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| dc.description.abstract | Economic Value Added (EVA) is a new approaches to asses the
performance of relatively new companies by focusing objectively on the
shareholder’s expectation. The implementation of the EVA concept in
companies would assist them in evaluating their performance of whether the
capital obtained from payables or stocks has their added value or not. A
return of new investment can be said well only if the gain is bigger than its
capital. EVA has its superiority in appraising a firm performance in an
added value by taking account of its capital. A study result shows that a
change of loan proportion has nothing to do with a change of EVA appraisal
and neither does a change of asset. It means that a loan proportion will not
decrease the value of EVA bank’s, because EVA bank’s depends on a capital
source, cost, income just before interest and taxes, as well as other factors.
And also, there isn’t any influence between a change of share proportion and
a change of EVA value. It would be much better if a decision making consider
EVA value while allocating an asset or capital. EVA explicitly takes account
of capital cost over a share and admits that the risk of capital cost over a
share is bigger than over a loan. Management must be careful to prevent a
capital addition from decreasing EVA value. Management must take the
structure of capital, working average cost of capital, and source of capital in
appraising EVA value. | en_US |
