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題名：經濟附加價值與公司股價之關聯性研究
書刊名：東吳經濟商學學報
作者：張仲岳 引用關係／邱士宗 引用關係
作者(外文)：Chang, Conrad C.／Chiu, Shih-tsung
出版日期：2001
卷期：32
頁次：頁1-26
主題關鍵詞：經濟附加價值；經濟帳面價值；一般公認會計原則；股價；J肑統計檢定；Economic value added；EVA；Economic book value；EBV；GAAP；Security price；J肑 test
原始連結：連回原系統網址new window
相關次數：
  • 被引用次數被引用次數:期刊(1) 博士論文(1) 專書(0) 專書論文(0)
  • 排除自我引用排除自我引用:1
  • 共同引用共同引用:114
  • 點閱點閱:63
由於所謂新經濟 (New Economy) 的興起，許多無法入帳的無形資產 (如研究發展、品牌忠誠度、人力資源、行銷通路等)，其重要性日益增加。但是現行一般公認會計原則基於穩健原則及衡量困難等因素，並未加以忠實表達。此外，傳統財務報表又並未設算資金成本，以表達公司真正獲得之經濟利潤，故Stern and Stewart乃提出「經濟附加價值 (economic value added，EVA)」的概念，來解決現行一般公認會計原則所衍生的問題。 鑑於以往國內相關之會計研究，並未詳加探討企業創造經濟附加價值 (EVA)、及經濟帳面價值 (EBV) 與股價之間的關連性，因此本研究深入探討此一課題。以比較依現行一般公認會計原則與依照EVA的概念所編製之財務資訊，兩種資訊何者與股價之間具有較高攸關性。研究結果雖顯示EVA與EBV雖均與股價具有攸關性，但是JA統計檢定結果卻顯示：對許多橫頁而言，依現行一般公認會計原則所編製之財務資訊，其攸關性反而較EVA的概念所編製之財務資訊為高。
As the "new economy" has been emerging, many unrecorded intangibles (such as R& D, brand loyalty, human resources, and marketing channels) are gaining their importance. Moreover, since current GAAP does not require a firm to impute its cost of capital, the financial statements may not reflect true value that a firm has created. Accordingly, Stern and Stewart proposes the concept of "economic value added, EVA" to resolve those issues of the current GAAP. As the prior accounting research has not investigated the value relevance of economic value added (EVA) and economic book value (EBV) related to security prices, this study intends to compare relative informativeness of value relevance of the current GAAP and the EVA concept. The research results show that EVA and EBA are positively associated with security prices. However, the results of the JA test indicate that, to many industries, the current GAAP still has higher value relevance than the EVA concept.
Other
1.Ramakrishnan, R., and J. Thomas(1991)。Valuation of Permanent, Transitory and Price-irrelevant Components of Reported Earnings。  new window
期刊論文
1.Swaminathan, S.、Weintrop, J.(1991)。The Information Content of Earnings, Revenues, and Expenses。Journal of Accounting Research，29(2)，418-427。  new window
2.Lev, B.、Sougiannis, T.(1996)。The capitalization, and amortization, and value-relevance of R&D。Journal of Accounting and Economics，21(1)，107-138。  new window
3.Lee, Charles M. C.、Myers, James、Swaminathan, Bhaskaran(1999)。What Is the Intrinsic Value of the Dow?。Journal of Finance，54(5)，1693-1741。  new window
4.Dechow, Patricia M.、Hutton, Amy P.、Sloan, Richard G.(1999)。An Empirical Assessment of the Residual Income Valuation Model。Journal of Accounting & Economics，26，1-34。  new window
5.Lipe, R. C.(1986)。The Information Contained in the Components of Earnings。Journal of Accounting Research，24(Supplement)，37-68。  new window
6.Sougiannis, Theodore(1994)。The Accounting Based Valuation of Corporate R&D。The Accounting Review，69(1)，44-68。  new window
7.Hirschey, Mark、Weygandt, Jerry J.(1985)。Amortization policy for advertising and research and development expenditures。Journal of Accounting Research，23(1)，326-335。  new window
8.Francis, Jennifer、Schipper, Katherine(1999)。Have Financial Statements Lost Their Relevance?。Journal of Accounting Research，37(2)，319-352。  new window
9.Wallace, James S.(1997)。Adopting residual income-based compensation plans: Do you get what you pay for?。Journal of Accounting & Economics，24(3)，275-300。  new window
10.Barth, M. E.、Kallapur, S.(1996)。The effects of cross-sectional scale differences on regression results in empirical accounting research。Contemporary Accounting Research，13(2)，527-567。  new window
