EVA與MVA皆是Stern Stewart & Co.顧問公司所發展的績效衡量指標，依據該顧問公司評析，EVA是解釋MVA變異的最佳績效指標，甚至建議應以EVA取代傳統會計績效衡量指標。
本研究目的旨在探討EVA與MVA的關聯性，並同時探討EVA是否較傳統績效指標（例如：總資產報酬率[ROA]、股東權益報酬率[ROE]、每股盈餘[EPS]）對於MVA有較好的解釋力？本研究以中國上海證券交易所上市公司為樣本，研究期間為2000至2004年，研究結果彙總如下：
1.上海證交所股票上市公司之EVA整體上對於MVA具有解釋力、而區分正負或區分特殊股票屬性別均使EVA對MVA解釋力有所變化。
2.EVA與傳統績效指標（ROA、ROE、EPS）對於MVA的解釋力比較上，發現A股有9個行業EVA的解釋力較傳統績效指標好；B股3個產業亦有相同現象。而同時有發行AB股的公司中，亦有 3種產業有相同現象。
3.根據研究結果得知，在投資大陸上海證交所之B股時，傳統績效指標之ROA及EPS可提高對EVA的解釋力。建議應考慮同時使用，而投資A股時建議僅需考慮EVA。
4.在EVA之五要素對於MVA之解釋力探討中發現，營運活動現金流量與應計項目的解釋力最大。
The performance measurement of EVA and MVA were developed by Stern Stewart ＆ Co.. According to the consultancy company’s evaluation, EVA is the best mechanism of performance measurement in explaining the variable change of MVA. They further suggested using the measurement of EVA to replace the measurement of traditional accounting.
The purpose of this study attempts to realize the relationship between EVA and MVA. Whether the EVA is more explicable with the MVA than that of traditional accounting performance measurement (ROA、ROE、EPS) is also investigated.The research samples were collected from the listed Shanghai stock market between 2000 and 2004. The research results can be summarized as following:
1.The EVA of listed companies in Shanghai Stock Exchange has ability to explain the MVA in overall type of stocks, and the ability varies with the type of distinguished positive, negative and special-stock-property.
2.According to the results after regression analysis, there are nine industries of stock A showing that EVA is more explicable with the MVA than that of traditional accounting performance measurement. Three industries of stock B show the same results. Moreover, three industries which issued stocks A and B simultaneously are also showing the same results.
3.Regarding investment in Shanghai stock market, this research found that ROA and EPS can improve the ability to explain MVA in stock B. Therefore, this research suggests that it is beneficial to adopt them as well. However, investment in stock A had better employ the EVA only.
4.With regard to the five elements of EVA correlated with the MVA, this research found that operation cash flow and accrual items have the great ability to explain the MVA.
