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1、编号：时间：2021年x月x日书山有路勤为径，学海无涯苦作舟页码：第1页 共1页原文：Foundations of economic value addedThe EVA RevolutionIn a market-driven economy many companies will create wealth .Other firms however will undoubtedly destroy it. Discovering those economic factors that lead to wealth creation and destruction among compani
2、es is important to many constituencies, not the least of which is corporate officials and investment managers. For corporate managers, wealth creation is fundamental to the economic survival of the firm. Managers that fail (or refuse) to see the importance of this imperative in an open economy do so
3、 at the peril of the organization and their career.Finding the “best” companies and industries in marketplace is of primary importance to investment managers. With the proper financial tools, portfolio managers may be able to enhance their active performance over-and-above the returns available on s
4、imilar risk indexed passive strategies. A new analytical tool called EVA is now assisting this wealth-discovery and company-selection process .The innovative changes that this financial metric have spawned in the twin areas of corporate finance and investment management is the driving force behind w
5、hat can be formerly called the “EVA revolution”.EVA in practiceThe analytical tool called EVA ,for Economic Value Added, was commercially developed in 1982 by the corporate advisory team of Joel Stern and G.BennettStewart .This financial metic gained early acceptance from the corporate community bec
6、ause of its innovative way of looking at the firms real profitability ,unlike traditional measures of profitsuch as EBIT ,EBITDA ,and net operating incomeEVA looks at the firms “residual profitability”, net of both the direct cost of debt capital and the indirect cost of equity capital. In this way
7、,EVA serves as a modern-day measure of corporate success because it is closely aligned with the shareholder wealth-maximization requirement.Large firms like Coca Coca ,Diagea ,Lilly(Eli) ,Guidant ,and SPX have used EVA as a guide to creating economic value for their shareholders .Bonuses and incenti
8、ve pay schemes at these firms have been built around the managers ability (or lack thereof) to generate positive EVA within the firms operating divisions .Positive payments accrue to managers having divisional operating profits that on balance exceed the relevant “cost of capital”, while negative in
9、centive payments may occur if the larger-term divisional operating profits fall short of the overall capital costs .Thus ,by a accounting for both the cost of debt and equity capital ,EVA gives managers the incentive to act like shareholders when making corporate investment decisions.EVA is also gai
10、ning popularity in the investment community .The June 1996 conference on “Economic Value Added” at CS First Boston and the “roll out” of Goldman Sachs EVA research platform in May 1997 is testimony to this exciting development .Indeed , “buy side” investment firms like Global Asset Management and Op
11、penheimer Capital use EVA in their stock selection ,portfolio construction ,and risk control processes .Other large investment firms are taking a serious look ,and EVA is also making meaningful inroads in world of global performance analytics . Moreover ,recent empirical studies in the Journal Portf
12、olio Management(among other finance and investment journals)shows that EVA is being advanced in both the academic and financial communities.Evolution of EVAThe evolution of economic profiteconomic value added(EVA)is a fascinating study with historical roots that can be traced back to the classical e
13、conomists notion of “residual income.”For instance ,consider the definition of economic profit made in 1890 by famous British economist ,Alfred Marshall , regrading the real meaning of a business owners profit: “What remains of his profits after deducting interest on his capital at the current rate
14、may be called his earnings of undertaking or management.”Based on Marshalls statement ,it is evident that the economists definition of profitnamely ,a residual view of income or economic profitis radically different from the accounting measures of profit in use today ,such as EBIT ,EBITDA ,or net op
15、erating income .This is, a key distinction between economic profit and accounting profit lies in the classical economists notion that a company is not truly profitable unless its revenue have covered the usual production and operating expenses of running a business ,and provided a normal return on t
16、he owners invested capital .In a more fundamental sense ,this residual view of income is really what todays economic profit movement is really all about.While EVA is rooted in classical economic theory ,three pioneering 20th century American economistsIrving Fisher during the 1930s,and Nobel Laureates Franco Modigliani and Merton Miller in the late 1950s to early 1960sexpanded upon the fuller meaning of economic profit in a corporate va
