經(jīng)濟增加值的基本原理文獻翻譯

1、原文：白Foundat岸ions of傲 econom罷ic valu辦e added懊The 凹EVA扒 Revolu版tion哎In a ma絆rket-dr埃iven ec拔onomy m扒any com唉panies 把will cr爸eate we藹alth .O唉ther fi半rms how挨ever wi氨ll undo艾ubtedly傲 destro案y it. D瓣iscover吧ing tho哀se econ凹omic fa頒ctors t拔hat lea凹d to we瓣alth cr懊eation 暗and des搬t(yī)ructio愛n among凹 八compani瓣

2、es is i伴mportan懊t to ma澳ny cons礙tituenc奧ies, no霸t the l骯east of胺 which 巴is corp疤orate o捌fficial安s and i白nvestme襖nt mana瓣gers. F啊or corp霸orate m藹anagers笆, wealt凹h creat般ion is 扮fundame骯ntal to耙 the ec安onomic 襖surviva白l of th扮e firm.拜 Manage耙rs that愛 fail (艾or refu凹se) to 敗see the凹 import絆ance of氨 thi

3、s i斑mperati八ve in a搬n open 胺economy凹 do so 邦at the 霸peril o捌f the o班rganiza佰tion an耙d their昂 career阿.芭Finding奧 the “b安est” co壩mpanies哎 and in礙dustrie艾s in ma把rketpla伴ce is o矮f prima扒ry impo頒rtance 班to inve白stment 疤manager按s. With暗 the pr隘oper fi敖nancial擺 tools,半 portfo藹lio man邦agers m拔ay be a壩ble to

4、 邦enhance哀 their 翱active 吧perform襖ance ov哎er-and-啊above t捌he retu瓣rns ava哎ilable 辦on simi爸lar ris氨k index百ed pass跋ive str傲ategies哎. A new扒 analyt百ical to扒ol call疤ed 澳EVA昂 is now芭 assist癌ing thi藹s wealt跋h-disco癌very an捌d compa爸ny-sele笆ction p熬rocess扮 頒.The in拜novativ敗e chang巴es that罷 this f傲inancia頒l

5、 metri絆c have 襖spawned按 in the啊 twin a阿reas of敖 corpor熬ate fin稗ance an捌d inves氨tment m耙anageme壩nt is t凹he driv芭ing for叭ce behi敗nd what扳 can be半 former隘ly call搬ed the伴 “邦EVA板 revolu愛tion”.癌EVA啊 in pra敗ctice昂The ana愛lytical罷 tool c啊alled 靶EVA藹 ,for E盎conomic挨 Value 盎Added,案 皚was com霸mercial佰ly deve般lo

6、ped i礙n 1982 癌by the 背corpora胺te advi耙sory te半am of J扒oel Ste把rn and 搬G.氨阿B挨enn班ett藹霸Stew瓣art 骯阿.This f爸inancia昂l metic拔 gained疤 early 笆accepta巴nce fro案m the c傲orporat背e commu斑nity be熬cause o半f its i笆nnovati半ve way 罷of look斑ing at 瓣the fir伴m斑傲s real 扮profita邦bil絆ity拌 擺,unlike隘 tradit巴ional m拌easures

7、笆 of pro昂fit扳百such as俺 EBIT把 跋,EBITDA襖 耙,and ne皚t opera埃ting in斑come白吧EVA瓣 looks 澳at the 吧firm疤s “resi襖dual pr拔ofitabi辦lity盎”懊,捌 壩net of 八both th壩e direc暗t cost 百of debt鞍 capita霸l and t疤he indi凹rect co背st of e瓣quity c伴apital.按 In thi扮s way扒 伴,吧EVA把 serves藹 as a m熬odern-d襖ay meas懊ure of 辦corpora八te s

8、ucc俺ess bec白ause it癌 is clo熬sely al佰igned w伴ith the拌 shareh芭older w按ealth-m唉aximiza靶tion re百quireme八nt.百Large f俺irms li挨ke Coca百 Coca拜 把,Diagea芭 凹,Lilly(案Eli)瓣 八,Guidan稗t安 俺,and SP班X have 邦used 靶EVA白 as a g敗uide to罷 creati阿ng econ敗omic va胺lue for版 their 暗shareho皚lders白 啊.Bonuse搬s and i辦ncentiv巴e pay

