经济增加值文献翻译

1、原文：Economiic Vallue AdddedThe Succcess of EVVATo quanntify the eextentt to wwhich compaanies that impleement EVA ouutperfform ttheir compeetitorrs, daata weere coollectted byy Sterrn Steewart (20022b). CCompannies hhave sseen hhigh rreturnns wheen theey utiilize Sternn Stewwartss EVA frramewoork foo

2、r perrformaance mmanageement, valuue-bassed pllanninng andd inceentivee comppensattion. Throuughoutt the 1990ss thesse samme commpaniees, onn averrage, outpeerformmed thheir ccompettitorss by 88.3% aannuallly duuring the ffirst five yearss afteer theey firrst addoptedd EVA. IImprovved opperatiing ma

3、arginss, strrongerr cashh floww geneeratioon, annd quiicker assett turnnover were the ccatalyysts rresponnsiblee for greatter sttock mmarkett perfformannce, wwhich causeed a $116 bbillioon inccreasee in ssharehholderr weallth beeyond that of thheir ccompettitorss. Fiigure 1 deppicts the pperforrmanc

4、ee of EEVA coompaniies frrom Marchh 24, 2000 to Juune 300, 20002, a time when the eeconommy sloowed aand thhe stoock maarket as a wholee perfformedd poorrly. DDuringg thiss samee timee periiod, ccompannies tthat wwere cclientts of Sternn Stewwart bbeat tthe S&P 5000 by 669.8% and eearnedd a tootal r

5、returnn of 336.5%. The margiin of perfoormancce is greatter sttill ffor coompaniies thhat usse EVAA as aa perfformannce meeasuree and a toool forr deteerminiing maanagemment ccompennsatioon. Coompaniies thhat onnly ussed EVVA as a perrformaance mmeasurre didd not obtaiin succh imppressiive reesultss

6、 (Steewart, 2002bb).Figure 1: Totaal Retturn FFrom MMarkett Peak: Marchh 24, 2000 Junne 30,2002(Stewarrt, 2002bb,1)Figure 2 deppicts the rresultts of the ssame sstudy conduucted over the ffive-yyear pperiodd fromm Julyy 1, 11997JJune 330, 20002. TThe fiindinggs werre as expeccted; tyingg bonuuses tt

7、o EVAA led to muuch hiigher than averaage inncreasses inn sharreholdder vaalue.Figure 2: 5-Yeear Tootal RReturnn: Jully 1, 1997June 30, 22002(Stewarrt, 2002bb, 2)As the preceeding data indiccate, “EVA woorks bbest wwhen iit is used in a powerrful bbonus plan that stimuulatess the incenntivess of oow

8、nersship aand diirectlly aliigns tthe innteressts off manaagers and eemployyees wwith tthose of thhe ownners” (Stewwart, 2002bb, 1).Complette Adoopterss of EEVACompaniies thhat usse EVAA as aa founndatioon forr manaagemennt andd inceentivees aree in aa widee variiety oof secctors and rrange in siize

9、, ffrom ffirms in thhe rettailinng secctor ssuch aas Besst Buyy withh annuual saales oof oveer $211 billlion tto Braadley Pharmmaceutticalss withh annuual saales oof a mmere $33 miillionn. Altthoughh not a commpreheensivee listt, thee firmms in Tablee 2 arre a ssmall repreesentaation of fiirms tthat

10、 hhave ffully adoptted EVVA. Reegardlless oof secctor, all bbut thhree oof theese coompaniies haave onne thiing inn commmon-tthe annnualiized EEVA faar surrpasseed thee retuurns oof theeir peeers (Stewaart, 22002b).Table 22: Firmms Thaat Havve Fullly Addoptedd EVACompanyySectorSale $MMil.EVA DatteAn

11、nualiized EEVAReturn*PeerBest BuuyRetailiing$21,3300 1-Jan-1199839.1%10.4%Bradleyy PharrmacouuticallsPharmaccouticcals$33 1-Jul-1199862.2%-0.2%Briggs&StratttonCapitall Goodds$1,529 1-Jan-11990-2.5%-0.7%Centuraa BankksBankingg$239 1-Mar-1199432.3%2.0%GenescooRetailiing$774 1-Apr-1199929.0%8.1%Herman

