رابطه بين ارزش افزوده اقتصادي تعديل شده، سود قبل از كسر بهره و ماليات و جريان نقدي فعاليتهاي عملياتي با ارزش بازار سهام شركتهاي صنايع مواد غذايي پذيرفته شده در بازار اوراق بهادار تهران

The Valuation of Relationship Retained Economic Value Added, Cash from Operations & Earning Before Interest, Taxes with Firms Share Market Value in the Food Firms in Tehran Stock Exchange

One of the latest criteria for the companyʹs performance appraisal is retained economic value added. The companyʹs value is based on two factors: Return on investment and Cost of capital. Some researchers believe that the Retained Economic Value Added (REVA) is the best measurement for firms performance valuation. On the other hands, The other researches shows that although EVA , REVA may be better than Cash From Operations (CFO), Earning Before Interest, Taxes is better than Retained Economic Value Added. This paper is aimed to determine the correlation coefficients among the Retained Economic Value Added (REVA), Cash from Operations (CFO), and Share Market Value (MV). In order to determine the correlation coefficients and test the ability of REVA measure and compare it to EBIT and CFO, we have implemented an empirical study in the Food Firms in Tehran Stock Exchange (TSE). Result of the research ( at the confidence level of 95% )show that REVA is the same correlated to firms share market values with CFO , but EBIT is better than REVA and CFO.