经济利润、市场竞争与企业价值

Economic Profit,Market Competition and Enterprise Value

从经济利润的涵义入手,从市场竞争的角度阐述了经济利润在企业经营过程中的变化趋势。由于市场竞争最终会趋于一个相对稳定的状态,即均衡竞争,因此,企业的投资资本回报率在充分竞争下会等于资本成本,经济利润最终将趋于零。经济利润与经济利润趋于零的思想对传统的估值理念与估值方法提出了新的挑战,为此,在经济增加值(EVA)和剩余收益(RI)估值模型原有的理论基础上,探讨了如何将新的估值理念运用到这两种估值模型中。

Beginning with the meaning of economic profit, the trajectory of profit in the busi- ness process is expatiated from the perspective of market competition. As the market competition will eventually become a relatively stable state, that is, a balanced competition, corporate returns on invested capital will be equal to the cost of capital in the full competition, and economic profits ultimately will tend to zero. The thought of economic profits and economic profits trending to ze- ro have put new challenges on the traditional methods of valuation. Thus, based on Economic Value Added （EVA） and Residual Income （RI） valuation model, how to apply the new concept to the two model has been discussed in the paper.