经济增加值的基本原理文献翻译

1、原文：白Foundat岸ions of傲 econom罢ic valu办e added懊The 凹EVA扒 Revolu版tion哎In a ma绊rket-dr埃iven ec拔onomy m扒any com唉panies 把will cr爸eate we蔼alth .O唉ther fi半rms how挨ever wi氨ll undo艾ubtedly傲 destro案y it. D瓣iscover吧ing tho哀se econ凹omic fa颁ctors t拔hat lea凹d to we瓣alth cr懊eation 暗and des搬tructio爱n among凹 八compani瓣

2、es is i伴mportan懊t to ma澳ny cons碍tituenc奥ies, no霸t the l肮east of胺 which 巴is corp疤orate o捌fficial安s and i白nvestme袄nt mana瓣gers. F啊or corp霸orate m蔼anagers笆, wealt凹h creat般ion is 扮fundame肮ntal to耙 the ec安onomic 袄surviva白l of th扮e firm.拜 Manage耙rs that爱 fail (艾or refu凹se) to 败see the凹 import绊ance of氨 thi

3、s i斑mperati八ve in a搬n open 胺economy凹 do so 邦at the 霸peril o捌f the o班rganiza佰tion an耙d their昂 career阿.芭Finding奥 the “b安est” co坝mpanies哎 and in碍dustrie艾s in ma把rketpla伴ce is o矮f prima扒ry impo颁rtance 班to inve白stment 疤manager按s. With暗 the pr隘oper fi敖nancial摆 tools,半 portfo蔼lio man邦agers m拔ay be a坝ble to

4、 邦enhance哀 their 翱active 吧perform袄ance ov哎er-and-啊above t捌he retu瓣rns ava哎ilable 办on simi爸lar ris氨k index百ed pass跋ive str傲ategies哎. A new扒 analyt百ical to扒ol call疤ed 澳EVA昂 is now芭 assist癌ing thi蔼s wealt跋h-disco癌very an捌d compa爸ny-sele笆ction p熬rocess扮 颁.The in拜novativ败e chang巴es that罢 this f傲inancia颁l

5、 metri绊c have 袄spawned按 in the啊 twin a阿reas of敖 corpor熬ate fin稗ance an捌d inves氨tment m耙anageme坝nt is t凹he driv芭ing for叭ce behi败nd what扳 can be半 former隘ly call搬ed the伴 “邦EVA板 revolu爱tion”.癌EVA啊 in pra败ctice昂The ana爱lytical罢 tool c啊alled 靶EVA蔼 ,for E盎conomic挨 Value 盎Added,案 皑was com霸mercial佰ly deve般lo

6、ped i碍n 1982 癌by the 背corpora胺te advi耙sory te半am of J扒oel Ste把rn and 搬G.氨阿B挨enn班ett蔼霸Stew瓣art 肮阿.This f爸inancia昂l metic拔 gained疤 early 笆accepta巴nce fro案m the c傲orporat背e commu斑nity be熬cause o半f its i笆nnovati半ve way 罢of look斑ing at 瓣the fir伴m斑傲s real 扮profita邦bil绊ity拌 摆,unlike隘 tradit巴ional m拌easures

7、笆 of pro昂fit扳百such as俺 EBIT把 跋,EBITDA袄 耙,and ne皑t opera埃ting in斑come白吧EVA瓣 looks 澳at the 吧firm疤s “resi袄dual pr拔ofitabi办lity盎”懊,捌 坝net of 八both th坝e direc暗t cost 百of debt鞍 capita霸l and t疤he indi凹rect co背st of e瓣quity c伴apital.按 In thi扮s way扒 伴,吧EVA把 serves蔼 as a m熬odern-d袄ay meas懊ure of 办corpora八te s

8、ucc俺ess bec白ause it癌 is clo熬sely al佰igned w伴ith the拌 shareh芭older w按ealth-m唉aximiza靶tion re百quireme八nt.百Large f俺irms li挨ke Coca百 Coca拜 把,Diagea芭 凹,Lilly(案Eli)瓣 八,Guidan稗t安 俺,and SP班X have 邦used 靶EVA白 as a g败uide to罢 creati阿ng econ败omic va胺lue for版 their 暗shareho皑lders白 啊.Bonuse搬s and i办ncentiv巴e pay

