춨막뫍럇쇷춨막(맺볒막ꆢ램죋막).틲듋,폐샭평쿠탅,퓚헢퇹튻룶탂탋뗄ꆢ뻟폐튻뚨쳘탔뗄횤좯쫐놾컄틔1999쓪훁2001쓪캪쫽뻝뒰뿚,톡좡릫늼ꋙ쪣폠쫕틦틔췢뗄웤쯼탅쾢V폫릫쮾캴살뗄(럇헽뎣)풤웚쫕틦폐맘,뛸폫릫쮾쿖퓚뫍맽좥뗄(럇헽뎣)쫕틦컞맘.Ohlson퓚쒣탍훐떥뛀쇐돶룃쿮,훷튪쫇캪쇋샭싛짏뗄럖컶,뛸퓚쪵횤럖컶훐,V뎣놻뫏늢퓚컳닮쿮샯,놾컄튲쫇죧듋.
뗚3웚ꆡꆡꆡꆡꆡꆡꆡꆡꆡ샮퇇뺲뗈:EVA폫뒫춳믡볆횸뇪뗄뇈뷏ꆪꆪꆪ훐맺횤좯쫐뎡뗄쪵횤럖컶ꆪ33ꆪ쇋헢3쓪쓪뛈닆컱놨룦,쟒SternStewart맜샭톯훐쫇쯹폐헽쿠맘쾵쫽훐ퟮ킡뗄,뷶캪.맺릫쮾릫늼폐EVA뗄뮦쫐짏쫐릫쮾캪퇐뺿퇹놾.캪쿠맘쾵쫽뗄좡횵뇭쏷,뒫춳믡볆횸뇪폫릫쮾쇋복짙틬뎣쫽뻝뛔뷡맻뗄펰쿬,퓚퇹놾훐쳞돽쇋ST쫐횵헽쿠맘ꆢ쟒쿠맘탔ퟮ잿;쪣폠쫕틦폫릫쮾쫐뫍PT헢킩뺭펪ힴ뿶틬뎣뗄릫쮾,ퟮ훕뗃떽3쓪쫽뻝횵뢺쿠맘,쿠맘쾵쫽캪;EVA폫릫쮾쫐뻹췪헻뗄릫쮾456볒,폐킧쫽뻝1368룶.횵뗄쿠맘쾵쫽쯤좻듳폚0,떫뷶캪.쯹폃뗄3샠쫽뻝,벴릫쮾뗄닆컱쫽뻝ꆢ막볛쫽캪쇋뷸튻늽럖컶EVA폫쫐뎡볛횵뗄쿠맘탔,뻝뫍EVA쫽뻝,뻹살ퟔ폚횤좯횮탇췸햾.평폚짏볬퇩EVA춬웤쯼횸뇪뛔쫐뎡볛횵뗄퓶솿탅쾢뷢쫐릫쮾뗄쓪뛈닆컱놨룦퓚듎쓪뗄4퓂30죕횮잰쫍쓜솦,놾컄틔EVAꆢ뺻닺믲쪣폠쫕틦ퟷ캪뷢릫늼,뾼싇떽횤좯쫐뎡뛔믡볆펯폠뗄랴펦뿉쓜듦쫍뇤솿,좻뫳퓚랽돌(1)훐럖뇰볓죫웤쯼탅쾢뇤퓚튻뚨돌뛈뗄훍뫳탔,틲듋룷짏쫐릫쮾뗄막볛뻹솿,틔볬퇩죽룶볙짨뗄폐킧탔.틲쫽뻝훐볈냼몬닉폃듎쓪6퓂뗗뗄쫽뻝,벴2000쓪ꆢ2001쓪뫍456룶늻춬뗄릫쮾,폖짦벰떽쎿룶릫쮾퓚3쓪뗄2002쓪6퓂뗄ퟮ뫳튻룶붻틗죕뗄쫕엌볛.좡횵,헢샯닉폃PanelData쒣탍살ퟶ믘맩럖컶\[23\].놾컄훐폃떽틔쿂횸뇪:뺭Hausman볬퇩,늻듦퓚쯦믺킧펦,펦톡폃만뚨킧뺻샻죳(E),벴믡볆쫕틦;뺻닺(NA);펪퓋펦쒣탍ꋚ,믘맩뷡맻쇐퓚뇭2훐.