-

Economic Value Management-A Case

Study of Performance Measurement and
Compensation System

e-Thesys(94 )

(EP)

(
)

EVA2001-2004
WACCCY
EVAEVA
EVA

EVAEVMEP

ii

e-Thesys(94 )

.. i

. ii

.. 1

1.1

1.2

. 1

. 3

2.1

2.2

2.3

.. 4

. 4
. 7

.....

10

2.3.1

..

10

2.3.2

13

2.4

... 22
25

3.1

... 25

3.2

... 26

3.2.1

....

3.2.2

Harsco

3.2.3

31

4.1

26

. 28

32

...

32

4.1.1

33

4.1.2

39

4.1.3

47

4.2

...

60

4.2.1

60

4.2.2

64

4.3

iii

...

66

e-Thesys(94 )

4.3.1

....

66

4.3.2

....

67

4.3.3

....

69

4.4

EVA

. 70

4.4.1

EVA ..... 72

4.4.2

........

73

4.4.3

EVA BSC .....

74

4.4.4

CH

......

79

4.4.5

CH

......

81

4.5

EVA

. 85

4.5.1

EVA .......

85

4.5.2

........

89

4.6

EVA

90

92

5.1

...

92

5.2

...

95

5.3

...

96

.... 97

iv

e-Thesys(94 )

2-1

.... 14

2-2

SMART .....

2-3

2-4

2-5

EFQM ....... 19

2-6

.... 20

2-8

3-1

4-1

CH

4-2

CH

4-3

EVA .. 70

15

.... 16
.... 17

... 23

....

25

40

.. 60

e-Thesys(94 )

2-1 7
3-1 .. 27
4-1
CH 2001~2004
4-2
CH 2001~2004

.. 33

.. 37

4-3 .. 39
4-4 .. 41
4-5
CH 2001~2004 KS . 42
4-6
CH 2001~2004

. 43

4-7
CH
2001~2004 .. 44
4-8
CH 2001~2004

. 45

4-9
CH
2001~2004 .. 46
4-10
CH 2001~2004

.. 46

4-11CY 2001~2004 .... 47

4-12
CY 2001~2004 .... 51
4-13
CY 2001~2004 KS . 53
4-14
CY 2001~2004 .... 54
4-15
CY 2001~2004

.. 55

4-16
CY 2001~2004

.. 56

4-17
CY 2001~2004

.. 57

4-18
CY 2001~2004 . 58
4-19
CH
CY EVA

... 58

4-20
CH . 61
4-21
CH . 63
4-22
CH . 66
4-23
CH . 75
4-24
CH . 76
4-25
CH . 77
ii

e-Thesys(94 )

4-26
CH . 78
4-27
CH . 81
4-28
CH

.. 82

4-29
CH . 83
4-30
CH EVA

. 86

4-31
CH EVA
5-1
CH
CY EVA

. 88

. 93

iii

e-Thesys(94 )

1.1

economic profitEP

backward looking
forward looking

Activity Based CostingABCTotal Production

ManagementTPMTotal Quality ManagementTQM
Reengineering

Human Resource Leadership ProgramsHRLP

Balanced ScorecardBSC

e-Thesys(94 )

Economic Value ManagementEVM

EVM

EVMeconomic profitEP
EP

1990

e-Thesys(94 )

1.2

CHCH

80%

EVM EVM

EVM
CH

e-Thesys(94 )

2.1

2
3
weighted average cost of capitalWACC

2003

marginal cost of
capitalMCC

Sharp 1964
CAPMCapital Asset Pricing Model

CAPM
Ross1976 APT
Arbitrage Pricing Theory
CAPM CAPM
APT CAPM

e-Thesys(94 )

CAPM CAPM
CAPM
CAPM APT
unconditional
Black, Jensen and Scholes1972

Fama and MacBath1973

Non-stationary Fama1976
Condition on
Roll1977 CAPM

market Portfolio Gibbons1982 CAPM

CAPM

Hansen and Hodrick1983Latent Variable Model

Gibbons and Ferson 1985

Hansen and Hodrick1983

CAPM 1
23

Campbell and Hamao1992integration

,2003

e-Thesys(94 )

,2003

weighted average
cost of capitalWACC Sharp 1964 CAPMCapital Asset Pricing
Model EVA
2000 1990 EVA

Young and OByrne 2001ROIC

1998
Weighted
Average Cost of Capital ; WACC

e-Thesys(94 )

2.2

,2003

Stern1993
Stern Stewart & Co

1.
2.

Biddle(1999)Stern Stewart & Co.

2.4.1
2-1

()

LIFO LIFO
FIFO

Stern Stewart & Co EVA

Stern Stewart & Co
EVA; economic value addedEVA
2004
EVA
EVA =ROICWACC
=ROIC WACC
= NOPATWACC

e-Thesys(94 )

ROIC Return on Invested Capital NOPAT/

NOPAT Net Operating Profits After Taxes
WACC Weighted Average Cost of Capital

NOPAT ROIC NOPAT/

ROICEVA

Hamilton1777
Residual
Income
Stern Stewart EVA 1994 Roundtable General Motors 1920s
General Electric1950s

(EVA)
(Chamberlain and
Campbell, 1995)EVA EVA
(the Total Cost of the Operations Capital)(Tully, 1999)

(Mayfeld, 1997)
OByren1996Market Value = a * Capital + b * (EVA/c) c
EVA

Capital Multiples

1997Economic Value

EVA

e-Thesys(94 )

(2000)

EVA

(2000)
EVA
EPS, Earnings Per Share

EVA

EVA
(2000)
EVAEVA

EVA
ROIC WACC
EVA

EVA
(2001)
EVA
EVA

EVA
EVA (2001)
2001EVAnet operating income after taxes
cost of capital of both equity and debt
EVA=
Biddle(1999)Stern Stewart & Co.
EVA
EVA =ROICWACC
=ROIC WACC
= NOPATWACC

e-Thesys(94 )