9、 s肮chemes 隘at thes版e firms癌 have b班een bui敖lt arou拜nd the 百manager颁s abil肮ity (or拔 lack t板hereof)敖 to gen叭erate p版ositive埃 颁EVA艾 within案 the fi芭rms op扮erating挨 divisi拔ons奥 扳.Positi埃ve paym袄ents ac捌crue to捌 manage捌rs havi拜ng divi伴sional 碍operati案ng prof埃its tha霸t on ba暗lance e哀xceed t半he rel胺eva唉nt拔

10、“斑cost of俺 capita懊l跋”昂,胺 摆while n巴egative爱 incent稗ive pay摆ments m蔼ay occu颁r if th凹e large般r-term 艾divisio隘nal ope败rating 坝profits扳 fall s案hort of坝 the ov疤erall c啊apital 澳costs白 .稗Thus把 靶,by a a阿ccounti瓣ng for 阿both th跋e cost 佰of debt翱 and eq奥uity ca巴pital阿 斑,挨EVA肮 gives 拜manager蔼s the i昂ncentiv瓣e to

11、 ac把t like 邦shareho搬lders w暗hen mak颁ing cor皑porate 板investm肮ent dec霸isions.隘EVA罢 is als班o gaini按ng popu懊larity 班in the 邦investm阿ent com哎munity芭 .颁The Jun爱e 1996 跋confere哀nce on背 吧“颁Economi凹c Value翱 Added”瓣 哀at CS F百irst Bo笆ston an埃d the “扮roll ou拜t”扒 皑of Gold奥man Sac澳hs 摆EVA矮 resear颁ch plat矮form in唉

12、 May 19柏97 is t背estimon哀y to th芭is exci暗ting de罢velopme唉nt肮 靶.Indeed氨 扳,隘 “背buy sid靶e”巴 摆investm爸ent fir芭ms like拜 Global板 Asset 暗Managem敖ent and班 Oppenh盎eimer C扮apital 哎use 霸EVA皑 in the敖ir stoc唉k selec哎tion啊 稗,portfo哀lio con靶structi哀on跋 阿,and ri般sk cont柏rol pro半cesses绊 版.Other 扳large i安nvestme霸nt fi

13、rm疤s are t佰aking a吧 seriou搬s look斑 鞍,and 颁EVA伴 is als碍o makin案g meani哀ngful i罢nroads 扒in worl皑d of gl熬obal pe阿rforman胺ce anal扒ytics挨 哎.般 疤Moreove盎r哀 疤,recent芭 empiri霸cal stu耙dies in稗 the Jo傲urnal P霸ortfoli版o Manag啊ement(a翱mong ot碍her fin阿ance an癌d inves坝tment j疤ournals癌)shows 唉that 把EVA耙 is bei瓣ng a

14、dva碍nced in矮 both t扒he acad叭emic an昂d finan摆cial co翱mmuniti八es.昂Evoluti伴on of 摆EVA盎The evo扮lution 拌of econ坝omic pr啊ofit佰版翱economi半c value扮 added(靶EVA懊)翱奥is a fa氨scinati矮ng stud霸y with 柏histori搬cal roo佰ts that霸 can be唉 traced安 back t办o the c案lassica皑l econo扳mists 翱notion 败of “res版idual i爸ncome.”挨For

15、ins按tance隘 鞍,consid绊er the 肮definit阿ion of 昂economi半c profi俺t made 阿in 1890芭 by fam熬ous Bri爸tish ec俺onomist爱 拔,Alfred叭 Marsha敖ll拔 傲,哎 啊regradi凹ng the 笆real me颁aning o安f a bus霸iness o昂wners 爸profit:癌 “袄What re袄mains o岸f his p岸rofits 爸after d疤eductin背g inter柏est on 扒his cap俺ital at蔼 the cu板rrent r佰ate

16、 may背 be cal靶l哀e隘d his e半arnings奥 of und吧ertakin叭g or ma艾nagemen岸t.半”案Based o隘n Marsh芭alls s拌tatemen翱t伴 背,it is 坝evident板 that t芭he econ捌omists唉 板definit拜ion of 案profit版矮namely扮 瓣,a resi氨dual vi俺ew of i盎ncome o阿r econo吧mic pro岸fit隘阿is radi按cally d挨ifferen蔼t from 爱the acc鞍ounting昂 measur翱es of p爸rofi

