ผลกระทบของกำไรต่อหุ้นและมูลค่าเพิ่มทางเศรษฐกิจ

ที่มีต่อมูลค่ากิจการ ของบริษัทจดทะเบียนในตลาดหลักทรัพย์
แห่งประเทศไทย กลุ่มดัชนี SET100

 

The Effect of Earnings Per Share and Economic Value
Added on Firm Value of Listed Companies on the
Stock Exchange of Thailand in the SET100 Index

 

 

วันที่ได้รับต้นฉบับบทความ :
15 ตุลาคม 2568

วันที่แก้ไขปรับปรุงบทความ :
4 ธันวาคม 2568

วันที่ตอบรับตีพิมพ์บทความ :
26 ธันวาคม 2568

ทิพย์มณี ดงเย็น

บัญชีมหาบัณฑิต คณะบัญชี

บัณฑิตวิทยาลัย มหาวิทยาลัยหอการค้าไทย

เจ้าหน้าที่บัญชีอาวุโส บริษัท บริหารสินทรัพย์ไพร์มโซน จำกัด

ดร.กิตติมา อัครนุพงศ์

รองศาสตราจารย์ประจำกลุ่มวิชาการรายงานการเงินและการให้ความเชื่อมั่น

คณะบัญชี มหาวิทยาลัยหอการค้าไทย

(ผู้ประพันธ์บรรณกิจ)

 

 

Received:
October 15, 2025

Revised:
December 4, 2025

Accepted:
Decembe 26, 2025

Thipmanee Dongyen

Master of Accountancy, School of Accountancy,

Graduate School, University of the Thai Chamber of Commerce,

Senior Accounting of Primezone Asset Management Company Limited

Dr.Kittima Acaranupong

Associate Professor of Financial Reporting and Assurance Group,

School of Accountancy, University of the Thai Chamber of Commerce

(Corresponding Author)

 

 

คำสำคัญ :
กำไรต่อหุ้น มูลค่าเพิ่ม
ทางเศรษฐกิจ มูลค่ากิจการ
กลุ่มดัชนี SET100

บทคัดย่อ

การศึกษานี้มีวัตถุประสงค์ เพื่อศึกษาผลกระทบของกำไรต่อหุ้น (Earnings Per Share: EPS) และมูลค่าเพิ่มทางเศรษฐกิจ (Economic Value Added: EVA) ที่มีต่อมูลค่ากิจการ (Firm value) ของบริษัทจดทะเบียนในตลาดหลักทรัพย์แห่งประเทศไทย กลุ่มดัชนี SET100 โดยใช้มูลค่าสุทธิของกิจการ (Enterprise Value: EV) ราคาหลักทรัพย์ (Stock Price: SP) และอัตราส่วน Tobin’s Q (TQ) เป็นตัววัดมูลค่ากิจการ กลุ่มตัวอย่างที่ใช้ในการศึกษาครั้งนี้ ได้แก่ บริษัทจดทะเบียนในตลาดหลักทรัพย์แห่งประเทศไทย กลุ่มดัชนี SET100 สำหรับระยะเวลา 5 ปี ตั้งแต่ปี พ.ศ. 2562 – 2566 โดยไม่รวมบริษัทจดทะเบียนที่อยู่ในกลุ่มอุตสาหกรรมธุรกิจการเงิน อสังหาริมทรัพย์และก่อสร้าง และทรัพยากร ซึ่งมีกลุ่มตัวอย่างจำนวน 159 ตัวอย่าง โดยเก็บรวบรวมข้อมูลจากงบการเงิน รายงานประจำปี ฐานข้อมูล SETSMART โดยนำข้อมูลที่ได้มาวิเคราะห์ทางสถิติ ได้แก่ การวิเคราะห์ข้อมูลด้วยสถิติเชิงพรรณนา การวิเคราะห์สัมประสิทธิ์สหสัมพันธ์ และการวิเคราะห์ถดถอยเชิงพหุคูณ

ผลการศึกษาพบว่า กำไรต่อหุ้นส่งผลกระทบเชิงบวกกับมูลค่ากิจการที่วัดด้วยมูลค่าสุทธิของกิจการ ราคาหลักทรัพย์ และอัตราส่วน Tobin’s Q อย่างมีนัยสำคัญทางสถิติ นอกจากนี้มูลค่าเพิ่มทางเศรษฐกิจส่งผลกระทบเชิงบวกกับมูลค่ากิจการที่วัดด้วยมูลค่าสุทธิของกิจการอย่างมีนัยสำคัญทางสถิติเช่นกัน อย่างไรก็ตาม มูลค่าเพิ่มทางเศรษฐกิจไม่ส่งผลกระทบต่อราคาหลักทรัพย์ และอัตราส่วน Tobin’s Q ซึ่งสะท้อนให้เห็นว่า กำไรต่อหุ้นเป็นตัวชี้วัดที่ผู้ลงทุนให้ความสำคัญเป็นลำดับแรกและกำไรต่อหุ้นมีผลต่อการประเมินมูลค่ากิจการมากกว่ามูลค่าเพิ่มทางเศรษฐกิจ

 

 

Keywords:

Earnings Per Share,
Economic Value Added,
Firm Value, the SET100
Index

ABSTRACT

The objective of this study is to examine the effect of earnings per share (EPS) and economic value added (EVA) on firm value of listed companies on the Stock Exchange of Thailand in the SET100 Index. Firm values are measured by enterprise value (EV), stock price (SP), and Tobin’s Q ratio (TQ). The sample in this study consists of companies listed on the Stock Exchange of Thailand in the SET100 Index over a five-year period from 2019 to 2023. The study excludes listed companies in the Financial, Property and Construction, and Resource Industry. Total number of samples is 159 firms-years. Data is collected from financial statements, annual reports, and financial data from the SETSMART of the Stock Exchange of Thailand. The collected data is analyzed by using statistical methods including descriptive statistics, correlation coefficient analysis, and multiple regression analysis.

The results show that earnings per share have the positive effect on firm value as measured by enterprise value, stock price, and Tobin’s Q ratio. Additionally, the economic value added has a significant and positive effect on firm value as measured by enterprise value. However, the economic value added shows no impact on stock prices and Tobin’s Q ratio. This can be implied that earnings per share are the prioritized indicator for investors in determining firm value. It also influences the assessment of firm value more than that of economic value added.

 

 

 

 

HOW TO CITE

 

 

Dongyen, T., & Acaranupong, K. (2026). The effect of earnings per share and economic value added on firm value of listed companies on the Stock Exchange of Thailand in the SET100 index. Journal of Accounting Profession, 22(74), 7-43. https://doi.org/10.14456/jap.2026.6

 

 

 

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