쿖뷰쇷(CFO);릫쮾쫐뎡볛횵(MV).뇭2훐뗄믘맩럖컶뷡맻뇭쏷:1)뒫춳믡볆횸쪣폠쫕틦(RI)=쮰뫳뺻펪튵샻죳ꆪ3k(뢺뇪폫릫쮾쫐횵쿔훸헽쿠맘ꋛ,뛔릫쮾뗄쫐횵뻟폐햮+좨틦놾ꋙ),k쫇SternStewart뛔볓좨욽뻹뫜잿뗄뷢쫍쓜솦,R2뗄좡횵뚼퓚틔짏.쮵쏷놾돉놾싊뗄맀볆횵.릫쮾뗄뺻닺ꆢ뺻샻죳믲퓋펪쿖뷰쇷풽듳,릫쮾뗄EVA=쮰뫳뺻펪퓋샻죳+SternStewart뛔믡볆쫐뎡볛횵뻍풽듳,쫐뎡뛔룃릫쮾막욱뗄뚨볛튲풽펪퓋쫕틦뗄뗷헻쿮3-k(뢺햮+좨틦놾+룟,헢폫맺쓚춶헟춨뎣내릫쮾뺻닺뗈횸뇪뗄SternStewart뛔믡볆ퟜ놾뛮뗄뗷헻쿮\[12\]).듳킡살움볛릫쮾튵벨뫃뮵뗄뇪ힼ쫇튻훂뗄,폫뇭1훐릫쮾뺻닺ꆢ뺻샻죳뫍퓋펪쿖뷰폫릫쮾쫐횵3ꆡ쪵횤뷡맻뗄쿠맘쾵쫽뗄듳킡튲쫇튻훂.퓚뒫춳믡볆횸뇪횮짏,볓죫EVA뫳,R2뗄좡횵랴뛸복짙,헢뇭쏷쿠쫗쿈볆쯣돶릫쮾뗄쫐횵ꆢ뺻샻죳ꆢ뺻닺ꆢ퓋뛔폚뒫춳믡볆횸뇪,EVA뛔릫쮾쫐횵늻뻟폐퓶솿펪쿖뷰쇷뫍쪣폠쫕틦퓚1999쓪훁2001쓪뗄횵.탅쾢뷢쫍쓜솦.뇭1룸돶쇋EVA폫헢컥룶뇤솿볤뗄쿠맘쾵쫽.2)EVA춬릫쮾쫐횵헽쿠맘,떫쯹냼몬뗄폐맘릫평뇭1훐룷횸뇪뇤솿볤뗄쿠맘쾵쫽뿉틔뗃쮾볛횵뗄탅쾢뫜짙,틲R2뗄좡횵듋쪱뷶캪.떽:1)뒫춳믡볆횸뇪,뺻샻죳ꆢ뺻닺ꆢ퓋펪쿖뷰떫볓죫뒫춳믡볆횸뇪뫳,R2뗄좡횵쿔훸퓶볓,쟒떱쇷,폫릫쮾쫐횵뗄쿠맘쾵쫽캪헽,쟒ퟮ듳;2)쪣폠볓죫뗄쫇뺻닺믲뺻닺폫펪퓋쿖뷰쇷쪱,EVA뗄쫕틦폫릫쮾뗄쫐횵뢺쿠맘,폫뺻닺ꆢ퓋펪쿖뷰쇷쾵쫽캪뢺쟒늻쿔훸;퓚볓죫뺻닺뫍뺻샻죳쪱,EVA튲뢺쿠맘,폫EVA뫍뺻샻죳헽쿠맘,폫릫쮾쫐횵뗄쾵쫽쿔훸킡폚0.헢튻뷡맻뇭쏷,퓚뿘훆쇋EVA뗄쿠맘쾵쫽ퟮ킡ꆢ폫EVA뗄쿠맘쾵쫽ퟮ듳.헢튲뫳,뒫춳믡볆횸뇪늻뷶뛔릫쮾쫐횵뻟폐퓶솿탅쾢뷢퇩횤쇋잰쏦맘폚EVA놾훊짏쫇쪣폠쫕틦횸뇪뗄쫍쓜솦,뛸쟒뿉틔좡듺EVA.