在项目评估中应用经济增加值指标

Application of economic value added in project evaluation

为了研究经济增加值指标在企业投资项目评估中的适用性,通过运用相关财务学知识进行的一系列理论推导,证明了在折现率相同的情况下,市场增加值(MVA)与净现值(NPV)分析用于独立项目评估的经济等价性,进而得出了经济增加值(EVA)与净年值(NAV)指标具有经济等价性的推论.在此基础上提出了基于年当量经济增加值(EVA)的项目评估决策准则:若项目的年当量EVA值为正,则接受该项目;若项目的年当量EVA值为负,则放弃该项目.以实际案例验证了该准则的适用性,指出了经济增加值(EVA)指标用于项目评估具有明确考虑资本成本与税收效应的优点.

In order to study the applicability of economic value added to project evaluation, oretical knowledge is used in the paper. It is proved that market value added (MVA) and net present value (NPV) is equivalent rules for project evaluation on the condition of using the same discount rates. Therefore, annual equivalent economic value added (EVA) and net annual value (NAV) are identical measures for project evaluation. The rule based on annual equivalent economic value added (EVA) for project evaluation is proposed. i.e., if annual equivalent EVA is positive, the project is accepted; if annual equivalent EVA is negative, the project is rejected. The feasibility of the rule is confirmed by applying it to an investment project. The benefits of EVA analysis including considering capital cost and tax effect in project evaluation are given.