17、t i捌n use t矮oday凹 翱,such a挨s EBIT巴 肮,EBITDA扒 皑,or net罢 operat霸ing inc傲ome坝 肮.This i吧s,版 霸a key d搬istinct爸ion bet岸ween ec邦onomic 霸profit 跋and acc按ounting拜 profit办 lies i巴n the c半lassica敖l econo巴mists矮 摆notion 岸that a 袄company把 is not翱 truly 阿profita疤ble unl佰ess its版 revenu叭e have 肮covered爸 the us皑ual

18、 pro笆duction办 and op绊erating班 expens邦es of r扒unning 佰a busin盎ess挨 罢,and pr哀ovided 皑a norma吧l retur敖n on th瓣e owner稗s澳 班investe班d capit稗al拜 隘.In a m敖ore fun把damenta蔼l sense叭 熬,this r翱esidual艾 view o摆f incom瓣e is re唉ally wh佰at toda癌ys eco把nomic p柏rofit m摆ovement啊 is rea败lly all爱 about.邦While 芭EVA芭 is

19、roo疤ted in 扒classic耙al econ哀omic th凹eory颁 班,three 啊pioneer癌ing 20般th拔 centur碍y Ameri氨can eco爸nomists安霸Irving 懊Fisher 盎during 颁the 193耙0s,and 懊Nobel L佰aureate背s Franc坝o Modig扳liani a般nd Mert爸on Mill伴er in t肮he late坝 1950s 扳to earl八y 1960s肮傲expande巴d upon 版the ful败ler mea瓣ning of颁 econom般ic prof哀it in

20、 a班 corpor吧ate val摆uation 矮context俺 癌.Irving阿 Fisher奥 estab叭lished 班a funda唉mental 吧link be稗tween a版 compan癌ys net敖 presen翱t value阿(NPV)an氨d its d白iscount扮ed stre班am of e耙xpect巴ed百 cash f袄lows肮 白.In tur坝n碍 按,Modigl袄iani an敖d Mille傲r showe肮d that 颁corpo凹r埃ate inv般estment挨 decisi熬ons班癌as mani暗fest in袄

21、 positi按ve NPV 柏decisio摆ns按笆are the伴 primar爱y drive暗r of a 氨firms 叭enterpr癌ise val敖ue and 唉stock p碍rice唉碍as oppo翱sed to 安the fir把ms cap哎ital st捌ructure拜 mix of扒 debt a把nd equi敖ty secu版rities.皑Basical爱ly搬 昂,the th拔eory of霸 econom颁ic valu颁e added般 rests 柏on two 笆princip爸le asse捌rtions:艾(1) a c罢ompany

22、办is not 拜truly p爸rofitab隘le unle扮ss it e版arns a 袄return 暗on inve八sted ca半pital t坝hat exc氨eeds th奥e oppor蔼tunity 案cost of袄 capita拔l and (俺2)that 扒wealth 罢is crea拜ted whe笆n a fir袄ms man版agers m坝ake pos按itive N阿PV inve肮stments暗 decisi罢ons for扳 the sh笆arehold靶ers扳 颁.What e凹xpand o耙n these凹 癌EVA哀 tenets败

23、 of wea半lth cre盎ation a百s we mo芭ve forw胺ard in 皑this bo板ok碍 绊.For no鞍w叭 啊,Lets 佰look at扒 operat搬ional d癌efiniti肮ons of 笆EVA背 that h办ave sha艾ped the氨 curren版t econo霸mic pro癌fit mov扒ement a笆s well 背as intr芭oduce t熬he link拜 betwee佰n a com扒panys 袄economi暗c profi盎t and i吧ts mark鞍et valu碍e added俺.哎Operati

24、安onal De拜finitio板ns of 靶EVA懊There a爸re two 搬popular埃 or ope袄rationa把l爱 叭,ways o瓣f defin搬ing 巴EVA艾namel唉y氨 瓣,an “ac白countin安g”鞍 霸way and暗 a “fin霸ance”板 奥.From a跋n accou班nting p扳erspect凹ive坝 隘,扮EVA版 is def伴ined as盎 the di艾fferenc捌e betwe败en the 瓣firms 哀net ope笆rating 唉profit 八after t隘ax(NOPA斑T)and i氨t

25、s weig伴hted-av稗erage d把ollar c碍ost of 艾capital颁 案.As a r斑esult啊 吧,拜EVA伴 differ奥s from 败traditi癌onal ac瓣countin白g measu柏res of 爸corpora摆te prof埃it incl捌uding瓣 白,EBIT (敖earning哀s befor八e inter笆est and背 taxes)霸,EBITDA稗(EBTT p傲lus dep稗reciati颁on and 盎amortiz拌ation),败net inc挨ome盎 板,and ev耙en NOPA拌T becau

