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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：AbstractIt is generally believed that in order to maximize value for shareholders, companies should strive towards maximizing MVA (and not necessarily their total market value). The best way to do so is to maximize the EVA, which reflects an organizations a
2、bility to earn returns above the cost of capital. The leverage available to companies that incur fixed costs and use borrowed capital with a fixed interest charge has been known and quantified by financial managers for some time. The popularization of EVA and MVA has opened up new possibilities for
3、investigating the leverage effect of fixed costs (operational leverage) and interest (financial leverage) in conjunction with EVA and MVA, and for determining what effect changes in sales would have through leverage, not only on profits, but also on EVA and MVA. Combining a variable costing approach
4、 with leverage analysis and value analysis opens up new opportunities to investigate the effect of certain decisions on the MVA and the share price of a company. A spreadsheet model is used to illustrate how financial managers can use the leverage effects of fixed costs and the (fixed) cost of capit
5、al to maximize profits and also to determine what impact changes in any variable like sales or costs will have on the wealth of shareholders.IntroductionFew would argue that the most important financial goal of a business organization should be to maximize the wealth of its shareholders. For a numbe
6、r of years now, accounting measures such as earnings, return on assets and return on equity have been criticized and found wanting as performance indicators ending to greater shareholder wealth . The concept of value management resulted from a pursuit of the real drivers of value, and the performanc
7、e measures Economic Value Added (EVA) and Market Value Added (MVA) are now known fairly well and used widely by companies all over the world. The objective of this study is to link the cost management techniques of variable costing and cost- volume- profit analysis with the financial management tech
8、niques of leverage analysis and value analysis in order to determine how decisions or changes in inputs will affect the shareholder value. The study also introduces the leverage effect of the cost of equity as a new concept and illustrates how it reacts in conjunction with operating leverage and fin
9、ancial leverage to determine the total overall leverage of the company. This new approach would be useful for decision-making purposes in assessing the impact, not only of different decision alternatives, but also of changes in internal factors like production costs or external factors like inflatio
10、n and tax rates. The findings of this study could be of value to managers at all levels in a business organization, but especially to financial managers. Existing shareholders and potential investors would also benefit from the findings of the study, but the company data needed as inputs for the mod
11、el would not be available to them.The objective of this study is to link the cost management techniques of variable costing and cost-volume-profit analysis with the financial management techniques of leverage analysis and value analysis in order to determine how decisions or changes in inputs will a
12、ffect the shareholder value. The study also introduces the leverage effect of the cost of equity as a new concept and illustrates how it reacts in conjunction with operating leverage and financial leverage to determine the total overall leverage of the company.This new approach would be useful for d
13、ecision-making purposes in assessing the impact, not only of different decision alternatives, but also of changes in internal factors like production costs or external factors like inflation and tax rates. The findings of this study could be of value to managers at all levels in a business organizat
14、ion, but especially to financial managers. Existing shareholders and potential investors would also benefit from the findings of the study, but the company data needed as inputs for the model would not be available to them.In this article EVA, MVA and leverage will be discussed briefly, followed by
15、an illustration of the development and use of a spreadsheet model to extend the leverage analysis of profits to EVA and MVA. The leverage effect of the cost of equity on EVA and MVA is investigated. The initial hypothesis is that similar to fixed costs and interest, the cost of equity will also have
16、 a leverage effect on the profits (and EVA and MVA) of the business. It should be possible to quantify this leverage effect and to use it, together with the well-known operating leverage and financial leverage factors, to determine the total leverage for the company. Once the total leverage is determined, it would be possible to predict what effect any change in input will have on profits, EVA and MVA. An attempt is made to derive a formula (given certain assumptions)