9、 s骯chemes 隘at thes版e firms癌 have b班een bui敖lt arou拜nd the 百manager頒s abil骯ity (or拔 lack t板hereof)敖 to gen叭erate p版ositive埃 頒EVA艾 within案 the fi芭rms op扮erating挨 divisi拔ons奧 扳.Positi埃ve paym襖ents ac捌crue to捌 manage捌rs havi拜ng divi伴sional 礙operati案ng prof埃its tha霸t on ba暗lance e哀xceed t半he rel胺eva唉nt拔

10、“斑cost of俺 capita懊l跋”昂,胺 擺while n巴egative愛 incent稗ive pay擺ments m藹ay occu頒r if th凹e large般r-term 艾divisio隘nal ope敗rating 壩profits扳 fall s案hort of壩 the ov疤erall c啊apital 澳costs白 .稗Thus把 靶,by a a阿ccounti瓣ng for 阿both th跋e cost 佰of debt翱 and eq奧uity ca巴pital阿 斑,挨EVA骯 gives 拜manager藹s the i昂ncentiv瓣e to

11、 ac把t like 邦shareho搬lders w暗hen mak頒ing cor皚porate 板investm骯ent dec霸isions.隘EVA罷 is als班o gaini按ng popu懊larity 班in the 邦investm阿ent com哎munity芭 .頒The Jun愛e 1996 跋confere哀nce on背 吧“頒Economi凹c Value翱 Added”瓣 哀at CS F百irst Bo笆ston an埃d the “扮roll ou拜t”扒 皚of Gold奧man Sac澳hs 擺EVA矮 resear頒ch plat矮form in唉

12、 May 19柏97 is t背estimon哀y to th芭is exci暗ting de罷velopme唉nt骯 靶.Indeed氨 扳,隘 “背buy sid靶e”巴 擺investm爸ent fir芭ms like拜 Global板 Asset 暗Managem敖ent and班 Oppenh盎eimer C扮apital 哎use 霸EVA皚 in the敖ir stoc唉k selec哎tion啊 稗,portfo哀lio con靶structi哀on跋 阿,and ri般sk cont柏rol pro半cesses絆 版.Other 扳large i安nvestme霸nt fi

13、rm疤s are t佰aking a吧 seriou搬s look斑 鞍,and 頒EVA伴 is als礙o makin案g meani哀ngful i罷nroads 扒in worl皚d of gl熬obal pe阿rforman胺ce anal扒ytics挨 哎.般 疤Moreove盎r哀 疤,recent芭 empiri霸cal stu耙dies in稗 the Jo傲urnal P霸ortfoli版o Manag啊ement(a翱mong ot礙her fin阿ance an癌d inves壩tment j疤ournals癌)shows 唉that 把EVA耙 is bei瓣ng a

14、dva礙nced in矮 both t扒he acad叭emic an昂d finan擺cial co翱mmuniti八es.昂Evoluti伴on of 擺EVA盎The evo扮lution 拌of econ壩omic pr啊ofit佰版翱economi半c value扮 added(靶EVA懊)翱奧is a fa氨scinati矮ng stud霸y with 柏histori搬cal roo佰ts that霸 can be唉 traced安 back t辦o the c案lassica皚l econo扳mists 翱notion 敗of “res版idual i爸ncome.”挨For

15、ins按tance隘 鞍,consid絆er the 骯definit阿ion of 昂economi半c profi俺t made 阿in 1890芭 by fam熬ous Bri爸tish ec俺onomist愛 拔,Alfred叭 Marsha敖ll拔 傲,哎 啊regradi凹ng the 笆real me頒aning o安f a bus霸iness o昂wners 爸profit:癌 “襖What re襖mains o岸f his p岸rofits 爸after d疤eductin背g inter柏est on 扒his cap俺ital at藹 the cu板rrent r佰ate

16、 may背 be cal靶l(wèi)哀e隘d his e半arnings奧 of und吧ertakin叭g or ma艾nagemen岸t.半”案Based o隘n Marsh芭alls s拌tatemen翱t伴 背,it is 壩evident板 that t芭he econ捌omists唉 板definit拜ion of 案profit版矮namely扮 瓣,a resi氨dual vi俺ew of i盎ncome o阿r econo吧mic pro岸fit隘阿is radi按cally d挨ifferen藹t from 愛the acc鞍ounting昂 measur翱es of p爸rofi

17、t i捌n use t矮oday凹 翱,such a挨s EBIT巴 骯,EBITDA扒 皚,or net罷 operat霸ing inc傲ome壩 骯.This i吧s,版 霸a key d搬istinct爸ion bet岸ween ec邦onomic 霸profit 跋and acc按ounting拜 profit辦 lies i巴n the c半lassica敖l econo巴mists矮 擺notion 岸that a 襖company把 is not翱 truly 阿profita疤ble unl佰ess its版 revenu叭e have 骯covered爸 the us皚ual

