2023年全國碩士研究生考試考研英語一試題真題（含答案詳解+作文范文）_第1頁
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1、外文文獻翻譯譯文一、外文原文原文：原文：EconomicValueAddedEconomicValueAdded(EVA)whenappliedproperlyinacompanyimpactsalldepartmentsdecisions.TheequationfEVAaswellastheadjustmentsthatmustbemadetocurrentaccountingpracticesisthebasisfanunderst

2、ingofEVA.ThesuccessofEVAisdisplayedascompaniesthathaveimplementedEVAtovaryingdegreesarecomparedwithcompaniesthathavenotimplementedEVA.OncetheargumentftheoverallsuperiityofEVAismadetraditionalperfmancemeasurescurrentaccou

3、ntingpracticesareevaluated.Thentheimptanceofcreatingvaluewithincpationsbecomesapparent.FinallyadetailedexampleoftheimplementationprocessthattookplaceseveralyearsagoatHarscoarguedinfavofallcompaniesadoptingEVA.EconomicVal

4、ueAddedEconomicValueAdded(EVA)fthelasttwotothreedecadeshasbeenreceivinganincreasingamountofattention.Thoughithasbecomeaviablebusinesspracticefmanylargecpationsitstillhasnotsuccessfullyalteredtheapproachofmanycpateleaders

5、.EVAapproachesthefinancialaspectofcpationsfromadifferentperspectivethanthattowhichmostexecutivesareaccustomed.ToraiseawarenessofthebenefitsofEVAitisimperativetogainabasicunderstingoftheideasconceptsimplicationsassociated

6、withtheimplementationofpoliciesatcpationsthathaveadoptedEVA.EVAEquationAtitscetheconceptofEconomicValueAddedisrelativelysimple.Thecomplexityisthattheconceptmustbeappliedtoeverybusinessdecisionatalllevelsofaparticularcomp

7、anytorealizethedesiredlongruneffects(Stewart1991).TheequationfEVAisasfollows:EVAasaperfmancemeasuredidnotobtainsuchimpressiveresults(Stewart2002b).EVAvs.OtherFinancialPerfmanceMeasurementsThoseinfavofusingEVAasaperfmance

8、measurearguethatitissuperitootherperfmancemeasuresfthefourfollowingreasons:itisnearertotherealcashflowsofthebusinessentityitiseasytocalculateunderstithasahighercrelationtothemarketvalueofthefirmitalignsthegoalsofmanageme

9、ntwiththeinterestsoftheshareholders.EVAissuperitoconventionalmeasuressuchasReturnonInvestment(ROI)ReturnonEquity(ROE)ReturnonAssets(ROA)becausethesecalculationsarebasedonaccountingfigures.UsingGenerallyAcceptedAccounting

10、Principles(GAAP)theassetsinthebalancesheetarecarriedbasedonhisticalcostswhilewiththeexceptionofdepreciationrevenuesexpensesarerecognizedaseitheraprofitalossattheircurrentvalue.Duetothisinaccuracyinthecalculationofthevalu

11、eofassetstheratesofreturndonotaccuratelydeterminetheactualreturnonagiveninvestment.Assuchtherateofreturnisusuallylowerinthefirstfewyearshigherinthelatteryears.Howeverifthevalueofthemixofassetsisclosetothecurrentvalueofth

12、eassetsthedisttionwillnotbeassignificantaswhenthevalueoftheassetsisfarbelowthecurrentvalue.Mostcompaniesrarelyhavetheneededassetmixtomaketheseaccountingmeasuresaccuratetherefetheycannotberegardedastrueindicationsoftheper

13、fmanceofthecompany.EVAasaCpatePhilosophyEVAisaconceptthatisnoteasytounderstbutcanbeimplementedwithcareateverylevelofanganization.CpationsacrosstheglobeevensomestateownedenterprisesintheUnitedStateshaveadoptedEVAasacpatep

14、hilosophy.OneimptantadvantageofEVAisthatitimprovesbusinessliteracybecauseofitssimplisticconcept.Businessliteracyistheattemptofmanagementtomakeallemployeesawarethatfanyactivitytocreatevaluethereturnneedstoexceedthecostofc

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