ความสัมพันธ์ระหว่างมูลค่าเพิ่มทางเศรษฐศาสตร์ (EVA) กับ อัตราผลตอบแทนของหุ้นสามัญในดัชนี SET100 / รวิพรรณ คุณวรเวทย์=The relationship between economic value added and the return of Common Stock in SET100 Index
This Independent Study is conducted to study and analyze the relations between the stock return of SET100 and six independent variables – which are Economic Value Added per Equity (EVA/Equity), Earnings before Interest, Taxes, Depreciation and Amortization per Equity (EBITDA/Equity), Return on Asset (ROA), Return on Equity (ROE), Price-Book Value (P/BV), and Price-Earning Ratio (P/E) – by utilizing annual data from 2008 to 2010. The results from this study indicate that EVA/Equity, EBITDA/Equity, ROE, ROA, P/BV, and P/E are directly proportional to the return of common stock. However, only four of them – EVA/Equity, ROE, ROA, and P/BV – show the statistical significance. As the relation between the stock return and all mentioned variables is considered thoroughly in one equation, it can be found that only ROE and P/BV can provide an insight into the return of common stock. Although EVA represents real profits of business better than accounting profits do, EVA/Equity cannot provide the good understanding of the stock return. Therefore, it can be inferred from the study that the ability of EVA/Equity in explaining the stock return is a subset of the ability of ROE or P/BV and that ROE or P/BV s a better tool used to determine the return of common stock. In general, most of the investors peruse only companies’ accounting profits and financial ratio exposed to public without considering EVA, which is difficult for them to determine. This is the reason why most of them do not employ EVA as the analyzing tool for making investment decisions.
