مباني علمي و روش هاي نوين محاسبه ارزش افزوده اقتصادي (EVA) و كاربرد آن براي ارزيابي عملكرد مالي و مديريت سرمايه در بورس اوراق بهادار تهران

Scientific principals and new methods in measuring EVA and its application in capital management in Tehran Stock Exchang (TSE)

Value creation is a new business approach in competitive environment. The fixed vision of profit maximization, becoming to adopt the administration based on value creation. References of the profit maximization structure, the traditional accounting index, as profit per share (LPA), return on investment (ROI), return on equity (ROE) etc, for being incompatible with the company value maximization focus, even that evaluate the company considering just the profitability of third party, were banished. Face, to the necessity of having an index alined to the maximum purpose of creating value, Economic Value Added (EVA) was developed. EVA is considered as the most complete measure, because it considers every costs involved in a business, including the opportunity cost. Although, in spite of its theoretical simplicity to calculate, its measurement shows bias due to the difficulties and imperfections of calculating the company capital cost. In this study we compare the different approaches to calculating capital cost including Capital Asset Pricing Model (CAPM), Downside Capital Asset Pricing Model (D-CAPM) and Q-Tobin model. Analysis of data do not support idea that D-CAPM is the best approach.