The study of the differences between EVA and MVA

• Main Authors: SU, CHIH-TSUNG, 蘇志宗
• Other Authors: GONG, SHANG-CHI
• Format: Others
• Language: zh-TW
• Published: 2007
• Online Access: http://ndltd.ncl.edu.tw/handle/99380731138456864278

碩士 === 輔仁大學 === 金融研究所 === 95 === This research is based on the corporations in Taiwan, United States and China.I try to find out if country , industry and the corporation differences are the reasons caused the variance between EVA and MVA. Can EVA and MVA be used as an indicator in different level of development economies? First of all, the average of the three countries' EVA are negative. Especially the 41 corporations in China have the highest negative figures. There are 36 of them in Taiwan and 23 in the United States. This represents most corporations have lower ROIC than WACC. In this globalized environment, corporations will not make excess return easily. Secondly, by using the analysis of regession model, corporations in these three countries have calculated EVA and MVA in the standardised model and the non-standardized model which both have reach conspicuous level. This shows that not only United States, corporations in Taiwan and China are all apply to the indicator. Finally, the evidence shows that in the standardized model, using the country variance will lead to the best result. On the other hand, in the non-standardized model, using the industry variance will lead to the best result.