经济附加值(EVA)外文文献翻译-会计演示教学

本科毕业论文外文翻译外文译文题目（中文）：EV A –经济增加值：从间接证据中筛选出直接解释学院: 管理学院专业: 会计学学号: ------------------------学生姓名: -----------------指导教师: --------------日期: 2012年9月1号EVA – Economic Value Added：Sifting the Direct from the CircumstantialJoseph SammutSource：–经济增加值从间接证据中筛选出直接解释约瑟夫·萨穆特来源：介绍如果存在一个脐带链接三大支柱业务,管理,会计,经济，毫无疑问，一个可信的竞争者应该是EV A(经济增加值)。

其原因在于它富于变化的根源。

对于一个明确规定的财务目标，研究人们的行为和如何直接操纵这种行为。

在这个方向，EVA理论走了很长的路。

它突出本身是一个非常规和非法定科学，在这两个人类行为和利润测量这样声称是最优的两个链接之间在寻找未来完美的商业项目。

这种断言有很多的支持者和反对者，伴随着潜在的疑点，,它可以是介于目光短浅或一个空想和是最可能的情况两者之间。

沿着这些方向是一些未被发现的东西。

这篇简短论文可以详细分析经济增加值(EVA)的涵义即既是金融性能测量工具也是一个密探,矛头直指接下来的管理革命后的全球化时代,即绩效工资的引入。

本文将解决关键的问题也是EVA联结科学管理、会计和经济学通过将直接转化为的间接证据努力深入这个问题。

最后本文将成为一个通过提交作者的看法提出的关键点。

2. EVA的涵义最简单的形式,EVA被定义为业务操作中的货币残留的扣除资本成本。

它的正式术语相当于税后净营业利润 (NOPAT)更少的股本成本。

即通过考虑到的资本成本，将账目收益灵巧的转换为经济收益。

表面上看起来这个概念是革命性的和新潮的。

然而，其创意不过仅限于包装，这个想法至少可以追溯到一百年,到一个特定的名字——阿尔弗雷德·马歇尔。

文献出处: Fernandez P. The company valuation based on the economic value added (EV A) [J]. European Journal of Business and Management, 2015, 5(3): 98-109.原文The company valuation based on the economic value added (EV A)Fernandez PAbstractThe traditional performance indicators without considering equity capital cost inherent deficiency Limit, can't measure the value of the new creation, cannot accurately reflect the change of shareholder wealth, unable to assess the real value of the enterprise, can make a scientific evaluation of value-added performance appraisal system is particularly urgent. Stemstewart consulting firm founded by the United States EV A (Economic Value Added, EV A) Value management performance evaluation method, overcome the deficiency of the traditional performance indicators, including the equity capital cost will be deducted from the calculation, the full cost of debt capital cost, expenses, reflecting the company in a certain period to create Value for shareholders. After promotion and application of the discount valuation model based on EV A and traditional derivative EV A value evaluation model arises at the historic moment, made from the perspective of shareholder wealth growth assessment of enterprise value to become a reality, and achieved remarkable achievement in some famous enterprises in the west.Keywords: Value of the company; Value of the investment; Economic value added (EV A); Value evaluation1 IntroductionDue to the generalization of listed companies, the mutual fusion strategy theory and financial theory, and corporate reliance on monetary market and capital market, forcing management is undergoing a revolution, which closely around the center, "value" to create more wealth for shareholders, enterprise management into on the basis of value, in order to realize the enterprise value maximization as the objective point of view is becoming more and more widely recognized. From the aspect of shareholders' equity, shareholders' wealth can be defined as the product of stockquantity and stock price, shareholder value is an important part of enterprise value, shareholder value will cause the increase or decrease of the enterprise value, increase or decrease of shareholders' wealth maximization is equal to the enterprise value maximization, realizes the shareholder wealth maximization is maximize the enterprise value. According to effective capital market theory, in strong type of capital market, decided to stock value, enterprise value and stock value decided to stock prices or stock prices always fluctuating around the value, therefore, the enterprise value determines the enterprise's share price, namely the enterprise market value. For investors, when the stock price is higher than the value, investors can sell stocks, make its prices tend to value; similarly, when the stock price is lower than the value, investors can buy shares, make its prices tend to value. For managers, whether to create value for the enterprise, can be tested in the market, the value was temporarily undervalued stocks have performance support, found later by the market, prices will go hand in hand with the value of the company. Obviously, how to accurately determine the true value of a company, the relationship between the market price of the value of the company and the company have become an enterprise owners, managers, and venture capitalists primary focus. Classic theory of enterprise value is pointed out that the enterprise value is equal to the invested capital and future new discount the value of the sum, from a wider field of vision about the enterprise value is the new value of the sum of the discount. This requires establishing scientific evaluation of value and value-added performance appraisal system, to measure the company's performance indicators must be able to reflect the company to create value for shareholders, standing in the perspective of shareholders to redefine the "profits”. Equity capital is the cost, obviously, the company to create value for shareholders should be minus all the costs include the cost of equity capital, relief is reasonable.2 Literature reviewIn the early 1920 s, American general motors company will introduce the EV A thought the company management, then once forgotten. In the 1980s, consulting company (Stemtewart&Co.) reintroduced to the ideas of the value assessment and company in the field of management, put forward the economic value added (EV A)index, to evaluate a firm's ability to create shareholder wealth. The Real Key To Creating Wealth (AIEhrbar, 1998), and other comprehensive expounds The theoretical value of EV A and in some companies use The model of case, think that EV A is a revolution of modern company management, performance evaluation is The correct way. Belmett Stewart found that EV A is a useful management tool; it has been internationally recognized as a corporate governance standards. EV A is a integrated analysis framework of financial management and incentive compensation of important indicators. EV A by providing such a framework that can reconfigure resources for the company, customers, employees, shareholders and managers to create lasting value. Tullv (1993) suggested that EV A as "the most popular financial indicators", points out that there are three ways to improve EV A: first, under the condition of without increasing capital gain more profit. Secondly, use less capital. Third, the capital invested in high return projects. Byme (1996) using regression model is examined and EV A and market value net operating profit after tax (NORAI,) the relationship between, when considering EV A and market value changes, the change of EV A explained 55% of the market value change. Chenand Dodd (1997) studied the accounting index (earnings per share, return on assets and equity yield) and residual income, as well as a variety of different and related to EV A index in the ability to explain stock returns, results show that the EV A index in explaining stock returns than other accounting index has better performance. Discussion in the calculation of the added value of economic indicators, whether need to adjust accounting course treatment is a bigger one argument EV A index research topic. Such as Biddle at (1997), the results show that the ability of the interpretation of the added value of economic indicators to 41.4% before the adjustment, and adjusted to explain ability of around 41.5%.Practice compromise methods used at present, only adjust some important projects. To adjust EV A calculation program of study (schouten, consultancy, concluded that too much adjustment not only takes much cost but also not conducive to the widespread use of EV A. Fortune magazine (Fortune) more to increase the economic value as the key of "wealth", and since 1993, reported by stemstewart&Co. 1000 large enterprises economic increase value. Giant Druckermanagement (Pcter Drucker) is also in the Harvard management review in 1995, said: "in the present various kinds of factors to measure the overall production method, EV A reflects all aspects of value management."3 Enterprise valueWith understanding of enterprise management goal of optimization, the understanding has been basically consistent, namely around the value maximization goal, according to the change in the environment, science and configuration of internal and external resources, enhance the initiative of the organization and strain capacity, and ultimately create more wealth