12、MillaarOffice Furniiture$1,469 1-Mar-119963.1%4.8%ManitowwocConstruuctionn,Mariine,Foood$1,237 1-Mar-1199313.4%0.8%MolsonBrewingg$22 1-May-1199939.3%-4.5%Schnitzzer StteelSteel$289 1-Jul-2200026.2%34.7%SPX CorrporattionDiversiified Mfg.$4,912 1-Oct-1199514.2%2.1%*Annuallized returrns frrom 7/1/19997

13、 forr comppaniess on EEVA att 7/1/1997 or EVVA Datte forr thosse thaat impplemennted EEVA poost 7/1/19997(Stewarrt, 20002b, 2)EVA vs. Otheer Finnanciaal Perrformaance MMeasurrementtsThose iin favvor off usinng EVAA as aa perfformannce meeasuree arguue thaat it is suuperioor to otherr perfformannce m

14、eeasurees forr the four folloowing reasoons: iit is neareer to the rreal ccash fflows of thhe bussinesss entiity; iit is easy to caalculaate annd undderstaand; iit hass a hiigher correelatioon to the mmarkett valuue of the ffirm aand itt aliggns thhe goaals off manaagemennt witth thee inteerestss of

15、 tthe shharehoolderss. EVAA is ssuperiior too convventioonal mmeasurres suuch ass Retuurn onn Inveestmennt (ROOI), RReturnn on EEquityy (ROEE), annd Retturn oon Asssets (ROA) becauuse thhese ccalcullationns aree baseed on accouuntingg figuures. Usingg Geneerallyy Acceepted Accouuntingg Prinnciplees

16、(GAAAP), the aassetss in tthe baalancee sheeet aree carrried bbased on hiistoriical ccosts whilee, witth thee exceeptionn of ddeprecciatioon, reevenuees andd expeenses are rrecognnized as eiither a proofit oor a lloss aat theeir cuurrentt valuue. Duue to this inacccuracyy in tthe caalculaation of th

17、he vallue off asseets, tthe raates oof retturn ddo nott accuuratelly detterminne thee actuual reeturn on a givenn inveestmennt. Ass suchh, thee ratee of rreturnn is uusuallly lowwer inn the firstt few yearss and higheer in the llatterr yearrs. Hooweverr, if the vvalue of thhe mixx of aassetss is ccl

18、ose to thhe currrent valuee of tthe asssets, the distoortionn willl not be ass signnificaant ass whenn the valuee of tthe asssets is faar bellow thhe currrent valuee. Mosst commpaniees rarrely hhave tthe neeeded assett mix to maake thhese aaccounnting measuures aaccuraate; tthereffore, they cannoot

19、be regarrded aas truue inddicatiions oof thee perfformannce off the compaany.Insigniificannce off Earnnings per SShare and CCash FFlow iin thee Shorrt-TerrmTo operrate aa busiiness underr the EVA foormat, one must disreegard many otherr variiabless prevviouslly thoought to deetermiine thhe vallue of

20、f a coompanyy. It is off utmoost immportaance tto reccognizze thaat EVAA meassures totall facttor prroducttivityy. Theereforre, foor EVAA to bbe succcessffully appliied, iit musst suppersedde othher fiinanciial meeasureementss suchh as Earniings pper Shhare. In dooing sso, otther ffinanccial mmeasur

21、res onnce thhoughtt to bbe amoong thhe mosst impportannt willl be set aaside. Incrreasinng Earrningss per Sharee (EPSS) is at thhe forrefronnt of many execuutivess thooughtss and subseequentt actiions. Howevver, iit is this way oof thiinkingg thatt has causeed corrporatte exeecutivves too makee deci

22、isionss trully nott in tthe beest innteresst of the ccompanny forr the sake of arrtificciallyy infllatingg EPS. In ffact, severral coorporaate doownfallls caan be attriibutedd to vviewinng inccreaseed EPSS as aa key finanncial measuuremennt. Reegardlless oof howw impoortantt cashh floww is, it iss a

23、 pooor meeasuree of pperforrmancee in tthe shhort-tterm. As maanagemment iinvestts monney inn rewaardingg projjects, the immeddiate effecct on cash flow will be neegativve, allthouggh it is inncreassing tthe ovveralll valuue of the ccompanny. Thherefoore, ccash fflow rregainns siggnificcance when it

