经济增加值文献翻译

{财务管理财务知识}经济增加值文献翻译原文：EconomicValueAddedTheSuccessofEVAToquantifytheextenttowhichpaniesthatimplementEVAoutperformtheirpetitors,datawerecollectedbySternStewart(2002b).CompanieshaveseenhighreturnswhentheyutilizeSternStewart’sEVAframeworkforperformancemanagement,value-basedplanningandincentivepensation.Throughoutthe1990sthesesamepanies,onaverage,outperformedtheirpetitorsby8.3%annuallyduringthefirstfiveyearsaftertheyfirstadoptedEVA.Improvedoperatingmargins,strongercashflowgeneration,andquickerassetturnoverwerethecatalystsresponsibleforgreaterstockmarketperformance,whichcauseda$116billionincreaseinshareholderwealthbeyondthatoftheirpetitors.Figure1depictstheperformanceofEVApaniesfromMarch24,2000toJune30,2002,atimewhentheeconomyslowedandthestockmarketasawholeperformedpoorly.Duringthissametimeperiod,paniesthatwereclientsofSternStewartbeattheS&P500by69.8%andearnedatotalreturnof36.5%.ThemarginofperformanceisgreaterstillforpaniesthatuseEVAasaperformancemeasureandatoolfordeterminingmanagementpensation.CompaniesthatonlyusedEVAasaperformancemeasuredidnotobtainsuchimpressiveresults(Stewart,2002b).Figure1:TotalReturnFromMarketPeak:March24,2000–June30,2002(Stewart,2002b,1)Figure2depictstheresultsofthesamestudyconductedoverthefive-yearperiodfromJuly1,1997–June30,2002.Thefindingswereasexpected;tyingbonusestoEVAledtomuchhigherthanaverageincreasesinshareholdervalue.Figure2:5-YearTotalReturn:July1,1997–June30,2002(Stewart,2002b,2)Astheprecedingdataindicate,“EVAworksbestwhenitisusedinapowerfulbonusplanthatstimulatestheincentivesofownershipanddirectlyalignstheinterestsofmanagersandemployeeswiththoseoftheowners”(Stewart,2002b,1).CompleteAdoptersofEVACompaniesthatuseEVAasafoundationformanagementandincentivesareinawidevarietyofsectorsandrangeinsize,fromfirmsintheretailingsectorsuchasBestBuywithannualsalesofover$21billiontoBradleyPharmaceuticalswithannualsalesofamere$33million.Althoughnotaprehensivelist,thefirmsinTable2areasmallrepresentationoffirmsthathavefullyadoptedEVA.Regardlessofsector,allbutthreeofthesepanieshaveonethinginmon--theannualizedEVAfarsurpassedthereturnsoftheirpeers(Stewart,2002b).Table2:FirmsThatHaveFullyAdoptedEVACompanySectorSale$Mil.EVADateAnnualizedEVAReturnBestBuyRetailing$21,3301-Jan-199839.1%10.BradleyPharmacouticalsPharmacouticals$331-Jul-199862.2%-0.Briggs&StrattonCapitalGoods$1,5291-Jan-1990-2.5%-0.CenturaBanksBanking$2391-Mar-199432.3%2.0GenescoRetailing$7741-Apr-199929.0%8.1HermanMillarOfficeFurniture$1,4691-Mar-19963.1%4.8ManitowocConstruction,Marine,Food$1,2371-Mar-199313.4%0.8MolsonBrewing$221-May-199939.3%-4.SchnitzerSteelSteel$2891-Jul-200026.2%34.SPXCorporationDiversifiedMfg.