經(jīng)濟附加值(EVA)外文文獻翻譯-會計

1、中文3487字本科畢業(yè)論文（設(shè)計）外 文 翻 譯原文：EVA: A better financial reporting tool Economic Value Added (EVA) is a financial performance measure being adopted by many companies in corporate America. This new metric, trademarked by Stern Stewart and Company, is a profit measure based on the concept of true economic i

2、ncome which includes the cost of capital for all types of financing. EVA provides a more comprehensive measure of profitability than traditional measures because it indicates how well a firm has performed in relation to the amount of capital employed. This article summarizes the EVA concept of measu

3、ring profitability, the EVA calculation and the benefits of adopting an EVA framework.The EVA Concept of Profitability EVA is based on the concept that a successful firm should earn at least its cost of capital. Firms that earn higher returns than financing costs benefit shareholders and account for

4、 increased shareholder value. In its simplest form, EVA can be expressed as the following equation: EVA = Operating Profit After Tax (NOPAT) - Cost of Capital NOPAT is calculated as net operating income after depreciation, adjusted for items that move the profit measure closer to an economic measure

5、 of profitability. Adjustments include such items as: additions for interest expense after-taxes (including any implied interest expense on operating leases); increases in net capitalized R&D expenses; increases in the LIFO reserve; and goodwill amortization. Adjustments made to operating earnin

6、gs for these items reflect the investments made by the firm or capital employed to achieve those profits. Stern Stewart has identified as many as 164 items for potential adjustment, but often only a few adjustments are necessary to provide a good measure of EVA.1 Measurement of EVA Measurement of EV

7、A can be made using either an operating or financing approach. Under the operating approach, NOPAT is derived by deducting cash operating expenses and depreciation from sales. Interest expense is excluded because it is considered as a financing charge. Adjustments, which are referred to as equity eq

8、uivalent adjustments, are designed to reflect economic reality and move income and capital to a more economically-based value. These adjustments are considered with cash taxes deducted to arrive at NOPAT. EVA is then measured by deducting the company's cost of capital from the NOPAT value. The a

9、mount of capital to be used in the EVA calculations is the same under either the operating or financing approach, but is calculated differently. The operating approach starts with assets and builds up to invested capital, including adjustments for economically derived equity equivalent values. The f

10、inancing approach, on the other hand, starts with debt and adds all equity and equity equivalents to arrive at invested capital. Finally, the weighted average cost of capital, based on the relative values of debt and equity and their respective cost rates, is used to arrive at the cost of capital wh

11、ich is multiplied by the capital employed and deducted from the NOPAT value. The resulting amount is the current period's EVA. The remainder of this article summarizes the financing approach because it emphasizes the significance of capital employed and illustrates how accounting rules impact th

12、e calculation of EVA. Exhibit 1 on page 33 shows a sample calculation of EVA. EVA Calculation and Adjustments As stated above, EVA is measured as NOPAT less a firm's cost of capital. NOPAT is obtained by adding interest expense after tax back to net income after-taxes, because interest is consid

13、ered a capital charge for EVA. Interest expense will be included as part of capital charges in the after-tax cost of debt calculation. Other items that may require adjustment depend on company-specific activities. For example, when operating leases rather than financing leases are employed, interest

14、 expense is not recorded on the income statement, nor is a liability for future lease payments recognized on the balance sheet. Thus, while interest is implicit in the yearly lease payments, an attempt is not made to distinguish it as a financing activity under GAAP. Under EVA, however, the interest

15、 portion of the payment is estimated and the after-tax amount from it is added back into NOPAT because the interest amount is considered a capital charge rather than an operating expense. The corresponding present value of future lease payments represents equity equivalents for purposes of capital e

16、mployed by the firm, and an adjustment for capital is also required. See Exhibit 1 for sample adjustments commonly used in the calculation of EVA. R&D expense items call for careful evaluation and adjustment. While GAAP generally requires most R&D expenditures to be expensed immediately, EVA

17、 capitalizes successful R&D efforts and amortizes the amount over the period benefiting the successful R&D effort. Another example of an EVA adjustment is the LIFO reserve increase. The increase is added back to profit because it converts inventory from a LIFO to FIFO valuation, which is a b

18、etter approximation of current replacement cost. The full amount of the LIFO reserve represents past holding gains and accordingly is added back to the equity component to reflect the capital invested by the firm in inventory not yet reflected in equity under GAAP. Other adjustments recommended by S

