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EVAの会計学的考察


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Title: EVAの会計学的考察
Other Titles: A Study of the EVA from Accounting Point of View
Authors: 上野, 清貴
Authors (alternative): Ueno, Kiyotaka
Issue Date: 25-Jun-2003
Citation: 經營と經濟. vol.83(1), p.57-87; 2003
Abstract: EVA (economic value added) is a residual income measure that subtracts the capital charge from the net operating profit after tax (NOPAT). The most important advantage of EVA is that it is the only performance measure to tie directly to the intrinsic market value of a company. EVA is the one measure that properly accounts for all the complex trade-offs involved in creating value. The characteristics of EVA accounting are that it is a historical cost accounting with earning power, its income concept is a realized income with earning power but a future oriented income, and it belongs to the enterprise theory in the entity theory. The problems of EVA accounting are that the traditional depreciation method may be used and it has a short-term characteristic. The solution of the problems are that we should use the sinking fund method and use a change or improvement of EVA as the performance valuation indicator.
Keywords: EVA / ROIC / NOPAT / WACC / capital charge
URI: http://hdl.handle.net/10069/6828
ISSN: 02869101
Type: Departmental Bulletin Paper
Appears in Collections:Volume 83, No. 1

Citable URI : http://hdl.handle.net/10069/6828

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