70中英文雙語大學(xué)畢業(yè)設(shè)計(jì)論文外文文獻(xiàn)翻譯成品經(jīng)濟(jì)增加值（eva）作為財(cái)務(wù)業(yè)績的衡量工具

1、<p>　　此文檔是畢業(yè)設(shè)計(jì)外文翻譯成品（ 含英文原文+中文翻譯），無需調(diào)整復(fù)雜的格式！下載之后直接可用，方便快捷！本文價(jià)格不貴！</p><p>　　外文標(biāo)題：Economic Value Added as a measurement tool of financial performance</p><p>　　外文作者：Jakub, Salaga， Viera, Barto

2、sova， Eva, Kicova</p><p>　　文獻(xiàn)出處:Procedia Economics and Finance 26 (2015) 484 – 489</p><p>　　英文1835單詞，10980字符，中文2981漢字。</p><p>　　Economic Value Added as a measurement tool of financi

3、al</p><p>　　performance</p><p>　　1.Concept of EVA in Slovak enterprises</p><p>　　The concept of economic profit is in Slovakia better known in the theoretical sphere, where the poss

4、ibilities of its usage are constantly debated. In financial practice of Slovak enterprises the attention is paid to this indicator usually only in financial analysis and not as a managerial concept.</p><p>　

5、　There are several reasons: some originate in the fate of our businesses management in traditional evaluation methods, other are caused by "incompatibility" of precise construction of EVA with form of accountin

6、g as a data base in Slovakia. Wider application of this approach is also prevented by a poorly developed capital market in Slovakia, because it lacks the necessary data. A relatively short time since the legalization of

7、private property and lack of domestic experience in the operation of EV</p><p>　　1.1. Basic construction of EVA – application starting point</p><p>　　In principle, it is possible to apply variou

8、s designs of EVA indicator in conditions of Slovakia. Briefly, let us remember the basic form of the indicator.</p><p>　　One of the fundamental application forms of EVA is considered a structure (1), which r

9、eveals the fact that the value of the economic profit depends on the value of equity (E), on Return on Equity (ROE) and its cost (re):</p><p><b>　　Where:</b></p><p>　　ROE = Return on

10、 Equity.</p><p>　　re = cost of equity.</p><p>　　E = equity.</p><p>　　Thus constructed indicator has a direct link to the capital invested by the owners. Assuming ceteris paribus (co

11、nstant amount of equity), the requirement for the positive development of the indicator EVA is a positive difference between the return on equity and its cost.</p><p>　　An alternative calculation procedure i

12、s (2): </p><p><b>　　Where:</b></p><p>　　NOPAT = Net Operating Profit after Taxes.</p><p>　　Capital = Capital.</p><p>　　WACC = Weighted Average Cost of Cap

13、ital.</p><p>　　It connects increase in value for the owner with the effects produced by major operational activities of the company (NOPAT). This is reduced by average cost of capital, that was used for thes

14、e activities (WACC * C).</p><p>　　1.2. Methodology for calculating EVA in Slovak conditions</p><p>　　Building on the above-mentioned relationships, at first glance it is clear that the calculati

15、on of EVA will not be easy, given the ambiguity of the contents of sub-indicators in our country. Just to quantify NOPAT - net operating profit after tax - the company Stern Stewart & Co. introduces about 160 possibl

16、e adjustments.</p><p>　　The literature of Slovak origin, for example (Vlachynsky, 2002), (Zala, 2002), (Cisko et al., 2013) states that the starting point for the quantification of NOPAT is profit before tax

17、 and before interest i.e. EBIT (Earnings before Interest and Taxes). Defining EBIT is then based on line 56 of the financial statement. Then Eva can be adjusted (3):</p><p><b>　　Where:</b></p&

18、gt;<p>　　t = income tax rate in % multiplied by 1/100.</p><p>　　Quite often, however, we can see even the identification of EBIT with the total profit before interest and taxes, which does not corresp

19、ond to the original philosophy of NOPAT indicator. Because the NOPAT is considered to be the effect created by the major business activities, correction of all of items that are related with these activities is necessary

