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1、财务管理财务知识经济增加值文献翻译原文：EconomicValueAddedTheSuccessofEVAToquantifytheextenttowhichpaniesthatimplementEVAoutperformtheirpetitors,datawerecollectedbySternStewart(2002b).CompanieshaveseenhighreturnswhentheyutilizeSternStewartsEVAframeworkforperformancemanagement,value-basedplanningandincentivepensation.Th
2、roughoutthe1990sthesesamepanies,onaverage,outperformedtheirpetitorsby8.3%annuallyduringthefirstfiveyearsaftertheyfirstadoptedEVA.Improvedoperatingmargins,strongercashflowgeneration,andquickerassetturnoverwerethecatalystsresponsibleforgreaterstockmarketperformance,whichcauseda$116billionincreaseinsha
3、reholderwealthbeyondthatoftheirpetitors.Figure1depictstheperformanceofEVApaniesfromMarch24,2000toJune30,2002,atimewhentheeconomyslowedandthestockmarketasawholeperformedpoorly.Duringthissametimeperiod,paniesthatwereclientsofSternStewartbeattheS&P500by69.8%andearnedatotalreturnof36.5%.Themarginofperfo
4、rmanceisgreaterstillforpaniesthatuseEVAasaperformancemeasureandatoolfordeterminingmanagementpensation.CompaniesthatonlyusedEVAasaperformancemeasuredidnotobtainsuchimpressiveresults(Stewart,2002b).Figure1:TotalReturnFromMarketPeak:March24,2000June30,2002(Stewart,2002b,1)Figure2depictstheresultsofthes
5、amestudyconductedoverthefive-yearperiodfromJuly1,1997June30,2002.Thefindingswereasexpected;tyingbonusestoEVAledtomuchhigherthanaverageincreasesinshareholdervalue.Figure2:5-YearTotalReturn:July1,1997June30,2002(Stewart,2002b,2)Astheprecedingdataindicate,“EVAworksbestwhenitisusedinapowerfulbonusplanth
6、atstimulatestheincentivesofownershipanddirectlyalignstheinterestsofmanagersandemployeeswiththoseoftheowners”(Stewart,2002b,1).CompleteAdoptersofEVACompaniesthatuseEVAasafoundationformanagementandincentivesareinawidevarietyofsectorsandrangeinsize,fromfirmsintheretailingsectorsuchasBestBuywithannualsa
7、lesofover$21billiontoBradleyPharmaceuticalswithannualsalesofamere$33million.Althoughnotaprehensivelist,thefirmsinTable2areasmallrepresentationoffirmsthathavefullyadoptedEVA.Regardlessofsector,allbutthreeofthesepanieshaveonethinginmon-theannualizedEVAfarsurpassedthereturnsoftheirpeers(Stewart,2002b).
8、Table2:FirmsThatHaveFullyAdoptedEVACompanySectorSale$Mil.EVADateAnnualizedEVAReturn*PeerBestBuyRetailing$21,3301-Jan-199839.1%10.4%BradleyPharmacouticalsPharmacouticals$331-Jul-199862.2%-0.2%Briggs&StrattonCapitalGoods$1,5291-Jan-1990-2.5%-0.7%CenturaBanksBanking$2391-Mar-199432.3%2.0%GenescoRetaili
9、ng$7741-Apr-199929.0%8.1%HermanMillarOfficeFurniture$1,4691-Mar-19963.1%4.8%ManitowocConstruction,Marine,Food$1,2371-Mar-199313.4%0.8%MolsonBrewing$221-May-199939.3%-4.5%SchnitzerSteelSteel$2891-Jul-200026.2%34.7%SPXCorporationDiversifiedMfg.$4,9121-Oct-199514.2%2.1%*Annualizedreturnsfrom71997forpan
10、iesonEVAat71997orEVADateforthosethatimplementedEVApost71997(Stewart,2002b,2)EVAvs.OtherFinancialPerformanceMeasurementsThoseinfavorofusingEVAasaperformancemeasurearguethatitissuperiortootherperformancemeasuresforthefourfollowingreasons:itisnearertotherealcashflowsofthebusinessentity;itiseasytocalcul
11、ateandunderstand;ithasahighercorrelationtothemarketvalueofthefirmanditalignsthegoalsofmanagementwiththeinterestsoftheshareholders.EVAissuperiortoconventionalmeasuressuchasReturnonInvestment(ROI),ReturnonEquity(ROE),andReturnonAssets(ROA)becausethesecalculationsarebasedonaccountingfigures.UsingGenera
12、llyAcceptedAccountingPrinciples(GAAP),theassetsinthebalancesheetarecarriedbasedonhistoricalcostswhile,withtheexceptionofdepreciation,revenuesandexpensesarerecognizedaseitheraprofitoralossattheircurrentvalue.Duetothisinaccuracyinthecalculationofthevalueofassets,theratesofreturndonotaccuratelydetermin
13、etheactualreturnonagiveninvestment.Assuch,therateofreturnisusuallylowerinthefirstfewyearsandhigherinthelatteryears.However,ifthevalueofthemixofassetsisclosetothecurrentvalueoftheassets,thedistortionwillnotbeassignificantaswhenthevalueoftheassetsisfarbelowthecurrentvalue.Mostpaniesrarelyhavetheneeded
14、assetmixtomaketheseaccountingmeasuresaccurate;therefore,theycannotberegardedastrueindicationsoftheperformanceofthepany.InsignificanceofEarningsperShareandCashFlowintheShort-TermTooperateabusinessundertheEVAformat,onemustdisregardmanyothervariablespreviouslythoughttodeterminethevalueofapany.Itisofutm
15、ostimportancetorecognizethatEVAmeasurestotalfactorproductivity.Therefore,forEVAtobesuccessfullyapplied,itmustsupersedeotherfinancialmeasurementssuchasEarningsperShare.Indoingso,otherfinancialmeasuresoncethoughttobeamongthemostimportantwillbesetaside.IncreasingEarningsperShare(EPS)isattheforefrontofm
16、anyexecutivesthoughtsandsubsequentactions.However,itisthiswayofthinkingthathascausedcorporateexecutivestomakedecisionstrulynotinthebestinterestofthepanyforthesakeofartificiallyinflatingEPS.Infact,severalcorporatedownfallscanbeattributedtoviewingincreasedEPSasakeyfinancialmeasurement.Regardlessofhowimportantcashf