24、 iss conssidereed oveer thee lifee of tthe buusinesss.The Prooper UUse off LeveerageIn creaating valuee for a commpany usingg the EVA meethodoology, finaanciall resttructuuring will becomme a kkey isssue. One vvery iimporttant aaspectt of ffinanccial rrestruucturiing iss the propeer usaage off debtt

25、 or lleveraage. AAlthouugh itt may seem to coontraddict ccommonn sensse, inncreassing tthe leeveragge of a commpany actuaally hhas seeverall desiirablee effeects: it saaves ttaxes, curees thee riskk of uunprodductivvely rreinveestingg surpplus ccash fflow, creattes thhe urggency to peerformm welll,

26、andd forcces thhe salle of underrperfoormingg or uunrelaated bbusineesses or asssets. Finaally, theree are some methoods off finaanciall resttructuuring that may hhave aa posiitive impacct on the vvalue of a compaany suuch ass payiing diividennds annd parrtial publiic offferinggs (PPPO), bbut thhey

27、muust bee careefullyy conssidereed as they inherrentlyy can have costss assoociateed witth theem.Adjustmments to Acccountting FFigureesAlthouggh EVAA is aa relaativelly simmple cconceppt witth an uncommplicaated eequatiion, iit oftten beecomess moree conffusingg and diffiicult to caalculaate ass adj

28、uustmennts arre madde in accouuntingg figuures tto callculatte a pproxy for eeconommic caapitall. Thee objeectivees forr thesse adjjustmeents aare too meassure ccapitaal at closeer to curreent vaalue, to inncludee all invesstmentts thaat aree treaated aas perriod ccosts by acccounttants (suchh as RR

29、esearrch annd Devvelopmment), and to brring EEVA clloser to thhe reaal cassh floows off the compaany. AApproxximateely 1660 adjjustmeents tto thee accoountinng figgures are rrecommmendedd to pproducce a rrealisstic eestimaate off EVA. NNot onnly doo thesse adjjustmeents ccompliicate the ccalcullatio

30、nn of EEVA, bbut allso moost fiirms ddo nott mainntain the ttype oof datta thaat is needeed to make the aadjusttmentss. If it iss mainntaineed, itt is uusuallly nott acceessiblle to outsiiders. For the ooccasiion thhat innsiderrs havve acccess tto thee infoormatiion, tthey mmust iin mosst casses hii

31、re a consuultantt to mmake tthese compuutatioons. DDue too thesse addditionnal coosts, Stewaart reecommeended that the ddistorrtionss in GGAAP-bbased accouuntingg shouuld onnly bee corrrectedd if tthe ammountss are signiificannt, maanagerrs cann impaact thhe outtcome of thhe iteem beiing addjusteed,

32、 thhe infformattion rrequirred iss easiily acccessiible, and nnon-fiinancee proffessioonals can uundersstand them. Withh thesse stiipulattions, the 160 aadjusttmentss are narroowed ddown tto 15 adjusstmentts. Relatioon of Produuctiviity too ValuueEVA cann alsoo be aapplieed to the ccorporrate wworld

33、 as a philoosophyy to iimprovve thee prodductivvity oof a ffirm. The pproducctivitty of a firrm cann be mmeasurred byy creaation of weealth for tthe shharehoolderss. Forr a fiirm too incrrease its vvalue, it mmust ooperatte at optimmal prroducttivityy overr a loong peeriod of tiime. FFor yeears ffir

34、ms have impleementeed proogramss and technniquess in aan atttempt to inncreasse prooductiivity in phhysicaal terrms, ddisreggardinng thee conccept oof vallue. TThese technniquess, thoough tthey hhave iincreaased tthe boottom-line of thhe firrm, doo not guaraantee an inncreasse in shareeholdeer weaal

35、th.EVA as a Corrporatte PhiilosopphyEVA is a conncept that is noot eassy to underrstandd but can bbe impplemennted wwith ccare aat eveery leevel oof an organnizatiion. CCorporrationns acrross tthe gllobe, even some statee owneed entterpriises iin thee Unitted Sttates, havee adoppted EEVA ass a coorp

