经济增加值外文文献翻译译文

外文文献翻译译文一、外文原文原文：EconomicValueAddedEconomicValueAdded(EVA),whenappliedproperlyinacompany,impactsalldepartmentsanddecisions.TheequationforEVAaswellastheadjustmentsthatmustbemadetocurrentaccountingpracticesisthebasisforanunderstandingofEVA.ThesuccessofEVAisdisplayedascompaniesthathaveimplementedEVAtovaryingdegreesarecomparedwithcompaniesthathavenotimplementedEVA.OncetheargumentfortheoverallsuperiorityofEVAismade,traditionalperformancemeasuresandcurrentaccountingpracticesareevaluated.Then,theimportanceofcreatingvaluewithincorporationsbecomesapparent.Finally,adetailedexampleoftheimplementationprocessthattookplaceseveralyearsagoatHarscoarguedinfavorofallcompaniesadoptingEVA.EconomicValueAddedEconomicValueAdded(EVA),forthelasttwotothreedecades,hasbeenreceivinganincreasingamountofattention.Thoughithasbecomeaviablebusinesspracticeformanylargecorporations,itstillhasnotsuccessfullyalteredtheapproachofmanycorporateleaders.EVAapproachesthefinancialaspectofcorporationsfromadifferentperspectivethanthattowhichmostexecutivesareaccustomed.ToraiseawarenessofthebenefitsofEVA,itisimperativetogainabasicunderstandingoftheideas,concepts,andimplicationsassociatedwiththeimplementationofpoliciesatcorporationsthathaveadoptedEVA.EVAEquationAtitscore,theconceptofEconomicValueAddedisrelativelysimple.Thecomplexityisthattheconceptmustbeappliedtoeverybusinessdecisionatalllevelsofaparticularcompanytorealizethedesiredlong-runeffects(Stewart,1991).TheequationforEVAisasfollows:EVA=NetOperatingProfitAfterTaxes(NOPAT)–(Capital*TheCostofCapital).Thisideahelpsmanagersintegratetwobasicprinciplesoffinanceintotheirdailydecision-making.First,theprimaryfinancialobjectiveofallcompaniesshouldbetomaximizeshareholderwealth.Second,thevalueofacompanyisbasedoninvestors’expectationsoffutureearningsexceedingorfallingshortofthecostofcapital.ThecostofcapitalisadecisivemeasurepertainingtocomputingEVA(Stewart,1991).Thecostofcapitalistherateofreturnacompanywouldexpecttoreceivehadtheyinvestedinadifferentvenuewithasimilarrisk(CostofCapital).Thisamountisthefigurethatdetermineswhetheracorporationisperformingwellorbadly.Althoughitmayappeartobeacashcost,itisactuallyanopportunitycost.Calculatingthetrade-offbetweenriskandrewardderivesanopportunitycost.Thecostofcapitalconsistsofariskfreerateofreturnandariskpremium.Long-termU.S.governmentbondsareconsideredriskfreebecauseofthevalueoftheentireeconomyaswellasthetaxingauthorityofthegovernment.Toillustrate,assumetherateforriskfreegovernmentbondsis6%andaddtoittheriskpremium.Although,riskpremiumsvarybycompanyandindustry,mostinvestorsexpectfrom2%to10%inadditiontothegovernmentbondrate.Assumethattheriskpremiumis4%,addtheriskfreerateof6%,andthecostofcapitalinthisexamplewouldbe10%.TheSuccessofEVAToquantifytheextenttowhichcompaniesthatimplementEVAoutperformtheircompetitors,datawerecollectedbySternStewart(2002b).CompanieshaveseenhighreturnswhentheyutilizeSternStewart'sEVAframeworkforperformancemanagement,value-basedplanningandincentivecompensation.Throughoutthe1990sthesesamecompanies,onaverage,outperformedtheircompetitorsby8.3%annuallyduringthefirstfiveyearsaftertheyfirstadoptedEVA.Improvedoperatingmargins,strongercashflowgeneration,andquickerassetturnoverwerethecatalystsresponsibleforgreaterstockmarketperformance,whichcauseda$116billionincreaseinshareholderwealthbeyondthatoftheircompetitors.ThemarginofperformanceisgreaterstillforcompaniesthatuseEVAasaperformancemeasureandatoolfordeterminingmanagementcompensation.CompaniesthatonlyusedEVAasaperformancemeasuredidnotobtainsuchimpressiveresults(Stewart,2002b).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.EVAasaCorporatePhilosophyEVAisaconceptthatisnoteasytounderstandbutcanbeimplementedwithcareateverylevelofanorganization.Corporationsacrosstheglobe,evensomestateownedenterprisesintheUnitedStates,haveadoptedEVAasacor