튻훖뇤탍뗄뷡싛;3)EVA춬릫쮾쫐횵ꆢ뒫춳믡볆3)쪣폠쫕틦폫릫쮾쫐횵쿔훸뢺쿠맘,떫몬폐횸뇪뫍쪣폠쫕틦뗄쿠맘쾵쫽캪헽,웤훐춬뺻샻죳ꆢ뗄릫쮾쫐횵뗄탅쾢늻죧뒫춳믡볆횸뇪뛠,웤R2쪣폠쫕틦뗄쿠맘쾵쫽듳,폫릫쮾쫐횵ꆢ뺻닺뫍퓋뗄좡횵캪.퓚쪣폠쫕틦횮짏,볓죫EVA펪쿖뷰쇷뗄쿠맘쾵쫽킡,폫릫쮾쫐횵뗄쿠맘쾵쫽뫳,EVA뫍쪣폠쫕틦뗄쾵쫽뚼쿔훸쟒R2뗄좡횵ꋙk=햮컱놾돉놾싊ꇁ(햮컱놾/ퟜ쫐횵)ꇁ(1-쮰싊)+막놾놾돉놾싊ꇁ(막놾놾/ퟜ쫐횵),막놾놾돉놾싊=컞럧쿕쫕틦싊+BETA쾵쫽ꇁ(쫐뎡럧쿕틧볛),SternStewart릫쮾룸돶쇋쾵쫽k뗄뻟쳥맀볆횵.ꋚ캪뷚쪡욪럹,놾컄쎻폐룸돶Hausman볬퇩뗄폐맘쫽뻝,떫뿉쿲ퟷ헟쯷좡.ꋛ놾컄훐뗄쿔훸쮮욽캪5%믲1%.
ꆪ34ꆪ맜ꆡ샭ꆡ뿆ꆡ톧ꆡ톧ꆡ놨ꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡꆡ2004쓪6퓂퓶볓쇋튻놶,헢쮵쏷쿠뛔폚쪣폠쫕틦,EVA뛔릫쳡릩뗄탅쾢늻뷶늻뎬맽뒫춳믡볆횸뇪,랴뛸쫇뒫춳쮾쫐횵뻟폐튻뚨뗄퓶솿탅쾢뷢쫍쓜솦;춬퇹,쿠뛔믡볆횸뇪뿉좡듺EVA.닺짺헢튻쿖쿳,훷튪폐틔쿂죽폚EVA,퓚볓죫쪣폠쫕틦뫳,R2뗄좡횵평랽쏦뗄틲쯘:웤튻,퓚맺쓚횤좯쫐뎡,춶헟춨뎣쫇퓶,뇭쏷퓚EVA횮짏,쪣폠쫕틦뛔쫐횵춬폃뺻닺뗈뒫춳믡볆횸뇪살뛈솿릫쮾뗄벨킧,틲뛸퇹뻟폐퓶솿탅쾢뷢쫍쓜솦.뒫춳믡볆횸뇪쯹몬폐뗄릫쮾쫐뎡볛횵뗄탅쾢ퟮ뛠;ퟛ뫏짏쏦뗄럖컶,뿉틔뗃떽:볙짨1돉솢,볙웤뛾,EVA놻틽죫컒맺뗄쪱볤뫜뛌,듳뛠쫽춶헟뛔짨2뫍볙짨3뚼늻돉솢.벴EVA춬릫쮾쫐횵헽쿠EVA늻쇋뷢,SternStewart맜샭톯훐맺릫쮾2001쓪맘,떫쯹냼몬뗄릫쮾볛횵뗄탅쾢뫜짙;퓚뷢쫍릫쮾퓚닆뺭퓓횾짏닅쫗듎릫늼컒맺짏쫐릫쮾2000쓪뛈뗄뗄쫐뎡볛횵쪱,EVA쳡릩뗄탅쾢늻뎬맽뒫춳믡볆EVA횵;쇭췢퓚볆쯣EVA쪱,춨뎣볙뚨쫐뎡쫇냫잿횸뇪,랴뛸쫇뒫춳믡볆횸뇪뿉좡듺EVA;퓚뷢쫍쪽폐킧뗄\[17\],뛸맺쓚횤좯쫐뎡튲탭횻쓜놻쫓캪쫇죵릫쮾뗄쫐뎡볛횵쪱,EVA뫍쪣폠쫕틦뮥폐퓶솿탅폐킧뗄\[24ꆫ26\].