36、oraate phhilosoophy. One iimporttant aadvanttage oof EVAA is tthat iit impprovess busiiness literracy bbecausse of its ssimpliistic conceept. BBusineess liiteraccy is the aattemppt of managgementt to mmake aall emmployeees awware tthat ffor anny acttivityy to ccreatee valuue, thhe retturn nneeds to

37、exxceed the ccost oof cappital for tthat pparticcular activvity. It allso taakes iinto cconsidderatiion thhe cosst of capittal, wwhich many otherr convventioonal ttechniiques fail to inncorpoorate into theirr calcculatiions.What Deetermiines CCompanny Vallue?In dealling wwith tthe toopic oof Ecoonom

38、icc Valuue Addded, mmany qquestiions ssurfacce forr whicch thee mostt astuute prrofesssionalls in businness ccannott agreee. Thhe mosst commmon oof theese iss how one iis to deterrmine the vvalue of a compaany. TTo beggin, sseveraal mytths thhat abbound in thhe marrket aare foolloweed by some valuaa

39、tion conceepts. If onne wass to aask seeverall top execuutivess how valuee was deterrminedd and sharee pricces seet, thhere mmay bee answwers uusing the ccombinnationn of sseveraal finnanciaal perrformaance ffactorrs succh as earniings, growtth rattes, rreturnns boook vallues, cash flowss, divvidend

40、ds, annd traading volummes. WWith tthis wwide vvarietty of answeers, iit is easy to unndersttand tthe coonfusiion maany toop mannagerss havee in ddetermminingg whatt inveestorss wantt. Theereforre, thhey caannot realiisticaally mmake wwise bbusineess deecisioons thhat wiill maaximizze shaarehollder

41、wwealthh thhe ulttimatee goall in bbusineess (SStewarrt, 19991). In 19993, FFortunne maggazinee nameed EVAA “Thee Reall Key to Crreatinng Weaalth” in itts covver arrticlee (Steewart, 20022a).Earninggs or Earniings pper ShhareOne areea of contrroverssy is deterrmininng wheether earniings oor cassh fl

42、oows deetermiine sttock ppricess. To calcuulate sharee pricces, oone maay usee earnnings per sshare (EPS) and the pprice/earniings mmultipple (PP/E). This methood is partiicularrly apppealiing beecausee it iis so simplle. Hooweverr, it is thhe verry simmpliciity thhat maakes iit an unrelliablee meas

43、sure oof vallue .The accouuntingg modeel assserts that Wall Streeet detterminnes shhare ppricess by mmultipplyingg EPS by ann apprropriaate P/E. Iff thiss weree the case, a coompanyy withh EPS of $00.50 aand a P/E oof 5, wouldd selll at $2.50. The majorr faullt witth thiis metthod iis thaat it assum

44、mes thhat thhe P/EE remaains sstaticc. In realiity, PP/E chhangess freqquentlly witth acqquisittions, new invesstmentt oppoortuniities, and with changges inn finaanciall struucturee and accouuntingg poliicies. Therreforee, EPSS do nnot prrovidee a reeliablle meaasure of vaalue.In conttrast , thee ec

45、onnomic modell assuumes sshare pricees aree the resullt of evaluaationss of ffuturee cashh flowws andd the risk of thhe cassh recceiptss of aa busiiness by soophistticateed invvestorrs. Inn manyy firmms, caash fllow annd earrningss risee and fall simulltaneoously, so iit is diffiicult to deetermiine

46、 whhich ffactorr is tthe prrimaryy causse forr the resullting stockk pricce .Studdies hhave bbeen cconduccted tto finnd thee evennts, wwhich causee cashh floww and earniings tto deppart iin a pparticcular compaany. TThese studiies cooncludde thaat futture ccash fflows are mmore iimporttant iin thee

47、calcculatiion off sharre priices tthan eearninngs. IInvesttors ccare mmore aabout cash than a commpanys repportedd earnnings. Manyy comppaniess infllate ttheir saless to sshow hhigherr earniings ffor thhe bennefit of thhe invvestorr. If an innvestoor is to innvest wiselly, hee willl ignoore thhe ear

48、rningss and look at thhe commpanys futture ccash fflows to bee prodduced durinng thee busiiness exisstencee.Economiic Moddel vss. Acccountiing MoodelThe mosst impportannt diffferennce beetweenn the two mmodelss is tthat tthe acccountting mmodel reliees on the bbalancce sheeet annd inccome sstatemmen