2.3

2.3.1

PerformanceEfficiencyEffectiveness

hierarchical
structure

performance

,1979

1986
Walker and Ruekert1987effectiveness
efficiency
adaptability
Kaufman1988
Bolobna
1988quantitativequalitative

Robbins1990approach1
goal-attainment
2input/output
3strategic constituency
4competing-value1994Robbins
business-opportunityqualitative
R&D

10

e-Thesys(94 )

R&D
1

3
4
5
6
7

Norton Nolan & Co.1991

Balanced ScorecardKaplan & Norton1992

1financial perspective
2internal business
process perspective3customer satisfaction perspective4
innovation and learning perspectiveKaplan & Norton1996

(Performance Management)

Hartel1994
2002

1995

goal congruence
2002

performance measurement criteriaincentives

11

e-Thesys(94 )

You get what you measure

2002

EVA
EVM
1.
2.
3.
4.
5.
6.
7.
8.

12

e-Thesys(94 )

2.3.2

1Supportive Performance Measurement Matrix

2SMART SMART Pyramid

3Results Determinants Matrix

4Balanced Scorecard

5Business Excellence Model

6Performance PrismA recent multi-stakeholder framework

13

e-Thesys(94 )

1Keegan1989
Non-Cost 3-2-2

Distribution Cost

2-1 Keegan et al, 1989

14

e-Thesys(94 )

2SMART
Corporate
Business Units
Market
FinancialBusiness Operating Unit
Customer SatisfactionFlexibilityProductivity
Departments and Work Center
Quality

Delivery
Process TimeCost

2-2 SMART McNair et al, 1990

shop
floor

15

e-Thesys(94 )

3Lin Fitzgerald Warwick

financial performance and competitiveness

service qualityflexibilityresource utilization and innovation

12
34
5
6

Dimensions
Types of measure
Competitiveness
Sales growth

R
Measures of the customer base
E
S Financial Performance
Profitability, liquidity
U
Capital Structure
L
Market ratios
T
S
Reliability

Responsiveness
Quality of Service
Aesthetics/appearance
Cleanliness/tidiness
Comfort
Friendliness

Communication
Courtesy
D
Competence
E
T
Access
Availability
E
Security
R
M
Volume flexibility
I Flexibility
Delivery flexibility
N
A
Specification flexibility
N
T Resource Utilization
Productivity
S
Efficiency
Innovation
Performance: innovation
process
Performance: specific
innovations
2-3 (Fitzgerald et al, 1991 )

16

e-Thesys(94 )

4KaplanNorton 1992
Harvard Business Review 1980 Analogy
Devises (Schneiderman, 1999)

1Financial Perspective2
Customer Perspective
3Business Process
Perspective
3Innovation
and Learning Perspective

2-4 Kaplan and Norton,1992

17

e-Thesys(94 )

Look Forward

operational managers
cross-functional

society
regulators

18

e-Thesys(94 )

5EFQMEuropean Foundation for Quality Management

self-assessment
EFQM activities
enablers of performance
results

Enablers
hard issuessofter issues
results

&

&

2-5 EFQM EFQM 2000

19

e-Thesys(94 )

6needsrequirements

strategy

processescapabilities
dimensions
requirements

multi-stakeholdermulti-level approach

2-6

20

e-Thesys(94 )

CH

Stern Stewart Harsco

EVA
EVA
EVA

EVA 1995
1995 1997 324% 500
110%Stern Stewart www.sternstewart.com

21

e-Thesys(94 )

2.4

(1998)

1999
1.2.3.
4.5.6.1999

1998

Schuler1998
Vroom1964

x =
Valence
Expectancy

Kanter(1987)
Kanter 90%
Kanter
(1999)

Milkovich & Boudreau1991

Internal EquityExternal Equity

1995

Lawler 49

22

e-Thesys(94 )

27%
Quimn,R,P 33
Allace Fay(1988)
(Process Equity)1.
2.3.
4.
(2001564-565)(2-8 )

2-8
(2001)Susan EJackson & Randall SSchuler
564

1994

23

e-Thesys(94 )

1995

1998

1996

EVA

1.
2.
3.
4.

24

e-Thesys(94 )

3.1
EVA

CH

3-1

25

e-Thesys(94 )

3.2

3.2.1
2000
Exploratory ResearchDescriptive Research
Casual Research
1989Case Study

2001
1994
exploratorydescriptive
explanatorywhat
whowhere
howwhy1998

Eisenhardt(1989)

Leonard-Barton (1990)

Yin1994
()
()

()
()
()

26

e-Thesys(94 )

Yin1994
3-2-1
3-1

Yin, R. K.1994, Case Study ResearchDesign and Methods, Sage Publication,

2nd ed, p. 6.
3-2-1 Yin1994
1

2
3
Yin1994CH

1
2
3CH

27

e-Thesys(94 )

3.2.2 Harsco

Harsco Stern Stewart

www.sternstewart.com
Harsco 40400
Camp Hill, PAMill ServiceAccess
ServiceGas and Fluid Control Harsco
202001HarscoStern Stewart
HarscoEVAHarsco
HarscoEVA

HarscoEVAStern Stewart M
1. measurementeconomic
reality
2. management

3. motivation

4. mindsetbusiness literacy
HarscoEVAcapital allocation process
Harsco
value-based management
EVAHarsco22.7%
500 35.8%
10.9%
EVAHarsco

HarscoEVAStern Stewart M
1. MeasurementM1EVAEVA

EVA
behavioral impactmaterialitycomplexity

HarscoEVAEVA
EVA
hurdle rates
HarscoHarsco

2. ManagementM2EVA
28

e-Thesys(94 )