18、 pro笆duction辦 and op絆erating班 expens邦es of r扒unning 佰a busin盎ess挨 罷,and pr哀ovided 皚a norma吧l retur敖n on th瓣e owner稗s澳 班investe班d capit稗al拜 隘.In a m敖ore fun把damenta藹l sense叭 熬,this r翱esidual艾 view o擺f incom瓣e is re唉ally wh佰at toda癌ys eco把nomic p柏rofit m擺ovement啊 is rea敗lly all愛 about.邦While 芭EVA芭 is

19、roo疤ted in 扒classic耙al econ哀omic th凹eory頒 班,three 啊pioneer癌ing 20般th拔 centur礙y Ameri氨can eco爸nomists安霸Irving 懊Fisher 盎during 頒the 193耙0s,and 懊Nobel L佰aureate背s Franc壩o Modig扳liani a般nd Mert爸on Mill伴er in t骯he late壩 1950s 扳to earl八y 1960s骯傲expande巴d upon 版the ful敗ler mea瓣ning of頒 econom般ic prof哀it in

20、 a班 corpor吧ate val擺uation 矮context俺 癌.Irving阿 Fisher奧 estab叭lished 班a funda唉mental 吧link be稗tween a版 compan癌ys net敖 presen翱t value阿(NPV)an氨d its d白iscount扮ed stre班am of e耙xpect巴ed百 cash f襖lows骯 白.In tur壩n礙 按,Modigl襖iani an敖d Mille傲r showe骯d that 頒corpo凹r埃ate inv般estment挨 decisi熬ons班癌as mani暗fest in襖

21、 positi按ve NPV 柏decisio擺ns按笆are the伴 primar愛y drive暗r of a 氨firms 叭enterpr癌ise val敖ue and 唉stock p礙rice唉礙as oppo翱sed to 安the fir把ms cap哎ital st捌ructure拜 mix of扒 debt a把nd equi敖ty secu版rities.皚Basical愛ly搬 昂,the th拔eory of霸 econom頒ic valu頒e added般 rests 柏on two 笆princip爸le asse捌rtions:艾(1) a c罷ompany

22、辦is not 拜truly p爸rofitab隘le unle扮ss it e版arns a 襖return 暗on inve八sted ca半pital t壩hat exc氨eeds th奧e oppor藹tunity 案cost of襖 capita拔l and (俺2)that 扒wealth 罷is crea拜ted whe笆n a fir襖ms man版agers m壩ake pos按itive N阿PV inve骯stments暗 decisi罷ons for扳 the sh笆arehold靶ers扳 頒.What e凹xpand o耙n these凹 癌EVA哀 tenets敗

23、 of wea半lth cre盎ation a百s we mo芭ve forw胺ard in 皚this bo板ok礙 絆.For no鞍w叭 啊,Lets 佰look at扒 operat搬ional d癌efiniti骯ons of 笆EVA背 that h辦ave sha艾ped the氨 curren版t econo霸mic pro癌fit mov扒ement a笆s well 背as intr芭oduce t熬he link拜 betwee佰n a com扒panys 襖economi暗c profi盎t and i吧ts mark鞍et valu礙e added俺.哎Operati

24、安onal De拜finitio板ns of 靶EVA懊There a爸re two 搬popular埃 or ope襖rationa把l愛 叭,ways o瓣f defin搬ing 巴EVA艾namel唉y氨 瓣,an “ac白countin安g”鞍 霸way and暗 a “fin霸ance”板 奧.From a跋n accou班nting p扳erspect凹ive壩 隘,扮EVA版 is def伴ined as盎 the di艾fferenc捌e betwe敗en the 瓣firms 哀net ope笆rating 唉profit 八after t隘ax(NOPA斑T)and i氨t

25、s weig伴hted-av稗erage d把ollar c礙ost of 艾capital頒 案.As a r斑esult啊 吧,拜EVA伴 differ奧s from 敗traditi癌onal ac瓣countin白g measu柏res of 爸corpora擺te prof埃it incl捌uding瓣 白,EBIT (敖earning哀s befor八e inter笆est and背 taxes)霸,EBITDA稗(EBTT p傲lus dep稗r(nóng)eciati頒on and 盎amortiz拌ation),敗net inc挨ome盎 板,and ev耙en NOPA拌T becau

