ความสัมพันธ์ ระหว่างมูลค่าเพิ่มทางเศรษฐศาสตร์ กับอัตราผลตอบแทนของหลักทรัพย์ กลุ่มพัฒนาอสังหาริมทรัพย์ในตลาดหลักทรัพย์แห่งประเทศไทย ระหว่างปี พ.ศ. 2551-2555

Abstract

The objective of this independent was to study the correlation of Economic Value Added (EVA) and stock returns of Real Estate Development Sector in The Stock Exchange of ThailandBetween 2008 - 2012. Data were collected from annual closing price of stocks of 54 companies during 2008 to 2012 and consolidated financial data from their annual reports. In this study, two methods in calculating cost of equity were CAPM and Gordon Growth Model to be further used in calculating Economic Value Added. To find the relationship between Economic Value Added and stock returns, correlation analysis was employed. For the Sector, the study results found that Economic Value Added,calculated from two methods of cost of equity calculation, and stock returnspositively correlated but not significantly. However for correlation between Economic Value Added and stock returns for each stock, there were higher numbers of positive relationships than negative ones. To sum up, the positive correlations between Economic Value Added and stock returns were observed but they were not statistically significant.