11.Brown, Stephen、Lo, Kin、Lys, Thomas(1999)。Use of R2 in Accounting Research: Measuring Changes in Value Relevance over the Last Four Decades。Journal of Accounting & Economics，28(2)，83-115。  new window
12.Ball, Ray、Brown, Philip(1968)。An Empirical Evaluation of Accounting Income Numbers。Journal of Accounting Research，6(2)，159-178。  new window
13.金成隆、鄭丁旺(19990700)。持續與非持續盈餘反應係數之研究。會計評論，31，19-42。new window  延伸查詢new window
14.Beaver, William、Lambert, Richard、Morse, Dale(1980)。The information content of security prices。Journal of Accounting and Economics，2(1)，3-28。  new window
15.Ohlson, James A.(1995)。Earnings, Book Values, and Dividends in Equity Valuation。Contemporary Accounting Research，11(2)，661-687。  new window
16.歐進士(19980600)。我國企業研究發展與經營績效關聯之實證研究。中山管理評論，6(2)，357-385。new window  延伸查詢new window
17.White, Halbert L. Jr.(1980)。A Heteroskedasticity-Consistent Covariance Matrix Estimator and a Direct Test for Heteroskedasticity。Econometrica: Journal of the Econometric Society，48(4)，817-838。  new window
18.Hoskin, R. E.、Hughes, J. S.、Ricks, W. E.(1986)。Evidence on the incremental information content of additional firm disclosures made concurrently with earnings。Journal of Accounting Research，24，1-32。  new window
19.Wallace, J.(1998)。EVA financial Systems: Management Perspectives。Advances in Management Accounting，6(1)，1-15。  new window
會議論文
1.張仲岳、梁鈺涓(1999)。所得稅暨退休金會計準則公報攸關性資訊品質之探討157-202。new window  延伸查詢new window
學位論文
1.劉正田(1997)。研究發展支出之效益及其資本化會計資訊對股票評價攸關性之研究(博士論文)。國立政治大學。new window  延伸查詢new window
2.張素鈴(1999)。公司評價新趨勢--EVA(經濟附加價值)在台灣應用的可行性(碩士論文)。國立中央大學。  延伸查詢new window
3.黃正誠(1999)。負盈餘研究--以資訊觀點與衡量觀點分析(碩士論文)。國立臺灣大學。  延伸查詢new window
圖書
1.張仲岳(1997)。證券投資分析--會計資訊之應用。台北：三民書局。  延伸查詢new window
其他
1.王毅偉(1997)。營業而來的運用資金及現金流量增額資訊內涵之研究。  延伸查詢new window
2.李武隆(2000)。績效衡量指標與股票報酬關聯性之研究。  延伸查詢new window
3.張仲岳(1998)。盈餘持續性與股價之關聯性研究。  延伸查詢new window
4.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。  延伸查詢new window
5.黃秀珍(1995)。盈餘組成因素增額資訊內涵之研究。  延伸查詢new window
6.鄭博文(1997)。公司成長機會對會計盈餘與股價報酬率關聯性的影響。  延伸查詢new window
7.Anthony, R.(1973)。Accounting for the Cost of Capital。  new window
8.Anthony. R.(1982)。Equity interest-Its Time Has Come。  new window
9.Anthony, R.(1982)。Recognizing the Cost of Interest on Equity。  new window
10.Ayers. B. C.(1998)。Deferred Tax Accounting Under SFAS No.109: An Empirical Investigation of it’s Incremental Value-Relevance to APB No.11。  new window
11.Diddle. G., R. Bowen, and J. Wallace(1997)。Does EVAR Beat Earnings? Evidence on Associations with Stock Returns and Firm Values。  new window
12.Ely, K. and G. Waymire(1999)。Accounting Standard-Setting Organizations and Earnings Relevance: Longitudinal Evidence From NYSE Common Stocks, 1927-93。  new window
13.Fisher, G. and M. McAleer(1981)。Alternative Procedures and Associated Tests of Significance for Non-Nested Hypotheses。  new window
14.Godfrey, L.(1983)。Testing Non-nested Models After Estimation by Instrumental Variables or Least Squares。  new window
15.Grant, J.(1997)。Foundations of Economic Value Added，Pennsylvania：Frank J. Fabozzi Associates。  new window
16.O’Byrne, S.(1996)。EVAR and Market Value。  new window
17.Ohlson, J. and H. Penman(1992)。Disaggregated Accounting Data as Explanatory Variables for Returns。  new window
18.Solomons, D.(1965)。Division Performance: Measurement and Control，New York：Financial Executives Research Foundation。  new window
19.Stem Stewart(1994)。EVA Roundtable。  new window
20.Stewart III, G.(1991)。The Quest for Value，New York。  new window
21.Stewart III, G.(1994)。EVA: Facts or Fantasy?。  new window
 
 
 
 
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