for investors. Now popular value investment idea is a key concept based on the enterprise value. This article recommended investors to focus on and study the intrinsic value of listed companies, to evaluate the operation of listed companies, which have an objective understanding to the enterprise performance. Therefore, enterprise value theory of historical evolution and the connotation of enterprise value, is the first thing we need to know and clarify. In fact, the emergence of the theory of enterprise value is not only the strategic goal of enterprise and decision-making on the basis of the standard, and unified the short-term profits and enterprise long-term development and the relationship between the shareholders overall revenue, in order to promote the sustained and healthy development of enterprises, and prompted investors to scientific and rational investment.3.1 The various forms of the value of the companyThe value of the company is a company as a study object, is the enterprise characteristics, functions meet the demand of users, the relationship between the enterprise value of subjective color, clearly define the connotation of the value of the company to become the starting point of value evaluation research. The same enterprise will be due to the different main body needs, preferences and judgment, will present a different assessment. In order to clarify the concept, the different forms of enterprise value, book value, fair market value, intrinsic value and market value compares and analyses the several forms of the introduction of this paper studies the connotation of the value of the company.(l) The book valueThe book value of the company (Book Value) is the accounting value of the balance sheet reveals. With the company's books Value to represent the company is based on the assumption, that is, the value of a company is all investors (including creditors and shareholders) for the company's assets the value of the claim. Company's book value in accordance with the requirements of objectivity and caution, measured on the basis of historical cost accounting value. First of all, because is based on the historical cost valuation of assets in the financial report, m unchanged for a long time, ignoring inflation, factors such as technology innovation, make the book value over time, increasingly deviated from its true value, and management and investors the relevance of information needed. Second, the balance sheet reflect the assets of the company is formed by past transactions and events, from the point of view of investment, how much more attention in the future to create profits, that is the essential attribute of assets. Finally, due to the accountant processing limits, many have important value of the non-monetary information cannot be reflected, but also because there is no deduction of equity capital cost, cannot reflect the investment risk, thus greatly reduced the usefulness of the book value. Rarely used alone, in fact, the book value assessment, but investors can take advantage of the book value and the reference of other factors to make a rough estimate, the enterprise value of assets income function make basic judgment.(2) The fair market valueAccording to the international accounting standards and international standards set by the assessment criteria committee, from the fairness of market transaction and the point of trading, the fair value refers to the buyers and sellers on the basis of fully understand the relevant information, in the absence of any pressure to trading, the price of this definition is based on the visible strict business market, capital market hypothesis. Compared to traditional accounting historical cost measurement attribute, fair value reflects the present value, its essence is a kind of based on the evaluation of market information, the value that is associated with the current situation of enterprise management, is the market rather than other subjects for the cognizance of the valueof assets and liabilities, therefore appraiser and transaction both sides emphasizes a concept.(3) The intrinsic valueThe company's intrinsic value refers to the company for the foreseeable future the present value of the expected to produce revenue. Compared with other value idea, the company's intrinsic value is existed in the enterprise internal essential growth ability, profit ability, belongs to a kind of objective nature of enterprises, but the intrinsic value is the objective evaluation and subjective, mainly through the number and distribution on the future earnings of scientific prediction, reasonable choice of discount rate discount, these predictions are based on the company's operating situation, the management level, the trend of growth, profitability, etc., and consider some external predictive factors, therefore has the obvious subjective color. Even so, if the proper evaluation method, on the basis of abundant information, effectively within the company to carry on the investment decision to share, or deal with the problem related to the future and subjectivity, is still of great reference value.(4) The company's market valueFor listed companies, the company's Market value (Market, T-shirt) is a stock Market value and the sum of the debt markets, if the Market value as the company's real value must be strong and effective capital Market is the precondition of, that is, all of the public information included in stocks and bonds in the Market prices fully reflect. Value investment theory is the main representative of graham, Mr. Buffett pointed out that the stock price is influenced by various factors, such as the company's performance is one of important factors, poor performance in the stock market, the situation of the high price, and a strong capital market completely after all is a kind of ideal condition, especially in China, so the company's market value cannot effectively reflect the value of the company.3.2 The theory basis of enterprise value assessment(1) Capital budgeting evaluation theoryCompany value evaluation thoughts can be traced back to the beginning of the 20th century. Fisher's capital value. Fisher in 1906 in the capital and the income of thenature of the monograph comprehensively expatiate the relationship between capital and income and the source of value, laid the theoretical basis of modern company valuation. Fisher believes that people's monetary income, can show the wages, dividends, rent, interest and profit, etc. Sometimes money income is not the same as real income in people's lives (the actual consumption enjoy), depending on the currency income, and the comparison of actual consumption amount. Part of the monetary income is greater than the actual consumption if deposited in Banks or buy bonds to invest, it is converted into capital, and the future can be achieved when interest or investment income, so capital is the present value of future income present value, in other words, the value is the capitalization of the future income.(2) The value assessment theoryAmerican economist Annie and miller in view of existing problems of fisher, "uncertainty" pioneering into the enterprise value assessment theory system, and the enterprise value and the relationship between the capital structure of the classic expatiates that plagued the enterprise value evaluation theory of "mystery" capital structure have a certain degree of cracking, laid the foundation of modern theories of enterprise value evaluation. In the analysis of capital structure due to the "tax shield effect" has always been the debt as a core variables into consideration, make up the fisher capital value evaluation methods of enterprise existence as an investment defects, correct the company value maximization has nothing to do with the shareholders' equity and debt capital cost of error, is the "right" to reveal the real business situation of enterprises, and the average cost of capital for enterprise to carry on the correct definition, make the discount cash flow evaluation method has become the mainstream of enterprise value assessment methods, entered the practical stage. Their research in the history of enterprise value evaluation has played a role in inheriting and authentic.译文基于经济增加值(EV A)的公司价值评估Fernandez P摘要传统业绩指标由于没有考虑股本资本成本等固有缺限，不能衡量新创造的价值，不能准确反映股东财富的变化，无法评估企业的真实价值，使建立能对价值增值进行科学评价的业绩考核体系就显得尤为迫切。