20、. In practice, this process can be very difficult and debatable. One of the modified structures of EVA indicator (4) in the environment of Slova</p><p><b>　　Where:</b></p><p>　　OP =

21、operating profit (profit or loss from operating activities).</p><p>　　OP is contained within line 27 of financial statement. It consists of difference between revenues (final balances of accounting groups 60

22、 – 65) and costs (final balances of accounting groups 50 – 55). Operational profit can indeed be regarded as an indicator of economic operational performance of the company, on the other hand, the ratio defined by our ac

23、counting legislation departs from the original concept by ignoring some items of costs and revenues that are attached to the main (operational)</p><p><b>　　Where:</b></p><p>　　CP = p

24、rofit from common activities.</p><p>　　The expression of level of taxation in the construction of EVA is also a problem. Tax Rate (item t) can be expressed in different ways:</p><p>　　? as the n

25、ominal tax rate determined by the actual Law on Income Tax (currently 19%),</p><p>　　? as the effective tax rate, e.g. tax rate reflecting the actual tax burden on business - profit adjustment by the</p&g

26、t;<p>　　sum of items correcting the tax base (their list is highly variable due to frequent amendments to the Law on Income Tax):</p><p><b>　　Where:</b></p><p>　　tcorr = corre

27、cted tax rate in %</p><p>　　T = sum of paid income taxes in €</p><p>　　PBT = Profit Before Taxes</p><p>　　When doing any adjustments we must keep in mind that the selected processes

28、 should fully correspond with each other.</p><p>　　Alternatively, also capital and its cost are implemented into the structures of EVA. Capital (C) in equation (2) to (5)represents the reward given capital u

29、sed to achieve the operational performance of the company (specifying NOPAT, taxed EBIT, or Operational Profit), i.e. equity and explicitly interest-bearing foreign sources. Its cost is determined by the weighted arithme

30、tic average as (7):</p><p><b>　　Where:</b></p><p>　　rd = cost of interest-bearing debt taking into account the tax shield</p><p>　　D = interest-bearing debt capital</

31、p><p>　　In this sense, EVA is characterized by the production capacity of the enterprise deprived of the weighted average cost of committed capital – with the exception of external resources, which are not cons

32、idered to be cost capital – trade credits, although they are also involved in the formation of operating profit.</p><p>　　In connection with the capital it is necessary to mention that the inconsistency of t

33、he calculation procedure resides in taking into account the temporal nature of capital. In some literature sources the capital (C) is defined as long-term capital of the enterprise in the other this item represents all c

34、ompany liabilities, which in our view is correct, because both long-term and short-term funding sources are involved in creation of operating profit.</p><p>　　Quantification of the individual costs of capita

35、l forming a part of the calculation of WACC is a particular problem not only for the calculation of EVA, but in the wider context of corporate financial management. Financial economics provides several ways to quantify t

36、hese costs. Unfortunately, in our conditions usage of the known methods and valuation models is a limiting factor. Especially limiting is the absence of essential data resulting from under-developed capital/stock market

37、in Slovakia </p><p>　　In terms of financing foreign sources, bank loans dominate in Slovak enterprises. Therefore, calculating the cost of capital acquired this way is usually not problematic. Interest rate,

38、 which takes the impact of inflation and other macroeconomic conditions into account, is determined by the market. It is adjusted by the effect of the tax shield for the purpose of calculations. Primary data on the inter

39、est rate “applied” by the enterprise can be obtained from the accounts as debit interest rate a</p><p>　　In addition to internal data taken from accounts, external data is used to calculate rd. These externa

40、l data can be for example, data on interest rates of commercial bank when lending in business sphere obtained from the Nation Bank of Slovakia.</p><p>　　Estimating the cost of equity – item re is an extremel

41、y complex process in our conditions. For the reasons stated above, the most viable solution to use is the stacking method of estimating these costs, in which is the risk-free rate of return increased by the risk premium

42、component bound to the decomposed risk of the enterprise. (Bartosova, 2005)</p><p>　　Conclusion</p><p>　　Constant branching of possible procedures of partial indicators that form various EVA des