26、袄se it f岸ully ac扳counts 扳for the扳 firms捌 overal靶l capit笆al cost摆s肮 跋.This a拔nalytic唉al diff按erence 白is impo熬rtant t鞍o the f扒irms o百w伴n柏ers bec袄ause th稗e 跋EVA佰 metic 暗is net 安of both百 the di澳rect co傲st of d阿ebt cap岸ital an案d the i皑ndirect摆 cost o耙f equit哎y capit巴alas 拔reflect暗ed the 澳shareho柏lders挨 巴

27、require啊d retur笆n on co癌mmon st巴ock.耙In this氨 contex澳t敖 矮, 伴EVA背 can be蔼 expres扮sed in 扮more ge袄neral t袄erms as佰:傲EVA伴=NOPAT-哀$Cost o爱f Capit耙al懊In this佰 expres芭sion, t爸he firm办s doll唉ar cost敖 of cap鞍ital is唉 calcul暗ated by搬 multip按lying t颁he 盎percent奥age岸 cost o笆f capit瓣al by t斑he amou昂nt of i邦nves

28、ted斑 capita班l accor吧ding to爸:巴$Cost o哀f Capit埃al= %C奥ost of 佰Capital拜/100* 拜Capital般In turn摆, the p邦ercenta疤ge cost隘 of cap板ital is拔 obtain爱ed by t哎aking a鞍 “weigh扮ted ave绊rage” o啊f the f阿irms a俺fter-ta爱x cost 岸of debt傲 and eq傲uity ca啊pital a搬s shown胺 by: 挨%Cost o板f Capit隘al=Deb叭t weigh吧t * % A哎fter

29、-ta巴x debt 氨cost+ E凹quity w唉eight *挨 %Cost 啊of equi澳ty斑EVA般: The F袄inance 俺Interpr挨etation颁From a 奥finance癌 perspe芭ctive, 傲EVA胺 is def耙ined in澳 terms 安of how 斑it rela肮tes to 盎the fir半ms “ma扳rket va扮lue add柏ed.” In版 this c罢ontext,安 矮MVA摆 (or NP扮V) is e傲qual to颁 the pr芭esent v敖alue of安 the fi板rms ex俺p

30、ected 澳future 哀EVA澳. Addit唉ionally版, since扒 埃MVA俺 is equ罢al to t靶he mark挨et valu哀e of th阿e firm 岸less th爱e “book敖 capita把l” empl邦oyed in笆 the bu捌siness,案 it can扒 easily斑 be sho把wn that办 败EVA凹 is rel芭ated to盎 the 矮intrins阿ic valu昂e百 of the捌 firm a叭nd its 绊outstan爸ding de办bt and 伴equity 凹securit熬ies.

31、St啊ating t熬hese co澳ncepts 扳in more皑 formal捌 terms 俺yields 版the fam鞍iliar v靶alue-ba熬sed rel疤ationsh拔ip betw柏een the办 firms哎 “marke蔼t value阿.把MVA唉 and 埃EVA柏: Growt碍h Consi扮deratio版ns 坝The bas翱ic 暗EVA昂 and 疤MVA靶 linkag矮e outli板ned abo版ve can 半also be邦 extend拜ed to a柏 multip芭eriod f凹ramewor拜k. With败out

32、get艾ting in爸to comp敖licated熬 pricin胺g detai班ls here傲, one c埃an use 碍a “cons办tant gr隘owth” 岸EVA拔 model 爸to show捌 the pr芭icing i罢mportan艾ce of b般oth the埃 firms搬 near-t隘erm 昂EVA笆 outloo岸k and i坝ts long般-term 办EVA哎 growth按 rate i般n deter埃mining 背overall败 corpor啊ate (or半 enterp半rise) v俺aluatio斑n. In t俺hi

33、s “Go案rdon-li矮ke” mod佰el, the瓣 relati罢onship 艾between笆 the fi斑rms 半MVA搬 and it办s 案EVA翱 outloo败k for t叭he futu艾re is e把xpresse案d as:颁MVA百=爱EVA盎(1)/(CO芭C-g捌EVA拔)叭In this挨 expres拔sion, 搬EVA氨(1) is 扮the fir班ms cur坝rent 奥EVA碍 outloo柏k (one-靶year ah凹ead for挨ecast),傲 g柏EVA摆 is the叭 firms柏 assess绊ed long爸-t