外文文献翻译译文一、外文原文原文：Economic Value AddedEconomic Value Added (EV A), when applied properly in a company, impacts all departments and decisions. The equation for EV A as well as the adjustments that mustbe made to current accounting practices is the basis for an understanding of EV A. The success of EV A is displayed as companies that have implemented EV A to varying degrees are compared with companies that have not implemented EV A. Once the argument for the overall superiority of EV A is made, traditional performance measures and current accounting practices are evaluated. Then, the importance of creating value within corporations becomes apparent. Finally, a detailed example of the implementation process that took place several years ago at Harsco argued in favor of all companies adopting EV A.Economic Value AddedEconomic Value Added (EV A), for the last two to three decades, has been receiving an increasing amount of attention. Though it has become aviable business practice for many large corporations, it still has not successfully altered the approach of many corporate leaders. EV A approaches the financial aspect of corporations from a different perspective than that to which most executives are accustomed. To raise awareness of the benefits of EV A, it is imperative to gain a basic understanding of the ideas, concepts, and implications associated with the implementation of policies at corporations that have adopted EV A.EV A EquationAt its core, the concept of Economic Value Added is relatively simple. The complexity is that the concept must be applied to every business decision at all levels of a particular company to realize the desired long-run effects (Stewart, 1991). The equation for EV A is as follows:EV A = Net Operating Profit After Taxes (NOPAT) – (Capital*The Cost of Capital) .This idea helps managers integrate two basic principles of finance into their daily decision-making. First, the primary financial objective of all companies should be to maximize shareholder wealth. Second, the valu e of a company is based on investors’ expectations of future earnings exceeding or falling short of the cost of capital. The cost of capital is a decisive measure pertaining to computing EV A (Stewart, 1991). The cost of capital is the rate of return a company would expect to receive had they invested in a different venue with a similar risk (Cost of Capital). This amount is the figure that determines whether a corporation is performing well or badly. Although it may appear to be a cash cost, it is actually an opportunity cost. Calculating the trade-off between risk and reward derives an opportunity cost. The cost of capital consists of a risk free rate of return and a risk premium. Long-term U.S. government bonds are considered risk free because of the value of the entire economy as well as the taxing authority of the government. To illustrate, assume the rate for risk free government bonds is 6% and add to it the risk premium. Although, risk premiums vary by company and industry, most investors expect from 2% to 10% in addition to the government bond rate. Assume that the risk premium is 4%, add the risk free rate of 6%, and the cost of capital in this example would be 10%.The Success of EV ATo quantify the extent to which companies that implement EV A outperform their competitors, data were collected by Stern Stewart (2002b). Companies have seen high returns when they utilize Stern Stewart's EV A framework for performance management, value-based planning and incentive compensation. Throughout the 1990s these same companies, on average, outperformed their competitors by 8.3% annually during the first five years after they first adopted EV A. Improved operating margins, stronger cash flow generation, and quicker asset turnover were the catalysts responsible for greater stock market performance, which caused a $116 billion increase in shareholder wealth beyond that of their competitors.The margin of performance is greater still for companies that use EV A as a performance measure and a tool for determining management compensation. Companies that only used EV A asa performance measure did not obtain such impressive results (Stewart, 2002b).EV A vs. Other Financial Performance MeasurementsThose in favor of using EV A as a performance measure argue that it is superior to other performance measures for the four following reasons: it is nearer to the real cash flows of the business entity; it is easy to calculate and understand; it has a higher correlation to the market value of the firm and it aligns the goals of management with the interests of the shareholders. EV A is superior to conventional measures such as Return on Investment (ROI), Return on Equity (ROE), and Return on Assets (ROA) because these calculations are based on accounting figures. Using Generally Accepted Accounting Principles (GAAP), the assets in the balance sheet are carried based on historical costs while, with the exception of depreciation, revenues and expenses are recognized as either a profit or a loss at their current value. Due to this inaccuracy in the calculation of the value of assets, the rates of return do not accurately determine the actual return on a given investment. As such, the rate of return is usually lower in the first few years and higher in the latter years. However, if the value of the mix of assets is close to the current value of the assets, the distortion will not be as significant as when the value of the assets is far below the current value. Most companies rarely have the needed asset mix to make these accounting measures accurate; therefore, they cannot be regarded as true indications of the performance of the company.EV A as a Corporate PhilosophyEV A is a concept that is not easy to understand but can be implemented with care at every level of an organization. Corporations across the globe, even some state owned enterprises in the United States, have adopted EV A as a corporate philosophy. One important advantage of EV A is that it improves business literacy because of its simplistic concept. Business literacy is the attempt of management to make all employees aware that for any activity to create value, the return needs to exceed the cost of capital for that particular activity. It also takes into consideration the cost of capital, which many other conventional techniques fail to incorporate into their calculations.What Determines Company Value?In dealing with the topic of Economic Value Added, many questions surface for which the most astute professionals in business cannot agree. The most common of these is how one is to determine the value of a company. To begin, several myths that abound in the market are followed by some valuation concepts. If one was to ask several top executives how value was determined and share prices set, there may be answers using the combination of several financial performance factors such as earnings, growth rates, returns book values, cash flows, dividends, and trading volumes. With this wide variety of answers, it is easy to understand the confusion many top managers have in determining what investors want. Therefore, they cannot realistically make wise business decisions that will maximize shareholder wealth – the ultimate goal in business (Stewart, 1991).Earnings or Earnings per ShareOne area of controversy is determining whether earnings or cash flows determine stock prices. To calculate share prices, one may use earnings per share (EPS) and the price/earnings multiple (P/E). This method is particularly appealing because it is so simple. However, it is the very simplicity that makes it an unreliable measure of value. The accounting model asserts that Wall Street determines share prices by multiplying EPS by an appropriate P/E. If this were the case, a company with EPS of $0.50 and a P/E of 5, would sell at $2.50. The major fault with this method is that it assumes that the P/E remains static. In reality, P/E changes frequently with acquisitions, new investment opportunities, and with changes in financial structure and accounting policies. Therefore, EPS do not provide a reliable measure of value. In contrast, the economic model assumes share prices are the result of evaluations of future cash flows and the risk of the cash receipts of a business by sophisticated investors. In many firms, cash flow and earnings rise and fall simultaneously, so it is difficult to determine which factor is the primary cause for the resulting stock price. Studies have been conducted to find the events, which cause cash flow and earnings to depart in a particular company. These studies conclude that future cash flows are more important in the calculation of share prices than earnings. Investors care more about cash than a company’s reported earnings. Many companies inflate their sales to show higherearnings for the benefit of the investor. If an investor is to invest wisely, he will ignore the earnings and look at the company’s future cash flows to be produced during the business’ existence.Economic Model vs. Accounting ModelThe most important difference between the two models is that the accounting model relies on the balance sheet and income statement while the economic model relies on uses of cash and its source. This becomes significant when a company chooses from a variety of accounting methods. Using the accounting model, it makes a big difference whether a cash outlay is expensed on the income statement or capitalized on the balance sheet because earnings are the driving force. Using the economic model, it only matters where the cash outlay is recorded when it affects taxes. Ultimately, earnings are affected by the accounting procedures a company uses, such as choosing an inventory costing method, amortizing goodwill, accounting for research and development, and determining book value.Corporation ValuationDecisions in any company should be made exclusively on the basis of which decisions increase the value of the company the most. Therefore, a method is needed to determine the outcome of different business strategies and financial structuring in relation to the company’s stock market value. That metho d is to project the most likely scenarios for a variety of business decisions in areas such as costs, benefits, risks, and rewards. Not only can a valuation framework provide management a way to select a strategy, but also, it can place a value on a consolidated company and its individual business units as well as on acquisition and divesture candidates.Corporate valuations can determine whether a company is currently trading for fair value and whether it should raise or retire equity at the current prices. Privately held companies should conduct valuations periodically to determine the share value for employee stock ownership plans as well as for management incentives. It is helpful for privately held companies to have this valuation done as a way of determining their progress in creating value for the firm.A valuation framework for individual business units shows which ones areperforming well by creating value and which are underperformers. Doing so will give management a clearer picture as to which business units need to be invested in most heavily and which ones should be divested or restructured to maximize their value. This is crucial for any business because poor performance of part of one company’s business has the capability to destroy market value. A study conducted by Stewart (1991) found that in one particular company, 30% of its business accounted for 200% of its total market value while the other 70% of the business was destroying 100% of its market value. Hence, the company was unknowingly devoting large amounts of resources to business that never earned its cost of capital. Lastly, a valuation framework will help management determine how much it should pay for a potential acquisition. Overpaying will quickly reduce the acquirer’s own market va lue while increasing its chances for getting acquired in the future. Valuation can also be used in reverse. As mentioned previously, stock prices convey the expectations of investors regarding a company’s prospects and risks. Therefore, a valuation framewo rk can be used to develop projections that equate to that company’s actual market value. Then an investor can use these projections to set break-even goals. This will ensure that investors earn their required rate of return on initial investment (Stewart, 1991). ConclusionEconomic Value Added is a topic that encompasses all levels of business operations. It is imperative that measures be taken to ensure all members of a company are committed to the principles of EV A. “EV A is more than a performance measure; it is the focal point of a management system and a mindset. EV A affords the Company the ability to establish clear, accountable links between strategic thinking, capital investment, day-to-day operating decisions, and shareholder value” (Stewart, 2003, 1).Source: MD Houle ,2008."Economic Value Added".Senior Honors Papers,pp.1-29./cgi/viewcontent.cgi?article=1046&context=honors二、翻译文章译文：经济增加值经济增加值（EVA），当适当应用于一个公司时会影响各部门和决定。

