经济附加值，市场增加值和杠杆之间的关系[文献翻译]

原文：AbstractItisgenerallybelievedthatinordertomaximizevalueforshareholders,companiesshouldstrivetowardsmaximizingMVA(andnotnecessarilytheirtotalmarketvalue).ThebestwaytodosoistomaximizetheEVA,whichreflectsanorganization’sabilitytoearnreturnsabovethecostofcapital.Theleverageavailabletocompaniesthatincurfixedcostsanduseborrowedcapitalwithafixedinterestchargehasbeenknownandquantifiedbyfinancialmanagersforsometime.ThepopularizationofEVAandMVAhasopenedupnewpossibilitiesforinvestigatingtheleverageeffectoffixedcosts(operationalleverage)andinterest(financialleverage)inconjunctionwithEVAandMVA,andfordeterminingwhateffectchangesinsaleswouldhavethroughleverage,notonlyonprofits,butalsoonEVAandMVA.CombiningavariablecostingapproachwithleverageanalysisandvalueanalysisopensupnewopportunitiestoinvestigatetheeffectofcertaindecisionsontheMVAandthesharepriceofacompany.Aspreadsheetmodelisusedtoillustratehowfinancialmanagerscanusetheleverageeffectsoffixedcostsandthe(fixed)costofcapitaltomaximizeprofitsandalsotodeterminewhatimpactchangesinanyvariablelikesalesorcostswillhaveonthewealthofshareholders.IntroductionFewwouldarguethatthemostimportantfinancialgoalofabusinessorganizationshouldbetomaximizethewealthofitsshareholders.Foranumberofyearsnow,accountingmeasuressuchasearnings,returnonassetsandreturnonequityhavebeencriticizedandfoundwantingasperformanceindicatorsendingtogreatershareholderwealth.Theconceptofvaluemanagementresultedfromapursuitoftherealdriversofvalue,andtheperformancemeasuresEconomicValueAdded(EVA)andMarketValueAdded(MVA)arenowknownfairlywellandusedwidelybycompaniesallovertheworld.Theobjectiveofthisstudyistolinkthecostmanagementtechniquesofvariablecostingandcost-volume-profitanalysiswiththefinancialmanagementtechniquesofleverageanalysisandvalueanalysisinordertodeterminehowdecisionsorchangesininputswillaffecttheshareholdervalue.Thestudyalsointroducestheleverageeffectofthecostofequityasanewconceptandillustrateshowitreactsinconjunctionwithoperatingleverageandfinancialleveragetodeterminethetotaloverallleverageofthecompany.Thisnewapproachwouldbeusefulfordecision-makingpurposesinassessingtheimpact,notonlyofdifferentdecisionalternatives,butalsoofchangesininternalfactorslikeproductioncostsorexternalfactorslikeinflationandtaxrates.Thefindingsofthisstudycouldbeofvaluetomanagersatalllevelsinabusinessorganization,butespeciallytofinancialmanagers.Existingshareholdersandpotentialinvestorswouldalsobenefitfromthefindingsofthestudy,butthecompanydataneededasinputsforthemodelwouldnotbeavailabletothem.Theobjectiveofthisstudyistolinkthecostmanagementtechniquesofvariablecostingandcost-volume-profitanalysiswiththefinancialmanagementtechniquesofleverageanalysisandvalueanalysisinordertodeterminehowdecisionsorchangesininputswillaffecttheshareholdervalue.Thestudyalsointroducestheleverageeffectofthecostofequityasanewconceptandillustrateshowitreactsinconjunctionwithoperatingleverageandfinancialleveragetodeterminethetotaloverallleverageofthecompany.Thisnewapproachwouldbeusefulfordecision-makingpurposesinassessingtheimpact,notonlyofdifferentdecisionalternatives,butalsoofchangesininternalfactorslikeproductioncostsorexternalfactorslikeinflationandtaxrates.Thefindingsofthisstudycouldbeofvaluetomanagersatalllevelsinabusinessorganization,butespeciallytofinancialmanagers.Existingshareholdersandpotentialinvestorswouldalsobenefitfromthefindingsofthestudy,butthecompanydataneededasinputsforthemodelwouldnotbeavailabletothem.InthisarticleEVA,MVAandleveragewillbediscussedbriefly,followedbyanillustrationofthedevelopmentanduseofaspreadsheetmodeltoextendtheleverageanalysisofprofitstoEVAandMVA.TheleverageeffectofthecostofequityonEVAandMVAisinvestigated.Theinitialhypothesisisthatsimilartofixedcostsandinterest,thecostofequitywillalsohavealeverageeffectontheprofits(andEVAandMVA)ofthebusiness.Itshouldbepossibletoquantifythisleverageeffectandtouseit,togetherwiththewell-knownoperatingleverageandfinancialleveragefactors,todeterminethetotalleverageforthecompany.Oncethetotalleverageisdetermined,itwouldbepossibletopredictwhateffectanychangeininputwillhaveonprofits,EVAandMVA.Anattemptismadetoderiveaformula(givencertainassumptions)topredictwhateffectaparticularchangeinvolume(sales)wouldhaveonEVAandMVA.Finally,theimpactofdifferentlevelsofoperatingandfinancialleverageonprofits,EVAandMVAisevaluated.TheconceptsofEVA,MVAandleverageEVAandMVAAcompany’stotalmarketvalueisequaltothesumofthemarketvalueofitsequityandthemarketvalueofitsdebt.Intheory,thisamountiswhatcanbe“takenout”ofthecompany(i.e.whenallsharesaresoldanddebtisrepaid)atanygiventime.TheMVAisthedifferencebetweenthetotalmarketvalueofthecompanyandtheeconomiccapital(Firer1995:57;ReillyandBrown2003:591).Theeconomiccapital,alsocalledinvestedcapital(IC),istheamountthatis“putinto”thecompanyandisbasicallythefixedassetsplusthenetworkingcapital.MVA=Marketvalueofcompany–InvestedCapitalFromaninvestor’spointofview,MVAisthebestfinalmeasureofacompany’sperformance.Stewart(1991:153)statesthatMVAisacumulativemeasureofcorporateperformanceandthati