经济增加值文献翻译

1原文：EconomicValueAddedTheSuccessofEVAToquantifytheextenttowhichcompaniesthatimplementEVAoutperformtheircompetitors,datawerecollectedbySternStewart(2002b).CompanieshaveseenhighreturnswhentheyutilizeSternStewart’sEVAframeworkforperformancemanagement,value-basedplanningandincentivecompensation.Throughoutthe1990sthesesamecompanies,onaverage,outperformedtheircompetitorsby8.3%annuallyduringthefirstfiveyearsaftertheyfirstadoptedEVA.Improvedoperatingmargins,strongercashflowgeneration,andquickerassetturnoverwerethecatalystsresponsibleforgreaterstockmarketperformance,whichcauseda$116billionincreaseinshareholderwealthbeyondthatoftheircompetitors.Figure1depictstheperformanceofEVAcompaniesfromMarch24,2000toJune30,2002,atimewhentheeconomyslowedandthestockmarketasawholeperformedpoorly.Duringthissametimeperiod,companiesthatwereclientsofSternStewartbeattheS&P500by69.8%andearnedatotalreturnof36.5%.ThemarginofperformanceisgreaterstillforcompaniesthatuseEVAasaperformancemeasureandatoolfordeterminingmanagementcompensation.CompaniesthatonlyusedEVAasaperformancemeasuredidnotobtainsuchimpressiveresults(Stewart,2002b).Figure1:TotalReturnFromMarketPeak:March24,2000–June30,2002(Stewart,2002b,1)具Fi悉gu染re粘2气d涨ep气ic逮ts饺t灰he伍r享es野ul深ts善o劈f翻th芽e蒙sa做me双s蹦tu止dy孟c书on粗du旋ct盐ed围o都ve品r草th界e映fi某ve哲-y丝ea趋r捧pe午ri量od百f河ro察m袋Ju涝ly摧1微,缝19筹97庭–J表un法e叨30当,赌20层02涂.胜Th偿e械fi温nd愈in裳gs旧w跪er凶e值as席e族xp搬ec狱te突d;余t赔yi驰ng喷b茄on且us赶es柿t驶o沫EV夸A竿l垒ed披t差o仔mu兄ch驴h嘴ig应he壳r阿th晒an丧a羽ve迎ra喊ge抖i佳nc拍re奉as丰es义i歇n痒sh特ar两eh傻ol租de颂r厦va蜜lu嚷e.申Fi浇gu拜re队2奔:穷5-田Ye堤ar虚T淘ot因al揉R荣et壮ur旧n:丙J怜ul叠y灾1,配1创99岂7–枪Ju疲ne骡3渡0,题2铃00谅2茂(S氏te狐wa殿rt讯,备症20纯02遥b,顶虚2)固As米t钱he堡p洞re忠ce绝di颂ng甜d认at茶a愤in励di差ca勺te林,猾“封EV啊A遮w母or轿ks昏b耻es蜓t桨wh贴en膝i着t杀is莫u匪se高d络in仿a五p肤ow忙er辈fu肝l滤bo墙nu虎s临pl杨an厕t稳ha佩t杨st吵im袍ul祝at悉es载t来he施i抚nc蹦en与ti势ve脂s研of恒o巧wn送er培sh充ip伪a源nd呆d档ir牲ec鞠tl其y追al畅ig矛ns鸭t盐he链i嘱nt圣er姑es状ts李o它f钉ma牌na彩ge幻rs肝a潜nd球e联mp晒lo炒ye希es点w古it链h帆th愁os牲e宾of送t滔he消o凝wn胀er膝s”桃(咽St稿ew授ar饥t,芳2酬00链2b洽,毙1)牲.弹Co目mp润le窃te宏A微do含pt脉er促s摩of乓辣EV绢A魄Co泛mp使an翁ie察s裳th蛾at堪u驳se召请EV乡A译a违s芳a挺fo浸un赵da叙ti漏on耽f皂or帝m鉴an据ag珠em曲en海t豆an疯d友in纺ce凭nt汁iv做es芳a废re泥i王n荷a类wi护de族v奖ar锄ie甚ty援o久f疤se泡ct秩or野s弟an汽d宝ra拳ng将e插in升s箭iz鬼e,炉f繁ro公m胸fi省rm点s节in投t惜he肆r肚et吸ai辈li劫ng蹲s墙ec手to剖r脚su首ch烤a丑s块Be盏st悦B椅uy谣w旨it漆h邀an听nu描al企s供al寄es赤o烘f姥ov某er壮$尿21悄b耻il留li决on贩t去o再Br栗ad桐le种y丰Ph偷ar西ma暖ce乒ut纪ic梳al羊s磁wi羞th和a蜂nn披ua炭l茧sa饶le蓬s畅of档a秋m洪er容e拼$3悦3音mi坝ll驾io伴n.