This study is focused on confirmation of the usefulness of EVA through the empiritical test of it which is used in practical business as the new performance measures of the VBM(value based management). The results of test are as followed : We could confirm the possibility that the EVA per share could be used as the useful performance measure as it shows the positive relation with the stock prices. The explanatory power showed especially higher than any other cases if the EPS shows positive and the EVA per share shows positive. When we interpret this study, we must keep in mind that the magnitude of the EVA is very different from by organs of publication in our country. Accordingly, the study to confirm the usefulness of EVA must be basically limited. Therefore, to get the useful result through the study related with the EVA, the publication of the trustful EVA must be proceeded by unified standard.