国外经济增加值实证研究前沿探析
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外国经济与管理 2012 年 第 34 卷第 02 期, 页码：65 - 72
摘要
参考文献
摘要
经济增加值(economic value added,以下简称EVA)因其强调企业的真实盈利性,自问世以来广受国外学术界和实务界的关注,相关研究成果颇丰。而国内相关研究起步较晚,基本停留在概念解读、计算和价值相关性等方面。有鉴于此,本文从EVA价值相关性、会计调整有效性、应用现状和研究视角拓展四个方面对国外实证文献进行了系统梳理,并对未来研究方向进行了展望,以期为国内深入开展EVA研究提供借鉴。
①Sharma和Kumar(2010)选取的112篇文献主要分为三大类:期刊文章(97篇)、国际会议论文(九篇)以及工作论文和其他(六篇)。详情参见本文参考文献[18]。
[1]Anastassis C and Kyriazis D.The validity of the economic val-ue added approach:An empirical application[J].European Fi-nancial Management,2007,1(13):71-100.
[2]Anderson A M,et al.Economic value added adjustments:Much to do about nothing[R].Paper presented at the Mid-west Finance Association Conference,2004.
[3]Austin L M.Benchmarking to economic value added:The case of airways corporation of New Zealand limited[J].Benchmark-ing:An International Journal,2005,2(12):138-150.
[4]Biddle G C,et al.Does EVA beat earnings?Evidence on asso-ciations with stock returns and firm values[J].Journal of Ac-counting and Economics,1997,24(3):301-336.
[5]Biddle G C,et al.Evidence on EVA[J].Journal of Applied Corporate Finance,1999,12(2):69-79.
[6]Chen S and Dodd J L.Usefulness of operating income,residual income and EVA:A value-relevance perspective[J].Working Paper,Clarion University and Drake University,1998.
[7]Costigan M L and Lovata L.Empirical analysis of adopters of economic value added[J].Management Accounting Research,2002,13(2):215-228.
[8]El Mir A and Seboui S.Corporate governance and earnings management and the relationship between economic value add-ed and created shareholder value[J].Journal of Asset Manage-ment,2006,7(3/4):242-254.
[9]Fountaine D,et al.Using economic value added as a portfolio separation criterion[J].Quarterly Journal of Finance and Ac-counting,2008,2(47):69-81.
[10]Huang Chunghuey and Wang Mao-Chang.The effects of eco-nomic value added and intellectual capital on the market val-ue of firms:An empirical study[J].International Journal of Management,2008,25(4):722-731.
[11]Ismail A.Is EVA associated with stock return than account-ing earnings?The UK evidence[J].International Journal of Managerial Finance,2006,2(4):343-353.
[12]Kim J J,et al.Economic value added(EVA)as a proxy for market value added(MVA)and accounting earnings:Empiri-cal evidence from the business cycle[J].Journal of Account-ing and Finance Research,2004,12(1):40-48.
[13]Malmi T and Ikaheimo S.Value based management prac-tices—Some evidence from the field[J].Management Ac-counting Research,2003,14(3):235-254.
[14]Mclaren J.A strategic perspective on economic value added[J].Management Accounting,1999,77(4):30-32.
[15]Ollor W G and Dagogo D W.The effect of venture capital fi-nancing on the economic value added profile of Nigerian SMEs[J].African Journal of Accounting,Economics,Finance and Banking Research,2009,5(5):37-51.
[16]Prakash A J,et al.Adoption of economic value added and fi-nancial ratios[J].The International Journal of Finance,2003,15(2):2574-2592.
[17]Rajan S R.Turning capital to wealth:A ranking of U.S.utili-ties[J].Public Utilities Fortnightly,1999,137(22):36-46.
[18]Sharma A K and Kumar S.Economic value added(EVA)—Literature review and relevant issues[J].International Jour-nal of Economics and Finance,2010,2(2):200-220.
[19]Taufil H,et al.The influence of traditional accounting and e-conomic value added approaches on stock returns of banks listed on Jakarta Stock Exchange(JSX)[R].Paper Presented at the10th MFA Annual Conference on Strengthening Ma-laysia’s Position as a Vibrant,Innovative and Competitive Fi-nancial Hub,2008.
[20]Tortella B D and Brusco S.The economic value added(EVA?):An analysis of market reaction[J].Advances in Accounting,2003,20:265-290.
[21]Visaltanachoti N.Economic value added(EVA)and sector re-turns[J].Asian Academy of Management Journal of Ac-counting and Finance,2008,4(2):21-41.
