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原文：FoundationsofeconomicvalueaddedTheEVARevolutionInamarket-driveneconomymanycompanieswillcreatewealth.Otherfirmshoweverwillundoubtedlydestroyit.Discoveringthoseeconomicfactorsthatleadtowealthcreationanddestructionamongcompaniesisimportanttomanyconstituencies,nottheleastofwhichiscorporateofficialsandinvestmentmanagers.Forcorporatemanagers,wealthcreationisfundamentaltotheeconomicsurvivalofthefirm.Managersthatfail(orrefuse)toseetheimportanceofthisimperativeinanopeneconomydosoattheperiloftheorganizationandtheircareer.Findingthe“best”companiesandindustriesinmarketplaceisofprimaryimportancetoinvestmentmanagers.Withtheproperfinancialtools,portfoliomanagersmaybeabletoenhancetheiractiveperformanceover-and-abovethereturnsavailableonsimilarriskindexedpassivestrategies.AnewanalyticaltoolcalledEVAisnowassistingthiswealth-discoveryandcompany-selectionprocess.Theinnovativechangesthatthisfinancialmetrichavespawnedinthetwinareasofcorporatefinanceandinvestmentmanagementisthedrivingforcebehindwhatcanbeformerlycalledthe“EVArevolution”.EVAinpracticeTheanalyticaltoolcalledEVA,forEconomicValueAdded,wascommerciallydevelopedin1982bythecorporateadvisoryteamofJoelSternandG.·Bennett·StewartⅢ.Thisfinancialmeticgainedearlyacceptancefromthecorporatecommunitybecauseofitsinnovativewayoflookingatthefirm’srealprofitability,unliketraditionalmeasuresofprofit—suchasEBIT,EBITDA,andnetoperatingincome—EVAlooksatthefirm’s“residualprofitability”,netofboththedirectcostofdebtcapitalandtheindirectcostofequitycapital.Inthisway,EVAservesasamodern-daymeasureofcorporatesuccessbecauseitiscloselyalignedwiththeshareholderwealth-maximizationrequirement.LargefirmslikeCocaCoca,Diagea,Lilly(Eli),Guidant,andSPXhaveusedEVAasaguidetocreatingeconomicvaluefortheirshareholders.Bonusesandincentivepayschemesatthesefirmshavebeenbuiltaroundthemanager’sability(orlackthereof)togeneratepositiveEVAwithinthefirm’soperatingdivisions.Positivepaymentsaccruetomanagershavingdivisionaloperatingprofitsthatonbalanceexceedtherelevant“costofcapital”,whilenegativeincentivepaymentsmayoccurifthelarger-termdivisionaloperatingprofitsfallshortoftheoverallcapitalcosts.Thus,byaaccountingforboththecostofdebtandequitycapital,EVAgivesmanagerstheincentivetoactlikeshareholderswhenmakingcorporateinvestmentdecisions.EVAisalsogainingpopularityintheinvestmentcommunity.TheJune1996conferenceon“EconomicValueAdded”atCSFirstBostonandthe“rollout”ofGoldmanSachs’EVAresearchplatforminMay1997istestimonytothisexcitingdevelopment.Indeed,“buyside”investmentfirmslikeGlobalAssetManagementandOppenheimerCapitaluseEVAintheirstockselection,portfolioconstruction,andriskcontrolprocesses.Otherlargeinvestmentfirmsaretakingaseriouslook,andEVAisalsomakingmeaningfulinroadsinworldofglobalperformanceanalytics.Moreover,recentempiricalstudiesintheJournalPortfolioManagement(amongotherfinanceandinvestmentjournals)showsthatEVAisbeingadvancedinboththeacademicandfinancialcommunities.EvolutionofEVATheevolutionofeconomicprofit—economicvalueadded(EVA)—isafascinatingstudywithhistoricalrootsthatcanbetracedbacktotheclassicaleconomist’snotionof“residualincome.”Forinstance,considerthedefinitionofeconomicprofitmadein1890byfamousBritisheconomist,AlfredMarshall,regradingtherealmeaningofabusinessowner’sprofit:“Whatremainsofhisprofitsafterdeductinginterestonhiscapitalatthecurrentratemaybecalledhisearningsofundertakingormanagement.”BasedonMarshall’sstatement,itisevidentthattheeconomists’definitionofprofit—namely,aresidualviewofincomeoreconomicprofit—isradicallydifferentfromtheaccountingmeasuresofprofitinusetoday,suchasEBIT,EBITDA,ornetoperatingincome.Thisis,akeydistinctionbetweeneconomicprofitandaccountingprofitliesintheclassicaleconomists’notionthatacompanyisnottrulyprofitableunlessitsrevenuehavecoveredtheusualproductionandoperatingexpensesofrunningabusiness,andprovidedanormalreturnontheowners’investedcapital.Inamorefundamentalsense,thisresidualviewofincomeisreallywhattoday’seconomicprofitmovementisreallyallabout.WhileEVAisrootedinclassicaleconomictheory,threepioneering20thcenturyAmericaneconomists—IrvingFisherduringthe1930s,andNobelLaureatesFrancoModiglianiandMertonMillerinthelate1950stoearly1960s—expandeduponthefullermeaningofeconomicprofitinacorporatevaluationcontext.IrvingFisherestablishedafundamentallinkbetweenacompany’snetpresentvalue(NPV)anditsdiscountedstreamofexpectedcashflows.Inturn,ModiglianiandMillershowedthatcorporateinvestmentdecisions—asmanifestinpositiveNPVdecisions—aretheprimarydriverofafirm’senterprisevalueandstockprice—asopposedtothefirm’scapitalstructuremixofdebtandequitysecurities.Basically,thetheoryofeconomicvalueaddedrestsontwoprincipleassertions:(1)acompanyisnottrulyprofitableunlessitearnsareturnoninvestedcapitalthatexceedstheopportunitycostofcapitaland(2)thatwealthiscreatedwhenafirm’smanagersmakepositiveNPVinvestmentsdecisionsfortheshareholders.WhatexpandontheseEVAtenetsofwealthcreationaswemoveforwardinthisbook.Fornow,Let’slookatoperationaldefinitionsofEVAthathaveshapedthecurrenteconomicprofitmovementaswellasintroducethelinkb