$4,9121-Oct-199514.2%2.1*Annualizedreturnsfrom71997forpaniesonEVAat71997orEVADateforthosethatimplementedEVApost71997(Stewart,2002b,2)EVAvs.OtherFinancialPerformanceMeasurementsThoseinfavorofusingEVAasaperformancemeasurearguethatitissuperiortootherperformancemeasuresforthefourfollowingreasons:itisnearertotherealcashflowsofthebusinessentity;itiseasytocalculateandunderstand;ithasahighercorrelationtothemarketvalueofthefirmanditalignsthegoalsofmanagementwiththeinterestsoftheshareholders.EVAissuperiortoconventionalmeasuressuchasReturnonInvestment(ROI),ReturnonEquity(ROE),andReturnonAssets(ROA)becausethesecalculationsarebasedonaccountingfigures.UsingGenerallyAcceptedAccountingPrinciples(GAAP),theassetsinthebalancesheetarecarriedbasedonhistoricalcostswhile,withtheexceptionofdepreciation,revenuesandexpensesarerecognizedaseitheraprofitoralossattheircurrentvalue.Duetothisinaccuracyinthecalculationofthevalueofassets,theratesofreturndonotaccuratelydeterminetheactualreturnonagiveninvestment.Assuch,therateofreturnisusuallylowerinthefirstfewyearsandhigherinthelatteryears.However,ifthevalueofthemixofassetsisclosetothecurrentvalueoftheassets,thedistortionwillnotbeassignificantaswhenthevalueoftheassetsisfarbelowthecurrentvalue.Mostpaniesrarelyhavetheneededassetmixtomaketheseaccountingmeasuresaccurate;therefore,theycannotberegardedastrueindicationsoftheperformanceofthepany.InsignificanceofEarningsperShareandCashFlowintheShort-TermTooperateabusinessundertheEVAformat,onemustdisregardmanyothervariablespreviouslythoughttodeterminethevalueofapany.ItisofutmostimportancetorecognizethatEVAmeasurestotalfactorproductivity.Therefore,forEVAtobesuccessfullyapplied,itmustsupersedeotherfinancialmeasurementssuchasEarningsperShare.Indoingso,otherfinancialmeasuresoncethoughttobeamongthemostimportantwillbesetaside.IncreasingEarningsperShare(EPS)isattheforefrontofmanyexecutives’thoughtsandsubsequentactions.However,itisthiswayofthinkingthathascausedcorporateexecutivestomakedecisionstrulynotinthebestinterestofthepanyforthesakeofartificiallyinflatingEPS.Infact,severalcorporatedownfallscanbeattributedtoviewingincreasedEPSasakeyfinancialmeasurement.Regardlessofhowimportantcashflowis,itisapoormeasureofperformanceintheshort-term.Asmanagementinvestsmoneyinrewardingprojects,theimmediateeffectoncashflowwillbenegative,althoughitisincreasingtheoverallvalueofthepany.Therefore,cashflowregainssignificancewhenitisconsideredoverthelifeofthebusiness.TheProperUseofLeverageIncreatingvalueforapanyusingtheEVAmethodology,financialrestructuringwillbeeakeyissue.Oneveryimportantaspectoffinancialrestructuringistheproperusageofdebtorleverage.Althoughitmayseemtocontradictmonsense,increasingtheleverageofapanyactuallyhasseveraldesirableeffects:itsavestaxes,curestheriskofunproductivelyreinvestingsurpluscashflow,createstheurgencytoperformwell,andforcesthesaleofunderperformingorunrelatedbusinessesorassets.Finally,therearesomemethodsoffinancialrestructuringthatmayhaveapositiveimpactonthevalueofapanysuchaspayingdividendsandpartialpublicofferings(PPO),buttheymustbecarefullyconsideredastheyinherentlycanhavecostsassociatedwiththem.AdjustmentstoAccountingFiguresAlthoughEVAisarelativelysimpleconceptwithanunplicatedequation,itoftenbeesmoreconfusinganddifficulttocalculateasadjustmentsaremadeinaccountingfigurestocalculateaproxyforeconomiccapital.Theobjectivesfortheseadjustmentsaretomeasurecapitalatclosertocurrentvalue,toincludeallinvestmentsthataretreatedasperiodcostsbyaccountants(suchasResearchandDevelopment),andtobringEVAclosertotherealcashflowsofthepany.Approximately160adjustmentstotheaccountingfiguresareremendedtoproducearealisticestimateofEVA.NotonlydotheseadjustmentsplicatethecalculationofEVA,butalsomostfirmsdonotmaintainthetypeofdatathatisneededtomaketheadjustments.Ifitismaintained,itisusuallynotaccessibletooutsiders.Fortheoccasionthatinsidershaveaccesstotheinformation,theymustinmostcaseshireaconsultanttomaketheseputations.Duetotheseadditionalcosts,StewartremendedthatthedistortionsinGAAP-basedaccountingshouldonlybecorrectediftheamountsaresignificant,managerscanimpacttheouteoftheitembeingadjusted,theinformationrequirediseasilyaccessible,andnon-financeprofessionalscanunderstandthem.Withthesestipulations,the160adjustmentsarenarroweddownto15adjustments.RelationofProductivitytoValueEVAcanalsobeappliedtothecorporateworldasaphilosophytoimprovetheproductivityofafirm.Theproductivityofafirmcanbemeasuredbycreationofwealthfortheshareholders.Forafirmtoincreaseitsvalue,itmustoperateatoptimalproductivityoveralongperiodoftime.Foryearsfirmshaveimplementedprogramsandtechniquesinanattempttoincreaseproductivityinphysicalterms,disregardingtheconceptofvalue.Thesetechniques,thoughtheyhaveincreasedthebottom-lineofthefirm,donotguaranteeanincreaseinshareholderwealth.EVAasaCorporatePhilosophyEVAisaconceptthatisnoteasytounderstandbutcanbeimplementedwithcareateverylevelofanorganization.Corporationsacrosstheglobe,evensomestateownedenterprisesintheUnitedStates,haveadoptedEVAasacorporatephilosophy.OneimportantadvantageofEVAisthatitimprovesbusinessliteracybecauseofitssimplisticconcept.Businessliteracyistheattemptofmanagementtomakeallemployeesawarethatforanyactivitytocreatevalue,thereturnneedstoexceedthecostofcapitalforthatparticularactivity.Italsotakesintoconsiderationthecostofcapital,whichmanyotherconventionaltechniquesfailtoincorporateintotheircalculations.WhatDeterminesCompanyValue?IndealingwiththetopicofEconomicValueAdded,manyquestionssurfaceforwhichthemostastuteprofessionalsinbusinesscannotagree.Themostmonoftheseishowoneistodeterminethevalueofapany.Tobegin,severalmythsthataboundinthemarketarefollowedbysomevaluationconcepts.Ifonewastoaskseveraltopexecutiveshowvaluewasdeterminedandsharepricesset,theremaybeanswersusingthebinationofseveralfinancialperformancefactorssuchasearnings,growthrates,returnsbookvalues,cashflows,dividends,andtradingvolumes.Withthiswidevarietyofanswers,itiseasytounderstandtheconfusionmanytopmanagershaveindeterminingwhatinvestorswant.Therefore,theycannotrealisticallymakewisebusinessdecisionsthatwillmaximizeshareholderwealth–theultimategoalinbusiness(Stewart,1991).In1993,FortunemagazinenamedEVA“TheRealKeytoCreatingWealth”initscoverarticle(Stewart,2002a).EarningsorEarningsperShareOneareaofcontroversyisdeterminingwhetherearningsorcashflowsdeterminestockprices.Tocalculateshareprices,onemayuseearningspershare(EPS)andtheprice/earningsmultiple(P/E).Thismethodisparticularlyappealingbecauseitissosimple.However