financeФинансы: теория и практика/Finance: Theory and PracticeFinance: Theory and Practice2587-56712587-7089Financial University under The Government of Russian Federation10.26794/2587-5671-2023-27-6-211-222finance-2524Research ArticleКОРПОРАТИВНЫЕ ФИНАНСЫCORPORATE FINANCEАнализ финансовой деятельности с использованием методов EVA, MVA, FVA и REVA для компаний телекоммуникационного сектора, зарегистрированных на Индонезийской фондовой биржеFinancial Performance Analysis Using EVA, MVA, FVA, and REVA Methods for Telecommunication Sub-Sector Companies listed on the IDXhttps://orcid.org/0000-0003-2479-3802ИстанM.IstanM.

Мухаммад Истан — PhD, первый проректор, преподаватель экономических исследований

Куруп, Бенгкулу 

 

Muhammad Istan — PhD, Vice Rector 1, Lecturer of Economic Studies 

Curup, Bengkulu 

muhammadistan@iaincurup.ac.idИнститут Агама Ислам Негери КурупИндонезияInstitut Agama Islam Negeri CurupIndonesia202328122023276211222Copyright © Истан M., 20232023Истан M.Istan M.Данная работа распространяется под лицензией Creative Commons Attribution 4.0.This work is licensed under a Creative Commons Attribution 4.0 License.https://financetp.fa.ru/jour/article/view/2524

Цель данного исследования — предложить подход к анализу эффективности телекоммуникационных компаний, зарегистрированных на Индонезийской фондовой бирже (IDX), с использованием методов определения экономической добавленной стоимости (EVA), рыночной добавленной стоимости (MVA), финансовой добавленной стоимости (FVA) и уточненной экономической добавленной стоимости (REVA). Сделан библиографический обзор литературы по данной теме. Статистические данные собраны по информации Индонезийской фондовой биржи по четырем компаниям в секторе телекоммуникаций за 5 лет. Проанализированы данные балансовых отчетов, отчетов о прибыли и убытках. Результаты исследования показали, что одна телекоммуникационная компания имела положительное значение EVA, что означало, что она преуспела в создании экономической стоимости. Три телекоммуникационные компании имели положительное значение MVA, что означало, что они обеспечили добавленную стоимость за счет рыночной капитализации. В четырех телекоммуникационных компаниях положительный показатель FVA свидетельствовал о том, что руководство преуспело в обеспечении финансовой добавленной стоимости компании. Одна из четырех телекоммуни- кационных компаний показала положительное значение REVA, что означало увеличение экономической стоимости после того, как компания погасила все обязательства перед кредиторами и акционерами. Новизной исследования является использование различных методов измерения добавленной стоимости для определения эффективности индонезийских компаний, что вносит определенный вклад в развитие теории корпоративных финансов.

The purpose of this study is to suggest an approach to analyzing the efficiency of telecommunications companies listed on the Indonesia Stock Exchange (IDX) using methods for determining Economic Value Added (EVA), Market Value Added (MVA), Financial Value Added (FVA), and Refined Economic Value Added (REVA). A summary of the relevant literature is formed on the bibliographic database. Statistical data based on information from the Indonesia Stock Exchange for four companies in the telecommunications sector over 5 years. Data from reports’ balance sheets, including reports of profits and losses, is investigated. The results of the survey demonstrated that a telecommunications company had a positive EVA value, which meant that it succeeded in creating economic value. The three telecommunications companies had a positive MVA value, which meant that they provided value-added through market capitalization. In four telecommunications companies, a positive FVA indicated that management was successful in providing financial value-added for the company. One of the four telecommunications companies produced a positive REVA, which meant an increase in economic value after the company paid off all liabilities to creditors and shareholders. The use of various value-added measures to assess the performance of Indonesian businesses is a scientific novelty that contributes to the development of corporate finance theory.

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The authors declare that there are no conflicts of interest present.