قاسم بولو
مهرداد مقدم دیزج هریک

In recent decades success and life of firms considerably depend onlevel ofvalue creating of these firms. Now companies envisage a period that a new economical framework should be established that be able reflect value andprofit making better. Value componentsin the sight of the accounting that have been used isn’t sufficient and they can’t tackle with efficiency escalation of markets. Ascending the efficiency needed that capital allocation among firms be more efficient. So capital allocation in the future won’t be possible as today. This reason and necessity of value creating for all stakeholders and specially shareholders obliged firms to use Value Based Management (VBM) system. VBM is a managerial approach that selected value creation and evaluating this as a goal in firms. Two of tools that VBM operating them for evaluating the firm’s valueare Economic Value Added (EVA) and Cash Value Added (CVA) that as their creator said“ they are more suitable for measuring than traditional criteria that are based on historical information”. On the other hand Tobin’s Q index is one of economical macro indexes that using the fair value of stocks on its calculations so is compatible with capital market mechanism. Existence the significant relation between each of EVA and CVA with Tobin’s Q index shows that two criteria of VBM can be suitable superseded instead of Q and revers. Selected instance is compose of ۸۰ companies between years ۲۰۰۵-۲۰۱۰ among accepted companies in Tehran Stock Exchange. Results of present research that is type of correlation and comparative researches shows the significant relation between each of EVA and CVA with Tobin’s Q index. Also EVA has more explaining puissance than CVA for estimating Q.  

Value based management, Economic Value Added, Cash Value Added, Tobin’s Q Index, مدیریت مبتنی بر ارزش, ارزش افزوده اقتصادی, ارزش افزوده نقدی, شاخص Q توبین