Экономическая добавленная стоимость и дисконтированный денежный поток: сопоставление методов управления стоимостью

This article provides an analysis of the comparative possibilities of using economic value added (EVA) and net present value (NPV) to manage the value of a firm. Consideration of this is-sue is based on the concept of VBM - Value Based Management - management based on value. Methods for determining EVA and comparing the results of cost estimation are considered. The re-lationship between economic value added and NPV is expressed. The results of an empirical study on the relationship between the market value of the company, the return on invested capital and the growth rate are presented. The conditions are listed under which the equality of estimates made by discounting cash flows and EVA is ensured. The results of simulation modeling are presented for the case when the relationship between growth rates, reinvestment and return on capital is not pre-served.