EVAEVAHarsco
Stern Stewart
Harsco
quick hitsEVA
Terms Evaluator
NOPATCapital trade-off
repair and replace

sovereignHarsco

HarscoCorporate Finance Manual

EVAEVA measurement
leasingcapital budgeting

3. MotivationM3Stern Stewart
alignmentEVA
EVAEVA

HarscoEVAa
sense of ownership

Harscointended
purposebudgeting process

drawn-outacceptable
Harsco

4. MindsetM4HarscoTraining
EVAEVA Experts Training
Managers TrainingCapital Budgeting Training
EVA
HarscoEVA
EVA

EVAEVAreal-life
EVAEVA Game
EVA

29

e-Thesys(94 )

EVA
Stern Stewart
Training Tutor TMbrowser-based
HarscoEVA
300
EVA
EVAHarsco
Intranet-based siteEVA
EVA
Harsco EVA Lean
ManufacturingHarscoEVAone-time event

30

e-Thesys(94 )

3.2.3

Harsco

EVA EVA

Stern Stewart Harsco Harsco

Harsco
Harsco

EVA

EVA 2001-2004
WACC
EVA
EVA
Harsco

31

e-Thesys(94 )

4.1

1998

CH 1980
CH2001 CH

CH20012004 4-1
4-2 TEJ WACC

NOPATROIC
Stern Stewart
EVA EVA
CY EVA

32

e-Thesys(94 )

4.1.1
4-1 CH 2001~2004

2001 12 31 2002 12 31 2003 12 31

2004 12 31

45,701

1.64

42,894

1.53

66,152

2.24

86,686

2.08

28,975

0.98

2,352

0.05

133,210

4.79

115,734

4.13

142,026

4.81

179,455

4.31

268,487

9.65

423,181

15.11

499,715

16.93

677,624

16.29

15,107

0.54

34,266

1.22

14,295

0.48

51,611

1.85

24,036

0.85

45,425

1.53

80,063

1.92

28,000

497,399

17.76

657,633

22.29

1,652,158

39.74

642,862 23.12

6,341

0.22

6,325

0.22

10,417

0.35

15,775

0.37

16,024

0.57

26,731

0.95

7,836

0.26

10,040

0.24

1,179,343 42.42

1,198,566

42.81

1,472,474

49.91

2,704,153

65.04

355,110 12.77

415,160

14.82

268,046

9.08

209,014

5.02

355,110 12.77

415,160

14.82

268,046

9.08

209,014

5.02

CH 20022004

33

e-Thesys(94 )

4-1 CH 2001~2004

2001 12 31 2002 12 31 2003 12 31

2004 12 31

671,587 24.15

671,587 23.98

671,587

22.76

671,587

16.15

155,994

156,486

5.58

178,465

6.04

182,440

4.38

476,409 17.13

486,823 17.38

553,294

18.75

569,680

13.7

5.61

48,278

1.73

51,300

1.83

50,405

1.7

58,502

1.4

8,614

0.3

8,760

0.31

9,157

0.31

9,284

0.22

77,597

2.79

79,368

2.83

80,399

2.72

81,438

1.95

1,438,479 51.74

1,454,324 51.94

1,543,307

52.31

1,572,931

37.83

-290,663 -10.45

-338,202 -12.08

-392,540

-13.3

432,625

-10.4

0.68

6,045

0.2

35,381

0.85

1,135,242 40.54

1,156,812

39.21

1,175,687

28.27

80

1,147,896 41.29

19,120

34,688

1.24

29,673

1.05

29,147

0.98

21,722

0.52

34,688

1.24

29,673

1.05

29,147

0.98

21,722

0.52

467

0.01

505

0.01

1,830

0.06

2,154

0.05

7,431

0.26

6,358

0.22

6,250

0.21

5,387

0.12

54,882

1.97

14,142

0.5

15,562

0.52

16,383

0.39

22,890

0.55

62,780

2.25

21,005

0.75

23,642

0.8

46,814

1.12

2,779,817

100

2,799,646

100

2,950,121

100

4,157,390

100

CH 20022004

34

e-Thesys(94 )

4-1 CH 2001~2004

2001 12 31

2002 12 31 2003 12 31

2004 12 31

638,025 22.95

521,008

18.6

353,223

11.97

265,657

6.38

69,713

2.5

119,503

4.26

159,257

5.39

159,624

3.83

25,872

0.93

24,569

0.87

28,980

0.98

48,951

1.17

26,679

0.95

27,207

0.97

64,977

2.2

185,262

4.45

25,261

0.85

127,411

3.06

28,418

1.02

46,171

1.64

54,103

1.83

92,482

2.22

2,959

0.1

3,427

0.12

7,233

0.24

7,159

0.17

155

476

0.01

1,000

0.03

875

0.02

106,631

3.83

114,380

4.08

113,130

3.83

87,500

2.1

31,943

1.14

36,249

1.29

108,020

3.66

23,523

0.56

930,395 33.46

892,990

31.89

915,184

31.02

998,444

24.01

193,133

4.64

440,115 15.83

451,235

16.11

413,105

14

332,250

7.99

451,235

16.11

413,105

14

525,383

12.63

440,115 15.83

890

0.03

890

0.03

890

0.03

890

0.02

890

0.03

890

0.03

890

0.03

890

0.02

83,010

2.98

78,276

2.79

88,362

2.99

87,254

2.09

822

0.02

718

0.02

943

0.03

7,600

0.18

4,354

0.15

5,805

0.2

4,689

0.15

4,037

0.09

88,186

3.17

84,799

3.02

93,994

3.18

98,891

2.37

1,459,586

52.5

1,429,914

51.07

1,423,173

48.24

1,623,608

39.05

CH 20022004

35

e-Thesys(94 )

4-1 CH 2001~2004

2001 12 31 2002 12 31 2003 12 31

2004 12 31

1,056,561

38

1,056,561

37.73

1,117,600

37.88

1,270,576

30.56

22,121

0.53

165,198

5.94

165,198

5.9

138,547

4.69

498,550

11.99

112

112

112

112

2,239

0.08

2,239

0.07

167,549

6.02

167,549

5.98

0
138,659

0
4.7

356
499,018

0
12

93,648

3.36

93,648

3.34

103,715

3.51

120,074

2.88

2,127

0.07

100,558

3.59

166,674

5.64

621,993

14.96

95,775
346

3.44
0.01

194,206
336

6.93
0.01

270,389
300

9.16
0.01

742,067
0

17.84
0

336

0.01

300

0.01

-48,920

-1.74

1,320,231 47.49

1,369,732

48.92

1,526,948

51.75

2,533,782

60.94

CH 20022004

36

e-Thesys(94 )