43、igns increases the difficulty of its quantification and changes the calculated value into more or less accurate estimates. In theoretical discussions, there are new arguments in favor or against the application of the co

44、ncept of EVA and other criteria based on the value of the company in the context of ongoing changes in accounting and tax legislation, financial market conditions and the like in Slovakia.</p><p>　　In relati

45、on to the need for an integrated approach to the assessment of corporate activity the importance of indicator EVA also increases in our country. EVA determines the criteria of business performance, the effectiveness of i

46、ts financial structure, as well as a single reference rate for the various activities of the company - financial activities, investment activities etc. The progressing globalization and the development of international e

47、conomic relations are gradually enforcing not only </p><p>　　References</p><p>　　Bartosova Viera (2005). Optimalizacia financnej struktury podniku. Zilina: Zilinska univerzita v Ziline/EDIS-vyda

48、vate?stvo ZU, 2005, ISBN:80-8070-404-X.</p><p>　　Buc Daniel, Kliestik Tomas (2013). Aspects of statistics in terms of financial modelling and risk, Proceeding of the 7th International Days of Statistics and

49、Economics, Prague, pp. 215-224, 2013, ISBN:978-80-86175-87-4.</p><p>　　Cisko Stefan, Kliestik Tomas (2013). Financny manazment podniku II, EDIS Publishers, University of Zilina, Zilina 2013, 775 p., ISBN: 97

50、8-80-554-0684-8.</p><p>　　Kicova Eva, Kramarova Katarina (2013). Possibilities of using financial analysis in the bus transport companies. In: Financial management of firms and financial institutions: 9th in

51、ternational scientific conference : 9th-10th September 2013 Ostrava, Czech Republic : proceedings. -ISSN 2336-162X. Ostrava, VSB - Technicka univerzita 2013, ISBN: 978-80-248-3172-5. pp. 332-341.</p><p>　　Ko

52、llar Boris, Kliestik Tomas (2014). Simulation approach in credit risk models, In: 4th International Conference on Applied Social Science (ICASS 2014), Information Engineering Research Institute, Advances in Education Res

53、earch, Vol. 51, pp. 150-155, 2014, ISSN: 2160-1070. </p><p>　　Lehutova Katarina, Krizanova Anna, Kliestik Tomas (2013).Quantification of Equity and Debt Capital Costs in the Specific Conditions of Transport

54、Enterprises, In: 17th International Conference on Transport Means, Kaunas Lithuania 2013, TRANSPORT MEANS 2013, pp. 258-</p><p>　　261, ISSN: 1822-296X.</p><p>　　Tomas Kliestik, Alexander N. Lyak

55、in, Katarina Valaskova (2014). Stochastic calculus and modelling in economics and finance, In: 2nd international conference on economics and social science (ICESS 2014), Information Engineering Research Institute, Advanc

56、es in Education Research, Vol.61, pp. 161-167, 2014, ISSN: 2160-1070.</p><p>　　Vlachynsky Karol et al (2002). Podnikové financie. Bratislava: Suvaha, 2002. ISBN: 80-88727-48-0.</p><p>　　Zal

57、ai Karol et al (2002). Financno-ekonomicka analyza podniku. 4. vyd. Bratislava: Sprint, 2002. ISBN: 8088848-94-6.</p><p><b>　　譯文：</b></p><p>　　經(jīng)濟(jì)增加值（EVA）作為財(cái)務(wù)業(yè)績的衡量工具</p><p&

58、gt;　　經(jīng)濟(jì)增加值（EVA）在斯洛伐克企業(yè)中的概念</p><p>　　從理論的范疇來看，斯洛伐克經(jīng)濟(jì)利潤這一概念更為人所知，但其使用的可能性一直存在爭議。在斯洛伐克企業(yè)的財(cái)務(wù)實(shí)踐中，該指標(biāo)通常僅在財(cái)務(wù)分析中受到關(guān)注而不是作為一個(gè)管理概念。</p><p>　　有如下幾個(gè)原因：一部分原因是傳統(tǒng)評(píng)估方法給我們企業(yè)管理帶來的必然，另一部分原因是EVA的精確構(gòu)建與斯洛伐克會(huì)計(jì)形式之間的“不兼容