쾢뷢쫍쓜솦.맘폚EVA폫쫐뎡볛횵볤뗄쿠맘탔,Bidd\[17\]le뇭1ꆡEVAꆢNAꆢEꆢCFOꆢRI뫍MV뗄쿠맘쾵쫽죏캪,틔쿂벸룶틲쯘튲믡펰쿬럖컶뗄뷡맻:Table1CoefficientsofEVA,NA,E,CFO,RIwithMV(1)퓚뷸탐쪵횤럖컶쪱,쪹폃뗄쫽뻝살풴폚EVANAECFORIMV틑쪵쿖뗄뺭펪튵벨,쎻폐뾼싇릫쮾캴살뿉쓜뗄뺭펪ힴ뿶.좨틦볛횵뗄움볛쪵볊짏쫇뛔캴살좨틦쿖뷰쇷솿(믲헟쫇막샻ꆢ쇴듦쫕틦믲EVA)뗄헛쿖.튲탭EVA쫇움볛막뚫닆뢻퓶볓뗄튻룶잡떱횸뇪.(2)SternStewart릫쮾퓚볆쯣EVA횸뇪쪱,뛔믡볆탅쾢뷸탐쇋뗷헻,좻뫳룹뻝뗷헻뫳뗄볛횵맀쯣돶뇭2ꆡ만뚨킧펦믘맩쒣탍뗄쾵쫽폫룅싊웤놾뗄믺믡돉놾.헢튻맽돌훐닉폃뗄랽램뿉쓜폫Table2Fixedeffectregressionmodelof쫐뎡움볛튻룶웳튵뗄랽램늻췪좫컇뫏.춬쪱,볆쯣MVonEVA,NA,E,CFO,RIEVA횸뇪뗄볛횵쿠맘탔쯹쪹폃뗄쫽뻝살풴폚SternEVANAECFORIAdj-R2Stewart릫쮾뗄릫뾪쫽뻝뿢,헢킩쫽뻝쎻폐랴펦릫쮾헫뛔웤뿍뮧뗄쳘뗣뛸뷸탐뗄뗷헻.()(3)퓚뾼싇쇋믺믡돉놾뫍뺭맽믡볆뗷헻뫳,EVA()횸뇪훐폐쪱늢늻냼몬뎬돶쫐뎡풤웚뗄볛횵.샽죧,죧()()맻릫쮾뗄놾돉놾벰놾쫽솿뇤뮯뇈뷏뮺싽,믲헟()()헢킩뇤뮯틑뺭퓚벸룶퓂잰믲룼퓧뗄쪱볤놻풤웚,쓇쎴헢훖뇤뮯믡퓧틑춨맽쫐뎡뛸뇭쿖돶살.퓚헢훖쟩()()()뿶쿂,EVA횸뇪뗄폅풽탔뻍컞램쳥쿖돶살.()()(4)SternStewart릫쮾퓚볆쯣EVA맽돌훐뛔()()()믡볆탅쾢뷸탐쇋뗷헻,헢킩뗷헻뿉쓜좥뗴쇋맜샭()헟폃살쿲쫐뎡뒫뗝폐맘웳튵캴살랢햹믺믡뗄탅쾢.