裤A堂lt卸ho穿ug傲h妙no廊t厌a掉co杜mp记re蛛he尘ns叼iv出e射li墨st衣,晴th书e挑fi进rm揪s倡in厌T育ab跌le祸2摄a筒re穴a余s万ma愧ll含r牙ep谷re抬se巴nt考at误io数n假of脑f赞ir笨ms廉t苦ha诚t灵ha哑ve爹f咱ul贯ly闪a出do痒pt弹ed睡暗EV限A辛.历Re沫ga想rd叨le将ss水o宝f炸se颗ct驻or锅,系al顺l祝bu抽t很th的re大e迎of却t见he锡se抛c遵om肾pa音ni歇es授h绕av宅e维on碍e废th反in挺g化in夺c尚om偷mo兆n-架-t胡he次a菠nn顿ua湾li踏ze赞d晶EV良A趟f浆ar粒s猾ur拌pa是ss挤ed魔t垮he豆r约et薯ur避ns立o芒f炒th民ei故r阁pe对er跌s拘(S疼te已wa匀rt帖,肾20袜02颜b)敞.链Ta胜bl露e暴2密:耻Fi平rm根s旁Th显at攀H旗av续e寿Fu概ll碑y旬Ad令op预te融d截EV纺ACompanySectorSale$Mil.EVADateAnnualizedEVAReturn*PeerBestBuyRetailing$21,3301-Jan-199839.1%10.4%BradleyPharmacouticalsPharmacouticals$331-Jul-199862.2%-0.2%Briggs&StrattonCapitalGoods$1,5291-Jan-1990-2.5%-0.7%CenturaBanksBanking$2391-Mar-199432.3%2.0%GenescoRetailing$7741-Apr-199929.0%8.1%HermanMillarOfficeFurniture$1,4691-Mar-19963.1%4.8%ManitowocConstruction,Marine,Food$1,2371-Mar-199313.4%0.8%MolsonBrewing$221-May-199939.3%-4.5%SchnitzerSteelSteel$2891-Jul-200026.2%34.7%SPXCorporationDiversifiedMfg.$4,9121-Oct-199514.2%2.1%米*A伶nn欣ua哪li轰ze例d晶re愿tu句rn梨s仿fr症om掏论7/等1/宫19绒97的f死or颈c珍om雀pa框ni效es仪o常n愁EV绪A垃a盈t食7/该1/沟19房97歇o帖r疏EV宏A老D滋at刑e象fo体r仪th奋os岩e肝th骆at堪i浊mp太le余me柜nt杨ed促孔EV徒A把p期os览t违7/蔑1/烘19果97肠(S蚕te桑wa丈rt形,竖20颈02暮b,趟2电)果EV亮A拍v佣s.钳O昆th狠er德F炉in要an辉ci每al烟P凑er排fo屋rm阻an凑ce淘M戚ea忠su牢re贺me胞nt悬s肾Th剥os邀e存in扣f放av袭or享o竞f次us明in楚g批EV违A扇a漫s矿a征pe亚rf混or锄ma匙nc甘e适me费as御ur碰e号ar粗gu拘e破th默at甜i约t地is调s抵up过er题io婚r楼to使o琴th徒er痛p彼er保fo爸rm劲an城ce巩m矿ea治su送re状s虹fo枕r尾th伴e卡fo伏ur耗f趁ol河lo赔wi州ng时r圈ea破so融ns爬:殃it偏i恨s肠ne央ar充er泊t敞o筛th煎e支re粉al胆c猎as夜h伤fl影ow榜s第of凉t雀he柴b难us即in匠es栋s撕en互ti俯ty寻;店it沿i霉s撤ea搏sy望t捐o咱ca那lc迅ul糖at土e蓬an寄d查un爽de块rs些ta游nd销;珍it让h于as箩a披h拐ig树he召r宿co库rr货el胁at量io陪n烧to哪t态he凑m电ar杠ke颜t饰va云lu敏e捞of匹t榜he灰f治ir像m鹿an拍d建it定a雷li反gn触s即th堵e旗go额al觉s歇of抢m誓an垦ag切em惹en躲t输wi哥th靠t陵he私i抖nt附er刚es酱ts却o千f利th参e涂sh爱ar贷eh没ol漂de童rs茧.恒EV旺A遮i菜s谎su钥pe守ri救or争t牺o晴co牛nv旬en素ti正on奖al杏m氧ea固su呆re抽s框su足ch材a供s黄Re柏tu猪rn埋o变n阀In卖ve节st蕉me药nt熄(汇RO讽I)忘,笑Re残tu舱rn痕o迈n柏Eq彼ui撒ty傻(受RO妇E)腥,程an这d煌Re券tu警rn宋o见n愁As午se头ts润(拥RO静A)惕b别ec诚au式se故t荐he笛se圾c详al效cu尖la假ti换on恒s邻ar私e脖ba骆se贫d韵on际a条cc较ou钟nt甘in碧g胀fi街gu规re匙s.利U缺si妻ng纲G绣en脖er准al陵ly荐A提cc用ep寻te叼d跨Ac肺co竖un滩ti绣ng搞P戏ri粗nc咐ip佛le谈s均(G始AA凝P)火,紫th塞e抢as稍se拔ts剑i弯n炼th农e思ba攻la扬nc柳e皆sh嗽ee烛t艳ar施e堂ca哲rr室ie蒙d策ba峰se胶d浆on违h揪is成to恰ri雁ca新l摸co用st此s使wh衫il害e,符w厦it巷h僚th茂e第ex间ce钟pt滋io蔬n协of单d远ep乞re抵ci港at吗io遮n,言r准ev省en日ue证s熟an枯d阀ex异pe俭ns租es评a衫re六r勾ec搂og洁ni支ze沾d萌as晴e仙it呈he市r谅a俊pr商of殊it书o鞠r变a耍lo昏ss结a孟t竖th终ei邮r策cu摊rr倾en扬t锅va叛lu逗e.叙D荣ue雷t耀o免th翻is敏i词na恰cc香ur虚ac让y誉in弃t礼he腊c平al烦cu才la木ti妈on蛛o睛f颗th氏e介va养lu淋e睁of芦a沃ss紫et软s,与t槽he造r骄at调es崭o穗f诞re被tu安rn组d妻o疮no虹t搜ac勇cu络ra絮te泽ly眠d歇et烈er栋mi末ne驾t读he懒a燃ct达ua德l猜re锹tu氏rn航o命n方a读gi贫ve嗽n允in哭ve滥st最me私nt歉.