经济附加值市场增加值和杠杆之间的关系文献翻译

1、PAGE 原文：AbstracctIt is ggeneraally bbelievved thhat inn ordeer to maximmize vvalue for ssharehholderrs, coompaniies shoulld strrive ttowardds maxximiziing MVVA (annd nott neceessariily thheir ttotal markeet vallue). The bbest wway too do sso is to maaximizze thee EVA, whicch refflectss an organnizat

2、iions abiliity too earnn retuurns aabove the ccost oof cappital. The leverrage aavailaable tto commpaniees thaat incurr fixeed cossts annd usee borrrowed capittal wiith a fixedd inteerest chargge hass beenn knownn and quanttifiedd by ffinanccial mmanageers foor somme timme. Thhe poppulariizatioon of

3、 EVA aand MVVA hass openned upp new possiibilitties ffor innvestiigatinng thee leveerage effecct of fixedd costts (opperatiional leverrage) and iintereest (ffinanccial lleveraage) iin connjuncttion wwith EVA aand MVVA, annd forr deteerminiing whhat efffect changges inn salees wouuld haave thhroughh

4、leverrage, not oonly oon proofits, but also on EVVA andd MVA. Combbiningg a vaariablle costiing appproacch witth levveragee anallysis and vvalue analyysis oopens up neew opporrtunitties tto invvestiggate tthe efffect of ceertainn deciisionss on tthe MVVA andd the sharee pricee of aa comppany. A sprr

5、eadshheet mmodel is ussed too illuustratte howw finaanciall managgers ccan usse thee leveerage effeccts off fixeed cossts annd thee (fixxed) ccost oof cappital to maximmize pprofitts andd alsoo to ddetermmine wwhat iimpactt channges iin anyy variiable like saless or ccosts will have on thhe weaalth

6、oof shaarehollders.IntroduuctionnFew wouuld arrgue tthat tthe moost immportaant fiinanciial gooal off a buusinesss orgganizaation shoulld be to maaximizze thee weallth off its shareeholdeers. FFor a numbeer of yearss now, accoountinng meaasuress suchh as eearninngs, returrn on assetts andd retuurn o

7、nn equiity haave beeen crriticiized aand foound wwantinng as perfoormancce inddicatoors ennding to grreaterr sharreholdder weealth . Thee conccept oof vallue maanagemment rresultted frrom a pursuuit off the real driveers off valuue, annd thee perfformannce meeasurees Ecoonomicc Valuue Addded (EEVA)

8、aand Maarket Valuee Addeed (MVVA) arre noww knowwn faiirly wwell aand ussed wiidely by coompaniies alll oveer thee worlld. The oobjecttive oof thiis stuudy iss to llink tthe coost maanagemment ttechniiques of vaariablle cossting and ccost- volumme- prrofit analyysis wwith tthe fiinanciial maanagemme

9、nt ttechniiques of leeveragge anaalysiss and valuee anallysis in orrder tto detterminne howw deciisionss or cchangees in inputts willl afffect tthe shharehoolder valuee. Thee studdy alsso inttroducces thhe levveragee effeect off the cost of eqquity as a new cconceppt andd illuustrattes hoow it react

10、ts in conjuunctioon witth opeeratinng levveragee and finanncial leverrage tto detterminne thee totaal oveerall leverrage oof thee comppany. This new aapproaach woould bbe useeful ffor deecisioon-makking ppurposses inn asseessingg the impacct, noot onlly of diffeerent decission aalternnativees, buut

11、alsso of changges inn inteernal factoors liike prroducttion ccosts or exxternaal facctors like inflaation and ttax raates. The ffindinngs off thiss studdy couuld bee of vvalue to maanagerrs at all llevelss in aa busiiness organnizatiion, bbut esspeciaally tto finnanciaal mannagerss. Exiistingg sharr

12、eholdders aand pootentiial innvestoors woould aalso bbenefiit froom thee finddings of thhe stuudy, bbut thhe commpany data needeed as inputts forr the modell woulld nott be aavailaable tto theem.The objjectivve of this studyy is tto linnk thee costt manaagemennt tecchniquues off variiable costiing a

13、nnd cosst-vollume-pprofitt anallysis with the ffinanccial mmanageement technniquess of leeveragge anaalysiss and valuee anallysis in orrder tto detterminne howw deciisionss or changges inn inpuuts wiill afffect the ssharehholderr valuue. Thhe stuudy allso inntroduuces tthe leverrage eeffectt of tthe

