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1、本科畢業(yè)論文(設計)外文翻譯原文:原文:AprimeronEVAfhealthcareprovidersUnlikeaccountingearningseconomicprofit(EVA)isameasureofacompany’strueearningsbecauseitfully“accounts”fthecostsofallfmsoffinancingincludingdebtequity.IntheEVAviewacompan
2、yisnottrulyprofitableunlessitearnsareturnoncapitalthatbeststheopptunitycostofcapital.Thatbeingsaidthequestionaddressedhereishowtomeasuretheeconomicprofitofprovidersinthehealthcaresectwhichislargelycomprisedofnotfprofitga
3、nizationssuchasclinicslabatieshospitals.TheconceptofeconomicprofithasprovensuccessfulinthefieldofcpatefinancesinceitsadoptionbyseveralUSinternationalcompaniesoverthepast25years.UnlikeaccountingearningsEVAisameasureofacom
4、pany’strueearningsbecauseitfully“accounts”fthecostsofallfmsoffinancingincludingdebtequity.IntheEVAviewacompanyisnottrulyprofitableunlessitearnsareturnoncapitalthatbeststheopptunitycostofcapital.Thatbeingsaidthequestionad
5、dressedhereishowtomeasuretheeconomicprofitofprovidersinthehealthcaresectwhichislargelycomprisedofnotfprofitganizationssuchasclinicslabatieshospitals.WebegintheEVAjourneyfhealthcareprovidersbyabstractingfromthemyriadaccou
6、ntingadjustmentsthatcanbemadetoestimateEVAinsteadlookathowtoestimate“basic”economicprofitinbothfprofit(thetraditionalrealmfEVAapplication)notfprofitsettings.Thefinancialgoalhereistwofoldtoillustrate:1.Thekeyingredientsof
7、economicprofitfhealthcareproviderswithoutgettingtangledupinawebofaccountingadjustments2.TheadvantageofusingeconomicprofitovertraditionalaccountingprofitInthisexpressionEBIT(1?t)istheprovider’sNOPAT.ThisEVAtermisareflecti
8、onoftheprovider’searningsbefeinteresttaxesEBITlessitsunleveredbusinesstaxes.LikewisethetermsRCOMSSG&AintheNOPATfmulationrefertotheprovider’srevenuecostofmedicalservicessellinggeneraladministrativeexpensesrespectively.Inp
9、rinciplethedepreciationtermDshouldbeagethatreflectstheeconomicobsolescenceoftheprovider’sassets.Inturnthedollarcostofcapital$WACCcanbeexpressedas:InthisexpressionWACCistheweightedaveragecostofdebtequitycapital(expresseda
10、sarequiredrateindecimalfm)Cistheprovider’soperatingcapital.InturntheweightedaveragecapitalcostWACCisgivenby:WACC=AftertaxdebtcostDebtweightEquitycostEquityweightTakentogetherthesedevelopmentsshowthatafprofitprovider’sEVA
11、canbeexpressedinbasictermsas:EVA=NOPAT?$WACC=EBIT(1?t)?WACCC=[RCOMSSG&AD](1?t)?WACCCThebasicEVAfmulashowsthatafprofitprovider’seconomicprofitisequaltoitsoperatingprofitaftertaxlessthedollarcostofallcapitalemployedwithint
12、heganization.InthenextsectionwelookatasimpleincomestatementbalancesheetfahypotheticalfprofitprovidertoillustratehowtomeasurebasicEVA.WethenlookattheadjustmentstobasicEVAthatneedtobemadeinthenotfprofitsetting.Alongthewayw
13、ediscussthewaystoincreaseEVAtoimproveganizationefficiencytoenhanceganizationalvalue.WeconcludeourEVAjourneybyexplainingtheconceptof“disclosed”EVAwhichreflectsbothtraditionaluniqueaccountingadjustmentsthatapplyinbothfprof
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