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Does the EVA valuation model explain the market value of equity better under changing required return than constant required return?

机译：EVA估值模型是否在不断变化的回报下更好地解释公平的市场价值而不是持续的返回？

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Through the Economic-Value-Added (EVA) valuation model, the expected market value of equity can be determined by adding the book value of equity with the present value of expected EVAs under the assumption of constant required return and constant return on equity. The equation of EVA valuation model has taken its shape under the assumption of constant required return and constant return on equity. However, a large body of empirical evidence indicates that required rate of return never remain constant. The EVA- valuation model formulated under constant required return cannot be implemented under the scenario of changing required return. In this study, we explored whether the EVA valuation model could be implemented under changing required return by making any changes in the model and found that it could be implemented under the scenario of changing required return by replacing the book value of the equity of the existing model with the present value of required earnings or normal market earnings. We further examined whether the explanatory ability of the EVA valuation model under the assumption of changing required return is better than that of the valuation model under the assumption of constant required return. Relative information content analyses were conducted by considering sample of the intrinsic value of equities determined by valuation models and the market value of equities of 69 large-cap, 88 mid-cap, and 79 small-cap companies. The results showed that the EVA-based valuation model with changing normal market return outperformed the EVA-based valuation model with constant required return.
机译：通过经济增值（EVA）估值模式，通过在持续所需的返回和不断返回的股权下，通过将公平的账面价值添加公平的账面价值和不断的股权返回，可以通过增加股票的账面价值来确定股权的预期市场价值。 EVA估值模型的等式在恒定所需的回报和持续返回股权上的假设下采取了其形状。然而，大量经验证据表明所需的返回率永远不会保持不变。在不断变化的返回的情况下，不能在恒定所需返回下制定的EVA-估值模型。在这项研究中，我们探讨了通过在模型中的任何变化通过更改所需的返回时探讨了EVA估值模型是否可以在更改所需的回报下实施，并发现它可以通过更改所需股票的账面值，以改变所需返回的情况来实现模型具有所需收益或正常市场收益的现值。我们进一步检查了在变化所需回报的假设下EVA估值模型的解释能力优于恒定所需回报的估值模型的解释能力。通过考虑由估值模型确定的股票的内在价值和69个大概要，88个中盖和79家小型公司的股票市场价值，通过考虑股票的内在价值的样本来进行相对信息的内容分析。结果表明，基于EVA的估值模型随着正常市场返回的变化而表现出基于EVA的估值模型，持续需要返回。

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