26、襖se it f岸ully ac扳counts 扳for the扳 firms捌 overal靶l(wèi) capit笆al cost擺s骯 跋.This a拔nalytic唉al diff按erence 白is impo熬rtant t鞍o the f扒irms o百w伴n柏ers bec襖ause th稗e 跋EVA佰 metic 暗is net 安of both百 the di澳rect co傲st of d阿ebt cap岸ital an案d the i皚ndirect擺 cost o耙f equit哎y capit巴alas 拔reflect暗ed the 澳shareho柏lders挨 巴

27、require啊d retur笆n on co癌mmon st巴ock.耙In this氨 contex澳t敖 矮, 伴EVA背 can be藹 expres扮sed in 扮more ge襖neral t襖erms as佰:傲EVA伴=NOPAT-哀$Cost o愛f Capit耙al懊In this佰 expres芭sion, t爸he firm辦s doll唉ar cost敖 of cap鞍ital is唉 calcul暗ated by搬 multip按lying t頒he 盎percent奧age岸 cost o笆f capit瓣al by t斑he amou昂nt of i邦nves

28、ted斑 capita班l(xiāng) accor吧ding to爸:巴$Cost o哀f Capit埃al= %C奧ost of 佰Capital拜/100* 拜Capital般In turn擺, the p邦ercenta疤ge cost隘 of cap板ital is拔 obtain愛ed by t哎aking a鞍 “weigh扮ted ave絆rage” o啊f the f阿irms a俺fter-ta愛x cost 岸of debt傲 and eq傲uity ca啊pital a搬s shown胺 by: 挨%Cost o板f Capit隘al=Deb叭t weigh吧t * % A哎fter

29、-ta巴x debt 氨cost+ E凹quity w唉eight *挨 %Cost 啊of equi澳ty斑EVA般: The F襖inance 俺Interpr挨etation頒From a 奧finance癌 perspe芭ctive, 傲EVA胺 is def耙ined in澳 terms 安of how 斑it rela骯tes to 盎the fir半ms “ma扳rket va扮lue add柏ed.” In版 this c罷ontext,安 矮MVA擺 (or NP扮V) is e傲qual to頒 the pr芭esent v敖alue of安 the fi板rms ex俺p

30、ected 澳future 哀EVA澳. Addit唉ionally版, since扒 埃MVA俺 is equ罷al to t靶he mark挨et valu哀e of th阿e firm 岸less th愛e “book敖 capita把l” empl邦oyed in笆 the bu捌siness,案 it can扒 easily斑 be sho把wn that辦 敗EVA凹 is rel芭ated to盎 the 矮intrins阿ic valu昂e百 of the捌 firm a叭nd its 絆outstan爸ding de辦bt and 伴equity 凹securit熬ies.

31、St啊ating t熬hese co澳ncepts 扳in more皚 formal捌 terms 俺yields 版the fam鞍iliar v靶alue-ba熬sed rel疤ationsh拔ip betw柏een the辦 firms哎 “marke藹t value阿.把MVA唉 and 埃EVA柏: Growt礙h Consi扮deratio版ns 壩The bas翱ic 暗EVA昂 and 疤MVA靶 linkag矮e outli板ned abo版ve can 半also be邦 extend拜ed to a柏 multip芭eriod f凹ramewor拜k. With敗out

32、get艾ting in爸to comp敖licated熬 pricin胺g detai班l(xiāng)s here傲, one c埃an use 礙a “cons辦tant gr隘owth” 岸EVA拔 model 爸to show捌 the pr芭icing i罷mportan艾ce of b般oth the埃 firms搬 near-t隘erm 昂EVA笆 outloo岸k and i壩ts long般-term 辦EVA哎 growth按 rate i般n deter埃mining 背overall敗 corpor啊ate (or半 enterp半rise) v俺aluatio斑n. In t俺hi

33、s “Go案rdon-li矮ke” mod佰el, the瓣 relati罷onship 艾between笆 the fi斑rms 半MVA搬 and it辦s 案EVA翱 outloo敗k for t叭he futu艾re is e把xpresse案d as:頒MVA百=愛EVA盎(1)/(CO芭C-g捌EVA拔)叭In this挨 expres拔sion, 搬EVA氨(1) is 扮the fir班ms cur壩rent 奧EVA礙 outloo柏k (one-靶year ah凹ead for挨ecast),傲 g柏EVA擺 is the叭 firms柏 assess絆ed long爸-t

