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中文3487字本科毕业论文（设计）外文翻译原文：EVA:AbetterfinancialreportingtoolEconomicValueAdded(EVA)isafinancialperformancemeasurebeingadoptedbymanycompaniesincorporateAmerica.Thisnewmetric,trademarkedbySternStewartandCompany,isaprofitmeasurebasedontheconceptoftrueeconomicincomewhichincludesthecostofcapitalforalltypesoffinancing.EVAprovidesamorecomprehensivemeasureofprofitabilitythantraditionalmeasuresbecauseitindicateshowwellafirmhasperformedinrelationtotheamountofcapitalemployed.ThisarticlesummarizestheEVAconceptofmeasuringprofitability,theEVAcalculationandthebenefitsofadoptinganEVAframework.TheEVAConceptofProfitabilityEVAisbasedontheconceptthatasuccessfulfirmshouldearnatleastitscostofcapital.Firmsthatearnhigherreturnsthanfinancingcostsbenefitshareholdersandaccountforincreasedshareholdervalue.Initssimplestform,EVAcanbeexpressedasthefollowingequation:EVA=OperatingProfitAfterTax(NOPAT)-CostofCapitalNOPATiscalculatedasnetoperatingincomeafterdepreciation,adjustedforitemsthatmovetheprofitmeasureclosertoaneconomicmeasureofprofitability.Adjustmentsincludesuchitemsas:additionsforinterestexpenseafter-taxes(includinganyimpliedinterestexpenseonoperatingleases);increasesinnetcapitalizedR&Dexpenses;increasesintheLIFOreserve;andgoodwillamortization.Adjustmentsmadetooperatingearningsfortheseitemsreflecttheinvestmentsmadebythefirmorcapitalemployedtoachievethoseprofits.SternStewarthasidentifiedasmanyas164itemsforpotentialadjustment,butoftenonlyafewadjustmentsarenecessarytoprovideagoodmeasureofEVA.[1]MeasurementofEVAMeasurementofEVAcanbemadeusingeitheranoperatingorfinancingapproach.Undertheoperatingapproach,NOPATisderivedbydeductingcashoperatingexpensesanddepreciationfromsales.Interestexpenseisexcludedbecauseitisconsideredasafinancingcharge.Adjustments,whicharereferredtoasequityequivalentadjustments,aredesignedtoreflecteconomicrealityandmoveincomeandcapitaltoamoreeconomically-basedvalue.TheseadjustmentsareconsideredwithcashtaxesdeductedtoarriveatNOPAT.EVAisthenmeasuredbydeductingthecompany'scostofcapitalfromtheNOPATvalue.TheamountofcapitaltobeusedintheEVAcalculationsisthesameundereithertheoperatingorfinancingapproach,butiscalculateddifferently.Theoperatingapproachstartswithassetsandbuildsuptoinvestedcapital,includingadjustmentsforeconomicallyderivedequityequivalentvalues.Thefinancingapproach,ontheotherhand,startswithdebtandaddsallequityandequityequivalentstoarriveatinvestedcapital.Finally,theweightedaveragecostofcapital,basedontherelativevaluesofdebtandequityandtheirrespectivecostrates,isusedtoarriveatthecostofcapitalwhichismultipliedbythecapitalemployedanddeductedfromtheNOPATvalue.Theresultingamountisthecurrentperiod'sEVA.TheremainderofthisarticlesummarizesthefinancingapproachbecauseitemphasizesthesignificanceofcapitalemployedandillustrateshowaccountingrulesimpactthecalculationofEVA.Exhibit1onpage33showsasamplecalculationofEVA.EVACalculationandAdjustmentsAsstatedabove,EVAismeasuredasNOPATlessafirm'scostofcapital.NOPATisobtainedbyaddinginterestexpenseaftertaxbacktonetincomeafter-taxes,becauseinterestisconsideredacapitalchargeforEVA.Interestexpensewillbeincludedaspartofcapitalchargesintheafter-taxcostofdebtcalculation.Otheritemsthatmayrequireadjustmentdependoncompany-specificactivities.Forexample,whenoperatingleasesratherthanfinancingleasesareemployed,interestexpenseisnotrecordedontheincomestatement,norisaliabilityforfutureleasepaymentsrecognizedonthebalancesheet.Thus,whileinterestisimplicitintheyearlyleasepayments,anattemptisnotmadetodistinguishitasafinancingactivityunderGAAP.UnderEVA,however,theinterestportionofthepaymentisestimatedandtheafter-taxamountfromitisaddedbackintoNOPATbecausetheinterestamountisconsideredacapitalchargeratherthananoperatingexpense.Thecorrespondingpresentvalueoffutureleasepaymentsrepresentsequityequivalentsforpurposesofcapitalemployedbythefirm,andanadjustmentforcapitalisalsorequired.SeeExhibit1forsampleadjustmentscommonlyusedinthecalculationofEVA.R&Dexpenseitemscallforcarefulevaluationandadjustment.WhileGAAPgenerallyrequiresmostR&Dexpenditurestobeexpensedimmediately,EVAcapitalizessuccessfulR&DeffortsandamortizestheamountovertheperiodbenefitingthesuccessfulR&Deffort.AnotherexampleofanEVAadjustmentistheLIFOreserveincrease.TheincreaseisaddedbacktoprofitbecauseitconvertsinventoryfromaLIFOtoFIFOvaluation,whichisabetterapproximationofcurrentreplacementcost.ThefullamountoftheLIFOreserverepresentspastholdinggainsandaccordinglyisaddedbacktotheequitycomponenttoreflectthecapitalinvestedbythefirmininventorynotyetreflectedinequityunderGAAP.OtheradjustmentsrecommendedbySternStewartincludetheamortizationofgoodwill.Theannualamortizationisaddedbackforearningsmeasurement,whiletheaccumulatedamountofamortizationisaddedbacktoequityequivalents.Goodwillamortizationishandledinthismannerbecausebyun-amortizinggoodwill,therateofreturnreflectsthetruecash-on-yield.Inaddition,thedecisiontoincludetheaccumulatedgoodwillincapitalimprovestherealcostofacquiringanotherfirm'sassetsregardlessofthemannerinwhichtheacquisitionisaccounted.Whiletheaboveadjustm