原文：Foundations of economic value addedThe EV A RevolutionIn a market-driven economy many panies will create wealth .Other firms however will undoubtedly destroy it. Discovering those economic factors that lead to wealth creation and destruction among panies is important to many constituencies, not the least of which is corporate officials and investment managers. For corporate managers, wealth creation is fundamental to the economic survival of the firm. Managers that fail (or refuse) to see the importance of this imperative in an open economy do so at the peril of the organization and their career.Finding the “best” panies and industries in marketplace is of primary importance to investment managers. With the proper financial tools, portfolio managers may be able to enhance their active performance over-and-above the returns available on similar risk indexed passive strategies. A new analytical tool called EV A is now assisting this wealth-discovery and pany-selection process .The innovative changes that this financial metric have spawned in the twin areas of corporate finance and investment management is the driving force behind what can be formerly called the “EV A revolution”.EV A in practiceThe analytical tool called EV A ,for Economic Value Added, was mercially developed in 1982 by the corporate advisory team of Joel Stern and G.·Bennett·Stewart Ⅲ.This financial metic gained early acceptance from the corporate munity because of its innovative way of looking at the firm’s real profitability ,unlike traditional measures of profit—such as EBIT ,EBITDA ,and net operating ine—EV A looks at the firm’s “residual profitability”, net of both the direct cost of debt capital and the indirect cost of equity capital. In this way ,EV A serves as a modern-day measure of corporate success because it is closely aligned with the shareholder wealth-maximization requirement.Large firms like Coca Coca ,Diagea ,Lilly(Eli) ,Guidant ,and SPX have usedEV A as a guide to creating economic value for their shareholders .Bonuses and in centive pay schemes at these firms have been built around the manager’s ability (or lack thereof) to generate positive EV A within the firm’s operating divisions .Positive payments accrue to managers having divisional operating profits that on balance exceed the releva nt “cost of capital”, while negative incentive payments may occur if the larger-term divisional operating profits fall short of the overall capital costs .Thus ,by a accounting for both the cost of debt and equity capital ,EV A gives managers the incentive to act like shareholders when making corporate investment decisions.EV A is also gaining popularity in the investment munity .The June 1996 conference on “Economic Value Added”at CS First Boston and the “roll out”of Goldman Sachs’ EV A researc h platform in May 1997 is testimony to this exciting development .Indeed , “buy side”investment firms like Global Asset Management and Oppenheimer Capital use EV A in their stock selection ,portfolio construction ,and risk control processes .Other large investment firms are taking a serious look ,and EV A is also making meaningful inroads in world of global performance analytics . Moreover ,recent empirical studies in the Journal Portfolio Management(among other finance and investment journals)shows that EV A is being advanced in both the academic and financial munities.Evolution of EV AThe evolution of economic profit—economic value added(EV A)—is a fascinating study with historical roots that can be traced back to the classical economist’s notion of “residual ine.”For instance ,consider the definition of economic profit made in 1890 by famous British economist ,Alfred Marshall , regrading the real meaning of a business owner’s profit: “What remains of his profits after deducting interest on his capital at the current rate may be called his earnings of undertaking or management.”Based on Marshall’s statement,it is evident that the economists’definition of profit—namely ,a residual view of ine or economic profit—is radically different from the accounting measures of profit in use today ,such as EBIT ,EBITDA ,or netoperating ine .This is, a key distinction between economic profit and accounting profit lies in the classical economists’notion that a pany is not truly profitable unless its revenue have covered the usual production and operating expenses of running a business ,and provided a normal return on the owners’invested capital .In a more fundamental sense ,this residual view of ine is really what today’s economic profit movement is really all about.While EV A is rooted in classical economic theory ,three pioneering 20th century American economists—Irving Fisher during the 1930s,and Nobel Laureates Franco Modigliani and Merton Miller in the late 1950s to early 1960s—expanded upon the fuller meaning of economic profit in a corporate valuation context .Irving Fisher established a fundamental link between a pany’s net present value(NPV)and its discounted stream of expected cash flows .In turn ,Modigliani and Miller showed that corporate investment decisions—as manifest in positive NPV decisions—are the primary driver of a firm’s enterprise value and stock price—as opposed to the firm’s capital structure mix of debt and equity securities.Basically ,the theory of economic value added rests on two principle assertions:(1) a pany is not truly profitable unless it earns a return on invested capital that exceeds the opportunity cost of capital and (2)that wealth is created when a firm’s managers make positive NPV investments decisions for the shareholders .What expand on these EV A tenets of wealth creation as we move forward in this book .For now ,Let’s look at operational definitions of EV A that have shaped the current economic profit movement as well as introduce the link between a pany’s economic profit and its market value added.Operational Definitions of EV AThere are two popular or operational ,ways of defining EV A——namely ,an “accounting”way and a “finance” .From an accounting perspective ,EV A is defined as the difference between the firm’s net operating prof it after tax(NOPAT)and its weighted-average dollar cost of capital .As a result ,EV A differs from traditional accounting measures of corporate profit including ,EBIT (earnings before interest and taxes),EBITDA(EBTT plus depreciation and amortization),net ine ,and even NOPATbecause it fully accounts for the firm’s overall capital costs .This analytical difference is important to the firm’s ow ners because the EV A metic is net of both the direct cost of debt capital and the indirect cost of equity capital——as reflected the shareholders’required return on mon stock.In this context , EV