%0 Journal Article
%T Es el EVA, realmente, un indicador del valor econ車mico agregado?  Es el EVA, realmente, un indicador del valor econ車mico agregado?
%A Hern芍n Herrera Echeverry
%J AD-minister
%D 2006
%I Escuela de Administraci車n Universidad EAFIT
%X In this article we analyze the relevance of EVA (Economic Value Added) as a tool for measuring value added, as well as its usefulness as an indicator in choosing investment projects.  First, we show five ways of calculating EVA, providing examples of each case. Second, we show MVA (Market Value Added) and NPV (Net Present Value) to be equivalent as criteria used to evaluate investment projects.  This is done with both the limited term and the perpetual cases, as well as for projects with partial and total recovery of the investment.We present a thorough analysis, showing the possibilities and limitations of EVA as a value added measure.  We also introduce three measurements of residual income, CVA (Cash Value Added), Cash Flow Return on Investment (CFROI) and Economic Profit (EP), which complement EVA in the value measurement process. Finally, we introduce an example that explicitly shows the equivalence between CVA＊s present value, MVA and NPV. En este art赤culo se hace un an芍lisis sobre la validez del EVA (Economic ValueAdded) como una medida del valor generado, y de su utilidad para la evaluaci車nde proyectos de inversi車n. Primero se muestran varias formas de calcular el EVA,haciendo ejercicios ilustrativos en cada caso, posteriormente se establece laequivalencia entre el MVA (Market Value Added) y el VPN (valor presente neto)como criterios para la evaluaci車n de proyectos de inversi車n finitos y perpetuos conrecuperaci車n parcial y total de la inversi車n. Se realiza un examen cr赤tico mostrando las limitaciones y posibilidades del EVAcomo medida de valor econ車mico agregado, y se plantea la utilidad de indicadoresde ingreso residual para complementar al EVA como criterios de medici車n de valor,tales son el CVA (Cash Value Added), TRFC (tasa de retorno del flujo de caja) yUtilidad Econ車mica (UE). Finalmente, se hace un ejemplo en donde se explicitac車mo el valor presente del CVA coincide con el MVA y el VPN.
%K CVA (Cash Value Added)
%K TRFC (Rate of Return on Cash Flow)
%K UE (Economic Profit)
%K VPN (Current Net Value)
%K residual income
%K discount cash flow valuation of projects.
%U http://publicaciones.eafit.edu.co/index.php/administer/article/view/634