19、tern Stewart include the amortization of goodwill. The annual amortization is added back for earnings measurement, while the accumulated amount of amortization is added back to equity equivalents. Goodwill amortization is handled in this manner because by "un-amortizing" goodwill, the rate

20、 of return reflects the true cash-on-yield. In addition, the decision to include the accumulated goodwill in capital improves the real cost of acquiring another firm's assets regardless of the manner in which the acquisition is accounted. While the above adjustments are common in EVA calculation

21、s, according to Stern Stewart, those items to be considered for adjustment should be based on the following criteria: Materiality: Adjustments should make a material difference in EVA. Manageability: Adjustments should impact future decisions. Definitiveness: Adjustments should be definitive and obj

22、ectively determined. Simplicity: Adjustments should not be too complex. If an item meets all four of the criteria, it should be considered for adjustment. For example, the impact on EVA is usually minimal for firms having small amounts of operating leases. Under these conditions, it would be reasona

23、ble to ignore this item in the calculation of EVA. Furthermore, adjustments for items such as deferred taxes and various types of reserves (i.e. warranty expense, etc.) would be typical in the calculation of EVA, although the materiality for these items should be considered. Unusual gains or losses

24、should also be examined and eliminated if appropriate. This last item is particularly important as it relates to EVA-based compensation plans. The Significance of the Capital Charge Under traditional financial reporting, a cost rate is not assigned for the equity used to finance operations. Thus, th

25、e use of net income as a performance measure is limited by the exclusion of that cost. In addition, when used in calculations such as return on equity, net income also includes the accounting distortions included in its calculation and that of book value. EVA, on the other hand, through its adjustme

26、nt efforts, seeks to eliminate the impact of accounting distortions while treating the impact of financing costs more comprehensively in its capital cost charge. Therefore, a truer measure of economic profit is provided by EVA than that provided by the use of traditional GAAP-based measures. This ma

27、y be significant because some companies spend heavily on R&D and the accounting treatment for this and certain in tangibles is not included on GAAP-based balance sheets. EVA provides a way to compare performance among firms impacted by these accounting weaknesses. The specific amount of the capi

28、tal charge for EVA is based on the amount of equity equivalents determined after adjustments, multiplied by the capital cost rate. The capital cost rate is based on the individual cost rates for both debt and equity. While the cost rate for debt can be readily determined, the rate for equity require

29、s some effort. The cost for equity can be measured by using the capital asset pricing model, or other risk premium approaches. Once that rate is determined, it is combined with the relative proportions of capital to produce the weighted average cost of capital (WACC). It is that overall rate, when c

30、ombined with all capital including equity equivalents, that produces the overall capital charge used in EVA. After the capital charge is calculated and deducted from NOPAT, the full extent of EVA' s benefits can be observed, because all opportunity costs involved in the production of income have

31、 been measured and included in profitability. An example of the WACC is shown in Exhibit 1. EVA-Based Compensation Plans For firms that reward managers based on performance, EVA can offer advantages over traditional profit-based plans. First, by tying compensation to a better performance metric, the

32、 company can achieve a better matching of its own objectives with those of the manager. Second, EVA can help reduce some conflicts of interest often associated with managers and profitability measurement. Because an objective of EVA is to eliminate the impact of accounting distortions on profitabili

33、ty and the influence of management in its calculation, EVA is a better representation upon which to reward executives. It should be noted that EVA measurement is not without subjective elements. It may be necessary to involve an independent committee to determine the appropriateness of specific EVA

34、adjustments and how to best handle unusual situations. Stern Stewart also recommends that EVA-based bonus systems involve some form of deferral of pay with the full amount of EVA bonuses dependent on long-term success. This feature of paying only a portion of the current amount and banking the remai

35、nder for the future is an important component of the system and is designed to enhance long-term loyalty to the firm. Bonuses should also be uncapped and include stock options, thereby turning managers into owners. The ability of the system to lower bonuses based on subsequent performance is one fea

36、ture that makes EVA systems fair to both the company and its managers. Thus, EVA and its inclusion in compensation, rewards long-term success and helps the company promote this aspect of corporate performance. The overall success of the plan is dependent on several important factors including the ab