A can be expressed in more general terms as:EV A=NOPAT-$Cost of CapitalIn this expression, the firm’s dollar cost of capital is calculated by multiplying the percentage cost of capital by the amount of invested capital according to:$Cost of Capital= [%Cost of Capital/100]* Capital In turn, the percentage cost of capital is obtained by taking a “weighted average” of the firm’s after-tax cost of debt and equity capital as shown by:%Cost of Capital=[Debt weight * % After-tax debt cost+ Equity weight * %Cost ofequity]EV A: The Finance InterpretationFrom a finance perspective, EV A is defined in terms of how it relates to the firm’s “market value added.” In this context, MV A (or NP V) is equal to the present value of the firm’s expected future EV A. Additionally, since MV A is equal to the market value of the firm less the “book capital” employed in the business, it can easily be shown that EV A is related to the intrinsic value of the firm and its outstanding debt and equity securities. Stating these concepts in more formal terms yields the familiar value-based relationship between the firm’s “market value.MV A and EV A: Growth ConsiderationsThe basic EV A and MV A linkage outlined above can also be extended to a multiperiod framework. Without getting into plicated pricing details here, one can use a “constant growth” EV A model to show the pricing importance of both the firm’s near-term EV A outlook and its long-term EV A growth rate in determining overall corporate (or enterprise) valuation. In this “Gordon-like” model, the relationship between the firm’s MV A and its EV A outlook for the future is expressed as:MV A=EV A(1)/(COC-gEV A)In this expression, EV A(1) is the firm’s current EV A outloo k (one-year aheadforecast), gEV A is the firm’s assessed long-term EV A growth rate, and COC is the familial weighted cost of debt and equity capital.The constant-growth EV A model shows that the firm’s market value added (MV A) is positively related to its near-term EV A outlook, as measured by EV A(1), as well as the firm’s assessed long-term EV A growth rate, gEV A. As shown, the firm’s MV A is also negatively related to any unanticipated changes in the weighed-average cost of (debt and equity) capital, COC. However, in view of modern day capital structure principles (a la Miller-Modigliani), this “cost of capital” interpretation does not imply that the firm’s corporate debt policy has any meaningful impact on the valuation of the firm and its outstanding debt and equity shares.PREVIEW OF WEALTH CREATERSLet’s now take a preliminary look at the MV A and EV A relationship for major U.S. wealth creators and destroyers. The MV A and EV A characteristics for five large U.S. wealth creators—including General Electric, Cisco Systems, Microsoft Corporation, Wal-Mart Stores, and Merck—for the 11-year period covering 1990 to 2000 are shown in Exhibits1.2 and 1.3. These large capitalization panies were listed by Stern Stewart & Co. as the top-five U.S. wealth creators (based on MV A ranking) in their 2001 Performance Universe.Exhibit 1.2 shows that wealth creators like General Electric , Cisco Systems , and Merck have substantially positive MV A that grows rapidly over time . At year-end 2000,General Electric’s net present value was $426,616 million, while Cisco Systems and Merck were reporting MV A values of $272,131 and $203,689 million, respectively. During the 11-year period spanning 1990 to 2000, General Electric’s net present value was growing at a pound yearly rate of nearly 34%. Moreover, over the 11-year reporting period, Cisco’s MV A was actually growing at an annualized rate of 86%, while Merck was reporting a respectable average MV A growth rate of about 21%.Exhibit 1.2 also reveals that the MV A values for the top-five U.S. wealth creators declined mostly from year-end 1990 to 2000. For example, General Electric’s MV A declined by about $45,000 million (or $45 billion) while Cisco Systems and Wal-Marteach experienced MV A declines of around $76,000 million. Indeed, Microso ft’s MV A declined by a staggering $412,000 million –from $629,470 to $217,235 million –between 1999 and 2000. As with Cisco et al. , the MV A decline for Microsoft was due in part to the general slowdown in economic activity—especially in the technology and telemunication industries—and thus the precipitous decline in the U.S stock market mencing in the first half of 2000. Additionally, Microsoft’s sharp decline in MV A was due to serious legal challenges from petitors arising from its alleged “bundling” of s oftware with the Windows operating system.Exhibit1.3 shows the source of the positive net present value being generated by the five U.S. wealth creators shown in Exhibit1.2. Specifically, this exhibit reveals that wealth creators like General Electric, Microsoft, and Merck have substantially positive MV A because their EV A is both positive and growing at a substantial rate over time. At $5,943 million, General Electric’s 2000 EV A is not only positive, but it also grew by 25% over the 1990-2000 period. With MV A and EV A growth rates in the 20-30% range during this decade, the two exhibits suggest that General Electric’s net present value largely “tracked” the diversified conglomerate’s ever-rising “economic value added.” Likewise, Microsoft’s ten-year EV A growth rate, at 39%, seems to have provided the necessary fuel for its abnormal MVA growth rate, at 40%.Exhibit1.2 Market Value Added: Top-Five Wealth Creators in Performance Universe:1990-2000Exhibit 1.3 Economic Value Added: Top-Five Wealth Creators in Performance Universe:1990-2000Exhibit1.3 also shows that Cisco Systems had tremendous growth in its EV A up to 1998. During this period, the networking firm’s EV A grew from just $9 million in 1990 to $775 million in 1998. This represents an astonishing EVA growth rate of 90% that, in turn, is joined with Cisco’s MV A growth rate of 100%. On the other hand, Cisco’s EV A peaked at $775 million in 1998, then declined to $182 million in 1999, and actually turned negative in 2000, at -$365 million. Interestingly, Cisco was apparently overvalued in 1999 as its MV A peaked at $348,442 during that year in the presence of its falling EV A. Cisco continued its MV A decline in 2000 with the major sell off in technology stocks to end the year at $272,131 million. Thus, taken together, the MV A and EV A relationships shown in Exhibits1.2 and 1.3 are not only beneficial in describing the financial characteristics of wealth creators, but exhibits like these can be used to assist in the discovery of mispriced securities.Source: James Lawrence Grant, 20XX “Foundations of economic value added” .Wiley. pp.1-10.二、翻译文章译文：经济增加值的基本原理EV A革命在市场经济下，许多公司都会创造财富。