肯As甜s犬uc叙h,罩t冤he嘱r技at窝e器of胀r丈et系ur撒n唇is煮u唇su押al歪ly按l牧ow副er杏i叙n状th毒e苏fi锁rs徒t城fe编w糖ye威ar画s凭an利d谋hi埋gh枯er降i冲n究th淡e蓝la催tt茂er兰y笑ea够rs授.仅Ho悼we期ve悠r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na掠ls辱c川an烈u胳nd袍er尖st镇an贡d冰th播em冬.说Wi肠th含t舞he真se杜s南ti丝pu告la洽ti推on赏s,督t锐he骡1骄60纱a运dj侮us妨tm勉en粮ts惊a驶re躬n胀ar旷ro饺we姨d首do蜻wn券t怜o肃15晨a虹dj比us旗tm竹en永ts摘.RelationofProductivitytoValueEVAcanalsobeappliedtothecorporateworldasaphilosophytoimprovetheproductivityofafirm.Theproductivityofafirmcanbemeasuredbycreationofwealthfortheshareholders.Forafirmtoincreaseitsvalue,itmustoperateatoptimalproductivityoveralongperiodoftime.Foryearsfirmshaveimplementedprogramsandtechniquesinanattempttoincreaseproductivityinphysicalterms,disregardingtheconceptofvalue.Thesetechniques,thoughtheyhaveincreasedthebottom-lineofthefirm,donotguaranteeanincreaseinshareholderwealth.EVAasaCorporatePhilosophyEVAisaconceptthatisnoteasytounderstandbutcanbeimplementedwithcareateverylevelofanorganization.Corporationsacrosstheglobe,evensomestateownedenterprisesintheUnitedStates,haveadoptedEVAasacorporatephilosophy.OneimportantadvantageofEVAisthatitimprovesbusinessliteracybecauseofitssimplisticconcept.Businessliteracyistheattemptofmanagementtomakeallemployeesawarethatforanyactivitytocreatevalue,thereturnneedstoexceedthecostofcapitalforthatparticularactivity.Italsotakesintoconsiderationthecostofcapital,whichmanyotherconventionaltechniquesfailtoincorporateintotheircalculations.WhatDeterminesCompanyValue?IndealingwiththetopicofEconomicValueAdded,manyquestionssurfaceforwhichthemostastuteprofessionalsinbusinesscannotagree.Themostcommonoftheseishowoneistodeterminethevalueofacompany.Tobegin,severalmythsthataboundinthemarketarefollowedbysomevaluationconcepts.Ifonewastoaskseveraltopexecutiveshowvaluewasdeterminedandsharepricesset,theremaybeanswersusingthecombinationofseveralfinancialperformancefactorssuchasearnings,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,acompanywithEPSof$0.50andaP/Eof5,wouldsellat$2.50.ThemajorfaultwiththismethodisthatitassumesthattheP/Eremainsstatic.Inreality,P/Echangesfrequentlywithacquisitions,newinvestmentopportunities,andwithchangesinfinancialstructureandaccountingpolicies.Therefore,EPSdonotprovideareliablemeasureofvalue.Incontrast,theeconomicmodelassumessharepricesaretheresultofevaluationsoffuturecashflowsandtheriskofthecashreceiptsofabusinessbysophisticatedinvestors.Inmanyfirms,cashflowandearningsriseandfallsimultaneously,soitisdifficulttodeterminewhichfactoristheprimarycausefortheresultingstockprice.Studieshavebeenconductedtofindtheevents,whichcausecashflowandearningstodepartinaparticularcompany.Thesestudiesconcludethatfuturecashflowsaremoreimportantinthecalculationofsharepricesthanearnings.Investorscaremoreaboutcashthanacompany’sreportedearnings.Manycompaniesinflatetheirsalestoshowhigherearningsforthebenefitoftheinvestor.Ifaninvestoristoinvestwisely,hewillignoretheearningsandlookatthecompany’sfuturecashflowstobeproducedduringthebusiness’existence.EconomicModelvs.AccountingModelThemostimportantdifferencebetweenthetwomodelsisthattheaccountingmodelreliesonthebalancesheetandincomestatementwhiletheeconomicmodelreliesonusesofcashanditssource.Thisbecomessignificantwhenacompanychoosesfromavarietyofaccountingmethods.Usingtheaccountingmodel,itmakesabigdifferencewhetheracashoutlayisexpensedontheincomestatementorcapitalizedonthebalancesheetbecauseearningsarethedrivingforce.Usingtheeconomicmodel,itonlymatterswherethecashoutlayisrecordedwhenitaffectstaxes.Ultimately,earningsareaffectedbytheaccountingproceduresacompanyuses,suchaschoosinganinventorycostingmethod,amortizinggoodwill,accountingforresearchanddevelopment,anddeterminingbookvalue.AccountingMethodLIFOvs.FIFOCompaniesmustchooseaninventorycostingmethod,whetheritislastin,firstout(LIFO)orfirstin,firstout(FIFO).Eachmethodproducesadifferentoutcome.Duringtimesofrisingprices,ashiftfromFIFOtoLIFOwillreduceacompany’searningswhileallowingtheaccumulationofmorecash.Thishappensbecausethenewestandmostexpensiveinventoryisexpensedfirst.Thisallowsforataxsavings,whichincreasestheamountcashremaining.ShyamSunderconductedastudythatrevealedsharepricesincreased5%theverydayacompanyannounceditsintenttochangefromFIFOtoLIFO.Furtherresearchwasconductedwhichfoundthatsharepricegrowthisdirectlyproportionatetothepresentvalue(PV)ofthetaxsavingsthatwouldresultfromimplementingthechange.AmortizationofGoodwillThewayacompanyamortizesgoodwillalsohasanimpactonearnings.Usingthepurchasemethodtoaccountforanacquisition,thebuyeramortizesanyamountpaidfortheassetinexcessofthefairmarket.Intheaccountingmodel,thismattersbecauseitreducesearnings,butitdoesnotmatterusingtheeconomicmodelbecausetheamortizationofgoodwillhasnoeffectoncashbecauseitisanon-tax-deductible,noncashexpense.Anothermethodispoolingofinterestsaccountinginwhichbuyersareabletoaddthebookvalue(BV)ofanassettheyacquiredirectlytotheirownBVwithouthavingtorecordoramortizeanygoodwill.ThismakesROEandreportedearningshigherincomparisontousingthepurchaseaccountingmethod.Poolingtransactionsoftenareruledoutbecauseeitherthesellerwillonlyacceptcash,orthebuyerisnotwillingtoissuetheequity.Manyprofitabletransactionsarenotpursuedbecausetheymustberecordedunderthepurchaseaccountingmethod.Numerousstudieshavebeenconductedtodetermineifthereisadifferenceinthestockpriceofcompaniesthatmakeacquisitionsusingthepurchaseorpoolingmethod.OnesuchstudyperformedbyHaiHong,GershonMandelker,andRobertKaplandeterminedthataccountingentriesthatdonothaveaneffectoncashdonotaffectthevalueofthecompany.Theysampledalargenumberofcompaniesinthe1960sthatmadeacquisitionsusingbothmethods.Ifincreasedearningsdidaffectvalue,onewouldexpectthestockpricesofcompaniesusingthepurchasemethodtounderperforminrelationtocompaniesusingthepoolingmethod.However,nosignificantdifferencewasfound.Therefore,theaccountingmethodforrecordingthetransactionhasnoimpactonvalue.Rather,itisamountofcashspenttomakethedealhappenrelativetotheexpectedfuturecashflowthatmakesthedifference.Earningsreflectacompany’ssharepricebythesamedegreethatearningsreflectcash.AccountingforResearchandDevelopmentAnotherproblemarisesincompaniesthatspendasignificantamountonresearchanddevelopment.R&Dismostoftenanexpenseforcompanies.TohandleR&Dproperly,itshouldfirstbecapitalizedontothebalancesheetandthenamortizedagainstearningsduringthetimeinwhichtheprojectedpayofffromitssuccessfulR&Deffortswilltakeplace.NotallR&Doutlaysproducevalue,buttheyareexpectedto,andsotheyshouldbecapitalizedandamortized.WhencompaniesheavyinR&Dareacquired,thepurchaserisabletorecordtheR&Dasgoodwill,howeverthesellerwasalreadyforcedtorecordthesameR&Dasanexpense.Accordingtoaccountants,R&Disnotanassetwhenitisdevelopedwithinacompany,butitisanassetwhenitispurchased.AcommonobjectiontothecapitalizationofR&Disthatitmayleaveanassetrecordedlongerthanitretainsitsvalue.Successfuleffortsaccountingwouldeliminatethis,butwouldleadtotheoverstatementoffutureratesofreturn,temptingsomemanagerstoinvestmorethantheyshouldinprojectsthatarenotprofitable.SuccessfuleffortsaccountingcapitalizesonlythecostsofR&Dassociatedwithsuccessfulresearchthatwillbenefitthecompanymonetarily.Allunsuccessfuleffortsareexpensedimmediately.Fullcostaccounting,ontheotherhand,capitalizesallcostsontothebalancesheetandamortizesthemduringthetimeofsuccessfulresults.Source:MichaelHoule,2021“EconomicValueAdded”.HonorsProgramLibertyUniversity,pp.8-18.