34、erm 扒EVA岸 growth唉 rate, 挨and COC霸 is the爱 famili扮al weig敖hted co挨st of d八ebt and埃 equity皑 capita扮l.扮The con翱stant-g疤rowth 翱EVA八 model 背shows t巴hat the按 firms哀 market案 value 扒added (翱MVA阿) is po氨sitivel碍y relat扮ed to i哎ts near皑-term 氨EVA版 outloo袄k, as m艾easured摆 by 版EVA案(1), as稗 well a伴s the f班irms a

35、按ssessed颁 long-t拌erm 拜EVA拜 growth胺 rate, 叭g白EVA版. As sh斑own, th胺e firm哎s 傲MVA蔼 is als阿o negat白ively r佰elated 皑to any 氨unantic俺ipated 蔼changes氨 in the爸 weighe笆d-avera爱ge cost澳 of (de皑bt and 袄equity)唉 capita懊l, COC.爱 Howeve扳r, in v哎iew of 绊modern 敖day cap癌ital st背ructure安 princi扒ples (a俺 la Mil澳ler-Mo

36、d胺igliani皑), this摆 “cost 把of capi翱tal” in昂terpret扒ation d疤oes not班 imply 肮that th捌e firm靶s corpo绊rate de拜bt poli靶cy has 办any mea扮ningful邦 impact暗 on the吧 valuat办ion of 绊the fir绊m and i笆ts outs拌tanding懊 debt a摆nd equi把ty shar巴es.耙PREVIEW傲 OF WEA爸LTH CRE搬ATERS岸Lets n扮ow take拜 a prel鞍iminary捌 look a疤t

37、the 岸MVA霸 and 斑EVA罢 relati傲onship 爸for maj唉or 吧U.S.百 wealth挨 creato凹rs and 蔼destroy耙ers. Th耙e 八MVA扮 and 隘EVA袄 charac哀teristi办cs for 哎five la埃rge 艾U.S.肮 wealth疤 creato靶rsincl颁uding G疤eneral 坝Electri凹c, Cisc艾o Syste埃ms, Mic笆rosoft 氨Corpora盎tion, W耙al-Mart跋 Stores跋, and M扮erckfo般r the 1瓣1-year 俺period

38、捌coverin班g 1990 鞍to 2000跋 are sh暗own in 凹Exhibit昂s1.2 an伴d 1.3. 按These l伴arge ca俺pitaliz背ation c拜ompanie靶s were 岸listed 熬by Ster暗n Stewa案rt & Co笆. as th背e top-f佰ive 鞍U.S.般 wealth八 creato百rs (bas版ed on 绊MVA板 rankin班g) in t奥heir 20昂01 Perf昂ormance办 Univer扳se.耙Exhibit白 1.2 sh跋ows tha安t wealt哀h creat瓣or

39、s lik扒e Gener搬al Elec芭tric , 捌Cisco S埃ystems 绊, and M熬erck ha奥ve subs八tantial鞍ly posi瓣tive 傲MVA把 that g暗rows ra按pidly o翱ver tim稗e . At 敖year-en百d 2000,俺General昂 Electr把ics ne巴t prese盎nt valu哀e was $癌426,616颁 millio版n, whil捌e Cisco罢 System白s and M爱erck we熬re repo碍rting 捌MVA肮 values胺 of $27艾2,131 a暗nd

40、 $203罢,689 mi吧llion, 唉respect绊ively. 巴During 疤the 11-皑year pe岸riod sp瓣anning 伴1990 to癌 2000, 凹General岸 Electr翱ics ne芭t prese皑nt valu绊e was g矮rowing 败at a co把mpound 案yearly 耙rate of版 nearly扒 34%. M吧oreover败, over 扒the 11-吧year re版porting隘 period爱, Cisco扒s 矮MVA耙 was ac癌tually 白growing傲 at an 跋annuali柏

41、zed rat皑e of 86白%, whil袄e Merck扒 was re拜porting绊 a resp爱ectable澳 averag霸e 版MVA埃 growth罢 rate o扒f about稗 21%.绊Exhibit昂 1.2 al傲so reve哎als tha绊t the 盎MVA碍 values拔 for th摆e top-f阿ive 隘U.S.绊 wealth佰 creato芭rs decl办ined mo皑stly fr熬om year熬-end 19按90 to 2挨000. Fo扮r examp矮le, Gen肮eral El艾ectric氨s 坝MVA班 dec

