摘要
This paper introduces a new approach for measuring shareholder value creation （called adjusted economic profit （EP）） which combines the advantages of both EP and APV （adjusted present value） methods. In particular, the shareholder value creation over a period is derived as the sum of two components： the EP relating purely to the operations of the company and the EP generated each period due to the tax benefit that arises from debt financing. We consider our results to be important for analysts and decision makers involved in appraising business performance or making investment decisions and HR professionals as well.