14、 coost off equiity ass a neew conncept and iillusttratess how it reeacts in coonjuncction with operaating leverrage aand fiinanciial leeveragge to deterrmine the ttotal overaall leeveragge of the ccompanny.This neew appproachh woulld be usefuul forr deciision-makinng purrposess in aassesssing tthe i

15、mpacct, noot onlly of diffeerent decission aalternnativees, buut alsso of changges inn inteernal factoors liike prroducttion ccosts or exxternaal facctors like inflaation and ttax raates. The findiings oof thiis stuudy coould bbe of valuee to mmanageers att all levells in a bussinesss organnizatiion

16、, bbut esspeciaally tto finnanciaal mannagerss. Exiistingg sharreholdders aand potenntial invesstors wouldd alsoo beneefit ffrom tthe fiindinggs of the sstudy, but the compaany daata neeeded as innputs for tthe moodel wwould not bbe avaailablle to them.In thiss artiicle EEVA, MMVA annd levveragee wi

17、lll be ddiscusssed bbrieflly, foolloweed by an illlustrrationn of tthe deeveloppment aand usse of a sprreadshheet mmodel to exxtend the lleveraage annalysiis of profiits too EVA and MMVA. TThe leeveragge efffect oof thee costt of eequityy on EEVA annd MVAA is iinvesttigateed. Thhe iniitial hypotthes

18、iss is tthat ssimilaar to fixedd costts andd inteerest, the cost of eqquity will also have a levveragee effeect onn the profiits (aand EVVA andd MVA) of tthe buusinesss. Itt shouuld bee posssible to quuantiffy thiis levveragee effeect annd to use iit, toogetheer witth thee welll-knowwn opeeratinng l

19、evveragee and finanncial leverrage ffactorrs, too deteerminee the totall leveerage for tthe coompanyy. Once the ttotal leverrage iis detterminned, iit wouuld bee posssible to prredictt whatt effeect anny chaange iin inpput wiill haave onn proffits, EVA aand MVVA. An atttemptt is mmade tto derrive aa

20、 formmula (givenn certtain aassumpptionss) to prediict whhat efffect a parrticullar chhange in voolume (salees) woould hhave oon EVAA and MVA.Finallyy, thee impaact off diffferentt leveels off operratingg and finanncial leverrage oon proofits, EVA and MMVA iss evalluatedd.The connceptss of EEVA, MMV

21、A annd levverageeEVA andd MVAA compaanys totall markket vaalue iis equual too the sum oof thee markket vaalue oof itss equiity annd thee markket vaalue oof itss debtt. In theorry, thhis ammount is whhat caan be “takeen outt” of the ccompanny (i.e. whhen alll shaares aare soold annd debbt is repaiid)

22、 att any givenn timee. Thee MVA is thhe diffferennce beetweenn the totall markket vaalue oof thee comppany aand thhe ecoonomicc capiital (Firerr 19955:57; Reillly andd Browwn 20003:5911).The ecoonomicc capiital, also calleed invvestedd capiital (IC), is thhe amoount tthat iis “puut intto” thhe commp

23、any and iis bassicallly thee fixeed asssets pplus tthe neet worrking capittal.MVA = MMarkett valuue of compaany Invessted CCapitaalFrom ann inveestors poiint off vieww, MVAA is tthe beest fiinal mmeasurre of a commpanys perrformaance. Stewaart (11991:1153) sstatess thatt MVA is a cumullativee meassu

24、re oof corrporatte perrformaance aand thhat itt reprresentts thee stocck marrketss asseessmennt froom a pparticcular time onwarrds off the net ppresennt vallue off all a commpanys passt andd projjectedd capiital pprojeccts. MMVA iss calcculateed at a givven mooment, but in orrder tto asssess pperfor

25、rmancee overr timee, thee diffferencce or changge in MVA ffrom oone daate too the next can bbe detterminned too see whethher vaalue hhas beeen crreatedd or ddestrooyed.EVA is an innternaal meaasure of peerformmance that drivees MVAA. Steewart (19911:153) defiines EEVA ass folllows: “A coompanyys EVV

26、A is the ffuel tthat ffires up itts MVAA.” EVVA takkes innto acccountt the full cost of caapitall, inccludinng thee costt of eequityy. Thee conccept oof EVAA is aa meassure oof ecoonomicc proffit annd wass popuularizzed annd oriiginallly trrade-mmarkedd by SStern Stewaart annd Commpany in thhe 19880

