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Economic Value Added as a Measurement Tool of Capital Structure Effectiveness at the Power-Producing Enterprises

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MASTIUK Dmytro VALOUCH Petr KRUSH Petro

Rok publikování 2016
Druh Článek ve sborníku
Konference Proceedings from 8th International Scientific Conference Managing and Modelling of Financial Risks 2016
Fakulta / Pracoviště MU

Ekonomicko-správní fakulta

Citace
Obor Řízení, správa a administrativa
Klíčová slova Economic value added; capital structure; effectiveness; power-producing enterprise
Popis This paper contributes to the investigation of Economic Value Added (EVA) measurement process and approaches of its calculation as an assessing tool of Capital Structure effectiveness. The main objects included into author’s investigation are power-producing enterprises of Ukraine and Czech Republic listed on a stock exchange market. The main aim of the research is to demonstrate the modified author’s approach to Economic Value Added calculation, which gives an opportunity to adjust interpretation of results depending on used types of capital and desired units of measure. Thus, provided approach directed on improving capital structure effectiveness at the power-producing enterprises as a part of a capital-intensive branch. Introduced approach derives from standard method or evaluation and split capital into its two constituent parts that give the advantage to measure the effectiveness of Debt and Equity separately. Moreover, author’s approach reduce the complexity of investigation due to modification of standard decomposed formula of Economic Value Added. Therefore, enterprises can easily calculate the effectiveness of committed capital and its structure using EVA measurement tool in their activities.

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