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1、本科畢業(yè)論文（設(shè)計(jì)）外文翻譯原文：原文：UsingEVAtomeasureperfmanceassessOfallthemeasuresthatcpationsusetogaugetheirperfmancenoneismeaccurateusefulthaneconomicvalueaddedEVA.UsedtoitsfullestEVAcanhelpcpationsachieveremarkablesuccess.Infactmos

2、tofthecompaniesusingEVAastheirframewkffinancialmanagementincentivecompensationhavesubstantiallyoutperfmedtheircompetits.EVAisthetermthatSternStewartitdestroysit.“analyticaltoolfbothoperatingstrategicdecisionsrevealingfar

3、meabouttheunderlyingdynamicsofabusinessthananyotherperfmancemeasure.ButcompaniesreapthefullbenefitsofEVAonlywhentheyuseitasthecenterpieceoftheirfinancialmanagementsystemasthedecidingfactinallbusinessdecisions.Everycompan

4、yhasafinancialmanagementsystemthoughmostaresocomplicatedconfusedthattheyhardlyjustifyuseofthewd“system.“Theconfusionarisesfromthefactthatmostcompaniesemployanumbingarrayofmeasurestoexpressfinancialgoalsobjectives.Strateg

5、icplansmaybebasedongrowthinearningsrevenuesmarketshare(thoughrarelyonshareholderwealthitself).Businessunitsmaybeevaluatedbyreturnoninvestmentagainstabudgetedprofitlevel.Individualproductsproductlinestypicallyarejudgedbyg

6、rossmarginscashflowmarketshare.Financedepartmentsusuallyanalyzecapitalinvestmentsintermsofdiscountedcashflowpresentvaluebutweighprospectiveacquisitionsbythelikelycontributiontogrowthinearningsearningspershare.Whatsmeallt

7、hosemeasures(otherthanpresentvalue)arepolycrelatedwithshareholderwealthoftenarecontradictyconflictinginthesensethatanincreaseinonewillsometimesbringadecreaseinanother.Usinginconsistentstardsgoalsterminologyusuallyresults

8、inincohesiveplanningoperatingstrategydecisionmaking.Withconflictingmessagesfromdifferentmeasuresthestageissettoperpetuatebattlesbetweenwarringstafffiefdomspoliticizemeasuresinthesensethatmanagerswillpickchooseuntiltheyfi

9、ndonethatsupptswhattheywanttodopromotedysfunctionalwealthdestroyingbehavi.TheEVAfinancialmanagementsystemeliminatesconflictconfusionbycouchingallbusinessissues—startingwithstrategymovingallthewaydowntodailyoperatingdecis

10、ions—inthecontextoftheimpactonEVA.Thisallowsallfinancialdecisionstobemodeledmonitedevaluatedcommunicatedcompensatedintermsofasinglemeasureprovidesacommonlanguagefemployeesacrossalloperatingstafffunctions.Usingonemeasurea

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