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1、财务管理财务知识经济增加值的基本原理文献翻译原文：FoundationsofeconomicvalueaddedTheEVARevolutionInamarket-driveneconomymanypanieswillcreatewealth.Otherfirmshoweverwillundoubtedlydestroyit.Discoveringthoseeconomicfactorsthatleadtowealthcreationanddestructionamongpaniesisimportanttomanyconstituencies,nottheleastofwhichiscorp
2、orateofficialsandinvestmentmanagers.Forcorporatemanagers,wealthcreationisfundamentaltotheeconomicsurvivalofthefirm.Managersthatfail(orrefuse)toseetheimportanceofthisimperativeinanopeneconomydosoattheperiloftheorganizationandtheircareer.Findingthe“best”paniesandindustriesinmarketplaceisofprimaryimpor
3、tancetoinvestmentmanagers.Withtheproperfinancialtools,portfoliomanagersmaybeabletoenhancetheiractiveperformanceover-and-abovethereturnsavailableonsimilarriskindexedpassivestrategies.AnewanalyticaltoolcalledEVAisnowassistingthiswealth-discoveryandpany-selectionprocess.Theinnovativechangesthatthisfina
4、ncialmetrichavespawnedinthetwinareasofcorporatefinanceandinvestmentmanagementisthedrivingforcebehindwhatcanbeformerlycalledthe“EVArevolution”.EVAinpracticeTheanalyticaltoolcalledEVA,forEconomicValueAdded,wasmerciallydevelopedin1982bythecorporateadvisoryteamofJoelSternandG.BennettStewart.Thisfinancia
5、lmeticgainedearlyacceptancefromthecorporatemunitybecauseofitsinnovativewayoflookingatthefirmsrealprofitability,unliketraditionalmeasuresofprofitsuchasEBIT,EBITDA,andnetoperatingineEVAlooksatthefirms“residualprofitability”,netofboththedirectcostofdebtcapitalandtheindirectcostofequitycapital.Inthisway
6、,EVAservesasamodern-daymeasureofcorporatesuccessbecauseitiscloselyalignedwiththeshareholderwealth-maximizationrequirement.LargefirmslikeCocaCoca,Diagea,Lilly(Eli),Guidant,andSPXhaveusedEVAasaguidetocreatingeconomicvaluefortheirshareholders.Bonusesandincentivepayschemesatthesefirmshavebeenbuiltaround
7、themanagersability(orlackthereof)togeneratepositiveEVAwithinthefirmsoperatingdivisions.Positivepaymentsaccruetomanagershavingdivisionaloperatingprofitsthatonbalanceexceedtherelevant“costofcapital”,whilenegativeincentivepaymentsmayoccurifthelarger-termdivisionaloperatingprofitsfallshortoftheoverallca
8、pitalcosts.Thus,byaaccountingforboththecostofdebtandequitycapital,EVAgivesmanagerstheincentivetoactlikeshareholderswhenmakingcorporateinvestmentdecisions.EVAisalsogainingpopularityintheinvestmentmunity.TheJune1996conferenceon“EconomicValueAdded”atCSFirstBostonandthe“rollout”ofGoldmanSachsEVAresearch
9、platforminMay1997istestimonytothisexcitingdevelopment.Indeed,“buyside”investmentfirmslikeGlobalAssetManagementandOppenheimerCapitaluseEVAintheirstockselection,portfolioconstruction,andriskcontrolprocesses.Otherlargeinvestmentfirmsaretakingaseriouslook,andEVAisalsomakingmeaningfulinroadsinworldofglob
10、alperformanceanalytics.Moreover,recentempiricalstudiesintheJournalPortfolioManagement(amongotherfinanceandinvestmentjournals)showsthatEVAisbeingadvancedinboththeacademicandfinancialmunities.EvolutionofEVATheevolutionofeconomicprofiteconomicvalueadded(EVA)isafascinatingstudywithhistoricalrootsthatcan
11、betracedbacktotheclassicaleconomistsnotionof“residualine.”Forinstance,considerthedefinitionofeconomicprofitmadein1890byfamousBritisheconomist,AlfredMarshall,regradingtherealmeaningofabusinessownersprofit:“Whatremainsofhisprofitsafterdeductinginterestonhiscapitalatthecurrentratemaybecalledhisearnings
12、ofundertakingormanagement.”BasedonMarshallsstatement,itisevidentthattheeconomistsdefinitionofprofitnamely,aresidualviewofineoreconomicprofitisradicallydifferentfromtheaccountingmeasuresofprofitinusetoday,suchasEBIT,EBITDA,ornetoperatingine.Thisis,akeydistinctionbetweeneconomicprofitandaccountingprof
13、itliesintheclassicaleconomistsnotionthatapanyisnottrulyprofitableunlessitsrevenuehavecoveredtheusualproductionandoperatingexpensesofrunningabusiness,andprovidedanormalreturnontheownersinvestedcapital.Inamorefundamentalsense,thisresidualviewofineisreallywhattodayseconomicprofitmovementisreallyallabou
14、t.WhileEVAisrootedinclassicaleconomictheory,threepioneering20thcenturyAmericaneconomistsIrvingFisherduringthe1930s,andNobelLaureatesFrancoModiglianiandMertonMillerinthelate1950stoearly1960sexpandeduponthefullermeaningofeconomicprofitinacorporatevaluationcontext.IrvingFisherestablishedafundamentallin
15、kbetweenapanysnetpresentvalue(NPV)anditsdiscountedstreamofexpectedcashflows.Inturn,ModiglianiandMillershowedthatcorporateinvestmentdecisionsasmanifestinpositiveNPVdecisionsaretheprimarydriverofafirmsenterprisevalueandstockpriceasopposedtothefirmscapitalstructuremixofdebtandequitysecurities.Basically
16、,thetheoryofeconomicvalueaddedrestsontwoprincipleassertions:(1)apanyisnottrulyprofitableunlessitearnsareturnoninvestedcapitalthatexceedstheopportunitycostofcapitaland(2)thatwealthiscreatedwhenafirmsmanagersmakepositiveNPVinvestmentsdecisionsfortheshareholders.WhatexpandontheseEVAtenetsofwealthcreationaswemoveforwardinthisbook.Fornow,LetslookatoperationaldefinitionsofEVAthathaveshapedthecurrenteconomicprofitmovementaswellasint