4-2 CH 2001~2004

2001 12 31 2002 12 31 2003 12 31 2004 12 31

2,804,504 100.6

3,063,128 100.5

4,403,896 100.4

7,859,971 100.3

14,877 0.53

13,040 0.42

15,425 0.35

16,750 0.21

2,493 0.08

1,569 0.05

3,800 0.08

2,787,134 100

3,048,519 100

4,384,671 100

7,834,940 100

2,787,134 100

3,048,519 100

4,384,671 100

7,834,940 100

2,635,975 94.57

2,717,914 89.15

3,966,053 90.45

6,960,332 88.83

2,635,975 94.57

2,717,914 89.15

3,966,053 90.45

6,960,332 88.83

151,159 5.42

330,605 10.84

418,618 9.54

874,608 11.16

317 0.01

1,768 0.05

652 0.01

118,409 4.24

130,466 4.27

162,620

3.7

50,162 1.79

47,231 1.54

61,563

1.4

168,571 6.04

177,697 5.82

224,183 5.11

285,302 3.64

()

(17,729) -0.63

151,457 4.96

195,551 4.45

589,958 7.52

1,002 0.03

893 0.02

991 0.02

()

8,281

0.1

222,508 2.83
62,794

0.8

369 0.01

7,362 0.26

27,516 0.98

163

5,409 0.12

20

4,766

183

1,121 0.03
0

3,030 0.09
27,724

0.9

3,679 0.13

7,342 0.24

39,928 1.43

40,293 1.32

0.1

10,175 0.23

161

56,300 0.71
587

56,887 0.72

27

4,034 0.05

20,144 0.25

34,564 0.78
4,564

114,828 1.46

0.1

9,128 0.11

50,321 1.14

205,182 2.61

CH 20022004

37

e-Thesys(94 )

4-2 CH 2001~2004

2001 12 31 2002 12 31 2003 12 31 2004 12 31

66,861 2.39

56,101 1.84

30,180 0.68

20,343 0.25

1,107 0.02

2,413 0.03

1,107 0.02

2,413 0.03

351 0.01

650 0.02

649 0.01

559

365 0.01

5,132 0.16

4,246 0.09

1,582 0.03

11,356 0.14

9,206 0.33

1,284 0.04

1,655 0.03

2,145 0.02

76,783 2.75

63,167 2.07

39,419 0.89

36,816 0.46

(54,584) -1.95

128,583 4.21

()

(47,373) -1.69

()
()

()

206,453

4.7

758,324 9.67

30,152 0.98

42,859 0.97

150,339 1.91

(7,211) -0.25

98,431 3.22

163,594 3.73

607,985 7.75

(7,211) -0.25

98,431 3.22

163,594 3.73

607,985 7.75

()

(0)

(0)

CH 20022004

38

e-Thesys(94 )

4.1.2

WACC
capital asset pricing model
CAPMBond Yield Plus Risk Premium Method
discounted cash flow method DCF

KS=Rf+Rm-Rf
KS
Rf

Rm
Rm-Rf
1.Rf
4-3

4-3

2001

4.09%

2002

2.38%

2003

1.48%

2004

1.17%

2.

1 0.5 0.5
Taiwan Economic Journal Data BankTEJ
2000/01/07 2000/12/30
52 0.474
39

e-Thesys(94 )

20
00 %
/1
20 /7
00
/1
/
20 28
00
/2
/
20 18
00
/3
/
20 10
00
/3
/
20 31
00
/4
/
20 21
00
/5
/1
20 2
00
/6
20 /2
00
/6
/
20 23
00
/7
/1
20 4
00
/8
20 /4
00
/8
/
20 25
00
/9
/
20 15
00
/1
0/
20
6
00
/1
0/
27
20
00
/1
1/
17
20
00
/1
2/
20
8
00
/1
2/
29

4-1CH

30

20

10

-10

-20

-30

40

CH

e-Thesys(94 )

3.Rm

Rm
Taiwan Economic Journal Data BankTEJ
1995 2004 10
AC
3.05% 4-4
4-4

1995

-20.11%

1996

25.75%

1997

28.92%

1998

-14.51%

1999

25.08%

2000

-24.47%

2001

8.25%

2002

-11.96%

2003

12.85%

2004

0.74%

3.05%

TEJ

41

e-Thesys(94 )

4.KS
CH2001~2004 KS
4-5
4-5CH 2001~2004 KS
2001

2002

2003

2004

Rf

4.09%

2.38%

1.48%

1.17%

0.474

0.474

0.474

0.474

Rm

3.05%

3.05%

3.05%

3.05%

Rm-Rf

-1.04%

0.67%

1.57%

1.88%

2.70%

2.22%

2.06%

KS 3.60%

42

e-Thesys(94 )

5.WACC
2001~2004
4-1
4-2 TEJ
4-6
WACC=S/F KS+L/FKL1-t
WACC
S
L
KL
t
FF=S+L
4-6CH 2001~2004

F
L
S
L/F
t
KL
S/F
KS
WACC

2001
2,779,817
1,459,586
1,320,231
0.53
0.00%
5.93%
0.47
3.60%
4.82%

2002
2,799,646
1,429,914
1,369,732
0.51
23.45%
5.03%
0.49
2.70%
3.29%

2003
2004
2,950,121 4,157,390
1,423,173 1,623,608
1,526,948 2,533,782
0.48
0.39
20.76%
19.83%
3.03%
1.94%
0.52
0.61
2.22%
2.06%
2.31%
1.86%

CH 20022004 TEJ

4-6

43

e-Thesys(94 )

NOPAT

Stern Stewart Tax on

EBIT
Cash tax on EBIT
EVA Stern Stewart EVA

EBIT

4-7
4-7CH 2001~2004

()

(NOPAT)

2001
(17,729)
2,743
3,186
0
0
0
(11,800)

2002
151,457
3,426
(6,172)
0
0
0
148,711

2003
2004
195,551 589,958
(3,116)
1,944
(327)
1,192
0
0
0
0
0
0
192,108 593,094

CH 200020022004 TEJ

44

e-Thesys(94 )

IC

Stewart RI

(Net-workng Capital)
EVA
(
)
Stern Stewart GAAP

EVA
4-8CH 2001~2004

1.