59、”，而在斯洛伐克，會(huì)計(jì)形式被看作是一種數(shù)據(jù)庫。在斯洛伐克欠發(fā)達(dá)資本市場，對(duì)這種方法進(jìn)行廣泛應(yīng)用也受到了阻礙，因?yàn)樗狈Ρ匾臄?shù)據(jù)。自私有財(cái)產(chǎn)合法化以及缺乏EVA運(yùn)作經(jīng)驗(yàn)以來，在相對(duì)較短的時(shí)間里，導(dǎo)致了我們的企業(yè)出現(xiàn)了不信任和引發(fā)憂慮的并發(fā)癥。由于在企業(yè)中最大會(huì)計(jì)利潤和盈利能力這些概念存在多年，導(dǎo)致斯洛伐克公司的所有者和管理者的價(jià)值取向變化非常緩慢。</p><p>　　1.1 經(jīng)濟(jì)增加值（EVA）的基本結(jié)構(gòu) -

60、應(yīng)用起點(diǎn)</p><p>　　在原則上，可以在斯洛伐克企業(yè)的任何條件下應(yīng)用許多EVA指標(biāo)。 簡而言之，讓我們記住這些指標(biāo)的基本形式。</p><p>　　EVA的基本應(yīng)用形式之一被認(rèn)為是結(jié)構(gòu)（1），它揭示了這樣一個(gè)事實(shí)：經(jīng)濟(jì)利潤的價(jià)值取決于股權(quán)（E）、股本回報(bào)率（ROE）及其成本的價(jià)值。：</p><p><b>　　其中：</b></p

61、><p>　　ROE =股本回報(bào)率。</p><p><b>　　re =股權(quán)成本。</b></p><p><b>　　E =股權(quán)。</b></p><p>　　這樣構(gòu)建的指標(biāo)與企業(yè)主投入的資本有直接聯(lián)系。 假設(shè)其他條件不變（不變的股權(quán)金額），EVA指標(biāo)正向發(fā)展的要求是股本回報(bào)率與其成本之間的正差異。

62、</p><p>　　另一種計(jì)算程序是（2）：</p><p><b>　　其中：</b></p><p>　　NOPAT =稅后凈營業(yè)利潤。</p><p><b>　　C=資本。</b></p><p>　　WACC =加權(quán)平均資本成本。</p><p

63、>　　它將企業(yè)主價(jià)值的增長與公司主要業(yè)務(wù)活動(dòng)（NOPAT）產(chǎn)生的影響聯(lián)系了起來。這要通過用于這些活動(dòng)的平均資本成本（WACC * C）來減少。</p><p>　　1.2 在斯洛伐克計(jì)算EVA的方法</p><p>　　基于上述關(guān)系，鑒于我國子指標(biāo)內(nèi)容的模糊性，乍一看很明顯，EVA的計(jì)算并不容易。為了量化NOPAT--稅后凈營業(yè)利潤 - 斯特恩斯圖爾特公司引入了大約160項(xiàng)可能的調(diào)整

64、。</p><p>　　例如，在斯洛伐克起源的文獻(xiàn)中（Vlachynsky，2002），（Zala，2002），（Cisko等，2013）指出，量化NOPAT的起點(diǎn)是稅前和息前利潤，也就是EBIT（稅前和息前收入）。然后，定義EBIT是基于財(cái)務(wù)報(bào)表的第56行。那么EVA可以調(diào)整（3）：</p><p><b>　　其中：</b></p><p>

