What causes the difference between EVA from accounting data and implied EVA by market value in ICT industry = EVA 개념을 이용한 ICT 산업에서의 초과 시장 가치에 관한 연구

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This study introduces EVA concept to measure the excess market value of ICT industry firms. The difference between EVA calculated with accounting measures and EVA estimated with market value is employed to capture the excess market value. Tobin’s Q is also used as comparative measures to capture the excess market value in ICT industry firms. After that, this study investigates the factors affecting to the excess market value of ICT industry firms, using regression method. This study assumes that expected growth has a significant effect on the excess market value and also assumes that this expected growth and market value of a firm can be varied to industry and firm-level variables. The empirical results indicate that the excess market value of ICT firms vary depending on the categorization of sub-industries. This implies that the expected growth of the ICT firms in each sub-industry may be different. The empirical results also show that there is no statistical relationship between the accounting based growth and the excess market value. This may be explained by the observation that the excess market value is related to the expected growth rate of ICT industry rather than the firm level accounting measures.
Advisors
Nam, Chan-Giresearcher남찬기
Description
한국과학기술원 : 기술경영학과,
Publisher
한국과학기술원
Issue Date
2014
Identifier
568850/325007  / 020123216
Language
eng
Description

학위논문(석사) - 한국과학기술원 : 기술경영학과, 2014.2, [ iv, 37 p. ]

Keywords

EVA; ICT 산업; 시장 가치; 토빈의 Q; 경제적 부가가치; ICT industry; Tobin`s Q; Market value

URI
http://hdl.handle.net/10203/197930
Link
http://library.kaist.ac.kr/search/detail/view.do?bibCtrlNo=568850&flag=dissertation
Appears in Collection
MG-Theses_Master(석사논문)
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