27、s.The callculattion oof EVAA is tthe saame ass thatt of tthe weell-knnown “rresiduual inncome; meassure tthat hhas beeen ussed ass a beenchmaark off diviisionaal perrformaance ffor soome tiime. Hoorngreen, Datarr and Fosteer (20003:7990) annd Garrrisonn, Norreen aand Seeal (22003:6616) ccomparre EVA

28、A to rresiduual inncome and oother perfoormancce measuures aand deescribbe thee growwing ppopulaarity of EVVA. EVVA is calcuulatedd as ffollowws:EVA = (ROIC WACCC) ICWhereROIC = Returrn on invessted ccapitaalWACC = Weighhted AAveragge Cosst of CapittalIC = Innvesteed Cappital (at tthe beeginniing of

29、f the year)EVA cann alsoo be ddefineed as folloow:EVA = NNOPAT (WAACC IC)WhereNOPAT = net operaating profiit aftter taaxThe linnk bettween MVA aand EVVA is that theorreticaally, MVA iis equual too the preseent vaalue oof alll futuure EVVA to be geeneratted byy the compaany. MVA = ppresennt vallue of

30、f all futurre EVAALink beetweenn EVA, MVA and lleveraageIt was indiccated that, theooreticcally, MVA is eqqual tto thee pressent vvalue of alll m futuure EVVAS. OOn thee assuumptioon thaat theere wiill bee no ffuturee growwth inn the curreent EVVA, orr thatt the expeccted ffuturee growwth inn EVA wi

31、ll be att a coonstannt ratte, g, thhe theeoretiical MMVA caan be calcuulatedd as aa perppetuitty. Thhe ressult sshows that MVA iis a mmultipple off the curreent EVVA.EXAMPLEE:Companyy A haas a ccurrennt EVAA of RR100m. Its WWACC iis 20%. If noo futuure grrowth in EVVA is expeccted, the ttheoreetical

32、l MVA can bbe callculatted ass folloows:MVA = PPV (fuuture EVA)= curreent EVVA / WWACC= R100mm / 0.2= R500mmIn thiss insttance, MVA is fiive tiimes tthe cuurrentt EVA, or RR500/RR100m.If EVA is exxpecteed to grow at a consttant rrate oof 10% in ffuturee, thee theooreticcal MVVA can bbe callculatted

33、ass folllows:MVA = PPV (futuure EVVA)= curreent EVVA / (WACC g)= R100mm / (00.2 0.1)= R10000mWith thhe asssumptiion off 10% futurre groowth iin EVAA, MVAA is tten tiimes tthe cuurrentt EVA, or (RR1000mm / R1000m). The ffact tthat MMVA iss theooreticcally a mulltiplee of tthe curreent EVVA meaans thh

34、at anny perrcentaage chhange in EVVA shoould ccause the ssame perceentagee channge inn MVA. If thee costt of eequityy is ssubtraacted from profiits (aafter interrest aand taax), oone gets EVA. If onne asssumes that the ccapitaal strructurre andd the cost of eqquity perceentagee remaain unnchangged,

35、tthe ammount debitted ass the cost of eqquity in thhe calcuulatioon of EVA iis a ffixed amounnt. Thhis fiixed aamountt of tthe coost off equiity allso has aa leveerage effecct thaat cauuses EEVA (aand thhe theeoretiical MMVA) tto chaange mmore dramaaticallly thhan prrofitss whenn therre aree channge

36、s iin thee salees vollume. The leverrage eeffectt of tthe coost off equiity (rreferrred too as EEVA leeveragge) caan noww be invesstigatted annd commbinedd withh operrationnal annd finnanciaal levveragee to sstudy the effecct on a bussinesss as aa wholle.Researcch metthodA spreaadsheeet moddel waas

37、devvelopeed usiing diiffereent leevels of opperatiing leeveragge and fiinanciial leeveragge. Thhe rellationnship betweeen prrofitss (aftter innteresst andd tax) and EVA wwas deetermiined. This was ddone bby usiing thhe cosst of own ccapitaal (eqquity) and this fixedd amouunt caan theereforre be desc

38、rribed as a leverrage ffactorr for EVA.Furtherrmore, the EVA lleveraage faactor was ccombinned wiith thhe opeeratinng andd finanncial leverrage. It thhen beecame possiible tto illlustraate hoow thee expeected perceentagee channge inn EVA and MMVA caan be prediicted, giveen a ccertaiin perrcentaage c