틲듋,헢킩뗷헻뿉쓜튻랽쏦쪹EVA뇈웤쯼횸()()ꆡꆡ힢:뇭2훐,떱뷢쫍뇤솿뛠폚튻룶쪱,캪뗷헻뫳뗄R2;럱퓲캪R2.뇪룼뷓뷼웳튵헦헽뒴퓬뗄닆뢻,쇭튻랽쏦튲붵뗍삨뫅쓚뗄쫽뻝쫇쿠펦쾵쫽t춳볆솿뗄룅싊.뫳쏦뇭3훐쫽쇋EVA횸뇪폫막욱쫐뎡뗄쿠맘탔.뻝뗄몬틥폫듋쿠춬.(5)퓚볆쯣EVA쪱,볙뚨쫐뎡쫇냫잿쪽폐킧뗄,떫쫂쪵짏,뿉쓜늢럇죧듋.4ꆡ뷡맻럖컶캪쇋뷸튻늽볬퇩뗚3늿럖쪵횤뷡맻뗄폐킧탔,쿂쏦럖쓪뛈뾼싇릫쮾쫐횵폫EVAꆢ뒫춳믡볆횸뇪뫍쪵횤뷡맻쮵쏷,퓚뷢쫍릫쮾뗄쫐뎡볛횵쪱,EVA쪣폠쫕틦볤뗄맘쾵,뷡맻럖쓪뛈쇐퓚뇭3훐.
뗚3웚ꆡꆡꆡꆡꆡꆡꆡꆡꆡ샮퇇뺲뗈:EVA폫뒫춳믡볆횸뇪뗄뇈뷏ꆪꆪꆪ훐맺횤좯쫐뎡뗄쪵횤럖컶ꆪ35ꆪ뇭3ꆡMV폫EVAꆢNAꆢEꆢCFOꆢRI럖쓪뛈믘맩뗄쾵쫽폫룅싊Table3AnnualizedregressionofMVonEVA,NA,E,CFO,()()()()()()()()()()()()()()쓪()()()()()()()()()()()()()()()()()()()()()()()()()()쓪()()()()()()()()()()()()()()()()()()()()()()()()()()쓪()()()()()()()()()()()()ꆡꆡ듓뇭3훐뿉틔뗃떽폫뇭2쿠춬뗄뷡맻:1)EVAR2뗄좡횵뚼퓚틔짏,폐쿔훸뗄퓶듳.헢뇭쏷퓚뷢폫릫쮾뗄쫐횵헽쿠맘(1999쓪뗄쾵쫽듳폚0떫늻쿔쫍릫쮾뗄쫐뎡볛횵쪱,쿠뛔폚EVA,뒫춳믡볆횸뇪늻훸),떫쯹냼몬뗄릫쮾쫐횵뗄탅쾢뫜짙,3쓪R2뗄욽뷶폐뫜잿뗄퓶솿탅쾢뷢쫍쓜솦,뛸쟒뿉틔좡듺EVA;뻹좡횵뷶캪.떱볓죫뒫춳믡볆횸뇪뫳,EVA뗄2)뒫춳믡볆횸뇪폫릫쮾쫐횵쿔훸헽쿠맘,뛔쾵쫽믲헟쫇듳폚0떫웤춳볆솿늻쿔훸,믲헟캪뢺,쟒릫쮾쫐뎡볛횵폐뫜뫃뗄뷢쫍쓜솦.퓚볓죫EVA
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