企業主要依賴人而非資本來創造價值，而許多產業的人事成本比資金成本來的高，以人為本的經營態度成為業績推升的主要動力，然而現今的評量模式難以衡量此經濟特性。本研究擬以商業銀行為例，利用EVA的方式衡量其經濟利潤。另外以F. Barber & Strack (2005)提出的人本企業(People Business)為概念，將經濟利潤的估算轉為以人為核心，而非以資本為核心。以期了解以資產為本或以人為本的估算方式有何差異。研究結果顯示，對人本企業而言，人本EVA對於MVA的解釋能力，優於資本為基礎的EVA。然而，董事會持股比率、經理人持股比率、獨立董事與監察人占董事會比率及員工紅利均對資本EVA造成正面影響，但僅有員工紅利對人本EVA有顯著正向的影響；顯見對人本企業而言，公司治理有其必要改善之處。

Business success today revolves largely around people, not capital. In most industries, people costs are much higher than capital costs. Even when a company isn't people intensive overall, a people-based business embedded. This study based on the calculation for economic profit can be reformulated to focus on the productivity of people rather than of capital ( Barber & Strack , 2005).
Research data are collected from commercial banks in Taiwan, the results show that people-based EVA can explain MVA better than capital-based EVA. However, the results show the proportion of directors’ and management’s ownership, the proportion of independent directors, and employee stock ownership are positively associated with EVA, but only employee stock ownership exhibited a significant effect on people-based EVA. It’s necessary to improve the people business’ corporate governance.

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