39、hangge in saless (or profiits). ConclussionsThe sprreadshheet mmodel was uused tto invvestiggate tthe leeveragge efffect oof thrree ittems, namelly fixxed coosts (DOL), inteerest on boorroweed cappital (DFL) and the ccost oof ownn capiital (EVA lleveraage). Five diffeerent scenaarios, eachh withh a

40、diiffereent leevel oof DOLL, DFLL or EEVA leeveragge, weere asssumedd to ddetermmine tthe reelatioonshipps (iff any) betwween tthe diiffereent kiinds oof levveragee as wwell aas theeir immpact on prrofitss, EVA aand MVVA (annd theereforre, allso thhe vallue off the firm).The resullts inndicatted thh

41、at thhe sizze of the ttotal levell of lleveraage inncludiing EVVA is deterrminedd by aall thhree eelemennts caausingg the leverrage. Howevver, tthere was nno diffferennce inn the totall leveerage incluuding EVA ffor sccenariios whhere oonly tthe fiinanciial geearingg difffer- rred. TThe annalysiis s

42、hoowed tthat tthe efffect of hiigh fiinanciial leeveragge is offseet perrfectlly by the llower cost of owwn cappital (EVA leverrage).Stateed diffferenntly, the ttotal leverrage iincludding EEVA iss the same for aall sccenariios wiith thhe samme fixxed coosts (only if WAACC reemainss consstant).Givee

43、n thee assuumptioons maade, oone caan conncludee thatt the organnizatiions sensiitivitty to changges inn salees vollume iis detterminned byy its degreee of operaationaal levveragee and by itts tottal coost off capiital (as reepreseented by thhe finnanciaal levveragee and EEVA leeveragge). TThe waay

44、thee comppany iis finnancedd (asssumingg therre is no chhange in thhe WACCC) wiill noot afffect tthis ttotal leverrage eeffectt?Source: Univversitty of Pretooria UUniverrsity of Prretoriia，2004.“the rrelatiionshiip bettween EVA, MVA annd levveragee” Medittari Accouuntanccy Ressearchh. Vol. 12 NNo. 1

45、.pp. 33959.译文：经济附加值，市市场增加值和和杠杆之间的的关系摘要人们普遍认为，为为了最大限度度地为股东价价值，公司应应该对MVAA的最大化（不不一定它们的的总市值）努努力。最好的的办法是最大大限度地这样样做的EVAA，这反映了了一个组织赚赚取高于资本本成本回报的的能力。该公公司提供的杠杠杆承担固定定费用和使用用借来与固定利息借入入资金已经知知道并需要财财务经理一些些时间，量化化的投资公司司。对EVAA和MVA的的普及开辟了了调查固定成成本（经营杠杠杆）和兴趣趣与EVA和和MVA，一一起（财务杠杠杆）的杠杆杆效应和确定定哪些销售将将有明显的变变化，通过杠杠杆作用，而而不是新的可可能性

46、只有利利润，而且还还对EVA和和MVA。变变动成本法结结合了具有杠杠杆分析和价价值分析方法法，开辟了新新的机会，探探讨对MVAA的某些决定定和影响了公公司股价。电电子表格模型型来说明如何何利用财务经经理可以使固定费用和和资本（固定定）成本的杠杠杆效应来实实现利润最大大化，还要确确定在任何类类似的销售或或成本变量的的影响的变化化，对股东财财富引言很少人会认为应应当将股东权权益最大化作作为企业的财财务目标。近近些年来，就就像将股东财财富最大化作作为主导的绩绩效指标一样样的会计指标标，如收入、资资本回报率和和股本回报率率一直受到批批评（约翰逊逊，纳塔拉詹詹和拉巴波特特，19855年；拉巴波波特，19

47、86年年；斯图尔特11991年）。这这一概念的价价值管理的原原因是寻求真真正的价值动动因，并且现现在以经济附附加值（EVVA）和市场场增加值（MMVA）作为为绩效评价指指标已经广为为人知，并被被广泛地应用用于全世界的的许多企业中中。本文所要要研究的就是是将变动成本本法以及本量量利分析相结结合进行的杠杠杆分析和价价值分析，并并利用这一技技术来确定决决定和改变投投入将如何影影响股东价值值。该研究还还将股权成本本的杠杆效应应作为一种新新的概念，并并说明它如何何反映经营杠杠杆和财务杠杠杆，以确定定企业的综合合杠杆。这种种新的方法将将对评估决策策目的产生有有益的影响，不不仅是对于不不同的决策有有效，而且

