EVA와 회계제표의 주가변동 설명력에 관한 실증 분석

Ab Empirical Anlysis of EVA and EPS as Proxies for stock Prices

The Economic Value Added(EVA) and typical accounting measures(earnings per share and operating cashflows) are compared in terms of their ability to explain stock price changes. The sample includes all companies listed in the Korea Stock Exchange except those in finance industry. The results indicate that EVA is no better measure than EPS. Contrary to previous findings, only 1.6% of price changes are explained by EVA and EPS respectively. However, it is noteworthy that EPS has higher correlations than EVA for the earlier periods(from 1992 to 1996), whereas the reverse is true for the later period(from 1997 to 1998). This indicates that EVA gains its popularity among Korean investors as a new metric for a firm value.