經(jīng)濟增加值外文文獻翻譯譯文

1、外文文獻翻譯譯文一、外文原文原文：EconomicValueAddedEconomicValueAdded(EVA),whenappliedproperlyinacompany,impactsalldepartmentsanddecisions.TheequationforEVAaswellastheadjustmentsthatmustbemadetocurrentaccountingpracticesisthebasisforanunderstandingofAE.VThesuccessofEVAisdisplayedascompaniesthathaveimplementedEAVtov

2、aryingdegreesarecomparedwithcompaniesthathavenotimplementedEVA.OncetheargumentfortheoverallsuperiorityofEVAismade,traditionalperformancemeasuresandcurrentaccountingpracticesareevaluated.Then,theimportanceofcreatingvaluewithincorporationsbecomesapparent.Finally,adetailedexampleoftheimplementationproc

3、essthattookplaceseveralyearsagoatHarscoarguedinfavorofallcompaniesadoptingEVA.EconomicValueAddedEconomicValueAdded(EVA),forthelasttwotothreedecades,hasbeenreceivinganincreasingamountofattention.Thoughithasbecomeaviablebusinesspracticeformanylargecorporations,itstillhasnotsuccessfullyalteredtheapproa

4、chofmanycorporateleaders.EVAapproachesthefinancialaspectofcorporationsfromadifferentperspectivethanthattowhichmostexecutivesareaccustomed.ToraiseawarenessofthebenefitsofEVA,itisimperativetogainabasicunderstandingoftheideas,concepts,andimplicationsassociatedwiththeimplementationofpoliciesatcorporatio

5、nsthathaveadoptedEAV.EVAEquationAtitscore,theconceptofEconomicValueAddedisrelativelysimple.Thecomplexityisthattheconceptmustbeappliedtoeverybusinessdecisionatalllevelsofaparticularcompanytorealizethedesiredlong-runeffects(Stewart,1991).TheequationforEVAisasfollows:EVA=NetOperatingProfitAfterTaxes(NO

6、PAT)(Capital*TheCostofCapital).Thisideahelpsmanagersintegratetwobasicprinciplesoffinanceintotheirdailydecision-making.First,theprimaryfinancialobjectiveofallcompaniesshouldbetomaximizeshareholderwealth.Second,thevalueofacompanyisbasedoninvestorsexpectationsoffutureearningsexceedingorfallingshortofth

7、ecostofcapital.ThecostofcapitalisadecisivemeasurepertainingtocomputingEVA(Stewart,1991).Thecostofcapitalistherateofreturnacompanywouldexpecttoreceivehadtheyinvestedinadifferentvenuewithasimilarrisk(CostofCapital).Thisamountisthefigurethatdetermineswhetheracorporationisperformingwellorbadly.Althoughi

8、tmayappeartobeacashcost,itisactuallyanopportunitycost.Calculatingthetrade-offbetweenriskandrewardderivesanopportunitycost.Thecostofcapitalconsistsofariskfreerateofreturnandariskpremium.Long-termU.S.governmentbondsareconsideredriskfreebecauseofthevalueoftheentireeconomyaswellasthetaxingauthorityofthe

9、government.Toillustrate,assumetherateforriskfreegovernmentbondsis6%andaddtoittheriskpremium.Although,riskpremiumsvarybycompanyandindustry,mostinvestorsexpectfrom2%to10%inadditiontothegovernmentbondrate.Assumethattheriskpremiumis4%,addtheriskfreerateof6%,andthecostofcapitalinthisexamplewouldbe10%.The

10、SuccessofEVAToquantifytheextenttowhichcompaniesthatimplementEVAoutperformtheircompetitors,datawerecollectedbySternStewart(2002b).CompanieshaveseenhighreturnswhentheyutilizeSternStewartsEVAframeworkforperformancemanagement,value-basedplanningandincentivecompensation.Throughoutthe1990sthesesamecompani

11、es,onaverage,outperformedtheircompetitorsby8.3%annuallyduringthefirstfiveyearsaftertheyfirstadoptedEVA.Improvedoperatingmargins,strongercashflowgeneration,andquickerassetturnoverwerethecatalystsresponsibleforgreaterstockmarketperformance,whichcauseda$116billionincreaseinshareholderwealthbeyondthatof

