網路設備業經濟附加價值之研究-以個案A及D公司為例

Abstract

近幾年來，EVA指標已逐漸受到重視，如AT&T、Coca-Cola、Quaker Oats、Briggs & Stratton、CSX…等著名大公司，均已採用EVA作為投資決策及營運策略的評估指標，同時也有愈來愈多的投資者利用EVA作為評估股票未來績效的有效指標。 本研究以網路設備業二家上市公司為個案，探討自民國86年至90年間，個案公司企業價值的變動情形以評估其經營績效，另分別針對市值、投入資本及財務報表的不同，探討經濟附加價值與傳統績效指標評估個案公司之結果。實證結果如下：以公開之財務報表為基礎，依據Stern & Stewart考量之調整約當權益項目，選擇所能取得之調整項目，計算個案公司之經濟附加價值（EVA, Economic Value Added）。 根據EVA之公式，試算其企業價值，並對其中的差異加以分析EVA的動因，及個案公司之轉投資損益對EVA之影響；另發掘提昇EVA之因子，並藉此提出營運改善建議，及EVA導入公司管理系統之建議做法，以提昇公司競爭優勢，作為公司管理者制定營運、投資相關決策之依據，以及投資大眾評估企業之參考。 因此以「價值」為管理基礎的公司，應該以EVA取代現行會計上常使用的績效評估方法，並以之作為公司未來策略規劃、資源分配、目標設定、績效衡量與賞罰之一個合理及公平的基礎，來幫助公司成長，創造更多的股東財富。

For the past few years, EVA（Economic Value Added）has been recognized as an ideal tool for value-based management . Multinational companies, such as AT&T, Coca-Cola, Quaker Oats, Briggs & Stratton and CSX,… etc, have successfully adopted EVA for performance evaluation in the decision making of investment. For case study, two companies of Internet equipment manufacturers in Taiwan were selected. The purpose of this study was to apply Economic Value Added (EVA) to evaluate the companys’ performance from 1997 to 2001. Besides, based on the market value, invested capital and financial report of these two companies, the evaluation results between EVA and tradition evaluation item were compared. According to the public financial audit report and equity equivalent adjustments proposed by Stern & Stewart，this study selected the adjustment items to calculate the EVA amount of each case company. The influence factors of the EVA between these two companies and the influence of investment income or loss to EVA were analyzed. Some useful suggestions were proposed as per the results of this study, such as how to improve EVA of the company, how to design the EVA evaluation structure, and how to adopt EVA for department performance evaluation, strategy decision-making of business & investment, and even helping the investors to evaluate the company’s value. Seeing the benefits of EVA it is recommended that in replace of the traditional performance evaluation item the company with value-based management system should set up EVA infrastructure for the future strategy plan, the resource distribution, target making, and performance evaluation. EVA surely will help company growing and make more wealth for stockholders.