37、ility of all employees to understand and agree with its goals. To reach this objective, it is necessary to provide focused training of EVA to all employees in the company. In that way, everyone better understands the philosophy and their role in the system. While this training may take considerable

38、time and effort, it is usually rewarded by sustained improvements in EVA. EVA Drivers Another advantage of EVA systems is the emphasis on EVA drivers and the contribution of certain activities to EVA. When implementing EVA, firms seek to determine those areas of the business most responsible for suc

39、cess. By isolating activities, such as inventory management or capacity utilization, firms can judge the value of these on projects, divisions, etc. Thus management can focus on ways to increase economic value, rather than on reported numbers alone. By including capital contributions which do not re

40、quire a stock price, firms are also able to use EVA in evaluating the performance of individual units or divisions of the firm as well as the managers who run those businesses. EVA helps focus on improving operating profits without tying up more capital in the business, curtailing or liquidating inv

41、estments that do not meet capital costs, and/or reducing the cost of capital. Management actions such as cost reductions, improvements in technology, reduced working capital, or the optimal use of debt, represent the types of benefits resulting from EVA analysis and implementation. Share Price and E

42、VA A controversy that surrounds EVA is whether it correlates well with a firm's stock prices as claimed by Stern Stewart. While many believe that it does, the results of several studies are mixed.3 Nevertheless, many seem convinced of the overall benefit of EVA. Therefore, firms contemplating th

43、e adoption of EVA, or any performance-based measure used for decision making and compensation, should examine their own individual characteristics, the underlying theory of the measure sought, and the likelihood that the measure selected will capture the attributes it seeks. For advocates of EVA, th

44、e underlying theory of finance embedded in its calculation is one of its strengths. This can more easily be seen when one considers that the present value of EVA parallels that of using net present value, and for capital projects, would be expected to yield a similar result. Source: Larry M.Prober,2

45、000 “EVA: A better financial reporting tool”. Pennsylvania CPA Journal, vol.71, lessue 3,p27.譯文：EVA：一個較好的財務績效評價方法經(jīng)濟增加值（EVA）作為財務績效評價的一種方法，目前正被很多美國公司所應用。這種由思騰思特公司所發(fā)明的新的指標體系，是基于包括所有類型的資本成本在內(nèi)的真正的經(jīng)濟收入的一種利潤衡量方法。比起傳統(tǒng)的績效評價方法，EVA提供了更為全面的評價辦法，因為EVA表明公司是怎樣運用其大數(shù)額的營運資本的。本文總結(jié)了EVA衡量盈利能力的概念，EVA的計算，以及采用EVA的優(yōu)勢。EVA的盈利

46、性EVA認為，一個成功的企業(yè)至少應該獲得等于其所耗費的資本成本的收益。該公司應賺得比股東融資成本效益和增加股東價值更高的回報。EVA可以表示為下列公式：EVA=稅后凈營業(yè)利潤（NOPAT） 資本成本稅后凈營業(yè)利潤是根據(jù)折舊后的凈營業(yè)收入，將利潤調(diào)整為更接近經(jīng)濟性的盈利衡量方式。調(diào)整項目為：稅后增加的利息費用（包括任何經(jīng)營租賃隱含的利息支出），增加的凈資本化的研發(fā)費用，后進先出儲備的增加，以及商譽和攤銷。對這些項目的營業(yè)收益做出調(diào)整，反應了企業(yè)所做的投資和為實現(xiàn)這些利潤所進行的資本的投資。思騰思特確定了多達164個需要調(diào)整的項目，但通常只有幾個的項目的調(diào)整對于EVA的計算來說是必要的。EVA的計

47、量EVA可以從經(jīng)營或融資兩個角度進行計算。在經(jīng)營方式下，稅后凈營業(yè)利潤是從銷售現(xiàn)金收入扣除經(jīng)營費用和折舊而得。利息費用是排除在外的，這是因為把它當做融資費用來考慮。那些被當做股權(quán)進行調(diào)整的項目，是用來反應現(xiàn)實經(jīng)濟和動態(tài)的收入，以及更具經(jīng)濟性的資本。這些調(diào)整被認為是稅后凈營業(yè)利潤扣除了現(xiàn)金稅的結(jié)果。計算EVA時，都需要從稅后凈營業(yè)利潤中扣除企業(yè)的資本成本。無論在融資方式下還是經(jīng)營方式下，計算EVA都需要運用到資本，只是計算上有差異而已。從經(jīng)營角度說，從資產(chǎn)出發(fā)，建立了投資資金，包括經(jīng)濟性的派生權(quán)益等項目的調(diào)整；另一方面，從融資角度說，從負債出發(fā)，同時加上了股權(quán)和等值股權(quán)，從而形成了投資資本。最后

