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

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EconomicValueAddedEVAsuperTM:anempiricalexaminationofanewcorporateperformancemeasure.MaterialSource:////0>.Author:Chen,Shimin;Dodd,JamesL.Isthereasinglemeasureofcorporateperformanceenablinginvestorstoidentifyinvestmentopportunitiesandmotivatemanagerstomakevalue-addedbusinessdecisions?Obviously,thisisaquestionofutmostimportancetoinvestors,managers,andbusinessresearchers.EconomicValueAddedEVA'hasbeenacclaimedtobesuchameasureTully,1993.AsdefinedbySternStewartManagementServicesofNewYorkCity,EVAisthedifferencebetweenacompany'snetoperatingincomeaftertaxesanditscostofcapitalofbothequityanddebtSternStewart,1993.AlthoughthetermEVAhadappearedintheliteratureasearlyas1989Finnegan,1989;Walter,1992,itdidnotreceivemuchattentionuntilaSeptember20,1993,articleinFortunemagazineTully,1993.Followingthearticle'sstrongpraiseofEVAasthemostrecentandexcitinginnovationinmeasuringcorporatesuccess,aflurryofpapershavebeenpublishedtellingsuccessfulEVAstoriesandpromotingEVAadoptionRutledge,1993;Wilbert,1993and1994;Birchard,1994;BrossyandBalkcom,1994;Byrne,1994;McConville,1994;White,1994;Stewart,1995OnemajorreasonforEVA'ssuddenpopularityisthatitappearstohaveanimpressivearmyofcorporatesponsorsincludingsuchgiantsasAT&TandCoca-Cola.ExecutivesfromthesecompanieshavestatedhowverysatisfiedtheyarewithEVAastheirnewmeasurementtool.TheyhavepurportedlyfoundtheholygrailofcorporateperformancemeasuresandnowpubliclysharetheirhighexpectationsforEVAtomovetheirstocksuptoanewhighAsoneofthemostenthusiasticEVAproponents,Coca-Cola'sexperienceisanecdotal.AdoptingEVAencouragedthecompanytoconcentratecapitalinitshighlyprofitablesoftdrinkbusinessandtoraisereturnfasterthanthecostofcapitalbyincreasingtheuseofleverage.Asaresult,CokeincreaseditsEVAbyanaverageof27%annuallyanditsstockreturnedabout200%fromtheinceptionofEVAin1987tothemiddleof1993.JackStahl,Coke'sCFO,commentsthat"EVAforcesyoutofindingeniouswaystodomorewithlesscapital"Tully,1993:48.ThesentimentisechoedbyCSX'sCEO,"EVAisanythingbuttheoreticalHowweusecapitaldeterminesmarketvalue"Tully,1993:39.ThereisnodoubtthatwhenRobertoGoizueta,CEOofCoca-Cola,praisesanewmanagementidea,itsendsapowerfulmessagetohispeersinCorporateAmerica.Companies,largeandsmall,appeareagertogetonthisnewEVAbandwagon.Recently,wemadeasearchinDisclosureSECandEdgarPlusCD-ROMsandfoundthatthemomentumisincreasing.Asindicatedintheirannualreportsand/orproxystatements,dozensofcompaniesarestartingtoimplementandintegrateEVAintotheirperformancemeasurementsystemsCompaniesappeartohavebecomeenamoredwithEVAwithoutaskingprovoking,criticalquestionssuchas:IsincreasingEVAallthatmattersinthemarketplace?IsEVAarealinnovationthatprovidesCorporateAmericawiththegoldenkeytocreatingwealth?Arethetraditionalmeasuresofaccountingearningsstilluseful?AretherepitfallsthatmanagementneedstobeawareofbeforeembracingEVA?OurstudyaddressesthesequestionsandprovidesapreliminaryempiricalevaluationofEVA.OuranalysesarebasedonpublicfilingsasreportedbyCompustatanddatacompliedbySternStewartManagementServices1993.TheSternStewartdatabasecontainsEVAperformanceon1,000leadingU.S.companiesOurprimaryfindingisthatEVAisausefulmeasureofcorporateperformance.However,EVAisneitherasperfectasclaimedbyitsadvocates,norisittheonlyperformancemeasurethatsuggestsapathtoasuperiorstockreturn.Thefollowingsectiondescribesourresearchquestionsinmoredetail.Theempiricalanalysesandresultsarethenpresented.ThearticleconcludeswithasummaryanddiscussionofourfindingsWhileaccountingprofitssuchasearningspershareandreturnonequityareamongthemostcommonlyusedperformancemeasures,theyarecriticizedfornottakingintoconsiderationthetotalcostofcapitalandforbeingundulyinfluencedbyaccrual-basedaccountingconventions.Incontrast,EVA,thedifferencebetweenafter-taxoperatingprofitsandthetotalcostofcapital,ispromotedasameasureofacompany'srealprofitability.SternStewartManagementServiceusesthefollowingequationtocalculateEVAinits1,000companydatabase:EVAReturnonCapital-CostofCapital*TotalCapitalwhere1totalcapitalisdefinedasthesumoftotalequityandinterest-bearingdebt,and2costofcapitalistheweightedaveragecostofthesetwocapitalcomponents.TheequationillustratestheimportanceofthespreadbetweenreturnoncapitalandcostofcapitalindeterminingEVA.EVAallowsinvestorstoevaluatewhetherthereturnbeingearnedoninvestedcapitalexceedsitscostasmeasuredbythereturnsfromalternativecapitaluses.Managementmaydodifferentthingstocreatevalueforthebusiness.Whateveritdoes,thevaluecreatedwillultimatelybereflectedintheEVAmeasure.TheEVAorvalueofacompanyincreasesifit:1raisesoperatingprofitswithoutrequiringmorecapital,2useslesscapitalforthesamelevelofoperation,or3investsinprojectsthatearnmorethanthecostofcapitalTopromotegoalcongruencebetweendivisionsandthecompanyasawhole,residualincomedefinedasoperatingincomeminusimputedinterestchargeforinvestmentwasinventedandrecommendedasacomparableandbettermeasuretoROIHorngrenetal.,1996.Inpractice,theimputedinterestchargeisoftentheminimumacceptablereturnbasedonthecostofcapital.ThereappearstobenodifferencebetweenthemeasurementparadigmofresidualincomethathasexistedfordecadesandEVAthathasbeenrecentlypromotedasaninnovationWhiletheacronymmaybecreative,EVAissimplyanewversionofadecadesoldpracticecalledresidualincomebasedperformancemeasurement.Certainlyitisawellrecognizedandrecommendedpractice.However,itisanempiricalquestionofwhetherarelativelyoldidealikeresidualincomecanbereinventedtocommandsuchpowerintermsofitslinktostockpriceasclaimedbyEVAproponents.Therefore,thefirstquestiontobeexaminedis:Q1:Isthecorrelationbetweenacompany'sEVAandstockreturnasperfectasclaimedbyEVAadvocatesAlthoughEVAmaybeaconceptuallybettermeasureofprofitabilitythanaccountingearnings,itsrelativestrengthhasnotbeenempiricallyverified.EVAandaccountingearningsarenotmutuallyexclusive.TheyarefundamentallyrelatedinthatEVAisbuiltuponoperatingprofitsfromanincomestatement.EvenwithalltheadjustmentsproposedbySternStewart,itisstillnotdifficulttodiscerntherelationshipbetweenthem.Thus,itisimportanttoexaminewhetherEVAprovidesadditionalinformationbeyondaccountingprofitmeasures.Ontheotherhand,althoughEVAadvocatesproposereplacingtraditionalaccountingmeasureswithEVA,empiricallyitremainstobeseenwhetheraccountingprofitsstillprovideusefulinformationgiventhatanEVAsystemisinplace.Consequently,thesecondquestiontobeaddressedis:Q2:HowdoesEVAcomparetoaccountingprofitintermsofassociationwithstockreturnAsdescribedearlier,EVAisaconceptsimilartoresidualincome.Adjustingtheequityequivalentreservestobothcapitalandoperatingprofits,however,maydifferentiateEVAfromresidualincome.EVApurportedlymeasureswhatinvestorstrulycareabout,thenetcashreturnfromoperations.Incomparison,variousaccountingrulesmaydistortresidualincome.AgoodexampleistheaccountingforresearchanddevelopmentR&D.Fromtheassetvaluationperspective,R&Dexpendituresareexpectedtobringaboutfuturebenefitstoacompanyandthusshouldbecapitalized.However,GenerallyAcceptedAccountingPrinciplesGAAPrequirethatR&Dbeexpensedinthesameperiodincurred,potentiallydistortingprofitandcapital.WhileitisconceptuallysoundtoadjustforvariousdistortionsasproposedbySternStewart,theadjustmentsarenotfree.Companiesshouldnotcommitresourcestomaketheseadjustmentsunlesstheypassacost-benefittest.QuestionthreeexaminestheusefulnessofEVAversusresidualincomebyasking:Q3:DoesEVAprovidemoreinformationthanresidualincomeinexplainingthevariationofstockreturnEMPIRICALANALYSESSampleandVariablesWeselectedthesampleforanalysisusingatwo-stepmethod:1identifycompaniesinthe1992SternStewart1,000databasethathavecompletedataforthetimeframe1983-92,and2retainonlythosecompanieswithsufficientpublicdataasreportedbyCompustattoperformouranalyses.The1992SternStewartPerformance1,000isanEVAdatabasecompliedbySternStewartManagementServiceSternStewart,1993.SternStewartconstructedthedatabaseusinginformationprovidedbyStandard&Poor'sCompustatServices.ItcontainsvariousEVAmeasuresof1,000companiesintheU.S.overaten-yearperiodfrom1983to1992.Theseareleadingpubliclytradedcompanieswithin58industrygroups.2SternStewartstatesthatthepurposeofthedatabaseistoprovideaproductforbenchmarkingperformance,assessingbusinessandfinancialrisk,andspottinginvestmentopportunitiesSternStewart,1993First,asrightfullyclaimedbyEVAadvocates,improvingEVAperformanceisassociatedwithahigherstockreturn.However,theassociationofEVAwithstockreturnisnotasstrongassuggestedinanecdotalEVAstories.Second,theEVAmeasuresproviderelativelymoreinformationthanthetraditionalmeasuresofaccountingprofitintermsofthestrengthoftheirassociationswithstockreturn.ThisevidenceisconsistentwithwhattheEVAcompanieshaveexperienced.Finally,notonlyisEVAakintoresidualincomeinconcept,itisalsoempiricallycomparable.MostoftheEVAandresidualincomevariablesarehighlycorrelatedandtheyarealmostidenticalintermsofassociationtostockreturn.AlthoughapartialF-testindicatesanincrementalcontributionfromtheEVAvariables,wefeelthatthepracticalgainistoosmalltobemeaningful.SinceEVAdiffersfromresidualincomeonlyinthatEVAadjustsearningsandcapitalfortheequityequivalentreserves,ourresultssuggestthatcompaniesmaynotneedtomaketheseadjustmentsinordertoadoptanEVAparadigmWhileourstudyhasproducedsomeusefulresultsaboutEVAwhichshouldbeofinteresttobothacademicsandpractitioners,itisimportanttorecognizesomelimitations.ThisstudyexaminesthevalidityofEVAintermsofinformationusefulnessinfirmvaluation.ThisvaluationfocusisadirectresponsetotheclaimofEVAadvocatesthatcompanieswillbeabletosignificantlyimprovetheirstockreturnbyimplementingEVA.Admittedly,thisisonlyonewaytoevaluatetheusefulnessofaperformancemeasure.SomeothercriteriamayincludewhetherEVAprovidesabettermeasureofmanagerialactivityandwhetherEVAenablesshareholderstoimplementmoreefficientcontractswithmanagers.FuturestudiesmayexploretheseotheraspectsThestudyisbasedoncross-sectionalmodelswithanimplicitassumptionthatthecoefficientsareconstantforallfirms.Whilethisisnotanuncommonapproachintheliterature,somefinermodelssuchasindustry-specificmodelsandtime-seriesmodelsmayproduceadditionalinsightsgivenalargerdataset.The10-yearwindowusedintheanalysesisthetimeframereportedbySternStewartinitsdatabase.Otherwindows,longerorshorter,maybringdifferentresults.Forinstance,withinformationaboutthetimingofEVAadoption,anarrowwindoweventstudymaybeconductedtoexaminetheimpactofEVAonstockreturn.Thisstudyexaminesthebasisuponwhichpopularstatementsaremadeandassuchisnotanexhaustiveanalysisofallpossibletimeframes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。经济增加值(EVA)已被赞誉为这样的措施(塔利,1993)。正如斯特恩?斯图尔特Management所定义的,EVA是与公司的税后净营业收入和其对股权和债务(斯特恩斯图尔特,1993年)资本成本的差额。虽然EVA这个术语早在1989年(Finnegan,1989;瓦尔特,1992年)就出现在文献上,但一直没有受到重视,直到1993年9月20日该文章在财富杂志发表才受到关注。下面这篇文章强劲的赞美EVA为最新的和最令人激动的创新,用EVA来衡量企业成功。一连串文章发表了EVA成功的故事并促进了EVA的采用(拉特利奇,1993年;沃尔伯特1993年和1994年;伯彻德1994;Brassy和巴尔克科姆,1994伯恩,1994年麦科维尔,1994年白,1994年斯图尔特,1995年)。EVA突然流行其中一个主要原因是,它有一个例如AT&T和可口可乐等巨头企业赞助的可观军队。这些公司的管理人员都表示非常满意将EVA作为他们新的测量工具。据称,他们已找到了企业绩效措施,现在公开分享他们的高期望,EVA将推动他们的股票达到一个新的高度。作为最热情的EVA的支持者之一,可口可乐的经验是传闻。鼓励采用EVA的公司将企业资金集中在高利润的软饮料,采用EVA的回报速度高于通过增加使用杠杆资本成本。因此,可口可乐公司年均EVA增加了27%,从1987年成立以来至1993年中,实施EVA后其股票回报率约200%。杰克斯塔尔,可口可乐公司首席财务官,评论说,“EVA能使你找到巧妙的方法以更少的资本获得更多”(塔利,1993:48)。这使CSX公司首席执行官有了共鸣,“EVA理论是什么,我们如何利用资本的市场价值确定。”(塔利,1993:39)。毫无疑问,当可口可乐的总裁罗伯托郭思达,推崇一种新的管理理念,它在美国的同行业发出了一个强有力的信息。公司,大型和小型,似乎渴望加入这个新的EVA行列。最近,我们提出了在信息披露证券交易委员会和EdgarPlus的CD-ROM的搜索和发现的势头正在增加。正如在其年度报告中指出和/或代理声明,数十家公司已经开始EVA实施并将其纳入绩效测量系统。许多公司越来越关心在市场上发生的是不是关于EVA的问题?EVA是不是一个真正的创新,为美国公司提供了创造财富的金钥匙?传统的会计盈余的措施是否仍然有用?是否有些管理缺陷需要在这之前知道的?我们的研究解决这些问题,并提供了初步的EVA的实证评价。我们的分析是根据由Compstat斯特恩和斯图尔特管理服务(1993)报告的数据符合公开文件。斯特恩斯图尔特数据库包含1000美国知名公司EVA的性能。我们的主要发现是,EVA是一种企业绩效的有效指标。但是,EVA是既不是完美的倡导者声称,它也不是唯一的衡量指标,但可以认为是最好的股票收益的路径。以下部分将详细介绍我们的研究问题。实证分析和结果,然后提交。文章最后提出了总结和讨论,我们的调查结果:议员质询的研究。虽然如每股收益和净资产收益率是会计利润中最常用的业绩衡量标准,他们批评政府没有考虑到资本的总成本和不恰当权责发生制为基础的会计惯例影响。与此相反,EVA,与税后经营利润和资本的总成本之间的差额,被晋升为公司的实际盈利能力的措施。思腾思特管理处根据1000家公司数的据库,利用下列公式计算EVA,EVA(资本回报率-资本成本)×总资本(1)总资产被定义为总股本和计息负债的总和,(2)资本成本是这两个资本加权平均成本的组成部分方程式说明了资本回报之间的价差和资金成本对于决定EVA的重要性。EVA允许投资者以评估是否投入资本的回报是获得超过其成本由其他资金使用效益衡量。管理层可能做不同的事情,创造企业的价值。不管是怎样,创造的价值将最终反映在EVA的措施上。如果(1)提高公司经营利润,而不需要投入更多的资本,(2)产生相同的利润利用较低的资本,或者(3)投资项目,赚取超过资金成本,就会产生EVA或企业价值增加。为了促进部门之间的目标一致性和作为一个整体,该公司的剩余收入(如营业收入减去投资估算利息费用定义)发明和建议作为一项类似措施,以更好的衡量投资回报率。(霍恩格伦等,1996)。在实践中,估算利息费用往往是最低可接受的回报对资本成本的基础。存在了几十年的剩余收益测量和最近被提升为创新方式的EVA收入测量没有什么区别。虽然可能是创造性的,EVA是一个简单的一个几十年的历史实践的新版本,称为剩余收益基础的业绩衡量。当然,这是一个很好的认可和推荐的做法。然而,这是一个是否像剩余收益相对可彻底改造旧思想在其指挥环节等方面的权力,股票价格由EVA支持者声称这是经验问题。因此,首先要审查的问题是:问题1:一个公司的EVA和EVA的回报相关性的实证是否如股票倡导者所声称的那样完美?虽然EVA可能是比会计盈余概念上更好地衡量盈利能力,也没有相对的强度。EVA与会计盈余并不相互排斥。他们是从根本上说是建立在EVA的