經(jīng)濟增加值（eva）理論與實證研究綜述【外文翻譯】

1、外文翻譯原文EconomicValueAdded:AReviewoftheTheeticalEmpiricalLiteratureMaterialSource:AsianReviewofAccounting.Volume9Number12001Auth:rewCWthingtonTraceyWestIntroductionAnacceptedfinancialaxiomisthattheroleofmanagersistomaximis

2、ethewealthofshareholdersbytheefficientallocationofresources.Indertooperationalisethisobjectiveshareholderwealthistraditionallyproxiedbyeitherstardaccountingmagnitudes(suchasprofitsearningscashflowsfromoperations)financia

3、lstatementratios(includingearningspersharethereturnsonassetsinvestmentequity).Thisfinancialstatementinfmationisthenusedbymanagersshareholdersotherinterestedpartiestoassesscurrentfirmperfmanceisalsousedbythesesamestakehol

4、derstopredictfutureperfmance.Furtherunderthesemistrongfmoftheefficientmarkethypothesisthepubliclyavailableinfmationcontainedinthesevariablesisreadilyinterpretedbythemarkettherebyincpatedintofuturestockprices.Unftunatelyt

5、heempiricalliteraturetodatesuggeststhatthereisnosingleaccountingbasedmeasureuponwhichonecanrelytoexplainchangesinshareholderwealth(ChenDodd1997RiahiBelkaoui1993Rogerson1997LehnMakhija1997).Thisisdespitethefactthatsuchame

6、asurewouldproveinvaluabletothevariouspartiesinterestedinaspectsoffirmperfmance.Lee(1996p.32)fexamplearguesthatthesearchfasuperimeasureoffirmvaluationisaifnotthekeyfeatureofcontemparyempiricalfinance.Oneprofessedlyrecenti

7、nnovationinthefieldofinternalexternalperfmancemeasurementisatrademarkedvariantofresidualincome(operatingprofitslessageftheopptunitycostofinvestedcapital)knownaseconomicvalueadded(EVA).Asastartingpointitsdeveloperprincipa

8、ladvocateUSbasedbusinessconsultantsSternStewartCo.UsingthesefindingsSternStewarthasbuiltasignificantpresenceinthehighlycompetitivevaluebasedperfmanceconsultingmarketwith“l(fā)iterallyaccountingearningstoreflecttheopptunityco

9、stofcapitalprimarilybecausetheunadjustedmeasurecanbeamisleadingindicatofperfmanceinboththeypractice.IntheseminalcontributionMarshall(1920p.504)concludedthat“thegrossearningsofmanagementwhichamanisgettingcanonlybefoundaft

10、ermakingupacarefulaccountofthetrueprofitsofhisbusinessdeductinginterestonhiscapital“.LaterthedesirabilityofquantifyingeconomicprofitasameasureofwealthcreationwasoperationalisedbyDavidSolomon(1965)asthedifferencebetweentw

11、oquantitiesearningsthecostofcapital.Thismeasureofresidualincomeisthendefinedintermsofaftertaxoperatingprofitslessagefinvestedcapitalwhichreflectsthefirmsweightedaveragecostofcapital.Closeparallelsaretherebyfoundintherela

12、ted(nontrademarked)conceptsofabnmalearningexcessearningsexcessincomeexcessrealisableprofitssuperprofits(Biddleet.ah1997).JustasEVAbearsaclosesemblancetonontrademarkedfinancialperfmancemeasuresitisalsocloselyrelatedtoperf

13、mancemetricsofferedbyotherconsultants.FexampletheChicagobasedBostonConsultingGroupPriceWaterhouseHOLTValueAssociatesemployvariationsofCashFlowReturnonInvestmentCFROI.CFROIistypicallycalculatedintwosteps.Firsttheinflation

14、adjustedcashflowsavailabletoallcapitalownersinthefirmaremeasuredcomparedwiththeinflationadjustedgrossinvestmentmadebythecapitalowners.Secondthegrosscashflowtogrossinvestmentistranslatedintoaninternalrateofreturnbyadjusti

15、ngfthefiniteeconomiclifeofdepreciatingassetstheresidualvalueofnondepreciatingassets(suchaslwkingcapital).InadditiontherearemanyothervaluebasedmetricsthatareevenmecloselyrelatedtoEVA.InfactthelegalconflictbetweenSternStew

16、artsEVAKPMGsEconomicValueManagementovertheproprietarynatureofEVAsuggestsevencloserlessdiscernibledifferencesintheseproducts(Lieber1998).Myers(1996p.45)amongstothershasarrivedatthisconclusionarguingthat“EVACFROIalltheothe

17、rsarepremisedonfundamentaleconomicsthat20yearsagowascalledresidualincome“.ItisthisperceptionofEVAas“apracticalhighlyflexiblerefinementoftheeconomistsconceptofresidualincomethevaluethatisleftoverafteracompanysstockholders