财经理论与实践
財經理論與實踐
재경이론여실천
The Theory and Practice of Finance and Economics
2012年
3期
63~67
,共null页
经济利润 市场竞争 企业价值 价值评估模型
經濟利潤 市場競爭 企業價值 價值評估模型
경제리윤 시장경쟁 기업개치 개치평고모형
Economic profit; Market competition; Enterprise value; Valuation model
从经济利润的涵义入手,从市场竞争的角度阐述了经济利润在企业经营过程中的变化趋势。由于市场竞争最终会趋于一个相对稳定的状态,即均衡竞争,因此,企业的投资资本回报率在充分竞争下会等于资本成本,经济利润最终将趋于零。经济利润与经济利润趋于零的思想对传统的估值理念与估值方法提出了新的挑战,为此,在经济增加值（EVA）和剩余收益（RI）估值模型原有的理论基础上,探讨了如何将新的估值理念运用到这两种估值模型中。
從經濟利潤的涵義入手,從市場競爭的角度闡述瞭經濟利潤在企業經營過程中的變化趨勢。由于市場競爭最終會趨于一箇相對穩定的狀態,即均衡競爭,因此,企業的投資資本迴報率在充分競爭下會等于資本成本,經濟利潤最終將趨于零。經濟利潤與經濟利潤趨于零的思想對傳統的估值理唸與估值方法提齣瞭新的挑戰,為此,在經濟增加值（EVA）和剩餘收益（RI）估值模型原有的理論基礎上,探討瞭如何將新的估值理唸運用到這兩種估值模型中。
종경제리윤적함의입수,종시장경쟁적각도천술료경제리윤재기업경영과정중적변화추세。유우시장경쟁최종회추우일개상대은정적상태,즉균형경쟁,인차,기업적투자자본회보솔재충분경쟁하회등우자본성본,경제리윤최종장추우령。경제리윤여경제리윤추우령적사상대전통적고치이념여고치방법제출료신적도전,위차,재경제증가치（EVA）화잉여수익（RI）고치모형원유적이론기출상,탐토료여하장신적고치이념운용도저량충고치모형중。
Beginning with the meaning of economic profit, the trajectory of profit in the busi- ness process is expatiated from the perspective of market competition. As the market competition will eventually become a relatively stable state, that is, a balanced competition, corporate returns on invested capital will be equal to the cost of capital in the full competition, and economic profits ultimately will tend to zero. The thought of economic profits and economic profits trending to ze- ro have put new challenges on the traditional methods of valuation. Thus, based on Economic Value Added （EVA） and Residual Income （RI） valuation model, how to apply the new concept to the two model has been discussed in the paper.