42、lin捌ed by a疤bout $4肮5,000 m按illion 拌(or $45傲 billio般n) whil邦e Cisco疤 System邦s and W肮al-Mart绊 each e办xperien敖ced 背MVA敖 declin啊es of a罢round $隘76,000 笆million爸. Indee叭d, Micr埃osofts邦 颁MVA背 declin肮ed by a吧 stagge办ring $4版12,000 袄million熬 from 瓣$629,47胺0 to $2吧17,235 巴million皑 betwe阿en 1999颁 and 20艾00.

43、As 岸with Ci矮sco et 芭al. , t蔼he 敖MVA安 declin按e for M凹icrosof傲t was d哀ue in p隘art to 八the gen拔eral sl巴owdown 皑in econ背omic ac蔼tivity袄especia岸lly in 败the tec巴hnology癌 and te蔼lecommu阿nicatio癌n indus爸triesa隘nd thus氨 the pr百ecipito袄us decl澳ine in 隘the U.S氨 stock 败market 皑commenc拜ing in 扒the fir艾st half翱 o

44、f 200蔼0. Addi败tionall板y, Micr把osofts唉 sharp 扮decline叭 in 挨MVA蔼 was du扒e to se俺rious l办egal ch八allenge氨s from 唉competi拌tors ar敖ising f拌rom its办 allege岸d “bund败ling” o凹f softw背are wit安h the W阿indows 碍operati唉ng syst挨em.败Exhibit叭1.3 sho安ws the 凹source 澳of the 跋positiv班e net p伴resent 疤value b氨eing ge背ne

45、rated阿 by the奥 five 昂U.S.阿 wealth盎 creato吧rs show唉n in Ex按hibit1.版2. Spec拔ificall唉y, this罢 exhibi把t revea懊ls that靶 wealth板 creato碍rs like坝 Genera隘l Elect按ric, Mi蔼crosoft跋, and M奥erck ha斑ve subs爸tantial霸ly posi百tive 暗MVA氨 becaus埃e their案 颁EVA扒 is bot叭h posit哀ive and瓣 growin哎g at a 澳substan俺tial ra瓣te

46、 over霸 time. 岸At $5,9按43 mill班ion, Ge疤neral E爱lectric板s 2000哎 百EVA斑 is not扳 only p氨ositive袄, but i柏t also 叭grew by癌 25% ov敖er the 熬1990-20芭00 peri拔od. Wit澳h 摆MVA笆 and 蔼EVA熬 growth耙 rates 般in the 扒20-30% 叭range d肮uring t罢his dec背ade, th颁e two e跋xhibits半 sugges把t that 白General稗 Electr碍ics ne艾t prese安n

47、t valu爱e large背ly “tra摆cked” t艾he dive爸rsified捌 conglo昂merate邦s ever-拔rising 俺“econom百ic valu懊e added皑.” Like笆wise, M跋icrosof扮ts ten半-year 跋EVA柏 growth肮 rate, 皑at 39%,俺 seems 柏to have笆 provid邦ed the 扮necessa版ry fuel阿 for it捌s abnor爸mal 靶MVA皑 growth拌 rate, 爸at 40%.艾Exhibit摆1.2 Mar稗ket Val搬ue Adde版d:坝

48、 盎Top-Fiv隘e Wealt胺h Creat跋ors in 佰Perform傲ance Un艾iverse:霸1990-20翱00艾Exhibit胺 1.3 Ec敖onomic 摆Value A坝dded:埃 蔼Top-Fiv拔e Wealt背h Creat捌ors in 霸Perform肮ance Un鞍iverse:鞍1990-20办00吧Exhibit傲1.3 als盎o shows办 that C颁isco Sy翱stems h矮ad trem傲endous 安growth 懊in its 白EVA扳 up to 爸1998. D吧uring t叭his per扳iod, th扳

49、e netwo爸rking f半irms 捌EVA啊 grew f办rom jus瓣t $9 mi扮llion i翱n 1990 罢to $775氨 millio把n in 19办98. Thi靶s repre巴sents a奥n aston疤ishing 挨EVA暗 growth昂 rate o哀f 90% t翱hat, in矮 turn, 俺is join碍ed with颁 Cisco邦s 版MVA疤 growth拌 rate o凹f 100%.熬 On the背 other 蔼hand, C癌iscos 爸EVA拜 peaked按 at $77稗5 milli稗on in 1摆998,

50、th奥en decl凹ined to背 $182 m把illion 案in 1999岸, and a氨ctually昂 turned按 negati佰ve in 2埃000, at扮 -$365 扒million半. Inter瓣estingl敖y, Cisc百o was a摆pparent斑ly over摆valued 霸in 1999肮 as its佰 霸MVA搬 peaked拌 at $34安8,442 d搬uring t版hat yea罢r in th胺e prese唉nce of 艾its fal班ling 埃EVA肮. Cisco扒 contin半ued its扮 坝MVA百 de

51、clin八e in 20板00 with坝 the ma背jor sel鞍l off i扮n techn盎ology s伴tocks t巴o end t懊he year八 at $27颁2,131 m伴illion.八 Thus, 芭taken t霸ogether捌, the 疤MVA隘 and 拌EVA瓣 relati板onships癌 shown 熬in Exhi埃bits1.2哀 and 1.翱3 are n胺ot only般 benefi伴cial in艾 descri暗bing th坝e finan霸cial ch隘aracter稗istics 袄of weal蔼th crea熬to

52、rs, b皑ut exhi矮bits li佰ke thes败e can b拜e used 罢to assi癌st in t俺he disc鞍overy o昂f mispr碍iced se袄curitie哀s.佰Source:搬 暗James L巴awrence澳 Grant,胺 白2002般 埃“办Foundat罢ions of吧 econom白ic valu碍e added熬”碍 叭.癌 凹Wiley. 柏pp.1-10佰.二、翻译文章译文：百经济增加值的基敖本原理EVA革命拔在市场经济下，鞍许多公司都会创扒造财富。然而，埃毫无疑问的是另昂一些企业出现了邦亏损。所以，发敖现那些导致财富蔼增加

53、和损失的经罢济因素对于相关昂人员，不只是对拔于法人代表和投跋资经理人来说，稗都岸是十分重要的。澳对于经营者来说笆，财富的创造是疤企业得以幸存的懊经济基础，而一班些经营者不接受搬（或拒绝）承认捌在开放经济下这八一原则的重要性熬对于组织机构和蔼事业是十分危险摆的。坝对于投资者来说白，在市场上寻找袄“熬最好翱”柏的公司和产业是靶头等重要的事。俺利用适当的财务版工具，投资组合白经理可能提高他拌们的营运能力，巴使得在引入相同跋风险的被动策略懊的情况下，其回癌报高于有效回报哀。现在，有一种扮叫做盎EVA拌的新的分析工具耙正在帮助企业发矮现财富。这一创背新的改革使得这耙种财务指标被引邦入公司理财和投熬资管理

54、这两个领拜域，这就推动了跋我们原来所谓的哀“袄EVA袄革命癌”澳的产生。办EVA爱在实践中的应用捌这种被叫做巴EVA挨的分析工具，即案经济增加值，在摆1982年被由癌JoelSt罢ern拌和叭GBenne坝tt挨扒Stewart把板罢 办组成的公司咨询敖团队提出，并在瓣商业上得到发展跋。因为这种财务背指标以一种创新熬的方式看待企业扮的真正利益，所捌以它在早期就被爱社会团体所接受笆。不像传统的利傲润度量标准，例疤如阿EBIT把、哎EBITDA伴和营业净利按皑EVA阿着眼于公司扣除安了债务资本的直挨接成本和权益资隘本的间接成本之拔后的绊“班剩余收益拌”爸，就这样，因为瓣EVA捌与股东财富最大埃化的

55、要求保持一袄致，它成了当代百衡量企业成功的埃指标。把一些像肮Coca Co翱ca,Diag摆ea,Lill袄y(Eli),稗Guidan碍t懊和百SPX背那样的大公司已傲经将伴EVA蔼作为了为股东创安造经济价值的一白个指标。在这些懊公司里，奖金和敖工资的激励机制柏迎合了管理者的疤能力（或缺乏能胺力），使得公司鞍的经营部门形成把正向的经济增加袄值。积极地薪酬凹管理归功于经营熬者拥有区域性的俺经营利润，该利安润总的来说超过埃了有关的氨“拌资本成本肮”挨，然而，消极的背奖金可能引起长板期的各地区的经版营利润低于全部肮的资本成本。因扒此，通过对负债半成本和权益资本巴进行计算，跋EVA稗给了经营者一个艾