经济增加值（EVA）：一种新的企业绩效衡量的实证研究外文翻译外文翻译Economic Value Added EVA super TM: an empirical examination of a new corporate performance measure.Material Source:////0>. Author:Chen,Shimin;Dodd, James L.Is there a single measure of corporate performance enabling investors to identify investment opportunities and motivate managers to make value-added business decisions? Obviously, this is a question of utmost importance to investors, managers, and business researchers. Economic Value Added EVA' has been acclaimed to be such a measure Tully, 1993. As defined by Stern Stewart Management Services of New York City, EVA is the difference between a company's net operating income after taxes and its cost of capital of both equity and debt Stern Stewart, 1993. Although the term EVA had appeared in the literature as early as 1989 Finnegan, 1989; Walter, 1992, it did not receive much attention until a September 20, 1993, article in Fortune magazine Tully, 1993.Following the article's strong praise of EVA as the most recent and exciting innovation in measuring corporate success, a flurry of papershave been published telling successful EVA stories and promoting EVA adoption Rutledge, 1993; Wilbert, 1993 and 1994; Birchard, 1994; Brossy and Balkcom, 1994; Byrne, 1994; McConville, 1994; White, 1994; Stewart, 1995One major reason for EVA's sudden popularity is that it appears to have an impressive army of corporate sponsors including such giants as AT&T and Coca-Cola. Executives from these companies have stated how very satisfied they are with EVA as their new measurement tool. They have purportedly found the holy grail of corporate performance measures and now publicly share their high expectations for EVA to move their stocks up to a new high As one of the most enthusiastic EVA proponents, Coca-Cola's experience is anecdotal. Adopting EVA encouraged the company to concentrate capital in its highly profitable soft drink business and to raise return faster than the cost of capital by increasing the use of leverage. As a result, Coke increased its EVA by an average of 27% annually and its stock returned about 200% from the inception of EVA in 1987 to the middle of 1993.Jack Stahl, Coke's CFO, comments that "EVA forces you to find ingenious ways to do more with less capital" Tully, 1993: 48. The sentiment is echoed by CSX's CEO, "EVA is anything but theoretical How we use capital determines market value" Tully, 1993: 39.There is no doubt that when Roberto Goizueta, CEO of Coca-Cola,praises a new management idea, it sends a powerful message to his peers in Corporate America. Companies, large and small, appear eager to get on this new EVA bandwagon. Recently, we made a search in Disclosure SEC and Edgar Plus CD-ROMs and found that the momentum is increasing. As indicated in their annual reports and/ or proxy statements, dozens of companies are starting to implement and integrate EVA into their performance measurement systems Companies appear to have become enamored with EVA without asking provoking, critical questions such as: Is increasing EVA all that matters in the marketplace? Is EVA a real innovation that provides Corporate America with the golden key to creating wealth? Are the traditional measures of accounting earnings still useful? Are there pitfalls that management needs to be aware of before embracing EVA? Our study addresses these questions and provides a preliminary empirical evaluation of EVA. Our analyses are based on public filings as reported by Compustat and data complied by Stern Stewart Management Services 1993. The Stern Stewart database contains EVA performance on 1,000 leading U.S. companies Our primary finding is that EVA is a useful measure of corporate performance. However, EVA is neither as perfect as claimed by its advocates, nor is it the only performance measure that suggests a path to a superior stock return. The following section describes our research questions in more detail. The empirical analyses and results are then presented. The article concludes with a summary and discussion of ourfindings While accounting profits such as earnings per share and return on equity are among the most commonly used performance measures, they are criticized for not taking into consideration the total cost of capital and for being unduly influenced by accrual-based accounting conventions. In contrast, EVA, the difference between after-tax operating profits and the total cost of capital, is promoted as a measure of a company's real profitability. Stern Stewart Management Service uses the following equation to calculate EVA in its 1,000 company database: EVA Return on Capital - Cost of Capital * Total Capital where 1 total capital is defined as the sum of total equity and interest-bearing debt, and 2 cost of capital is the weighted average cost of these two capital components. The equation illustrates the importance of the spread between return on capital and cost of capital in determining EVA.EVA allows investors to evaluate whether the return being earned on invested capital exceeds its cost as measured by the returns from alternative capital uses. Management may do different things to create value for the business. Whatever it does, the value created will ultimately be reflected in the EVA measure. The EVA or value of a company increases if it: 1 raises operating profits without requiring more capital, 2 uses less capital for the same level of operation, or 3 invests in projects that earn more than the cost of capital To promote goal congruence between divisions and the company as a whole, residual incomedefined as operating income minus imputed interest charge for investment was invented and recommended as a comparable and better measure to ROI Horngren et al., 1996. In practice, the imputed interest charge is often the minimum acceptable return based on the cost of capital. There appears to be no difference between the measurement paradigm of residual income that has existed for decades and EVA that has been recently promoted as an innovation While the acronym may be creative, EVA is simply a new version of a decades old practice called residual income based performance measurement. Certainly it is a well recognized and recommended practice. However, it is an empirical question of whether a relatively old idea like residual income can be reinvented to command such power in terms of its link to stock price as claimed by EVA proponents. Therefore, the first question to be examined is:Q1: Is the correlation between a com pany's EVA and stock return as perfect as claimed by EVA advocates Although EVA may be a conceptually better measure of profitability than accounting earnings, its relative strength has not been empirically verified. EVA and accounting earnings are not mutually exclusive. They are fundamentally related in that EVA is built upon operating profits from an income statement. Even with all the adjustments proposed by Stern Stewart, it is still not difficult to discern the relationship between them. Thus, it is important to examine whether EVA provides additional informationbeyond accounting profit measures. On the other hand, although EVA advocates propose replacing traditional accounting measures with EVA, empirically it remains to be seen whether accounting profits still provide useful information given that an EVA system is in place. Consequently, the second question to be addressed is:Q2: How does EVA compare to accounting profit in terms of association with stock return As described earlier, EVA is a concept similar to residual income. Adjusting the equity equivalent reserves to both capital and operating profits, however, may differentiate EVA from residual income. EVA purportedly measures what investors truly care about, the net cash return from operations. In comparison, various accounting rules may distort residual income. A good example is the accounting for research and development R&D. From the asset valuation perspective, R&D expenditures are expected to bring about future benefits to a company and thus should be capitalized. However, Generally Accepted Accounting Principles GAAP require that R&D be expensed in the same period incurred, potentially distorting profit and capital. While it is conceptually sound to adjust for various distortions as proposed by Stern Stewart, the adjustments are not free. Companies should not commit resources to make these adjustments unless they pass a cost-benefit test. Question three examines the usefulness of EVA versus residual income by asking: Q3: Does EVA provide more information than residual income inexplaining the variation of stock return EMPIRICAL ANALYSES Sample and VariablesWe selected the sample for analysis using a two-step method: 1 identify companies in the 1992 Stern Stewart 1,000 database that have complete data for the time frame 1983-92, and 2 retain only those companies with sufficient public data as reported by Compustat to perform our analyses. The 1992 Stern Stewart Performance 1,000 is an EVA database complied by Stern Stewart Management Service Stern Stewart, 1993. Stern Stewart constructed the database using information provided by Standard & Poor's Compustat Services. It contains various EVA measures of 1,000 companies in the U.S. over a ten-year period from 1983 to 1992. These are leading publicly traded companies within 58 industry groups.2 Stern Stewart states that the purpose of the database is to provide a product for benchmarking performance, assessing business and financial risk, and spotting investment opportunities Stern Stewart, 1993 First, as rightfully claimed by EVA advocates, improving EVA performance is associated with a higher stock return. However, the association of EVA with stock return is not as strong as suggested in anecdotal EVA stories.Second, the EVA measures provide relatively more information than the traditional measures of accounting profit in terms of the strength of their associations with stock return. This evidence is consistent with what the EVA companies have experienced.Finally, not only is EVA akin toresidual income in concept, it is also empirically comparable. Most of the EVA and residual income variables are highly correlated and they are almost identical in terms of association to stock return. Although a partial F-test indicates an incremental contribution from the EVA variables, we feel that the practical gain is too small to be meaningful. Since EVA differs from residual income only in that EVA adjusts earnings and capital for the equity equivalent reserves, our results suggest that companies may not need to make these adjustments in order to adopt an EVA paradigmWhile our study has produced some useful results about EVA which should be of interest to both academics and practitioners, it is important to recognize some limitations. This study examines the validity of EVA in terms of information usefulness in firm valuation. This valuation focus is a direct response to the claim of EVA advocates that companies will be able to significantly improve their stock return by implementing EVA. Admittedly, this is only one way to evaluate the usefulness of a performance measure. Some other criteria may include whether EVA provides a better measure of managerial activity and whether EVA enables shareholders to implement more efficient contracts with managers. Future studies may explore these other aspects The study is based on cross-sectional models with an implicit assumption that the coefficients are constant for all firms. While this is not an uncommon approach in theliterature, some finer models such as industry-specific models and time-series models may produce additional insights given a larger data set. The 10-year window used in the analyses is the time frame reported by Stern Stewart in its database. Other windows, longer or shorter, may bring different results. For instance, with information about the timing of EVA adoption, a narrow window event study may be conducted to examine the impact of EVA on stock return. This study examines the basis upon which popular statements are made and as such is not an exhaustive analysis of all possible time frames译文经济增加值(EVA):一种新的企业绩效衡量的实证研究资料来源: ////. 作者:陈世民;多德,詹姆斯L是否有一个单一的衡量绩效的措施,使得投资者识别投资机会和激励管理人员,以达到业务增值的目的?显然,这对于投资者,管理者和业务研究人员而言,是一个极为重要的问题。