65、;　　t =所得稅率（％）乘以1/100。</p><p>　　然而，通常情況下，我們甚至可以確定EBIT與息前和稅前利潤總額，這與NOPAT指標(biāo)的原始理念不符。 由于NOPAT被認(rèn)為是主要由業(yè)務(wù)活動(dòng)產(chǎn)生的結(jié)果，因此必須更正與這些活動(dòng)相關(guān)的所有項(xiàng)目。 在實(shí)踐中，這個(gè)過程可能非常困難且值得商榷。 斯洛伐克會(huì)計(jì)和商業(yè)環(huán)境中EVA指標(biāo)（4）的修改結(jié)構(gòu)之一具有以下形式：</p><p>　　OP

66、=營業(yè)利潤（經(jīng)營活動(dòng)的利潤或虧損）。</p><p>　　OP包含在財(cái)務(wù)報(bào)表第27行中。它包括收入（會(huì)計(jì)組60-65項(xiàng)的最終結(jié)余）和成本（會(huì)計(jì)組50-55項(xiàng)的最終結(jié)余）之間的差異。事實(shí)上，運(yùn)營利潤可以被視為公司經(jīng)濟(jì)運(yùn)營績效的指標(biāo)，另一方面，我們的會(huì)計(jì)法規(guī)定義的比率偏離了其原始意圖，忽略了主要附加在企業(yè)活動(dòng)的一些成本和收入項(xiàng)目（運(yùn)營）。在斯洛伐克的會(huì)計(jì)規(guī)則中，它們被列入了例如金融業(yè)務(wù)類別中（當(dāng)前財(cái)務(wù)報(bào)表的第29-5

67、5行，即賬戶組56和66項(xiàng)的最終余額）（Kicova et al。，2013）。因此，在計(jì)算EVA時(shí)需要對(duì)會(huì)計(jì)項(xiàng)目進(jìn)行詳細(xì)分析。近期有可能將公式（4）中的運(yùn)營利潤替換為共同活動(dòng)的利潤或虧損。由于自2014年以來利潤結(jié)構(gòu)的不同而不再實(shí)行，并且對(duì)所包含項(xiàng)目的詳細(xì)分析都存在問題：</p><p><b>　　其中：</b></p><p>　　CP =公共活動(dòng)利潤。<

68、/p><p>　　在EVA構(gòu)建中，其稅收水平表達(dá)也是一個(gè)問題。 稅率（項(xiàng)目t）可以用不同的方式表示：</p><p>　　?由實(shí)際所得稅法確定的名義稅率（目前為19％），</p><p>　　?作為有效稅率，例如 稅率反映企業(yè)的實(shí)際稅負(fù) - 通過糾正稅基的項(xiàng)目總和調(diào)整利潤（由于對(duì)所得稅法的頻繁修訂，其變化很大）：</p><p><b>

69、;　　其中：</b></p><p>　　tcorr =修正稅率（％）</p><p>　　T =以歐元計(jì)算的繳納所得稅總和€</p><p><b>　　PBT =稅前利潤</b></p><p>　　在進(jìn)行任何調(diào)整時(shí)，我們必須記住所選項(xiàng)目應(yīng)完全相互對(duì)應(yīng)。</p><p>　　或者，

70、資本及其成本也被應(yīng)用到EVA的結(jié)構(gòu)中。 等式（2）至（5）中的資本（C）表示用于實(shí)現(xiàn)公司經(jīng)營業(yè)績的資本回報(bào)（特指NOPAT，稅后EBIT或營業(yè)利潤），即股權(quán)和明確的計(jì)息。 其成本由加權(quán)算術(shù)平均值確定為（7）：</p><p><b>　　其中：</b></p><p>　　rd =考慮到稅盾的計(jì)息債務(wù)成本</p><p><b>　　

71、D =有息債務(wù)資本</b></p><p>　　從這個(gè)意義上說，EVA的特點(diǎn)是企業(yè)刨去承諾資本的加權(quán)平均成本的生產(chǎn)能力 - 也除去外部資源（不被視為成本資本） - 貿(mào)易信貸，盡管它們也參與了企業(yè)營業(yè)利潤的形成。</p><p>　　關(guān)于資本，考慮到資本的時(shí)間性質(zhì)，有必要提到計(jì)算程序的不一致性。在一些文獻(xiàn)資料中，資本（C）被定義為企業(yè)的長期資本，而另一項(xiàng)代表所有公司負(fù)債，我們認(rèn)為

