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Autor
Cwynar Andrzej (Wyższa Szkoła Informatyki i Zarządzania w Rzeszowie)
Tytuł
Trzy wersje EVA®: zgodność z ostatecznym celem działania przedsiębiorstwa, kontrolowalność i prostota
Three Versions of EVA®: the Compability with the Final Aim of the Enterprise's Actions and Control and Simplicity
Źródło
Ekonomia / Uniwersytet Warszawski, 2009, nr 23, s. 35-51, rys., tab., bibliogr. s. 50
Słowa kluczowe
Ekonomiczna wartość dodana, Cele przedsiębiorstwa, Projekty inwestycyjne
Economic Value Added (EVA), Corporate objectives, Investment project
Uwagi
summ.
Abstrakt
Periodic performance measure should be goal-congruent: it ought to motivate managers to achieve firm's goals, including its ultimate goal, i.e. NPV maximization (owners' wealth maximization). It should also be controllable and simple. There is a measure especially promising in the field of congruity-residual income and its most popular variant, economic value added (EVA). One can distinguish three versions of EVA using three different methods of depreciation: EVA based on book depreciation (EVABV), EVA based on annuity depreciation (EVAANN) and EVA based on economic (present value) depreciation (EVAPVD). First version-EVABV-offers so called weak goal-congruence, second one-semi-strong goal-congruence and finally there is strong goal-congruence in the case of EVAPVD (with IRR as discount rate). In practice the difference in the level of congruence between EVABV and EVAANN is relatively small. They are also equally controllable because they do not include expectations concerning future performance. EVAPVD is much less controllable because of its dependency on expectations via economic (market) values. From the point of view of simplicity, EVABV is the most preferable version. EVAANN and EVAPVD are much less practical. Ultimately, it seems that EVABV can offer the most beneficial proportions of congruity, controllability and simplicity, especially if one take into account the fact that stronger congruity can be achieved by imposing a special mechanism, e.g. bonus bank. (original abstract)
Dostępne w
Biblioteka Główna Uniwersytetu Ekonomicznego w Krakowie
Biblioteka Szkoły Głównej Handlowej
Biblioteka Główna Uniwersytetu Ekonomicznego w Poznaniu
Biblioteka Główna Uniwersytetu Ekonomicznego we Wrocławiu
Pełny tekst
Pokaż
Bibliografia
Pokaż
  1. Arnold M.C., Gillenkirch R.M., Welker S.A., 2006, Do You Get What You Pay For? An Experimental Analysis of Managers' Decisions and Owners' Expectations, www.ssrn.com.
  2. Bacidore J.M., Boquist J.A., Milbourn T.T., Thakor A.V., 1997, The Search for the Best Financial Performance Measure, "Financial Analysts Journal" vol. 53, nr 3.
  3. Balachandran S.V., 2006, How Does Residual Income Affect Investment? The Role of Prior Performance Measures, "Management Science" vol. 52, nr 3.
  4. Baldenius T., Fuhrmann G., Reichelstein S., 1999, Zuruck zu EVA, w: Betriebswirtschaftliche Forschung und Praxis, Jg. 51
  5. Bausch A., Weissenberger B.E., Blome M., 2003, Is Market Value-Based Residual Income a Superior Performance Measure Compared to Book Value-Based Residual Income? , www.wiwi.uni-giessen.de/dl/showfile/Entrepreneurship/4162.
  6. Butterworth J.E., 1982, dyskusja w: Sterling R.R., Lemke K.W., Maintenance of Capital Intact: Financial versus Physical, Scholars Book Co.
  7. Drukarczyk J., Schueler A., 2000, Approaches to Value-based Performance Measurement, w: Arnold G., Davies M. (red.), Value-based Management: Context and Application, John Wiley & Sons, Baffins Lane.
  8. Emmanuel C.R., Otley D.T., 1976, The Usefulness of Residual Income, "Journal of Business Finance & Accounting" vol. 3, nr 4.
  9. Felker K., 2003, Zarządzanie wartością firmy (VBM). Wyniki badania ankietowego, Cap Gemini Ernst & Young - Instytut Zarządzania, Warszawa, październik.
  10. Mohnen A.,2003, Managerial Performance Evaluation with Residual Income - Limited Investment Budget and NPV-Maximization, www.ssrn.com.
  11. Mohnen A., Bareket M., 2007, Performance Measurement for Investment Decisions Under Capital Constraints, "Review of Accounting Studies" vol. 12, nr 1.
  12. O'Byrne S.F., 2000, Does Value-Based Management Discourage Investment in Intangibles?, w: Fabozzi F.J., Grant J.L. (red.),
  13. Value-Based Metrics: Foundations and Practice, Frank J. Fabozzi Associates, New Hope.
  14. Owen G., 2000, VBM: A New Insight into the Goodwill Dilemma?, w: Arnold G., Davies M. (red.), Value-based Management: Context and Application, John Wiley & Sons, Baffins Lane.
  15. Scapens R.W., Sale J.T., 1981, Performance Measurement and Formal Capital Expenditure Controls in Divisionalised Companies, "Journal of Business Finance & Accounting" vol. 8, nr 3.
  16. Solomons D., 1965, Divisional Performance: Measurement and Control, Richard D. Irwin, Homewood IL.
  17. Stern E., Solomou P., Boudergue C., 2003, How Companies Worldwide Pay Their Executives, www.sternstewart.com.
  18. Stewart G.B. III, 2002, Accounting is Broken. Here's How to Fix It. A Radical Manifesto, "EVAluation" vol. 5, nr 1.
  19. Young S.D., O'Byrne S.F., 2001, EVA and Value-Based Management. A Practical Guide to Implementation, McGraw-Hill, Nowy Jork.
Cytowane przez
Pokaż
ISSN
0137-3056
Język
pol
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