12、theircompetitors.ThemarginofperformanceisgreaterstillforcompaniesthatuseEAVasaperformancemeasureandatoolfordeterminingmanagementcompensation.CompaniesthatonlyusedEVAasaperformancemeasuredidnotobtainsuchimpressiveresults(Stewart,2002b).EVAvs.OtherFinancialPerformanceMeasurementsThoseinfavorofusingEVA

13、asaperformancemeasurearguethatitissuperiortootherperformancemeasuresforthefourfollowingreasons:itisnearertotherealcashflowsofthebusinessentity;itiseasytocalculateandunderstand;ithasahighercorrelationtothemarketvalueofthefirmanditalignsthegoalsofmanagementwiththeinterestsoftheshareholders.EVAissuperi

14、ortoconventionalmeasuressuchasReturnonInvestment(ROI),ReturnonEquity(ROE),andReturnonAssets(ROA)becausethesecalculationsarebasedonaccountingfigures.UsingGenerallyAcceptedAccountingPrinciples(GAAP),theassetsinthebalancesheetarecarriedbasedonhistoricalcostswhile,withtheexceptionofdepreciation,revenues

15、andexpensesarerecognizedaseitheraprofitoralossattheircurrentvalue.Duetothisinaccuracyinthecalculationofthevalueofassets,theratesofreturndonotaccuratelydeterminetheactualreturnonagiveninvestment.Assuch,therateofreturnisusuallylowerinthefirstfewyearsandhigherinthelatteryears.However,ifthevalueofthemix

16、ofassetsisclosetothecurrentvalueoftheassets,thedistortionwillnotbeassignificantaswhenthevalueoftheassetsisfarbelowthecurrentvalue.Mostcompaniesrarelyhavetheneededassetmixtomaketheseaccountingmeasuresaccurate;therefore,theycannotberegardedastrueindicationsoftheperformanceofthecompany.EVAasaCorporateP

17、hilosophyEVAisaconceptthatisnoteasytounderstandbutcanbeimplementedwithcareateverylevelofanorganization.Corporationsacrosstheglobe,evensomestateownedenterprisesintheUnitedStates,haveadoptedEAVasacorporatephilosophy.OneimportantadvantageofEVAisthatitimprovesbusinessliteracybecauseofitssimplisticconcep

18、t.Businessliteracyistheattemptofmanagementtomakeallemployeesawarethatforanyactivitytocreatevalue,thereturnneedstoexceedthecostofcapitalforthatparticularactivity.Italsotakesintoconsiderationthecostofcapital,whichmanyotherconventionaltechniquesfailtoincorporateintotheircalculations.WhatDeterminesCompa

19、nyValue?IndealingwiththetopicofEconomicValueAdded,manyquestionssurfaceforwhichthemostastuteprofessionalsinbusinesscannotagree.Themostcommonoftheseishowoneistodeterminethevalueofacompany.Tobegin,severalmythsthataboundinthemarketarefollowedbysomevaluationconcepts.Ifonewastoaskseveraltopexecutiveshowva

20、luewasdeterminedandsharepricesset,theremaybeanswersusingthecombinationofseveralfinancialperformancefactorssuchasearnings,growthrates,returnsbookvalues,cashflows,dividends,andtradingvolumes.Withthiswidevarietyofanswers,itiseasytounderstandtheconfusionmanytopmanagershaveindeterminingwhatinvestorswant.

21、Therefore,theycannotrealisticallymakewisebusinessdecisionsthatwillmaximizeshareholderwealth-theultimategoalinbusiness(Stewart,1991).EarningsorEarningsperShareOneareaofcontroversyisdeterminingwhetherearningsorcashflowsdeterminestockprices.Tocalculateshareprices,onemayuseearningspershare(EPS)andthepri

22、ce/earningsmultiple(P/E).Thismethodisparticularlyappealingbecauseitissosimple.However,itistheverysimplicitythatmakesitanunreliablemeasureofvalue.TheaccountingmodelassertsthatWallStreetdeterminessharepricesbymultiplyingEPSbyanappropriateP/E.Ifthiswerethecase,acompanywithEPSof$0.50andaP/Eof5,wouldsell

23、at$2.50.ThemajorfaultwiththismethodisthatitassumesthattheP/Eremainsstatic.Inreality,P/Echangesfrequentlywithacquisitions,newinvestmentopportunities,andwithchangesinfinancialstructureandaccountingpolicies.Therefore,EPSdonotprovideareliablemeasureofvalue.Incontrast,theeconomicmodelassumessharepricesar