49、t wwhile the eeconommic moodel rreliess on uuses oof cassh andd its sourcce. Thhis beecomess signnificaant whhen a compaany chhoosess fromm a vaarietyy of aaccounnting methoods. UUsing the aaccounnting modell, it makess a biig diffferennce whhetherr a caash ouutlay is exxpenseed on the iincomee stat

50、tementt or ccapitaalizedd on tthe baalancee sheeet beccause earniings aare thhe driiving forcee. Usiing thhe ecoonomicc modeel, itt onlyy mattters wwhere the ccash ooutlayy is rrecordded whhen itt affeects ttaxes. Ultiimatelly, eaarninggs aree affeected by thhe acccountiing prroceduures aa comppany

51、uuses, such as chhoosinng an invenntory costiing meethod, amorrtizinng gooodwilll, acccountiing foor ressearchh and devellopmennt, annd detterminning bbook vvalue.Accountting MMethoddLIFO vss. FIFFOCompaniies muust chhoose an innventoory coostingg methhod, wwhetheer it is laast inn, firrst ouut (LII

52、FO) oor firrst inn, firrst ouut (FIIFO). Each methood prooducess a diiffereent ouutcomee. Durring ttimes of riising pricees, a shiftt fromm FIFOO to LLIFO wwill rreducee a coompanyys eaarninggs whiile alllowinng thee accuumulattion oof morre cassh. Thhis haappenss becaause tthe neewest and mmost eex

53、penssive iinventtory iis exppensedd firsst. Thhis alllows for aa tax savinngs, wwhich increeases the aamountt cashh remaainingg. Shyyam Suunder conduucted a stuudy thhat reevealeed shaare prrices increeased 5% thhe verry dayy a coompanyy annoouncedd its intennt to changge froom FIFFO to LIFO. Furtth

54、er rresearrch waas connducteed whiich foound tthat sshare pricee growwth iss direectly propoortionnate tto thee pressent vvalue (PV) of thhe taxx saviings tthat wwould resullt froom impplemennting the cchangee.Amortizzationn of GGoodwiillThe wayy a coompanyy amorrtizess gooddwill also has aan imppac

55、t oon earrningss. Usiing thhe purrchasee methhod too accoount ffor ann acquuisitiion, tthe buuyer aamortiizes aany ammount paid for tthe assset iin exccess oof thee fairr markket. IIn thee accoountinng moddel, tthis mmatterrs beccause it reeducess earnnings, but it dooes noot mattter uusing the eeco

56、nommic moodel bbecausse thee amorrtizattion oof gooodwilll has no efffect on caash beecausee it iis a nnon-taax-dedductibble, nnoncassh exppense. Anotther mmethodd is ppoolinng of interrests accouuntingg in wwhich buyerrs aree ablee to aadd thhe boook vallue (BBV) off an aasset they acquiire diirect

57、lly to theirr own BV wiithoutt haviing too recoord orr amorrtize any ggoodwiill. TThis mmakes ROE aand reeporteed earrningss highher inn compparisoon to usingg the purchhase aaccounnting methood. Pooolingg trannsactiions ooften are rruled out bbecausse eitther tthe seeller will only acceppt cassh, o

58、rr the buyerr is nnot wiillingg to iissue the eequityy. Manny proofitabble trransacctionss are not ppursueed beccause they must be reecordeed undder thhe purrchasee accoountinng metthod. Numerrous sstudiees havve beeen connducteed to deterrmine if thhere iis a ddifferrence in thhe stoock prrice oof

59、commpaniees thaat makke acqquisittions usingg the purchhase oor poooling methood. One succh stuudy peerformmed byy Hai Hong, Gersshon MMandellker, and RRobertt Kapllan deetermiined tthat aaccounnting entriies thhat doo not have an efffect on caash doo not affecct thee valuue of the ccompanny. Thhey

60、saampledd a laarge nnumberr of ccompannies iin thee 19600s thaat madde acqquisittions usingg bothh methhods. If inncreassed eaarninggs didd affeect vaalue, one wwould expecct thee stocck priices oof commpaniees usiing thhe purrchasee methhod too undeerperfform iin rellationn to ccompannies uusing th