34、erm 扒EVA岸 growth唉 rate, 挨and COC霸 is the愛 famili扮al weig敖hted co挨st of d八ebt and埃 equity皚 capita扮l.扮The con翱stant-g疤rowth 翱EVA八 model 背shows t巴hat the按 firms哀 market案 value 扒added (翱MVA阿) is po氨sitivel礙y relat扮ed to i哎ts near皚-term 氨EVA版 outloo襖k, as m艾easured擺 by 版EVA案(1), as稗 well a伴s the f班irms a

35、按ssessed頒 long-t拌erm 拜EVA拜 growth胺 rate, 叭g白EVA版. As sh斑own, th胺e firm哎s 傲MVA藹 is als阿o negat白ively r佰elated 皚to any 氨unantic俺ipated 藹changes氨 in the爸 weighe笆d-avera愛ge cost澳 of (de皚bt and 襖equity)唉 capita懊l, COC.愛 Howeve扳r, in v哎iew of 絆modern 敖day cap癌ital st背ructure安 princi扒ples (a俺 la Mil澳ler-Mo

36、d胺igliani皚), this擺 “cost 把of capi翱tal” in昂terpret扒ation d疤oes not班 imply 骯that th捌e firm靶s corpo絆rate de拜bt poli靶cy has 辦any mea扮ningful邦 impact暗 on the吧 valuat辦ion of 絆the fir絆m and i笆ts outs拌tanding懊 debt a擺nd equi把ty shar巴es.耙PREVIEW傲 OF WEA爸LTH CRE搬ATERS岸Lets n扮ow take拜 a prel鞍iminary捌 look a疤t

37、the 岸MVA霸 and 斑EVA罷 relati傲onship 爸for maj唉or 吧U.S.百 wealth挨 creato凹rs and 藹destroy耙ers. Th耙e 八MVA扮 and 隘EVA襖 charac哀teristi辦cs for 哎five la埃rge 艾U.S.骯 wealth疤 creato靶rsincl頒uding G疤eneral 壩Electri凹c, Cisc艾o Syste埃ms, Mic笆rosoft 氨Corpora盎tion, W耙al-Mart跋 Stores跋, and M扮erckfo般r the 1瓣1-year 俺period

38、捌coverin班g 1990 鞍to 2000跋 are sh暗own in 凹Exhibit昂s1.2 an伴d 1.3. 按These l伴arge ca俺pitaliz背ation c拜ompanie靶s were 岸listed 熬by Ster暗n Stewa案rt & Co笆. as th背e top-f佰ive 鞍U.S.般 wealth八 creato百rs (bas版ed on 絆MVA板 rankin班g) in t奧heir 20昂01 Perf昂ormance辦 Univer扳se.耙Exhibit白 1.2 sh跋ows tha安t wealt哀h creat瓣or

39、s lik扒e Gener搬al Elec芭tric , 捌Cisco S埃ystems 絆, and M熬erck ha奧ve subs八tantial鞍l(fā)y posi瓣tive 傲MVA把 that g暗rows ra按pidly o翱ver tim稗e . At 敖y(tǒng)ear-en百d 2000,俺General昂 Electr把ics ne巴t prese盎nt valu哀e was $癌426,616頒 millio版n, whil捌e Cisco罷 System白s and M愛erck we熬re repo礙rting 捌MVA骯 values胺 of $27艾2,131 a暗nd

40、 $203罷,689 mi吧llion, 唉respect絆ively. 巴During 疤the 11-皚year pe岸riod sp瓣anning 伴1990 to癌 2000, 凹General岸 Electr翱ics ne芭t prese皚nt valu絆e was g矮rowing 敗at a co把mpound 案yearly 耙rate of版 nearly扒 34%. M吧oreover敗, over 扒the 11-吧year re版porting隘 period愛, Cisco扒s 矮MVA耙 was ac癌tually 白growing傲 at an 跋annuali柏

41、zed rat皚e of 86白%, whil襖e Merck扒 was re拜porting絆 a resp愛ectable澳 averag霸e 版MVA埃 growth罷 rate o扒f about稗 21%.絆Exhibit昂 1.2 al傲so reve哎als tha絆t the 盎MVA礙 values拔 for th擺e top-f阿ive 隘U.S.絆 wealth佰 creato芭rs decl辦ined mo皚stly fr熬om year熬-end 19按90 to 2挨000. Fo扮r examp矮le, Gen骯eral El艾ectric氨s 壩MVA班 dec

42、lin捌ed by a疤bout $4骯5,000 m按illion 拌(or $45傲 billio般n) whil邦e Cisco疤 System邦s and W骯al-Mart絆 each e辦xperien敖ced 背MVA敖 declin啊es of a罷round $隘76,000 笆million爸. Indee叭d, Micr埃osofts邦 頒MVA背 declin骯ed by a吧 stagge辦ring $4版12,000 襖million熬 from 瓣$629,47胺0 to $2吧17,235 巴million皚 betwe阿en 1999頒 and 20艾00.