24、etheresultofevaluationsoffuturecashflowsandtheriskofthecashreceiptsofabusinessbysophisticatedinvestors.Inmanyfirms,cashflowandearningsriseandfallsimultaneously,soitisdifficulttodeterminewhichfactoristheprimarycausefortheresultingstockprice.Studieshavebeenconductedtofindtheevents,whichcausecashflowan

25、dearningstodepartinaparticularcompany.Thesestudiesconcludethatfuturecashflowsaremoreimportantinthecalculationofsharepricesthanearnings.Investorscaremoreaboutcashthanacompanysreportedearnings.Manycompaniesinflatetheirsalestoshowhigherearningsforthebenefitoftheinvestor.Ifaninvestoristoinvestwisely,hew

26、illignoretheearningsandlookatthecompanysfuturecashflowstobeproducedduringthebusinessexistence.EconomicModelvs.AccountingModelThemostimportantdifferencebetweenthetwomodelsisthattheaccountingmodelreliesonthebalancesheetandincomestatementwhiletheeconomicmodelreliesonusesofcashanditssource.Thisbecomessi

27、gnificantwhenacompanychoosesfromavarietyofaccountingmethods.Usingtheaccountingmodel,itmakesabigdifferencewhetheracashoutlayisexpensedontheincomestatementorcapitalizedonthebalancesheetbecauseearningsarethedrivingforce.Usingtheeconomicmodel,itonlymatterswherethecashoutlayisrecordedwhenitaffectstaxes.U

28、ltimately,earningsareaffectedbytheaccountingproceduresacompanyuses,suchaschoosinganinventorycostingmethod,amortizinggoodwill,accountingforresearchanddevelopment,anddeterminingbookvalue.CorporationValuationDecisionsinanycompanyshouldbemadeexclusivelyonthebasisofwhichdecisionsincreasethevalueofthecomp

29、anythemost.Therefore,amethodisneededtodeterminetheoutcomeofdifferentbusinessstrategiesandfinancialstructuringinrelationtothecompanystockmarketvalue.Thatmethodistoprojectthemostlikelyscenariosforavarietyofbusinessdecisionsinareassuchascosts,benefits,risks,andrewards.Notonlycanavaluationframeworkprovi

30、demanagementawaytoselectastrategy,butalso,itcanplaceavalueonaconsolidatedcompanyanditsindividualbusinessunitsaswellasonacquisitionanddivesturecandidates.Corporatevaluationscandeterminewhetheracompanyiscurrentlytradingforfairvalueandwhetheritshouldraiseorretireequityatthecurrentprices.Privatelyheldco

31、mpaniesshouldconductvaluationsperiodicallytodeterminethesharevalueforemployeestockownershipplansaswellasformanagementincentives.Itishelpfulforprivatelyheldcompaniestohavethisvaluationdoneasawayofdeterminingtheirprogressincreatingvalueforthefirm.Avaluationframeworkforindividualbusinessunitsshowswhich

32、onesareperformingwellbycreatingvalueandwhichareunderperformers.Doingsowillgivemanagementaclearerpictureastowhichbusinessunitsneedtobeinvestedinmostheavilyandwhichonesshouldbedivestedorrestructuredtomaximizetheirvalue.Thisiscrucialforanybusinessbecausepoorperformanceofpartofonecompanybusinesshastheca

33、pabilitytodestroymarketvalue.AstudyconductedbyStewart(1991)foundthatinoneparticularcompany,30%ofitsbusinessaccountedfor200%ofitstotalmarketvaluewhiletheother70%ofthebusinesswasdestroying100%ofitsmarketvalue.Hence,thecompanywasunknowinglydevotinglargeamountsofresourcestobusinessthatneverearneditscost

34、ofcapital.Lastly,avaluationframeworkwillhelpmanagementdeterminehowmuchitshouldpayforapotentialacquisition.Overpayingwillquicklyreducetheacquirerowsnmarketvaluewhileincreasingitschancesforgettingacquiredinthefuture.Valuationcanalsobeusedinreverse.Asmentionedpreviously,stockpricesconveytheexpectations

35、ofinvestorsregardingacompanysprospectsandrisks.Therefore,avaluationframrkecwaonbeusedtodevelopprojectionsthatequatetothatcompanysactualmarketvalue.Thenaninvestorcanusetheseprojectionstosetbreak-evengoals.Thiswillensurethatinvestorsearntheirrequiredrateofreturnoninitialinvestment(Stewart,1991).Conclu