[22]Weaver S C.Measuring EVA:A survey of the practices of EVA proponents[J].Journal of Applied Finance,2001,11(1):50-60.
[23]Worthington A and West T.Australian evidence concerning the information content of economic value-added[J].Austral-ian Journal of Management,2004,29(2):201-224.
[1]Anastassis C and Kyriazis D.The validity of the economic val-ue added approach:An empirical application[J].European Fi-nancial Management,2007,1(13):71-100.
[2]Anderson A M,et al.Economic value added adjustments:Much to do about nothing[R].Paper presented at the Mid-west Finance Association Conference,2004.
[3]Austin L M.Benchmarking to economic value added:The case of airways corporation of New Zealand limited[J].Benchmark-ing:An International Journal,2005,2(12):138-150.
[4]Biddle G C,et al.Does EVA beat earnings?Evidence on asso-ciations with stock returns and firm values[J].Journal of Ac-counting and Economics,1997,24(3):301-336.
[5]Biddle G C,et al.Evidence on EVA[J].Journal of Applied Corporate Finance,1999,12(2):69-79.
[6]Chen S and Dodd J L.Usefulness of operating income,residual income and EVA:A value-relevance perspective[J].Working Paper,Clarion University and Drake University,1998.
[7]Costigan M L and Lovata L.Empirical analysis of adopters of economic value added[J].Management Accounting Research,2002,13(2):215-228.
[8]El Mir A and Seboui S.Corporate governance and earnings management and the relationship between economic value add-ed and created shareholder value[J].Journal of Asset Manage-ment,2006,7(3/4):242-254.
[9]Fountaine D,et al.Using economic value added as a portfolio separation criterion[J].Quarterly Journal of Finance and Ac-counting,2008,2(47):69-81.
[10]Huang Chunghuey and Wang Mao-Chang.The effects of eco-nomic value added and intellectual capital on the market val-ue of firms:An empirical study[J].International Journal of Management,2008,25(4):722-731.
[11]Ismail A.Is EVA associated with stock return than account-ing earnings?The UK evidence[J].International Journal of Managerial Finance,2006,2(4):343-353.
[12]Kim J J,et al.Economic value added(EVA)as a proxy for market value added(MVA)and accounting earnings:Empiri-cal evidence from the business cycle[J].Journal of Account-ing and Finance Research,2004,12(1):40-48.
[13]Malmi T and Ikaheimo S.Value based management prac-tices—Some evidence from the field[J].Management Ac-counting Research,2003,14(3):235-254.
[14]Mclaren J.A strategic perspective on economic value added[J].Management Accounting,1999,77(4):30-32.
[15]Ollor W G and Dagogo D W.The effect of venture capital fi-nancing on the economic value added profile of Nigerian SMEs[J].African Journal of Accounting,Economics,Finance and Banking Research,2009,5(5):37-51.
[16]Prakash A J,et al.Adoption of economic value added and fi-nancial ratios[J].The International Journal of Finance,2003,15(2):2574-2592.
[17]Rajan S R.Turning capital to wealth:A ranking of U.S.utili-ties[J].Public Utilities Fortnightly,1999,137(22):36-46.
[18]Sharma A K and Kumar S.Economic value added(EVA)—Literature review and relevant issues[J].International Jour-nal of Economics and Finance,2010,2(2):200-220.
[19]Taufil H,et al.The influence of traditional accounting and e-conomic value added approaches on stock returns of banks listed on Jakarta Stock Exchange(JSX)[R].Paper Presented at the10th MFA Annual Conference on Strengthening Ma-laysia’s Position as a Vibrant,Innovative and Competitive Fi-nancial Hub,2008.
[20]Tortella B D and Brusco S.The economic value added(EVA?):An analysis of market reaction[J].Advances in Accounting,2003,20:265-290.
[21]Visaltanachoti N.Economic value added(EVA)and sector re-turns[J].Asian Academy of Management Journal of Ac-counting and Finance,2008,4(2):21-41.
[22]Weaver S C.Measuring EVA:A survey of the practices of EVA proponents[J].Journal of Applied Finance,2001,11(1):50-60.
[23]Worthington A and West T.Australian evidence concerning the information content of economic value-added[J].Austral-ian Journal of Management,2004,29(2):201-224.
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欧阳春花, 顾颖. 国外经济增加值实证研究前沿探析[J]. 外国经济与管理, 2012, 34(2): 65–72.
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