出版社：UNIVERSIDADE FEDERAL DO PARANÁ - ACCOUNTING DEPARTMENT
摘要：Creation of value for shareholders takes place when the company reaches a rate of return on investments that is higher than any other rate of return the investors would reach when investing alternatively in bonds of equivalent risk. Net income may not describe neither creation nor destruction of the company’s values since it considers transitional items such as non-operational results and it disregards equity costs. The Economic Value Added is an important decisorial tool because it broaches the payment required by all the owners of capital. Thus, this paper aims to present a structure for calculation and disclosure of EVAwhich is applicable to companies that make use of international accounting standards and companies that follow the Brazilian corporate law. The data on the companies that belong to the New Market (Novo Mercado) were extracted from accounting statements for the financial year of 2005, available at BOVESPA’s website as well as at the companies’ websites. The results of the carried research showed that the disregard of the equity cost in the calculation of net income may imply results that do not translate the value actually added. Such evidences occurred in companies Embraer, Sadia, Suzano e Votorantim in 2005, where it was verified the presence of positive net income at the same time that EVA was negative.
其他摘要：Creation of value for shareholders takes place when the company reaches a rate of return on investments that is higher than any other rate of return the investors would reach when investing alternatively in bonds of equivalent risk. Net income may not describe neither creation nor destruction of the company’s values since it considers transitional items such as non-operational results and it disregards equity costs. The Economic Value Added is an important decisorial tool because it broaches the payment required by all the owners of capital. Thus, this paper aims to present a structure for calculation and disclosure of EVAwhich is applicable to companies that make use of international accounting standards and companies that follow the Brazilian corporate law. The data on the companies that belong to the New Market (Novo Mercado) were extracted from accounting statements for the financial year of 2005, available at BOVESPA’s website as well as at the companies’ websites. The results of the carried research showed that the disregard of the equity cost in the calculation of net income may imply results that do not translate the value actually added. Such evidences occurred in companies Embraer, Sadia, Suzano e Votorantim in 2005, where it was verified the presence of positive net income at the same time that EVA was negative.
关键词：EVA. Net Income. Management Based on Value. Corporative Governance.;EVA. Lucro Contábil. Gestão baseada em valor. Governança Corporativa.
其他关键词：EVA. Net Income. Management Based on Value. Corporative Governance.