2.
3.1-2

4.
A.
B.
5.A-B

3+4+5

2001
1,179,343
2,743
1,182,086
930,395
251,691
1,147,896
97,468
83,010
14,458
1,414,045

2002
1,198,566
3,426
1,201,992
892,990
309,002
1,135,242
50,678
78,276
(27,598)
1,416,646

2003
2004
1,472,474 2,704,153
(3,116)
1,944
1,469,358 2,706,097
915,184 998,444
554,174 1,707,653
1,156,812 1,175,687
52,789
68,536
88,362
87,254
(35,573) (18,718)
1,675,413 2,864,622

CH 200020022004 TEJ

45

e-Thesys(94 )

ROIC
ROICNOPAT
ICt-1
ICt
4-9CH 2001~2004

(NOPAT)
(IC)
ROIC=NOPAT/((ICt-1

2,001
2,002
2,003
2,004
(11,800) 148,711 192,108 593,094
1,414,045 1,416,646 1,675,413 2,864,622
+ICt)/2)
10.51% 12.43% 26.13%

CH 200020022004 TEJ

EVA
4-6 4-9 CHEVA
4-10
4-10CH 2001~2004

(IC)
(ROIC)
(WACC)
(ROIC-WACC)
EVA= IC*(ROIC-WACC)

2,001
1,414,045

2,002
1,416,646
10.51%
3.29%
7.22%
102,282

4.82%

2,003
2,004
1,675,413 2,864,622
12.43%
26.13%
2.31%
1.86%
10.12%
24.27%
169,552
695,244

CH 200020022004 TEJ

4-10 2002 EVA 2002

46

e-Thesys(94 )

4.1.3

CHCY
CHCY

TEJ CY
WACC
NOPAT
IC
ROIC
EVA

4-11 CY 2001~2004

2001 12 31 2002 12 31 2003 12 31 2004 12 31

59,619

2.3

116,279 4.31

367,329 10.72

184,552 3.68

10,896 0.42

12,473 0.46

5,628 0.16

149,684 2.98

76,014 2.94

69,866 2.59

79,137 2.31

70,937 1.41

196,411 7.59

247,275 9.16

319,812 9.33

399,967 7.98

30,031 1.16

23,916 0.88

55,386 1.61

107,222 2.14

24,531 0.48

26,532 0.77

134,660 2.68

785,757 30.4

696,380 25.8

872,068 25.46

1,981,199 39.56

37,877 1.46

80,132 2.97

54,350 1.58

34,119 0.68

1,196,605 46.29

1,246,321 46.2

1,780,242 51.97

3,086,871 61.65

109,578 4.23

103,403 3.83

134,726 3.93

315,397 6.29

109,578 4.23

103,403 3.83

134,726 3.93

315,397 6.29

109,578 4.23

103,403 3.83

134,726 3.93

315,397 6.29

CH 20022004

47

e-Thesys(94 )

4-11 CY 2001~2004

2001 12 31 2002 12 31 2003 12 31 2004 12 31

132,775 5.13

132,775 4.92

132,775 3.87

167,262 3.34

294,935 11.41

295,091 10.9

286,353 8.36

286,215 5.71

719,078 27.82

804,688 29.8

797,465 23.28

830,317 16.58

27,827 1.07

29,479 1.09

24,082

0.7

26,065 0.52

99,199 3.83

85,765 3.18

87,527 2.55

86,291 1.72

197,971 7.65

197,971 7.34

197,971 5.77

197,971 3.95

- 405,169 -15.7 - 454,095 -16.8 - 364,365 -10.63 - 404,955 -8.08

56,904

2.2

102,683 3.8

197,856 5.77

271,810 5.42

1,194,357 44.3

1,359,664 39.69

1,460,976 29.17

5.2

133,282 4.94

132,078 3.85

130,874 2.61

9,600 0.37

11,810 0.43

10,730 0.31

19,274 0.38

10,862 0.42

7,438 0.27

7,726 0.22

44,699 0.89

1,123,520 43.46

134,486

154,948 5.99

152,530 5.65

2,584,651 100

2,696,611 100

150,534 4.39
3,425,166

100

(51,056) (1.01)
143,791 2.87
5,007,035 100

CY 20022004

48

e-Thesys(94 )

4-11 CY 2001~2004

2001 12 31 2002 12 31 2003 12 31 2004 12 31

530,520
160,000
8,080
29,212

20.5
6.19
0.31
1.13

544,179
140,000
5,236
28,842

20.2
5.19
0.19
1.06

4,401 0.17
35,395 1.36
556 0.02

10,485 0.38
43,291 1.6
31,953 1.18

140,350 5.43

224,075 8.3

497,553
190,000
9,948
62,217
59,897
19,482
55,007
8,753

14.52
5.54
0.29
1.81
1.74
0.56
1.6
0.25

228,785 6.67

713,240
140,000
12,888
112,425
137,125
86,062
9,661

14.24
2.79
0.25
2.24
0
2.73
1.71
0.19

372,333 7.43

12,184 0.47
25,002 0.92
45,821 1.33
95,459 1.9
920,698 35.6 1,053,063 39.1 1,177,463 34.37 1,679,193 33.53