EVA - 经济增加值：依据情况直接筛选原文来源：Joseph Sammut. SMC University.Zurich.1~5.July 20101.简介如果三大支柱业务即管理，会计学和经济学之间理应存在着有关系的脐带，毫无疑问这个可信的竞争者应该是EVA（经济增加值）。

它的最高点就在于它起源于马基雅弗利理论。

调查人类的行为以及这种行为直接操纵下的明确的财务目标。

EVA朝这个方向还有很长的路要走。

它突出自身在人类行为和利润的测量，并声称为追求完美的商业项目和非传统及非法定的科学最佳连锁是两者的未来。

这种说法同时带来了捍卫者和怀疑者，他们潜在的怀疑EVA可能难以企及或者是乌托邦，也就是我们最有可能的情况是处于两种理论之间。

而沿着这些坐标是尚未被发现的东西。

这个简短的文献详细分析了一个作为金融性能测量工具的经济价值附加值（EVA），这个带领后全球化时代的未来的管理革命即绩效工资。

本文献将解决EVA联锁管理在会计学和经济学科学种的关键问题，并努力从直接到间接证据把问题分离渗透。

最终，这个文献到作者提交关键结论而结束并提升。

2.EVA的属性EVA最简单的形式是指从经济业务的剩余货币中扣除货币资本成本。

而它专业且正式的做法是相当于税后（税后净营业利润）减股本成本净营运利润。

通过对资金成本的因子分析得出一个转换成经济效益的会计净利润。

从票面价值这个概念上看既具有革命性又新颖。

然而这个独创性被限制为包装后的思想至少可以追溯一百年，这个专属的特定名称就是阿尔弗雷德·马歇尔。

斯特恩·思图尔德作为新的发起人，干脆再发明一个更容易接受的概念将复杂的市场、银行和薪酬革命巧妙的连接起来，从而同时利用其可能性作为新的未来固定模型的构成。

EVA的主旨不是在于它有这么多的连锁绩效评估，而是在于绩效报酬会准确的从对业主和雇员两者的利益中的一个共同频率找到。

通过这样做，EVA试图偏离一个已有股东/员工关系和风险对抗立场的传统特点关系，而通过利用一个非常简单但极富感情色彩的口号 - '性能'冒险进入创新企业文化。

经济增加值（EVA）：一种新的企业绩效衡量的实证研究外文翻译外文翻译Economic Value Added EVA super TM: an empirical examination of a new corporate performance measure.Material Source:////0>. Author:Chen,Shimin;Dodd, James L.Is there a single measure of corporate performance enabling investors to identify investment opportunities and motivate managers to make value-added business decisions? Obviously, this is a question of utmost importance to investors, managers, and business researchers. Economic Value Added EVA' has been acclaimed to be such a measure Tully, 1993. As defined by Stern Stewart Management Services of New York City, EVA is the difference between a company's net operating income after taxes and its cost of capital of both equity and debt Stern Stewart, 1993. Although the term EVA had appeared in the literature as early as 1989 Finnegan, 1989; Walter, 1992, it did not receive much attention until a September 20, 1993, article in Fortune magazine Tully, 1993.Following the article's strong praise of EVA as the most recent and exciting innovation in measuring corporate success, a flurry of papershave been published telling successful EVA stories and promoting EVA adoption Rutledge, 1993; Wilbert, 1993 and 1994; Birchard, 1994; Brossy and Balkcom, 1994; Byrne, 1994; McConville, 1994; White, 1994; Stewart, 1995One major reason for EVA's sudden popularity is that it appears to have an impressive army of corporate sponsors including such giants as AT&T and Coca-Cola. Executives from these companies have stated how very satisfied they are with EVA as their new measurement tool. They have purportedly found the holy grail of corporate performance measures and now publicly share their high expectations for EVA to move their stocks up to a new high As one of the most enthusiastic EVA proponents, Coca-Cola's experience is anecdotal. Adopting EVA encouraged the company to concentrate capital in its highly profitable soft drink business and to raise return faster than the cost of capital by increasing the use of leverage. As a result, Coke increased its EVA by an average of 27% annually and its stock returned about 200% from the inception of EVA in 1987 to the middle of 1993.Jack Stahl, Coke's CFO, comments that "EVA forces you to find ingenious ways to do more with less capital" Tully, 1993: 48. The sentiment is echoed by CSX's CEO, "EVA is anything but theoretical How we use capital determines market value" Tully, 1993: 39.There is no doubt that when Roberto Goizueta, CEO of Coca-Cola,praises a new management idea, it sends a powerful message to his peers in Corporate America. Companies, large and small, appear eager to get on this new EVA bandwagon. Recently, we made a search in Disclosure SEC and Edgar Plus CD-ROMs and found that the momentum is increasing. As indicated in their annual reports and/ or proxy statements, dozens of companies are starting to implement and integrate EVA into their performance measurement systems Companies appear to have become enamored with EVA without asking provoking, critical questions such as: Is increasing EVA all that matters in the marketplace? Is EVA a real innovation that provides Corporate America with the golden key to creating wealth? Are the traditional measures of accounting earnings still useful? Are there pitfalls that management needs to be aware of before embracing EVA? Our study addresses these questions and provides a preliminary empirical evaluation of EVA. Our analyses are based on public filings as reported by Compustat and data complied by Stern Stewart Management Services 1993. The Stern Stewart database contains EVA performance on 1,000 leading U.S. companies Our primary finding is that EVA is a useful measure of corporate performance. However, EVA is neither as perfect as claimed by its advocates, nor is it the only performance measure that suggests a path to a superior stock return. The following section describes our research questions in more detail. The empirical analyses and results are then presented. The article concludes with a summary and discussion of ourfindings While accounting profits such as earnings per share and return on equity are among the most commonly used performance measures, they are criticized for not taking into consideration the total cost of capital and for being unduly influenced by accrual-based accounting conventions. In contrast, EVA, the difference between after-tax operating profits and the total cost of capital, is promoted as a measure of a company's real profitability. Stern Stewart Management Service uses the following equation to calculate EVA in its 1,000 company database: EVA Return on Capital - Cost of Capital * Total Capital where 1 total capital is defined as the sum of total equity and interest-bearing debt, and 2 cost of capital is the weighted average cost of these two capital components. The equation illustrates the importance of the spread between return on capital and cost of capital in determining EVA.EVA allows investors to evaluate whether the return being earned on invested capital exceeds its cost as measured by the returns from alternative capital uses. Management may do different things to create value for the business. Whatever it does, the value created will ultimately be reflected in the EVA measure. The EVA or value of a company increases if it: 1 raises operating profits without requiring more capital, 2 uses less capital for the same level of operation, or 3 invests in projects that earn more than the cost of capital To promote goal congruence between divisions and the company as a whole, residual incomedefined as operating income minus imputed interest charge for investment was invented and recommended as a comparable and