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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).-33.3%18.5%20.2%58.0%-40.0%-20.0%0.0%20.0%40.0%60.0%80.0%S&P500PeersEVAMeasurementEVACompensationFigure1:TotalReturnFromMarketPeak:March24,2000–June30,2002(Stewart,2002b,1)Figure2depictstheresultsofthesamestudyconductedoverthefive-yearperiodfromJuly1,1997–June30,2002.Thefindingswereasexpected;tyingbonusestoEVAledtomuchhigherthanaverageincreasesinshareholdervalue.19.7%7.2%16.1%64.5%0.0%10.0%20.0%30.0%40.0%50.0%60.0%70.0%S&P500PeersEVAMeasurementEVACompensationFigure2:5-YearTotalReturn:July1,1997–June30,2002(Stewart,2002b,2)Astheprecedingdataindicate,“EVAworksbestwhenitisusedinapowerfulbonusplanthatstimulatestheincentivesofownershipanddirectlyalignstheinterestsofmanagersandemployeeswiththoseoftheowners”(Stewart,2002b,1).CompleteAdoptersofEVACompaniesthatuseEVAasafoundationformanagementandincentivesareinawidevarietyofsectorsandrangeinsize,fromfirmsintheretailingsectorsuchasBestBuywithannualsalesofover$21billiontoBradleyPharmaceuticalswithannualsalesofamere$33million.Althoughnotacomprehensivelist,thefirmsinTable2areasmallrepresentationoffirmsthathavefullyadoptedEVA.Regardlessofsector,allbutthreeofthesecompanieshaveonethingincommon--theannualizedEVAfarsurpassedthereturnsoftheirpeers(Stewart,2002b).Table2:FirmsThatHaveFullyAdoptedEVACompanySectorSale$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%*Annualizedreturnsfrom7/1/1997forcompaniesonEVAat7/1/1997orEVADateforthosethatimplementedEVApost7/1/1997(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.Mostcompaniesrarelyhavetheneededassetmixtomaketheseaccountingmeasuresaccurate;therefore,theycannotberegardedastrueindicationsoftheperformanceofthecompany.InsignificanceofEarningsperShareandCashFlowintheShort-TermTooperateabusinessundertheEVAformat,onemustdisregardmanyothervariablespreviouslythoughttodeterminethevalueofacompany.ItisofutmostimportancetorecognizethatEVAmeasurestotalfactorproductivity.Therefore,forEVAtobesuccessfullyapplied,itmustsupersedeotherfinancialmeasurementssuchasEarningsperShare.Indoingso,otherfinancialmeasuresoncethoughttobeamongthemostimportantwillbesetaside.IncreasingEarningsperShare(EPS)isattheforefrontofmanyexecutives’thoughtsandsubsequentactions.However,itisthiswayofthinkingthathascausedcorporateexecutivestomakedecisionstrulynotinthebestinterestofthecompanyforthesakeofartificiallyinflatingEPS.Infact,severalcorporatedownfallscanbeattributedtoviewingincrease