456,975 17.7
456,975 17.7

388,250 14.4
388,250 14.4

- 0
869,652 25.39
869,652 25.39

83,972 3.24
83,972 3.24

83,972 3.11
83,972 3.11

83,972 2.45
83,972 2.45

83,972 1.67
83,972 1.67

38,688 1.49

43,771 1.62

51,466

1.5

58,296 1.16

700 0.02

700 0.02

700
2,003
39,388 1.52
44,471 1.64
54,169
1,501,033 58.1 1,569,756 58.2 2,185,256

0.02
0.05
1.58
63.8

219,984 4.39
523,319 10.45
743,303 14.84

700
13,189
72,185
2,578,653

0.01
0.26
1.44
51.5

CY 20022004

49

e-Thesys(94 )

4-11 CY 2001~2004

2001 12 31 2002 12 31 2003 12 31 2004 12 31

803,592 31.1

803,592 29.8

843,771 24.63 1,409,546 28.15

345,830 6.9

113,999 4.41

113,999 4.22

113,999 3.32

113,999 2.27

1,178 0.04
115,177 4.45

0
113,999 4.22

113,999 3.32

459,829 9.18

69,579 2.69
87,231 3.37
156,810 6.06

72,384 2.68
129,504 4.8
201,888 7.48

78,880 2.3
198,347 5.79
277,227 8.09

92,273 1.84
483,300 9.65
575,573 11.49

8,039 0.31

7,376 0.27

4,913 0.14 - 16,566 -0.33

8,039 0.31

7,376 0.27

4,913 0.14 - 16,566 -0.33

1,083,618 41.9 1,126,855 41.8 1,239,910 36.19 2,428,382 48.49

CY 20022004

50

e-Thesys(94 )

4-12 CY 2001~2004

2001 12 31 2002 12 31 2003 12 31 2004 12 31

2,307,586 100.3

2,643,585 100.4

3,503,907 100.3

5,695,594 100.2

5,005

0.21

8,726 0.33

8,133 0.23

10,221 0.17

1,426

0.06

1,527 0.05

690 0.01

2,041 0.03

2,301,155

100

2,633,332 100

3,495,084 100

5,683,332 100

2,301,155

100

2,633,332 100

3,495,084 100

5,683,332 100

1,970,294 85.62

2,253,756 85.58

2,964,879 84.82

4,576,410 80.52

1,970,294 85.62

2,253,756 85.58

2,964,879 84.82

4,576,410 80.52

330,861 14.37

379,576 14.41

530,205 15.17

1,106,922 19.47

2,003 0.05

13,189 0.23

()

()

(487.00) (0.01)

2,003 0.03

177,850

7.72

189,112 7.18

241,191 6.9

373,361 6.56

59,875

2.6

64,204 2.43

77,532 2.21

122,901 2.16

253,316 9.61

318,723 9.11

496,262 8.73

208,992 5.97

599,474 10.54

237,725 10.33
93,136

4.04

126,260 4.79

2,198

0.09

1,056 0.04

1,053 0.01

1,246 0.03

38,102 0.67

1,246 0.03

38,102 0.67

2,812 0.08

2,242 0.03

2,035 0.05

12,357 0.21

8,689 0.32

10,016

0.43

4,033

0.17

3,914 0.14

3,388 0.09

3,666 0.06

11,035

0.47

9,291 0.35

16,395 0.46

43,330 0.76

13,856 0.52

608 0.01

1,452

0.06

500 0.01

15,598

0.67

3,722 0.14

4,475 0.12

10,513 0.18

44,332

1.92

41,028 1.55

30,959 0.88

111,263 1.95

CY 20022004

51

e-Thesys(94 )

4-12 CY 2001~2004

2001 12 31 2002 12 31 2003 12 31 2004 12 31

84,772

3.68

67,267 2.55

18,076

2,307

50,732 1.45

66,118 1.16

9,658 0.16

9,658 0.16

0.78

5,512 0.2

27,175 0.77

10,381 0.18

0.1

0
0

915 0.02

1,240 0.02

28,149 1.06

3,816 0.14

1,249 0.03

6,081 0.1

()
()
(
)
()
(
)

51,056 0.89

105,155

4.56

104,744 3.97

80,071 2.29

144,534 2.54

32,313

1.4

62,544 2.37

159,880 4.57

566,203 9.96

5,437

0.23

(2,414) (0.09)

25,952 0.74

136,470 2.4

26,876

1.16

64,958 2.46

75600 5.47

155330 10.07

26,876

1.16

64,958 2.46

75600 5.47

155330 10.07

0.9

1.02

0.9

1.02

0.9

1.01

CY 20022004

52

e-Thesys(94 )

WACC

1.KS
Rf 4-3
Taiwan Economic Journal Data BankTEJ
CY
2000/01/07 2000/12/30
52 0.495Rm
Taiwan Economic Journal Data BankTEJ 1995 2004 10
4-4 3.05%
(Ks) 4-13
4-13CY 2001~2004 KS
2001

2002

2003

2004

Rf

4.09%

2.38%

1.48%

1.17%

0.495

0.495

0.495

0.495

Rm

3.05%

3.05%

3.05%

3.05%

Rm-Rf

-1.04%

0.67%

1.57%

1.88%

2.71%

2.26%

2.10%

KS 3.58%

53

e-Thesys(94 )

2. WACC

CY 2001~2004 4-11
4-12
TEJ
4-13CY
WACC
4-14
4-14CY 2001~2004

2001

2002

2003

2004

2,584,651

2,696,611

3,425,166

5,007,035

1,501,033

1,569,756

2,185,256

2,578,653

1,083,618

1,126,855

1,239,910

2,428,382

0.58

0.58

0.64

16.83%

0.00%

16.23%

24.10%

6.48%

5.61%

3.94%

3.30%

0.42

0.42

0.36

0.48

KS

3.58%

2.71%

2.26%

2.10%

(WACC)

4.63%

4.40%

2.92%

2.31%

L/F
t
KL
S/F

0.52

CY 200020022004 TEJ

54

e-Thesys(94 )

NOPAT

CY
CY 4-15

4-15CY 2001~2004

()

2001

2002

2003

2004

93,136

126,260

208,992

599,474

1500

10500

2381

23

105

150

385

93,159

127,865

219,642

602,240

(NOPAT)

CY 200020022004 TEJ

55

e-Thesys(94 )

IC

CY
CY 4-16

4-16CY 2001~2004

2001

2002

2003

2004

1,196,605

1,246,321

1,780,242

3,086,871

1,500

10,500

2,381

1.