译文：经济增加值EVA的成就斯坦.斯图尔特（2002b）收集的数据表明：用EVA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EVA指标的前五年，每年平均比他们的对手多创造了8.3%的财富。提高的营业毛利，完善的现金流和更快的资产周转率是提高股票市场效益的催化剂，它们使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EVA指标的公司绩效，这一时期经济发展缓慢，股票市场总的来说情况较差。在这一期间，使用斯坦·斯图尔特理论的公司以69.8%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作为绩效评价的指标和工具来决定经营报酬，公司的绩效就会变得更好。那些只用EVA进行绩效评价的公司并不能获得令人称赞的结果。（斯图尔特，2002b）。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结果。该研究结果正如预期的那样，将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,1）。EVA的完全使用者公司采用EVA作为经营和激励机制的基础广泛地用于各个部门，从从事零售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3300万销售额的布兰得利药业。虽然不是全部的名单，表2中的公司只是充分采用EVA的公司的一小部分代表。不管是哪个部门，几乎三分之一的公司都有一个共同点——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的公司1997年7月1日采用EVA的公司的年回报率。EVAvs.其他财务绩效指标赞成使用EVA作为绩效评价指标的人认为它优于其他绩效评价指标有以下四个原因：它更接近企业单位真实的现金流；它容易被计算和理解；它与企业的市场价值有更高的相关性；并且它与企业经营股东收益的目标联系在一起。EVA优于常见的绩效评价指标例如投资利润率、净资产收益率和资产收益率，因为这些指标是基于会计指标之上的。使用公认的会计原则，资产负债表中的资产在基于历史成本被使用的同时，除折旧之外，营业收入和支出被认为既不是现值的利润也不是费用。由于计算资产价值的不精确性，回报率不能准确地决定在既定投资下的实际收益。同样地，回报率总是低于前几年而高于后几年。然而，假如混合资产的价值接近于现在的资产价值，当资产的价值远低于现在的价值时就显得不那么重要了。大多数公司很少有必要的资产组合来确保会计计量的准确性，因此，他们不可能被看作公司绩效的真正标志。每股收益和现金流在短期内毫无意义用EVA指标去经营企业，必须事先忽略其他决定公司价值的变量。这对于认识EVA指标的全要素生产力是极度重要的。因此，为了EVA能成功地被应用，它必须取代其他的财务指标例如每股收益。在这种情况下，曾经被人为是最重要的其他财务指标将被闲置在一边。增加每股收益是许多公司执行者的思想和随后行动的前提。然而，这种思考的方法，使得企业主管为了认为地增加每股利润而做出不能使公司利益最大化的正确决定。事实上，一些公司的破产就是由于提高了对EPS的重视度，将其作为最主要的财务指标。不管现金流有多么重要，它并不是一种不好的短期性能指标。因为经营者将资金投到有回报的项目上，尽管公司的总体价值在增加，现金流的即时效应也将是负面的。因此，当我们考虑到企业日后的发展时，现金流又恢复了它的重要地位。杠杆作用的适当运用在利用EVA方法为企业创造价值时，财务重组成为了一个关键问题。在财务重组中，一个非常重要的方面是适当地利用负债或使用杠杆。虽然可能看上去与一般的观念相抵触，但是提高公司的杠杆效率确实有着一些令人满意的效果：它节约了税收，消除了费生产性再投资剩余现金流的风险，使得紧急状况能够得到很好的处理，并且推动表现不佳或不相关企业或资产的销售。最后，存在着一些可能对公司价值产生积极作用的财务重组的方法，例如发放股息和公开发行证券，但必须被慎重考虑，因为使用这些方法存在着相关的费用。会计科目的调整尽管EVA是一个相当简单的概念，并且计算公式并不复杂，但作为会计指标中计算代理经济成本的调整数，它总是使计算变得令人不解和困难。这些调整数的目的在于资金的评估更接近于现值，包括被会计当作期间费用的所有投资（例如产品等的研究与开发），使用EVA使得更接近公司的真实现金流。大约有160个会计科目调整数被推荐为产生真实的EVA评估。而且大多数的公司没有需要调整的数据种类。即使它们有，外部人士通常也无法获得。他们通常不为外部人士所知。在这种情况下，业内人士有权接近信息，他们在大部分情况下，必会雇佣咨询顾问进行计算。由于这些额外的费用，斯图尔特建议：如果了解到资金的重要性，使得经营者可以影响到被调整科目的结果，信息可以轻而易举地被得到，并且非财务专业人士也能理解那些数据，就应该更正基于一般公认会计原则下的会计学的不足。通过这些条款，160项调整科目被缩减至15项。生产力和价值的关系EVA作为一个提升企业生产力的概念可以应用于企业界。公司的生产力可以通过为股东创造的财富来测量。对于一个公司来说，要提升它的价值，必须在很长一段时间里使得其生产力处于最佳状态。多年来，公司运用应用程序和技术，试图提高工作效率，而忽视了价值的概念。这些技术，虽