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44、f 200藹0. Addi敗tionall板y, Micr把osofts唉 sharp 扮decline叭 in 挨MVA藹 was du扒e to se俺rious l辦egal ch八allenge氨s from 唉competi拌tors ar敖ising f拌rom its辦 allege岸d “bund敗ling” o凹f softw背are wit安h the W阿indows 礙operati唉ng syst挨em.敗Exhibit叭1.3 sho安ws the 凹source 澳of the 跋positiv班e net p伴resent 疤value b氨eing ge背ne

45、rated阿 by the奧 five 昂U.S.阿 wealth盎 creato吧rs show唉n in Ex按hibit1.版2. Spec拔ificall唉y, this罷 exhibi把t revea懊ls that靶 wealth板 creato礙rs like壩 Genera隘l Elect按ric, Mi藹crosoft跋, and M奧erck ha斑ve subs爸tantial霸ly posi百tive 暗MVA氨 becaus埃e their案 頒EVA扒 is bot叭h posit哀ive and瓣 growin哎g at a 澳substan俺tial ra瓣te

46、 over霸 time. 岸At $5,9按43 mill班ion, Ge疤neral E愛lectric板s 2000哎 百EVA斑 is not扳 only p氨ositive襖, but i柏t also 叭grew by癌 25% ov敖er the 熬1990-20芭00 peri拔od. Wit澳h 擺MVA笆 and 藹EVA熬 growth耙 rates 般in the 扒20-30% 叭range d骯uring t罷his dec背ade, th頒e two e跋xhibits半 sugges把t that 白General稗 Electr礙ics ne艾t prese安n

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48、 盎Top-Fiv隘e Wealt胺h Creat跋ors in 佰Perform傲ance Un艾iverse:霸1990-20翱00艾Exhibit胺 1.3 Ec敖onomic 擺Value A壩dded:埃 藹Top-Fiv拔e Wealt背h Creat捌ors in 霸Perform骯ance Un鞍iverse:鞍1990-20辦00吧Exhibit傲1.3 als盎o shows辦 that C頒isco Sy翱stems h矮ad trem傲endous 安growth 懊in its 白EVA扳 up to 爸1998. D吧uring t叭his per扳iod, th扳

49、e netwo爸rking f半irms 捌EVA啊 grew f辦rom jus瓣t $9 mi扮llion i翱n 1990 罷to $775氨 millio把n in 19辦98. Thi靶s repre巴sents a奧n aston疤ishing 挨EVA暗 growth昂 rate o哀f 90% t翱hat, in矮 turn, 俺is join礙ed with頒 Cisco邦s 版MVA疤 growth拌 rate o凹f 100%.熬 On the背 other 藹hand, C癌iscos 爸EVA拜 peaked按 at $77稗5 milli稗on in 1擺998,

50、th奧en decl凹ined to背 $182 m把illion 案in 1999岸, and a氨ctually昂 turned按 negati佰ve in 2埃000, at扮 -$365 扒million半. Inter瓣estingl敖y(tǒng), Cisc百o was a擺pparent斑ly over擺valued 霸in 1999骯 as its佰 霸MVA搬 peaked拌 at $34安8,442 d搬uring t版hat yea罷r in th胺e prese唉nce of 艾its fal班l(xiāng)ing 埃EVA骯. Cisco扒 contin半ued its扮 壩MVA百 de

51、clin八e in 20板00 with壩 the ma背jor sel鞍l(fā) off i扮n techn盎ology s伴tocks t巴o end t懊he year八 at $27頒2,131 m伴illion.八 Thus, 芭taken t霸ogether捌, the 疤MVA隘 and 拌EVA瓣 relati板onships癌 shown 熬in Exhi埃bits1.2哀 and 1.翱3 are n胺ot only般 benefi伴cial in艾 descri暗bing th壩e finan霸cial ch隘aracter稗istics 襖of weal藹th crea熬to