56、能像股东一样做胺出公司的投资决熬策的机会。疤EVA靶在投资团体中也癌很受欢迎。19癌96年6月在第耙一波士顿召开的阿“背经济附加值哀”绊会议和1997霸年5月高盛投资般公司关于澳EVA板研究的讲座证明拜了这一人可喜的隘发展。的确，一肮些华尔街的慈善坝机构例如环球资唉产管理公司和奥败本海默资本公司霸将耙EVA挨用于选股、投资跋组合构建和风险板控制程序。另外埃一些大的投资公扒司开始进行认真办的研究，并且指罢出邦EVA蔼对于全球绩效分隘析有着重要的意搬义。此外，近期唉在投资组合管白理杂志（在财扮经和投资期刊中败较有名）上的实靶证研究表明了澳EVA霸在学术界和财经隘界的进步。EVA的进化论邦经济利润的

57、演变败伴经济增加值（颁EVA瓣）爸扮是一项拥有历史碍根源的、令人着笆迷的研究，它可邦以追溯到古典经耙济学家关于搬“蔼剩余收益巴”胺的概念。例如，班考虑到1890拔年，英国著名的奥经济学家绊Alfred爸Marshal凹l矮提出的经济利益笆的概念，他重新佰定义了企业所有罢者获得的利润的扒真正含义：挨“阿剩余的收入扣除胺在当期利率下资佰本的利息才是他案经营管理所得的碍收入。背”芭以挨Mashall颁的理论为基础，碍显然，经济学家稗对于利润的定义扳班换句话说，收入巴或经济利润剩余熬价值的观点蔼蔼与现在使用的会氨计计量利润的方肮法在根本上存在八很大的差异，比爱如奥EBIT挨、搬EBITDA案、或者营业

58、净利挨。这就是经济利跋润和会计利润之埃间最主要的差别袄，原因在于古典把经济学家认为，吧除非公司的收益肮超过了经营企业柏日常的生产和经氨营费用，并且投胺资资金有一个正艾常的回报，否则案公司并不是真正敖有利可图的。在昂一个更基本的理芭论当中，这一剩叭余收益的观点就坝是当今经济利润扒的动向。斑当安EVA般的概念扎根于古氨典经济理论之上背时，20世纪美氨国出现了三位思摆想先进的经济学耙家拔鞍20世纪30年耙代的把Irving疤Fisher跋,20世纪50把年代末到60年般代初的颁NobelL斑aureate把sFranc巴oModig敖liani拜和敖Merton笆Miller版袄对企业价值评估摆做了

59、更深入的研拜究。隘Irving俺Fisher蔼建立了净现值和艾预期现金流的贴绊现数据之间的基芭本联系。相反的唉，半Modigli瓣ani把和搬Miller凹指出了公司的投坝资决策扒八作为积极的NP阿V决策的证明爸伴是企业价值和股把票价格的最重要般的推动力奥邦由债务和有价证澳券组合而成的公暗司资本结构截然绊相反。埃一般来说，经济疤增加值的理论基霸于两个基本主张伴：（1）除非公吧司所获得的投资凹回报超过了资金伴的机会成本，否捌则公司不能算是昂真正盈利。（2皑）财富是企业经拜营者在为股东作阿了正确的NPV摆投资决策的时产唉生的。我们在这矮本书中增加了那稗些霸EVA艾财富创造的原则埃。如今，让我们安看

60、一下蔼EVA霸的经验定义，它班形成了当前经济安利润的动向，同矮时也介绍了公司扳的经济利益和市叭场增加值之间的拔联系。袄EVA吧的操作定义熬定义埃EVA拜有两种常用的操拔作方法背凹也就是说，一种唉是会计方法，另矮一种是财务方法凹。从会计的角度瓣来看，啊EVA敖与税后净利润（斑NOPAT吧）和美元的加权芭平均资本的定义熬方法是不同的。扳因此，靶EVA把不同于公司利润暗的传统会计计量巴，包括安EBIT肮（息税前利润）碍、罢EBITDA肮（息税前利润加拌上折旧和摊销）佰、净利润，甚至澳是税后经营业利邦润，因为它占了扒公司全部的资本霸成本。这一分析叭上的不同对于公班司所有者来说是疤非常重要的，因扒为跋E