Análise do modelo de mensuração EVA® - Economic Value Added para atender aos requisitos do conceito de lucro econômico

Abstract

Abstract: The main objective of this dissertation is to analyze the EVA® model, abbreviation of the expression "Economic Value Added", to verify if it meets the requirements of the concept of economic profit and, with this, to verify its capacity to adequately measure the generation or destruction of wealth by an enterprise. The concept of "Economic Value Added" - EVA® was widely publicized by the consultancy Steern Stewart & Company, from New York, which started to use the methodology of Creation of Value for the Shareholder with the objective of providing information to help the managers, collaborators and company employees in making value-creating decisions. The starting point of the work describes the contemporary relevance of value-based management, in addition to highlighting the meaning and importance of the concept. The study describes that important changes in the economic environment such as consolidated globalization (increased global competition), scarcity of financial resources, increasingly demanding markets and increased participation of institutional investors (mainly pension funds) in charge of companies have put in check the ability of corporations to survive and gave rise to various campaigns for value creation. These changes in the economic environment have led to the emergence of new tools and concepts. It is in this context that the concept of EVA® - Economic Value Added emerged, of controversial origin and which was disseminated by the consulting firm Stern Stewart & Company, which returned to the concept of economic profit and considers the opportunity cost of the resources used. However, how do you know whether or not wealth is being created? To answer this question it is necessary to understand the fundamental principles of value creation. In this work these fundamental principles of value creation. In this work, these principles were analyzed in order to understand their theoretical conception and their structural and methodological aspects, since their understanding is an indispensable condition for measuring and effectively managing the value of a company.The analysis of measurement concepts related to the calculation of economic profit allowed the deduction of a set of requirements that must be met by measurement models to be accepted as models for calculating economic profit, in addition to formatting a theoretical basis to conceptually support the formulation of a measurement model based on the requirements of economic profit. The conclusions indicate that EVA® does not meet the requirements of the concept of economic profit. Therefore, it cannot be considered a model for calculating economic profit.