better measure to ROI Horngren et al., 1996. In practice, the imputed interest charge is often the minimum acceptable return based on the cost of capital. There appears to be no difference between the measurement paradigm of residual income that has existed for decades and EVA that has been recently promoted as an innovation While the acronym may be creative, EVA is simply a new version of a decades old practice called residual income based performance measurement. Certainly it is a well recognized and recommended practice. However, it is an empirical question of whether a relatively old idea like residual income can be reinvented to command such power in terms of its link to stock price as claimed by EVA proponents. Therefore, the first question to be examined is:Q1: Is the correlation between a com pany's EVA and stock return as perfect as claimed by EVA advocates Although EVA may be a conceptually better measure of profitability than accounting earnings, its relative strength has not been empirically verified. EVA and accounting earnings are not mutually exclusive. They are fundamentally related in that EVA is built upon operating profits from an income statement. Even with all the adjustments proposed by Stern Stewart, it is still not difficult to discern the relationship between them. Thus, it is important to examine whether EVA provides additional informationbeyond accounting profit measures. On the other hand, although EVA advocates propose replacing traditional accounting measures with EVA, empirically it remains to be seen whether accounting profits still provide useful information given that an EVA system is in place. Consequently, the second question to be addressed is:Q2: How does EVA compare to accounting profit in terms of association with stock return As described earlier, EVA is a concept similar to residual income. Adjusting the equity equivalent reserves to both capital and operating profits, however, may differentiate EVA from residual income. EVA purportedly measures what investors truly care about, the net cash return from operations. In comparison, various accounting rules may distort residual income. A good example is the accounting for research and development R&D. From the asset valuation perspective, R&D expenditures are expected to bring about future benefits to a company and thus should be capitalized. However, Generally Accepted Accounting Principles GAAP require that R&D be expensed in the same period incurred, potentially distorting profit and capital. While it is conceptually sound to adjust for various distortions as proposed by Stern Stewart, the adjustments are not free. Companies should not commit resources to make these adjustments unless they pass a cost-benefit test. Question three examines the usefulness of EVA versus residual income by asking: Q3: Does EVA provide more information than residual income inexplaining the variation of stock return EMPIRICAL ANALYSES Sample and VariablesWe selected the sample for analysis using a two-step method: 1 identify companies in the 1992 Stern Stewart 1,000 database that have complete data for the time frame 1983-92, and 2 retain only those companies with sufficient public data as reported by Compustat to perform our analyses. The 1992 Stern Stewart Performance 1,000 is an EVA database complied by Stern Stewart Management Service Stern Stewart, 1993. Stern Stewart constructed the database using information provided by Standard & Poor's Compustat Services. It contains various EVA measures of 1,000 companies in the U.S. over a ten-year period from 1983 to 1992. These are leading publicly traded companies within 58 industry groups.2 Stern Stewart states that the purpose of the database is to provide a product for benchmarking performance, assessing business and financial risk, and spotting investment opportunities Stern Stewart, 1993 First, as rightfully claimed by EVA advocates, improving EVA performance is associated with a higher stock return. However, the association of EVA with stock return is not as strong as suggested in anecdotal EVA stories.Second, the EVA measures provide relatively more information than the traditional measures of accounting profit in terms of the strength of their associations with stock return. This evidence is consistent with what the EVA companies have experienced.Finally, not only is EVA akin toresidual income in concept, it is also empirically comparable. Most of the EVA and residual income variables are highly correlated and they are almost identical in terms of association to stock return. Although a partial F-test indicates an incremental contribution from the EVA variables, we feel that the practical gain is too small to be meaningful. Since EVA differs from residual income only in that EVA adjusts earnings and capital for the equity equivalent reserves, our results suggest that companies may not need to make these adjustments in order to adopt an EVA paradigmWhile our study has produced some useful results about EVA which should be of interest to both academics and practitioners, it is important to recognize some limitations. This study examines the validity of EVA in terms of information usefulness in firm valuation. This valuation focus is a direct response to the claim of EVA advocates that companies will be able to significantly improve their stock return by implementing EVA. Admittedly, this is only one way to evaluate the usefulness of a performance measure. Some other criteria may include whether EVA provides a better measure of managerial activity and whether EVA enables shareholders to implement more efficient contracts with managers. Future studies may explore these other aspects The study is based on cross-sectional models with an implicit assumption that the coefficients are constant for all firms. While this is not an uncommon approach in theliterature, some finer models such as industry-specific models and time-series models may produce additional insights given a larger data set. The 10-year window used in the analyses is the time frame reported by Stern Stewart in its database. Other windows, longer or shorter, may bring different results. For instance, with information about the timing of EVA adoption, a narrow window event study may be conducted to examine the impact of EVA on stock return. This study examines the basis upon which popular statements are made and as such is not an exhaustive analysis of all possible time frames译文经济增加值(EVA):一种新的企业绩效衡量的实证研究资料来源: ////. 作者:陈世民;多德,詹姆斯L是否有一个单一的衡量绩效的措施,使得投资者识别投资机会和激励管理人员,以达到业务增值的目的?显然,这对于投资者,管理者和业务研究人员而言,是一个极为重要的问题。