Due to high sensitivity of investors to the invested firms, increasing the benefits of investors and firms value is one of the most important objectives of the firms. In order to be sure of this objective, performance appraisal systems are applied. In this research, the competition between traditional performance appraisal criteria (return on equity, return on assets, profitability strength and earning per share) and value based performance appraisal criteria (Economic Value Added) was concerned in order to appraise the performance of firms during 1379-1385. Toward this goal, the relation between these two sets of variables to market value of stocks was measured. The sample included automobile and related industries firms listed in Tehran Stocks Exchange. The results show that economic value added (EVA), return on equity (ROE), profitability strength and earning per share has a significant relation with market value of stocks. Also, the results indicated that return on assets (ROA) doesn’t have any significant relation with market value of stocks.