48、，建立在負債、股權(quán)成本和各自的資本成本率的加權(quán)平均資本成本，就被用來計算企業(yè)的資本成本。由資本成本和稅后凈營業(yè)利潤相減得出當期的EVA。本文的其余部分總結(jié)了融資的方法，因為它強調(diào)的是運用資本的重要性，并說明如何會計規(guī)則的影響EVA的計算。第33頁的圖表顯示了一對EVA的樣本計算。EVA的計算和調(diào)整如上所述，EVA是通過稅后凈營業(yè)利潤減去企業(yè)的資本成本而得的。稅后凈營業(yè)利潤可以表述為稅后凈收益加回利息支出，因為存款利息被認為是EVA的資本要求。在稅后負債成本的計算中，利息費用還包括資本支出。其他項目，是否需要調(diào)整則取決于公司的具體活動。例如，當經(jīng)營租賃而不是融資租賃時，利息費用是不計入損益，也不

49、計入當期的資產(chǎn)負債表。因此，根據(jù)公認會計準則（GAAP），利息被作為融資活動中產(chǎn)生的費用，與企業(yè)每年的租賃費用并沒有區(qū)分開來，而是隱含在其中。在EVA方法下，利息的支付部分是被估計計算的，稅后又加回到稅后凈營業(yè)利潤，因為利息被認為是一項資本支出而不是經(jīng)營支出。其相應的未來租賃付款額的現(xiàn)值代表了等值的公司所投入的資本的股票的價值，同時，對于資本的調(diào)整也是必須的。對于研發(fā)費用的項目也要求認真評估并進行必要的調(diào)整。雖然一般公認會計準則要求大多數(shù)的研發(fā)費用需要立即支銷，但在EVA方法下，通常將研發(fā)費用資本化，在研發(fā)期間的費用進行攤銷將有利于研發(fā)工作的成功。計算EVA時需要調(diào)整的另一個例子是后進先出設(shè)備

50、的增加，這種增加將加回至利潤，因為，這是從后進先出到先進先出估值的轉(zhuǎn)換，是一個很好的近似的實現(xiàn)重置成本的過程。后進先出法下的設(shè)備代表了過去持有收益的增加，因此添加回到權(quán)益部分，以反映該公司投資于股票尚未反映在會計準則中存貨的資本。思騰思特建議，另一個需要調(diào)整的項目是商譽攤銷。每年的攤銷都加回到收入中，而累積攤銷總額則被加回至等值的股東權(quán)益上。商譽攤銷運用這種方式其實是通過“非攤銷”的方式進行處理，其回報率反應了企業(yè)每年真正的現(xiàn)金收益。此外，這種包括了商譽的資本積累的決定，提高其無論運用什么方式收購另一企業(yè)的資產(chǎn)的真實成本。雖然根據(jù)思騰思特的看法，上述項目的調(diào)整在EVA的計算中是很尋常和共同的，

51、但這些項目在進行調(diào)整時必須遵循以下標準：重要性：關(guān)于EVA的調(diào)整應該有個實質(zhì)性的改變；可管理性：關(guān)于項目的調(diào)整應影響未來的決定；確定性：關(guān)于項目的調(diào)整應非常明確和客觀；簡易性：關(guān)于項目的調(diào)整不應過于復雜。如果一個項目符合這四項標準，則應當考慮對其進行調(diào)整。例如，那些有著少量的經(jīng)營租賃的企業(yè)對EVA的影響較小。在這樣的條件下，在EVA的計算中忽略這個項目就顯得非常合理了。此外，遞延所得稅項目的調(diào)整以及各類儲備項目（即保修費用等）的調(diào)整，則顯得十分典型了，雖然這些項目的可行性應當予以考慮。不尋常的收益或者損失也應當同樣進行檢查、最后一項是特別重要的，因為它涉及到了以EVA為基礎(chǔ)的報酬計劃。資本計提的意義在傳統(tǒng)的財務報告中，成本率是未分配的融資業(yè)務的股權(quán)。