,itistheverysimplicitythatmakesitanunreliablemeasureofvalue.TheaccountingmodelassertsthatWallStreetdeterminessharepricesbymultiplyingEPSbyanappropriateP/E.Ifthiswerethecase,apanywithEPSof$0.50andaP/Eof5,wouldsellat$2.50.ThemajorfaultwiththismethodisthatitassumesthattheP/Eremainsstatic.Inreality,P/Echangesfrequentlywithacquisitions,newinvestmentopportunities,andwithchangesinfinancialstructureandaccountingpolicies.Therefore,EPSdonotprovideareliablemeasureofvalue.Incontrast,theeconomicmodelassumessharepricesaretheresultofevaluationsoffuturecashflowsandtheriskofthecashreceiptsofabusinessbysophisticatedinvestors.Inmanyfirms,cashflowandearningsriseandfallsimultaneously,soitisdifficulttodeterminewhichfactoristheprimarycausefortheresultingstockprice.Studieshavebeenconductedtofindtheevents,whichcausecashflowandearningstodepartinaparticularpany.Thesestudiesconcludethatfuturecashflowsaremoreimportantinthecalculationofsharepricesthanearnings.Investorscaremoreaboutcashthanapany’sreportedearnings.Manypaniesinflatetheirsalestoshowhigherearningsforthebenefitoftheinvestor.Ifaninvestoristoinvestwisely,hewillignoretheearningsandlookatthepany’sfuturecashflowstobeproducedduringthebusiness’existence.EconomicModelvs.AccountingModelThemostimportantdifferencebetweenthetwomodelsisthattheaccountingmodelreliesonthebalancesheetandinestatementwhiletheeconomicmodelreliesonusesofcashanditssource.Thisbeessignificantwhenapanychoosesfromavarietyofaccountingmethods.Usingtheaccountingmodel,itmakesabigdifferencewhetheracashoutlayisexpensedontheinestatementorcapitalizedonthebalancesheetbecauseearningsarethedrivingforce.Usingtheeconomicmodel,itonlymatterswherethecashoutlayisrecordedwhenitaffectstaxes.Ultimately,earningsareaffectedbytheaccountingproceduresapanyuses,suchaschoosinganinventorycostingmethod,amortizinggoodwill,accountingforresearchanddevelopment,anddeterminingbookvalue.AccountingMethodLIFOvs.FIFOCompaniesmustchooseaninventorycostingmethod,whetheritislastin,firstout(LIFO)orfirstin,firstout(FIFO).Eachmethodproducesadifferentoute.Duringtimesofrisingprices,ashiftfromFIFOtoLIFOwillreduceapany’searningswhileallowingtheaccumulationofmorecash.Thishappensbecausethenewestandmostexpensiveinventoryisexpensedfirst.Thisallowsforataxsavings,whichincreasestheamountcashremaining.ShyamSunderconductedastudythatrevealedsharepricesincreased5%theverydayapanyannounceditsintenttochangefromFIFOtoLIFO.Furtherresearchwasconductedwhichfoundthatsharepricegrowthisdirectlyproportionatetothepresentvalue(PV)ofthetaxsavingsthatwouldresultfromimplementingthechange.AmortizationofGoodwillThewayapanyamortizesgoodwillalsohasanimpactonearnings.Usingthepurchasemethodtoaccountforanacquisition,thebuyeramortizesanyamountpaidfortheassetinexcessofthefairmarket.Intheaccountingmodel,thismattersbecauseitreducesearnings,butitdoesnotmatterusingtheeconomicmodelbecausetheamortizationofgoodwillhasnoeffectoncashbecauseitisanon-tax-deductible,noncashexpense.Anothermethodispoolingofinterestsaccountinginwhichbuyersareabletoaddthebookvalue(BV)ofanassettheyacquiredirectlytotheirownBVwithouthavingtorecordoramortizeanygoodwill.ThismakesROEandreportedearningshigherinparisontousingthepurchaseaccountingmethod.Poolingtransactionsoftenareruledoutbecauseeitherthesellerwillonlyacceptcash,orthebuyerisnotwillingtoissuetheequity.Manyprofitabletransactionsarenotpursuedbecausetheymustberecordedunderthepurchaseaccountingmethod.Numerousstudieshavebeenconductedtodetermineifthereisadifferenceinthestockpriceofpaniesthatmakeacquisitionsusingthepurchaseorpoolingmethod.OnesuchstudyperformedbyHaiHong,GershonMandelker,andRobertKaplandeterminedthataccountingentriesthatdonothaveaneffectoncashdonotaffectthevalueofthepany.Theysampledalargenumberofpaniesinthe1960sthatmadeacquisitionsusingbothmethods.Ifincreasedearningsdidaffectvalue,onewouldexpectthestockpricesofpaniesusingthepurchasemethodtounderperforminrelationtopaniesusingthepoolingmethod.However,nosignificantdifferencewasfound.Therefore,theaccountingmethodforrecordingthetransactionhasnoimpactonvalue.Rather,itisamountofcashspenttomakethedealhappenrelativetotheexpectedfuturecashflowthatmakesthedifference.Earningsreflectapany’ssharepricebythesamedegreethatearningsreflectcash.AccountingforResearchandDevelopmentAnotherproblemarisesinpaniesthatspendasignificantamountonresearchanddevelopment.R&Dismostoftenanexpenseforpanies.TohandleR&Dproperly,itshouldfirstbecapitalizedontothebalancesheetandthenamortizedagainstearningsduringthetimeinwhichtheprojectedpayofffromitssuccessfulR&Deffortswilltakeplace.NotallR&Doutlaysproducevalue,buttheyareexpectedto,andsotheyshouldbecapitalizedandamortized.WhenpaniesheavyinR&Dareacquired,thepurchaserisabletorecordtheR&Dasgoodwill,howeverthesellerwasalreadyforcedtorecordthesameR&Dasanexpense.Accordingtoaccountants,R&Disnotanassetwhenitisdevelopedwithinapany,butitisanassetwhenitispurchased.AmonobjectiontothecapitalizationofR&Disthatitmayleaveanassetrecordedlongerthanitretainsitsvalue.Successfuleffortsaccountingwouldeliminatethis,butwouldleadtotheoverstatementoffutureratesofreturn,temptingsomemanagerstoinvestmorethantheyshouldinprojectsthatarenotprofitable.SuccessfuleffortsaccountingcapitalizesonlythecostsofR&Dassociatedwithsuccessfulresearchthatwillbenefitthepanymonetarily.Allunsuccessfuleffortsareexpensedimmediately.Fullcostaccounting,ontheotherhand,capitalizesallcostsontothebalancesheetandamortizesthemduringthetimeofsuccessfulresults.Source:MichaelHoule,2008“EconomicValueAdded”.HonorsProgramLibertyUniversity,pp.8-18.译文：经济增加值EVA的成就斯坦.斯图尔特（2002bEVA指标评价公司绩效能使他们的绩效优于其竞争对手。将斯坦·斯图尔特的EVA体系用于绩效管理、价值规划和激励机制，公司可以获取高额的回报。20世纪90年代以来，这些公司在采用EVA8.3%这些公司的股东财产比其竞争者增加了11.6亿。图1描述了从2000年3月24日到2002年6月30日运用EVA69.8%的涨幅击败了标准普尔500指数，并且总共获得了36.5%的回报。公司利用EVA作EVA2002b图1.来自最高市场的最高总回报：2000年3月24日——2002年6月30日（斯图尔特，2002b,1）图2描述了1997年7月1日至2002年6月30日这五年的相同研究的调查EVA用于奖金制度使得股东价值高于平均增长价值。图2.5年总回报：1997年7月1日——2002年6月30日（斯图尔特，2002b,2）正如前面的数据表明，当“EVA用于一个强有力的红利计划时，它能产生最好的功效，它刺激了所有者的动机并且直接与经营者和员工的利益相关（斯图尔特，2002b,1EVA的完全使用者公司采用EVA行业的公司例如每年拥有超过210亿销售额的百斯顿集团到每年仅3300万销售2中的公司只是充分采用EVA的公——每年的回报都远远超过他们的同行（斯图尔特，2002b表2.充分采用EVA的