http://chineseinput.net/에서 pinyin(병음)방식으로 중국어를 변환할 수 있습니다.
변환된 중국어를 복사하여 사용하시면 됩니다.
호텔기업의 경제적 부가가치 ( EVA ) 변동에 관한 연구
서창석(Chang Seok Suh),박창대(Chang Dea Park) 한국호텔외식관광경영학회 2002 호텔경영학연구 Vol.11 No.1
Economic Value Added (EVA) is a new measure of management analysis of company, different from ROI or ROE, EPS as a exiting index of management analysis on change of external environment and is utilized in analyzing company. As a yardstick for company or unit performance, EVA may become more widely accepted accounting tools for assessing the financial performance of organizations. Unlike traditional profitability measures, EVA measure takes into account the cost of equity capital. A company creates value only if the return on its capital is greater than the opportunity cost of it, or the rate that investors could earn by investing in other securities with the same risk. EVA draws from after-tax profit less total capital expenses and is utilized in evaluating value of company in terms of wealth of shareholders. This means profit after expenses of borrowed capital minus expenses of own capital. Each capital is provided for operation for certain period of time. And EVA is a technique for determining whether the company is creating economic value over and above the cost of capital for assets employed. EVA deduct from a company`s net operating profit a charge for the amount of capital it employes. If the result is positive, then the company created value over the period. EVA depends on both operating efficiency and prudent balance sheet management; without efficiency, operating profits will be low, and without careful balance sheet management, which results in higher than necessary capital costs. EVA of the deluxe hotels in Seoul were measured and analyzed. The statistical sample is the EVA of 6 hotels in Seoul from 1995 to 1997. In the analysis I found the EVAs of smaples are negative but negative EVAs are gradually increasing from year to year. In conclusion, EVA is now convinced that focusing on shareholder value is the best way to ensure its long term prosperity. Firms that have taken the plunge by tying executives` share options and/or bonuses to improvements in EVA claim that such 0value-based management strategies have had a big impact.