52、rs, b皚ut exhi矮bits li佰ke thes敗e can b拜e used 罷to assi癌st in t俺he disc鞍overy o昂f mispr礙iced se襖curitie哀s.佰Source:搬 暗James L巴awrence澳 Grant,胺 白2002般 ?！稗kFoundat罷ions of吧 econom白ic valu礙e added熬”礙 叭.癌 凹Wiley. 柏pp.1-10佰.二、翻譯文章譯文：百經(jīng)濟增加值的基敖本原理EVA革命拔在市場經(jīng)濟下，鞍許多公司都會創(chuàng)扒造財富。然而，埃毫無疑問的是另昂一些企業(yè)出現(xiàn)了邦虧損。所以，發(fā)敖現(xiàn)那些導致財富藹增加

53、和損失的經(jīng)罷濟因素對于相關(guān)昂人員，不只是對拔于法人代表和投跋資經(jīng)理人來說，稗都岸是十分重要的。澳對于經(jīng)營者來說笆，財富的創(chuàng)造是疤企業(yè)得以幸存的懊經(jīng)濟基礎，而一班些經(jīng)營者不接受搬（或拒絕）承認捌在開放經(jīng)濟下這八一原則的重要性熬對于組織機構(gòu)和藹事業(yè)是十分危險擺的。壩對于投資者來說白，在市場上尋找襖“熬最好翱”柏的公司和產(chǎn)業(yè)是靶頭等重要的事。俺利用適當?shù)呢攧瞻婀ぞ?，投資組合白經(jīng)理可能提高他拌們的營運能力，巴使得在引入相同跋風險的被動策略懊的情況下，其回癌報高于有效回報哀?，F(xiàn)在，有一種扮叫做盎EVA拌的新的分析工具耙正在幫助企業(yè)發(fā)矮現(xiàn)財富。這一創(chuàng)背新的改革使得這耙種財務指標被引邦入公司理財和投熬資管理

54、這兩個領(lǐng)拜域，這就推動了跋我們原來所謂的哀“襖EVA襖革命癌”澳的產(chǎn)生。辦EVA愛在實踐中的應用捌這種被叫做巴EVA挨的分析工具，即案經(jīng)濟增加值，在擺1982年被由癌JoelSt罷ern拌和叭GBenne壩tt挨扒Stewart把板罷 辦組成的公司咨詢敖團隊提出，并在瓣商業(yè)上得到發(fā)展跋。因為這種財務背指標以一種創(chuàng)新熬的方式看待企業(yè)扮的真正利益，所捌以它在早期就被愛社會團體所接受笆。不像傳統(tǒng)的利傲潤度量標準，例疤如阿EBIT把、哎EBITDA伴和營業(yè)凈利按皚EVA阿著眼于公司扣除安了債務資本的直挨接成本和權(quán)益資隘本的間接成本之拔后的絆“班剩余收益拌”爸，就這樣，因為瓣EVA捌與股東財富最大埃化的

55、要求保持一襖致，它成了當代百衡量企業(yè)成功的埃指標。把一些像骯Coca Co翱ca,Diag擺ea,Lill襖y(Eli),稗Guidan礙t懊和百SPX背那樣的大公司已傲經(jīng)將伴EVA藹作為了為股東創(chuàng)安造經(jīng)濟價值的一白個指標。在這些懊公司里，獎金和敖工資的激勵機制柏迎合了管理者的疤能力（或缺乏能胺力），使得公司鞍的經(jīng)營部門形成把正向的經(jīng)濟增加襖值。積極地薪酬凹管理歸功于經(jīng)營熬者擁有區(qū)域性的俺經(jīng)營利潤，該利安潤總的來說超過埃了有關(guān)的氨“拌資本成本骯”挨，然而，消極的背獎金可能引起長板期的各地區(qū)的經(jīng)版營利潤低于全部骯的資本成本。因扒此，通過對負債半成本和權(quán)益資本巴進行計算，跋EVA稗給了經(jīng)營者一個艾

56、能像股東一樣做胺出公司的投資決熬策的機會。疤EVA靶在投資團體中也癌很受歡迎。19癌96年6月在第耙一波士頓召開的阿“背經(jīng)濟附加值哀”絆會議和1997霸年5月高盛投資般公司關(guān)于澳EVA板研究的講座證明拜了這一人可喜的隘發(fā)展。的確，一骯些華爾街的慈善壩機構(gòu)例如環(huán)球資唉產(chǎn)管理公司和奧敗本海默資本公司霸將耙EVA挨用于選股、投資跋組合構(gòu)建和風險板控制程序。另外埃一些大的投資公扒司開始進行認真辦的研究，并且指罷出邦EVA藹對于全球績效分隘析有著重要的意搬義。此外，近期唉在投資組合管白理雜志（在財扮經(jīng)和投資期刊中敗較有名）上的實靶證研究表明了澳EVA霸在學術(shù)界和財經(jīng)隘界的進步。EVA的進化論邦經(jīng)濟利潤的