1,196,605

1,247,821

1,790,742

3,089,252

2.

920,698

1,053,063

1,177,463

1,679,193

3.1-2

275,907

194,758

613,279

1,410,059

1,123,520

1,194,357

1,359,664

1,460,976

A.

154,948

152,530

150,534

143,791

B.

39,388

44,471

54,169

72,185

5.A-B

115,560

108,059

96,365

71,606

3+4+5

1,514,987

1,497,174

2,069,308

2,942,641

4.

CY 200020022004 TEJ

56

e-Thesys(94 )

ROIC
4-154-16 CYROIC
4-17
ROICNOPAT
ICt-1ICt

4-17CY 2001~2004
2001
2002
(NOPAT)
93,159 127,865

1,514,987 1,497,174
(ROIC=NOPAT/((ICt-1+ICt)/2)
8.49%

2003
2004
219,642 602,240
2,069,308 2,942,641
12.32% 24.03%

CY 200020022004 TEJ

57

e-Thesys(94 )

EVA

4-14 4-16 4-17 CYEVA

4-18
4-18CY 2001~2004
2002
1,497,174
8.49%
4.40%
4.09%
61,234

2001

(ROIC)
WACC
ROIC-WACC
EVA=IC*(ROIC-WACC)

2003
2004
2,069,308 2,942,641
12.32%
24.03%
2.92%
2.31%
9.40%
21.72%
194,515 639,144

1,514,987
4.63%

CY 200020022004 TEJ

CH

CYEVA 4-19

EVACH
CY
4-19CH
CY EVA

2002
CH

2003

CY

CH

2004

CY

CH

CY

ROIC

10.51%

8.49%

12.43%

12.32%

26.13%

24.03%

WACC

3.29%

4.40%

2.31%

2.92%

1.86%

2.31%

ROIC-WACC

7.22%

4.09%

10.12%

9.40%

24.27%

21.72%

IC
EVA

1,416,646 1,497,174 1,675,413 2,069,308 2,864,622 2,942,641

102,282

61,234

169,552

58

194,515

695,244

639,142

e-Thesys(94 )

CHEVACY
EVA
CH 2002 2004 CY
CHCY
EVA 2002~2004 CH
CY

2001 CH(NOPAT)
2002 2001 27.87
CY 23.01
5.42% 14.37% 2001 CH
CY
9%

2001 85%15%
60%40% 2002
35%
1.
2.
3.
4. 3 15

CHCY

CHCY
CH 2002 2004 EVA 2002 2004
CY2002 2004 CY

CY

59

e-Thesys(94 )

4.2

4.2.1

CH 1980 1998
1991 2001
ISO-90012000
CH 3-8

4-2 CH
CH 1998

CH

Michael2004

1.
60

e-Thesys(94 )

2.3.formula bonus
4.
incentive
contractingdiscretionary bonuses

incentive contracts

1.
2.3.
override
threat of termination

Harsco EVA
CH

2004

4-20
4-20CH

1. 2. 3.
4. 5.

1. 2. 3.
4. 5. 6.

1. 2.
3. 4.
5.
1. 2.
1. 2.
1. 2.

61

e-Thesys(94 )

CH

1.

2.

100
100

3.
Vertical Analysis
100%

100%

1. 30 45
60
2. 4-21
90

80-89
70-79 69

62

e-Thesys(94 )

4-21CH

1.

30

2.

30

3.

20

4.

20

1.

20

2.

20

3.

20

4.

20

5.

20

1.

30

2.

30

3.

20

4.

20

63

e-Thesys(94 )

4.2.2

1.

ISO

2.
EPS
3.

4.

5.
80%~85%

80%

EVMBSC

64

e-Thesys(94 )

EVA

65

e-Thesys(94 )

4.3

4.3.1

4-22CH

,.

,.

,.

,.

,.

,.

,.

,.

,.

,.

66

e-Thesys(94 )

4.3.2

CH

1.
1 10

2.
10%

2.5 2.5
12

3.

67

e-Thesys(94 )

1.

2.

2%

3.

4.

68

e-Thesys(94 )

4.3.3

1.

2.

3.

4.

69

e-Thesys(94 )

4.4

EVA

Young & Oyrne2001EVA and Value-Base Management

VBM EVA VBM

EVAEconomic ProitEP

Residual IncomeEVA
EVAEVA

EVA
EVA

EVA
CH
Young & OByrne2001 EVA
4-3

1.
2.
3.

1.
2.
3.

EVA

4-3 EVA
Young, S. David and Stephen F. OByrne2001, EVA and Value-Based
ManagementNew YorkMcGraw Hill.P.74.
CH EVA
Harsco

70

e-Thesys(94 )

EVA M

71

e-Thesys(94 )

4.4.1

EVA

EVASpread
EVA

20022004
EVA

4-6 4-7 4-8

4-9 4-10 EVA 4-10
2002 EVA

72

e-Thesys(94 )

4.4.2

CH

1.

2.

3.

