運用經濟附加價值評估企業財務績效－以A科技公司為例

Evaluating Corporate Financial Performance through Economic Value Added: A Case Study of A Technology Company

10.29916/JMPP.201709_11(3).0002

吳森琪(Sen-Chi Wu)；陳碧秀(Pih-Shuw Chen)；謝美惠(Mei-Hui Hsieh)

經濟附加價值 ； 經營績效 ； 財務績效指標 ； 財務資訊 ； economic value added (EVA) ； managerial performance ； financial performance indicators ； financial information

管理實務與理論研究

11卷3期（2017 / 09 / 01）

22 - 45

繁體中文

企業面對管理或行銷決策風險，通常為衡量其有形的經營績效，而採用可量化數據。企業最常用的衡量績效標準是傳統財務績效指標，然傳統財務績效指標之數據，僅反映事後的經營結果，並未考慮權益投資人的資金成本；且因受到財務會計規範的影響，無法正確評估企業實質的經營情況，造成使用者的誤解。茲為克服是項缺點，經濟附加價值之觀念於焉誕生，可有效協助利害關係人明確瞭解公司實際經營績效。本研究旨在探討IC 設計公司之財務績效，以美國公開上市之IC 設計業A 科技公司為個案實證研究對象，擷取2009 至2012 年之財務資料，計算該公司之經濟附加價值。研究結果顯示：A 科技公司2009 與2012 年之稅後淨利及經濟附加價值為負數，且經濟附加價值負數較大，表示企業經濟實質上損失偏高。而2011 年稅後淨利為正數，經濟附加價值卻為負數，此現象提醒經理人、投資人及利害關係人，務須審視實質上的經濟損失，切勿接受非稅後淨利的假象。另2010 年稅後淨利及經濟附加價值皆呈現正值，顯示該公司本年度確實為股東創造利潤。希冀本研究運用經濟附加價值評估A 科技公司財務績效之實證研究，有助於財務資訊的充分揭露，裨益企業利害關係人從事投資決策時參考。

For the purpose of estimating and understanding the risks enterprises face in making their marketing and management decisions, quantifiable data are often the enterprises took to measure managerial performance. One of the most used categories of performance standards for businesses is the traditional financial performance indicators. However, traditional financial performance indicators reflect merely the managerial performance in the past. It did not take into account the equity holders’ capital cost., and its outcomes are easily biased by the financial accounting rules and standards. As a result, using solely the traditional financial indicators can be misleading. To prevent these possible flaws of traditional financial indicators, the concept of economic value added (EVA) has been created and considered. The application of EVA allows the stakeholders of an enterprise to clearly recognize, understand, and evaluate the performance of the enterprise. The purpose of this research is to examining the financial performance of an integrated-circuit (IC) design company, using ＂A Technology＂, a publicly traded company in the US, as case of study, to calculate the EVA of ＂A Technology＂ based on its financial data of 2009 through 2012. The result shows that the net profit after tax and EVA of 2009 and 2012 were both negative and the magnitude of negative EVA is larger than its net profit, indicating that the real loss of the company was even bigger. In 2011, although net profit was positive, EVA was negative. The contrast of net profit and EVA can reveal the real state of the company to the managers, investors and other stakeholders. The data shows that in 2010 both net profit after tax and EVA were positive, indicating that the company was creating values for its shareholders in that year. This case study is an empirical study of ＂A Technology＂ aiming to provide useful alternatives of analyzing financial information for stakeholders of companies.

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