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(财务知识)经济增加值的基本原理文献翻译
原文:
Foundationsofeconomicvalueadded
TheEVARevolution
Inamarket-driveneconomymanycompanieswillcreatewealth.Otherfirmshoweverwillundoubtedlydestroyit.Discoveringthoseeconomicfactorsthatleadtowealthcreationanddestructionamongcompaniesisimportanttomanyconstituencies,nottheleastofwhichiscorporateofficialsandinvestmentmanagers.Forcorporatemanagers,wealthcreationisfundamentaltotheeconomicsurvivalofthefirm.Managersthatfail(orrefuse)toseetheimportanceofthisimperativeinanopeneconomydosoattheperiloftheorganizationandtheircareer.
Findingthe“best”companiesandindustriesinmarketplaceisofprimaryimportancetoinvestmentmanagers.Withtheproperfinancialtools,portfoliomanagersmaybeabletoenhancetheiractiveperformanceover-and-abovethereturnsavailableonsimilarriskindexedpassivestrategies.AnewanalyticaltoolcalledEVAisnowassistingthiswealth-discoveryandcompany-selectionprocess.Theinnovativechangesthatthisfinancialmetrichavespawnedinthetwinareasofcorporatefinanceandinvestmentmanagementisthedrivingforcebehindwhatcanbeformerlycalledthe“EVArevolution”.
EVAinpractice
TheanalyticaltoolcalledEVA,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.Positivepaymentsaccruetomanagershavingdivisionaloperatingprofitsthatonbalan
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