36、sionEconomicValueAddedisatopicthatencompassesalllevelsofbusinessoperations.ItisimperativethatmeasuresbetakentoensureallmembersofacompanyarecommittedtotheprinciplesofEVA.“EAVismorethanaperformancemeasure;itisthefocalpointofamanagementsystemandamindset.EAVaffordstheCompanytheabilitytoestablishclear,ac

37、countablelinksbetweenstrategicthinking,capitalinvestment,day-to-dayoperatingdecisions,andshareholdervalue”(Stewart,2003,1).Source:MDHoule,2008.EconomicValueAdded.SeniorHonorsPapers,pp.1-29.二、翻譯文章譯文：經(jīng)濟增加值經(jīng)濟增加值（EVA），當(dāng)適當(dāng)應(yīng)用于一個公司時會影響各部門和決定。經(jīng)濟增加值的公式以及調(diào)整,必須以當(dāng)前會計實踐的理解為基礎(chǔ)。經(jīng)濟增加值的成功與否在于顯示企業(yè)實施不同程度的經(jīng)濟增加值與公司尚未實施經(jīng)

38、濟增加值的比較。一旦有人認(rèn)為,這一整體優(yōu)勢是由于經(jīng)濟增加值造成的,傳統(tǒng)的業(yè)績指標(biāo)和當(dāng)前會計實踐就需要被進行評估。然后,在公司內(nèi)創(chuàng)造價值的重要性就會變得明顯。最后,以一個幾年前發(fā)生在哈斯科集團的詳細(xì)實例的實施過程,來證明哈斯科集團贊成所有公司采用經(jīng)濟增加值。經(jīng)濟增加值經(jīng)濟增加值（EVA）,在最后的二、三十年中,已經(jīng)吸引了越來越多的關(guān)注。雖然它已經(jīng)成為許多大公司商業(yè)實踐的可行方法之一,但是在改變公司的領(lǐng)導(dǎo)人方面它還有不成功的地方。與大部分高管們的生活相比，經(jīng)濟增加值從不同的角度探討企業(yè)財務(wù)方面。為了提高經(jīng)濟增加值益處的意識，必須對采用了經(jīng)濟增加值的公司政策實施相關(guān)的思想、觀念、含義的進行基本了解。

39、經(jīng)濟增加值的計算方程經(jīng)濟增加值這個核心概念是相對簡單的。其復(fù)雜的概念必須適用于各級的一個特定公司實現(xiàn)預(yù)期長期效應(yīng)的各種商業(yè)決定（斯圖爾特，1991）。經(jīng)濟增加值的公式如下：經(jīng)濟增加值=稅后凈營業(yè)利潤（NOPA）T-（資本*資本成本率）經(jīng)濟增加值這個想法幫助了經(jīng)理們整合兩個財務(wù)的基本原則以融入日常決策。首先，基本的財務(wù)目標(biāo)應(yīng)該是所有公司的股東財富最大化。第二，一個公司的價值是基于投資者對股票未來盈利的預(yù)期超出或降低資本成本。資本成本的計算決定著有關(guān)經(jīng)濟增加值的措施（斯圖爾特，1991）。資本成本率是公司希望得到的關(guān)于他們投資一個不同的地點有類似風(fēng)險回報的比率（資本成本）。這個數(shù)字是決定公司執(zhí)行好

40、與壞的指標(biāo)。盡管它可能會出現(xiàn)現(xiàn)金的支出，但其實是機會成本。機會成本是通過計算風(fēng)險之間的平衡和獎勵來汲取的。資本成本率由一個無風(fēng)險回報率和一個風(fēng)險溢價組成。長期的美國政府債券被認(rèn)為是無危險的,因為整個經(jīng)濟以及稅務(wù)部門政府的價值。例如,承擔(dān)無風(fēng)險利率的政府債券是6%其中增加了風(fēng)險溢價。雖然,風(fēng)險溢價受公司和行業(yè)的改變,但大多數(shù)的投資者期望值為2%-10%，除了政府債券率。假設(shè)風(fēng)險溢價是4%,加上無風(fēng)險利率6%,則資本成本率在這個例子是10%。成功的經(jīng)濟增加值根據(jù)斯圖爾特公司（2002b）的數(shù)據(jù)收集，實施經(jīng)濟增加值的公司的量化程度勝過他們的競爭對手。他們利用斯圖爾特公司的經(jīng)濟增加值進行績效管理、價值

