. 1.

, , , . 25 [2] (, , ..) .

VBM . . 2 [3].

, , EPS, ROI, ROE, RONA (. 3). ; , . 80- VBM- .

. 2.

. 3.

, , , -, . . VBM- (Advanced) . . (EVA), (SVA), (CFROI), (CVA), (OPM) . , [3], 30% , . , , BSC (Balanced Scorecard) (. 4).

. 4. VBM

VBM- DCF. , . , ROA, , (. 5). , .

. 5.

, ROA , . , . , (. 6).

DCF VBM , , . , , . . , ; . , - . , , (, , ) [4]. , VBM-. , ; .

. 6.

VBM

(EVA)

[13] EVAtm [5, 6, 7] VBM-; . , (NOPAT), , . , , , , . , . EVA (NOPAT) , . , .