72、這是正確的，因?yàn)殚L期和短期的資金來源都涉及到營業(yè)利潤的創(chuàng)造。</p><p>　　資本的獨(dú)立成本的量化構(gòu)成了WACC計(jì)算的一部分，它不僅是EVA計(jì)算的一個(gè)特殊問題，而且是企業(yè)財(cái)務(wù)管理的更廣泛背景下的一個(gè)特殊問題。金融經(jīng)濟(jì)學(xué)提供了幾種量化這些成本的方法。不幸的是，在我們的現(xiàn)有條件下，使用已知方法和估值模型存在一個(gè)限制因素。特別的限制是斯洛伐克的資本/股票市場欠發(fā)達(dá)（資本資產(chǎn)定價(jià)模型）導(dǎo)致的基本數(shù)據(jù)缺失，斯洛伐克股份

73、公司大多沒有公開交易股票、不支付股息（股息模型）等（Buc et al，2013）。</p><p>　　在外國融資來源方面，銀行貸款在斯洛伐克企業(yè)中占主導(dǎo)地位。 因此，計(jì)算以這種方式獲得的資本成本通常不成問題。 考慮到通貨膨脹和其他宏觀經(jīng)濟(jì)條件下影響的利率是由市場決定。 為了計(jì)算，它可以通過稅盾的效果進(jìn)行調(diào)整。 企業(yè)“適用”利率的主要數(shù)據(jù)可以從賬戶中獲得，如借方利率和明確的計(jì)息債務(wù)資本比率。 雖然從賬戶562

74、 - 利息中可以知道借方利率，但有必要對(duì)公司的外債進(jìn)行分析，以確定有息債務(wù)資本的金額（有息外資信息不是資產(chǎn)負(fù)債表的必要組成部分）（Lehutova等，2013）。</p><p>　　除了從賬戶中獲取的內(nèi)部數(shù)據(jù)外，還使用外部數(shù)據(jù)來計(jì)算rd。 這些外部數(shù)據(jù)可以是例如商業(yè)銀行在從斯洛伐克國家銀行獲得的商業(yè)領(lǐng)域里貸款時(shí)的利率數(shù)據(jù)。</p><p>　　估算股權(quán)成本 - 在我們現(xiàn)有的條件下，項(xiàng)目回

75、報(bào)是一個(gè)極其復(fù)雜的過程。 由于上述原因，最可行的解決方案是估算這些成本的堆疊方法，其中無風(fēng)險(xiǎn)回報(bào)率隨企業(yè)分解風(fēng)險(xiǎn)相關(guān)的風(fēng)險(xiǎn)溢價(jià)成分而增加（Bartosova，2005）。</p><p><b>　　結(jié)論</b></p><p>　　在形成各種EVA設(shè)計(jì)的部分指標(biāo)中，其可能的計(jì)算步驟存在著不斷的分歧，這增加了其量化的難度并且或多或少將其估算的值加以改變。在理論討論中，

76、在斯洛伐克的會(huì)計(jì)和稅收立法以及金融市場條件等不斷變化的背景下，基于公司價(jià)值的EVA概念和其他標(biāo)準(zhǔn)的應(yīng)用有新的論點(diǎn)來支持或反對(duì)。</p><p>　　就對(duì)企業(yè)活動(dòng)評(píng)估采用綜合方法的必要性方面，EVA指標(biāo)的重要性在我國也有所增加。 EVA決定了業(yè)務(wù)績效的標(biāo)準(zhǔn)、財(cái)務(wù)結(jié)構(gòu)的有效性，以及公司金融活動(dòng)、投資活動(dòng)等各項(xiàng)活動(dòng)的單一參考利率。全球化的進(jìn)步和國際經(jīng)濟(jì)關(guān)系的發(fā)展正逐步加強(qiáng)，它不僅有利于會(huì)計(jì)的統(tǒng)一，而且是評(píng)估公司及其運(yùn)營

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