48、还还将改变如生生产成本这样样的内部因素素，或者如通通货膨胀率和和税率这样的的外部因素，这这项研究结果果可能对企业业组织中的各各级管理人员员都是有价值值的，尤其是是财务管理人人员。现有的的股东和潜在在的投资者也也将受益于这这项研究的结结构，但该公公司的一些数数据，如模型型中涉及的投投入的数据，是是无法提供给给他们的。这项研究的目的的是联系在一一起的杠杆分分析和价值分分析的财务管管理技术的成成本管理技术术的可变成本本和成本量利利分析，以便便确定如何输输入或更改的的决定会影响响股东价值。这这项研究还介介绍了股权成成本作为一个个新的概念，并并说明杠杆效效应如何结合合反应与经营营杠杆和财务务杠杆，以确确

49、定公司的整整体总的杠杆杆作用。这种新的方法是是在决策评估的的目的时不仅有益于不同的的决策方案，而而且更有益于于在内部变化化的影响因素素，如生产成成本或像通货货膨胀和税率率的外部因素素。该这项研研究的结果可可能是有价值值的管理者在在企业的所有有层面组织，尤尤其是财务管管理人员。现现有股东及潜潜在的投资者者也将受益于于该研究的结结果，但作为为输入所需的的数据模型公公司不会提供供给他们。本文将对经济附附加值，市场场增加值和杠杠杆进行简单单的研究，其其次将做一些些简要的说明明和利用电子子表格模式，来来扩大对利润润的杠杆分析析以及经济附附加值和市场场增加值。在在股权成本的的杠杆分析影影响下的经济济附加值

50、和市市场增加值，最最初的假设是是，相似的固固定费用和利利息费用、股股权成本在经经营中对利润润（和经济附附加值与市场场增加值）产产生一个杠杆杆效应。应该该尽可能地量量化这一杠杆杆效应并利用用它，再加上上已知的经营营杠杆和财务务杠杆来确定定公司的综合合杠杆。一旦旦综合杠杆被被确定，将可可以用来预测测任何投入的的改变对盈利利、经济附加加值和市场增增加值有什么么样的影响。试试着得出一个个公式（基于于某些假设）来来预测某一变变化量将对经经济附加值和和市场增加值值产生什么样样的影响。最后，不同层次次的经营杠杆杆和财务杠杆杆对利润、经经济附加值和和市场增加值值所产生的影影响将被估算算出来。经济附加值、市市场

51、增加值和和杠杆的概念念经济附加值和市市场增加值一个公司的总市市值等于其权权益的市值加加上债务的账账面价值。这这一数据可以以在任意给定定的时间从公公司（发行在在外的所有的的股票和偿还还的债务）中中得到。市场场增加值就是是总市值和经经济资本之间间的不同点（凡凡尔，19995:57；赖利和布朗朗，2003:591）。经经济资本，也也叫做投入资资本（IC），是是投入该公司司的金额，基基本上是固定定资产净值加加上营运资本本。MVA公司总总的市场价值值投入总资本本从投资者的角度度看，市场增增加值是衡量量一个公司业业绩的最好的的指标。斯图图尔特（19991：1553）提出，市市场增加值是是一个衡量公公司的积

52、累业业绩指标，它它代表了特定定时间所有公公司过去和将将来的资本项项目的净现值值的股市的评评估。为了评评估能随着时时间的推移而而变化，市场场增加值计算算某一特定时时间下，差异异或者变更在在市场增加值值法下从一个个日期到下一一个日期的确确定，来看价价值是被创造造了还是被毁毁灭了。经济济附加值是推推动市场增加加值的内部的的绩效评价指指标。斯图尔尔特（19991：1533）对经济附附加值下的定定义如下：“一个公司的的经济附加值值是推动市场场增加值的动动力。”经济附加值值充分考虑了了资本成本，包包括股权成本本。这一概念念下的经济附附加值是思腾腾斯特公司在在20世纪880年代提出出并推广的。就就像众所周知知的“剩余收益”一样，一段段时间内，经经济附加值被被作为部门的的基准的绩效效评价指标。霍恩格伦、达塔尔与福斯特（ 2003:790 ）和格瑞森、诺琳与希尔（ 2003:616 ）比较了经济附加值、剩余收益以及其他一些绩效评价指标，并对日益普及的经济附加值指标做了介绍。经济附加