41、規(guī)劃和激勵補償時，公司已經(jīng)看見了高回報。在20世紀(jì)90年代這些相同的公司，在他們首次采用經(jīng)濟增加值后的前五年以平均每年8.3%的比率超越其對手。改進的生產(chǎn)利潤、較強的現(xiàn)金流產(chǎn)生、更快的資產(chǎn)周轉(zhuǎn)率是較大的股票市場表現(xiàn)的催化劑，這導(dǎo)致了超出其競爭對手116億美元股東財富的增加。績效的利潤對于將實施經(jīng)濟增加值作為績效評價的措施和決定管理報酬的工具是較大的。只用經(jīng)濟增加值評定績效的公司并沒有獲得這樣令人印象深刻的結(jié)果（斯圖爾特，2002b）。經(jīng)濟增加值與其他業(yè)績評價措施的比較那些贊成使用經(jīng)濟增加值作為績效評價措施的人認(rèn)為經(jīng)濟增加值明顯優(yōu)于其它業(yè)績指標(biāo)，有如下四個原因：一、它離真正的現(xiàn)金流量更近，企業(yè)很

42、容易計算和理解。二、對市場價值的公司具有較高的相關(guān)性，它的目標(biāo)與股東利益相一致。三、經(jīng)濟增加值優(yōu)于傳統(tǒng)業(yè)績評價的措施，諸如投資報酬率（ROI），凈資產(chǎn)報酬率（ROE和資產(chǎn)U益率（ROA,因為這些指標(biāo)的計算結(jié)果是基于統(tǒng)計數(shù)據(jù)算得的。四、使用一般公認(rèn)會計原則（GAAP編制，資產(chǎn)在資產(chǎn)負(fù)債表的上根據(jù)歷史成本得出的同時，除了折舊、稅收和費用在他們目前的價值被公認(rèn)為任何一個利潤或損失。由于這種資產(chǎn)價值計算的不精確性，回報率不準(zhǔn)確地確定了實際的投資回報。同樣地，回報率通常也要低于前幾年或高于后幾年。然而，如果資產(chǎn)組合的價值接近當(dāng)前的資產(chǎn)價值，資產(chǎn)價值遠(yuǎn)低于當(dāng)前價值這種扭曲不會那么典型。大多數(shù)公司很少有需要

43、資產(chǎn)組合使這些會計核算準(zhǔn)確的辦法，因此，他們不能被視為是公司績效評價的真實的跡象表明。經(jīng)濟增加值作為公司的宗旨經(jīng)濟增加值是一種觀念，那不是很容易理解，但可以通過關(guān)心一個組織的每一水平實現(xiàn)。公司在世界各處，甚至一些國家的企業(yè)在美國，都采用了經(jīng)濟增加值作為公司的宗旨。經(jīng)濟增加值的優(yōu)點之一是它可以提高業(yè)務(wù)素質(zhì)，因為它簡單的概念。業(yè)務(wù)素質(zhì)是管理人嘗試，讓所有的員工覺得，什么活動都可以創(chuàng)造價值，返回需要超過該特定的活動的資本成本。它也考慮了許多傳統(tǒng)的方法未能納入的資本成本的計算。是什么決定了公司的價值呢?在處理經(jīng)濟增加值的話題中，許多問題連最精明的專業(yè)人員意見也不一致。最常見的問題是你怎樣確定一個公司的價值。開始的時候，市場上充滿了幾個神話評價的概念。如果一個人正在問幾個高層管理人員如何確定價值和股票價格，他們可能會利用相結(jié)合的幾個財務(wù)指標(biāo)比如收入、增長率、賬面價值回報率、現(xiàn)金流量、股息和交易量回答你。不難理解會有各種各樣的答案，因為許多高層管理者已經(jīng)決定什么是投資者希望聽到的。因此，他們不能實際地作出明智的商業(yè)決策，股東財富最大化的終極目標(biāo)在商業(yè)領(lǐng)域（斯圖爾特，1991）。收入或每股收入這場爭論的一個方面是為了確定是收入還是現(xiàn)金流量決定股票價格。計算股票價格的方法，一種是用每股收益（EPS和價格與U入的比（P/E）。這個方法特別吸引人，因為它就是這么簡單。然而，它是很簡單，以至于使它