73

e-Thesys(94 )

4.4.3 EVA BSC

EVA
BSC
EVA
Balance Scorecard
EVA
EVABalance
Scorecard

Balance Scorecard
CH

74

e-Thesys(94 )

CH 4-23 4-23
CHISO
EVA

4-23CH

EVA

25%

EVA- EVA
EVA

7%

WACC

250,000

-
+

20%

180,000

27%

100%

33%

27%

100%

3,000

75

e-Thesys(94 )

4-24

4-24CH

75%

80

97%

95%

5%

97%

20%

76

e-Thesys(94 )

4-25

4-25CH

87%

100%

75%

100%

7
3

30

77

e-Thesys(94 )

4-26

4-26CH

12

5%

[
+2]
100%

10

60%

80%

78

e-Thesys(94 )

4.4.4 CH

CH
4
7 10 1 10 2

EVA
EVA

EVA

EVA 4-1-2 4-6 4-7 4-8 4-9

4-10
EVA
EVA
EVA

EVA

EVA
EVA EVA
25%
20% EVA
5% 25%

= EVA 25%
/

EVA 1,000,000
79

e-Thesys(94 )

90% 88% 85%

=1,000,00025%90/90+88+85
=85,551
=1,000,00025%88/90+88+85
=83,650
=1,000,00025%85/90+88+85
=80,799

80

e-Thesys(94 )

4.4.5 CH

CH

4-27

4-26

4-27CH
CH 2004

01

02

96%

2004.12.31

40%

% 90%

2004.12.31

10%

1-300

03
04
05
06

81

e-Thesys(94 )

1.

4-28 EVA
4-28CH
CH 2004

01

- 8%
/

15%

02

- 5%
/

15%

1-003

03
04
05

82

e-Thesys(94 )

2.

4-29CH
CH 2004

10%

10%

100

90

80-89

70-79

69

83

e-Thesys(94 )

1. 4710 1 10
4-29

2. 2

3.

20%
80%

84

e-Thesys(94 )

4.5

EVA

EVA
EVA
EVA
EVA
CH

EVA
EVA
EVA

CH

4.5.1 EVA
EVA
EVA
EVA
EVA
EVA

EVA
EVA

EVA

EVA

EVA

85

e-Thesys(94 )

4-30

4-30CH EVA

2003

2004

2005

(1) EVA

15,000

20,000

5,000

(2) EVA-

15,000

5,000

-15,000

5,000

5,000

5,000

10,000

-10,000

2%

2%

2%

(6)

100

100

100

(7)[4(5)+(6)

300

100

-100

(8)

300

325

144

75

81

36

225

244

108

(3) EVA
(4) EVA[2-(3)
(5) EVA

(9)[825%]
(10)[8-(9)

EVA 2%CH
EVA
EVA
CH

EVA
25% 4.4.4 20%~25%75%

86

e-Thesys(94 )

4-26 4-27 4-28

=
0.6

0.4

= /

87

e-Thesys(94 )

4-31CH EVA

2002

2003

2004

(1) EVA

102,282

169,552

695,244

(2) EVA-

102,282

67,270

627,974

5,000

5,000

5,000

97,282

62,270

622,974

2%

2%

2%

(6)

40,913

67,821

278,098

(7)[4(5)+(6)

42,858

69,066

290,597

(8)

42,858

101,210

366,465

(9)[825%]

10,715

25,303

91,616

(10)[8-(9)

32,144

75,908

274,848

330,605

418,618

874,608

33,061

41,862

87,461

(3) EVA
(4) EVA[2-(3)
(5) EVA

(11)
(12) [1110%]

4-31 4-30 4-31 2002 2003

2004

88

e-Thesys(94 )

4.5.2

EVA
90%10% 70%30% 90%10%
80%20%

EVA 25% EVA 8%

A

B
1. 4%A100%
2. 4%3%A80%
3. 3%2%A60%
4. 2%A40%
C
1. B 80%
2. B 20%

80:20
10% 10%

89

e-Thesys(94 )

4.6 EVA

EVA EVA

EVA
EVA
EVA
NOPAT
Rm EVA
EVA

EVA

EVA
EVA

EVA
CH
EPS
ROE...

EVA

EVA

EPS

90

e-Thesys(94 )

CH
EVA EVA

1. EVA
EVA EVA
EVA

2.
EVA

...

EVA
EVA
EVA 4-31

EVA

91

e-Thesys(94 )

5.1

economic value
added,EVA

EVA 2001-2004
WACC
CY EVA EVA
EVA

CH EVM
1
CHEVACY

CHCY
EVA
5-1
1. CH 2002 2004 7.22% 24.27%
17.05%EVA 102,282 695,244
592,962
2. CY 2002 2004 4.09% 21.72% 17.63%
EVA 61,234 639,142 577,908

3. CH 2002 2004 EVACY

CHCY

92

e-Thesys(94 )

CHCY

4. EVAROIC
WACC
EVA

5-1CH

CY EVA

2002
CH

2003

CY

CH

2004

CY

CH

CY

ROIC

10.51%

8.49%

12.43%

12.32%

26.13%

24.03%

WACC

3.29%

4.40%

2.31%

2.92%

1.86%

2.31%

ROIC-WACC

7.22%

4.09%

10.12%

9.40%

24.27%

21.72%

IC
EVA

1,416,646 1,497,174 1,675,413 2,069,308 2,864,622 2,942,641

102,282

61,234

169,552

194,515

695,244

639,142

2EVM
1.CHEVM
CH
BSC

2.

3.

EVM

93

e-Thesys(94 )

EVM
1 EVM
1. EVM
EVA
EVA
EVA

2. EVA

EVM

2 EVA
EVA

EVA

3
1.

2. EVMBSC

4 EVA

1. EVM

2. EVA
EVA
EVA
EVAEVA
EVA

94

e-Thesys(94 )

5.2
1.EVM EVA
EVA

EVA
2.EVA
EVM
3.2002-2004EVA

95

e-Thesys(94 )

5.3
1.
EVA

2.EVA
EVA

96

e-Thesys(94 )

Niven, Paul R.2002

1998
1994
1994

2001Susan E. Jackson Randall S. Schuler -

1995
1994

1998

1999
2000
2000DruckerPeter F.

1996
2002
ERP

1990

2000

1998()
2003
C

2002
1979,p.6
1996

1998
19991999 1
139~161
2001
2003
2004
EVA

97

e-Thesys(94 )

2002
:

2004AC

1998
1989
2004

1986

2001

98

e-Thesys(94 )

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99

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