57、演變敗伴經(jīng)濟增加值（頒EVA瓣）爸扮是一項擁有歷史礙根源的、令人著笆迷的研究，它可邦以追溯到古典經(jīng)耙濟學家關(guān)于搬“藹剩余收益巴”胺的概念。例如，班考慮到1890拔年，英國著名的奧經(jīng)濟學家絆Alfred爸Marshal凹l矮提出的經(jīng)濟利益笆的概念，他重新佰定義了企業(yè)所有罷者獲得的利潤的扒真正含義：挨“阿剩余的收入扣除胺在當期利率下資佰本的利息才是他案經(jīng)營管理所得的礙收入。背”芭以挨Mashall頒的理論為基礎，礙顯然，經(jīng)濟學家稗對于利潤的定義扳班換句話說，收入巴或經(jīng)濟利潤剩余熬價值的觀點藹藹與現(xiàn)在使用的會氨計計量利潤的方骯法在根本上存在八很大的差異，比愛如奧EBIT挨、搬EBITDA案、或者營業(yè)

58、凈利挨。這就是經(jīng)濟利跋潤和會計利潤之埃間最主要的差別襖，原因在于古典把經(jīng)濟學家認為，吧除非公司的收益骯超過了經(jīng)營企業(yè)柏日常的生產(chǎn)和經(jīng)氨營費用，并且投胺資資金有一個正艾常的回報，否則案公司并不是真正敖有利可圖的。在昂一個更基本的理芭論當中，這一剩叭余收益的觀點就壩是當今經(jīng)濟利潤扒的動向。斑當安EVA般的概念扎根于古氨典經(jīng)濟理論之上背時，20世紀美氨國出現(xiàn)了三位思擺想先進的經(jīng)濟學耙家拔鞍20世紀30年耙代的把Irving疤Fisher跋,20世紀50把年代末到60年般代初的頒NobelL斑aureate把sFranc巴oModig敖liani拜和敖Merton笆Miller版襖對企業(yè)價值評估擺做了

59、更深入的研拜究。隘Irving俺Fisher藹建立了凈現(xiàn)值和艾預期現(xiàn)金流的貼絆現(xiàn)數(shù)據(jù)之間的基芭本聯(lián)系。相反的唉，半Modigli瓣ani把和搬Miller凹指出了公司的投壩資決策扒八作為積極的NP阿V決策的證明爸伴是企業(yè)價值和股把票價格的最重要般的推動力奧邦由債務和有價證澳券組合而成的公暗司資本結(jié)構(gòu)截然絆相反。埃一般來說，經(jīng)濟疤增加值的理論基霸于兩個基本主張伴：（1）除非公吧司所獲得的投資凹回報超過了資金伴的機會成本，否捌則公司不能算是昂真正盈利。（2皚）財富是企業(yè)經(jīng)拜營者在為股東作阿了正確的NPV擺投資決策的時產(chǎn)唉生的。我們在這矮本書中增加了那稗些霸EVA艾財富創(chuàng)造的原則埃。如今，讓我們安看

60、一下藹EVA霸的經(jīng)驗定義，它班形成了當前經(jīng)濟安利潤的動向，同矮時也介紹了公司扳的經(jīng)濟利益和市叭場增加值之間的拔聯(lián)系。襖EVA吧的操作定義熬定義埃EVA拜有兩種常用的操拔作方法背凹也就是說，一種唉是會計方法，另矮一種是財務方法凹。從會計的角度瓣來看，啊EVA敖與稅后凈利潤（斑NOPAT吧）和美元的加權(quán)芭平均資本的定義熬方法是不同的。扳因此，靶EVA把不同于公司利潤暗的傳統(tǒng)會計計量巴，包括安EBIT骯（息稅前利潤）礙、罷EBITDA骯（息稅前利潤加拌上折舊和攤銷）佰、凈利潤，甚至澳是稅后經(jīng)營業(yè)利邦潤，因為它占了扒公司全部的資本霸成本。這一分析叭上的不同對于公班司所有者來說是疤非常重要的，因扒為跋E