经济附加值EVA外文文献翻译会计

1、中文3487字本科毕业论文(设计)外文翻译原文：EVA:AbetterfinancialreportingtoolEconomicValueAdded(EVA)isafinancialperformancemeasurebeingadoptedbymanycompaniesincorporateAmerica.Thisnewmetric,trademarkedbySternStewartandCompany,isaprofitmeasurebasedontheconceptoftrueeconomicincomewhichincludesthecostofcapitalforalltypeso

2、ffinancing.EVAprovidesamorecomprehensivemeasureofprofitabilitythantraditionalmeasuresbecauseitindicateshowwellafirmhasperformedinrelationtotheamountofcapitalemployed.ThisarticlesummarizestheEVAconceptofmeasuringprofitability,theEVAcalculationandthebenefitsofadoptinganEAframework.TheEVAConceptofProfi

3、tabilityEVAisbasedontheconceptthatasuccessfulfirmshouldearnatleastitscostofcapital.Firmsthatearnhigherreturnsthanfinancingcostsbenefitshareholdersandaccountforincreasedshareholdervalue.Initssimplestform,EVAcanbeexpressedasthefollowingequation:EVA=OperatingProfitAfterTax(NOPAT)-CostofCapitalNOPATisca

4、lculatedasnetoperatingincomeafterdepreciation,adjustedforitemsthatmovetheprofitmeasureclosertoaneconomicmeasureofprofitability.Adjustmentsincludesuchitemsas:additionsforinterestexpenseafter-taxes(includinganyimpliedinterestexpenseonoperatingleases);increasesinnetcapitalizedR&Dexpenses;increasesi

5、ntheLIFOreserve;andgoodwillamortization.Adjustmentsmadetooperatingearningsfortheseitemsreflecttheinvestmentsmadebythefirmorcapitalemployedtoachievethoseprofits.SternStewarthasidentifiedasmanyas164itemsforpotentialadjustment,butoftenonlyafewadjustmentsarenecessarytoprovideagoodmeasureofEA.1Measuremen

6、tofEVAMeasurementofEVAcanbemadeusingeitheranoperatingorfinancingapproach.Undertheoperatingapproach,NOPATisderivedbydeductingcashoperatingexpensesanddepreciationfromsales.Interestexpenseisexcludedbecauseitisconsideredasafinancingcharge.Adjustments,whicharereferredtoasequityequivalentadjustments,arede

7、signedtoreflecteconomicrealityandmoveincomeandcapitaltoamoreeconomically-basedvalue.TheseadjustmentsareconsideredwithcashtaxesdeductedtoarriveatNOPAT.EVAisthenmeasuredbydeductingthecompany'scostofcapitalfromtheNOPATvalue.TheamountofcapitaltobeusedintheEVAcalculationsisthesameundereithertheoperat

8、ingorfinancingapproach,butiscalculateddifferently.Theoperatingapproachstartswithassetsandbuildsuptoinvestedcapital,includingadjustmentsforeconomicallyderivedequityequivalentvalues.Thefinancingapproach,ontheotherhand,startswithdebtandaddsallequityandequityequivalentstoarriveatinvestedcapital.Finally,

9、theweightedaveragecostofcapital,basedontherelativevaluesofdebtandequityandtheirrespectivecostrates,isusedtoarriveatthecostofcapitalwhichismultipliedbythecapitalemployedanddeductedfromtheNOPATvalue.Theresultingamountisthecurrentperiod'sEVTheremainderofthisarticlesummarizesthefinancingapproachbeca

10、useitemphasizesthesignificanceofcapitalemployedand川ustrateshowaccountingrulesimpactthecalculationofEVA.Exhibit1onpage33showsasamplecalculationofEVA.EVACalculationandAdjustmentsAsstatedabove,EAismeasuredasNOPATlessafirm'scostofcapital.NOPATisobtainedbyaddinginterestexpenseaftertaxbacktonetincomea

11、fter-taxes,becauseinterestisconsideredacapitalchargeforEVA.Interestexpensewillbeincludedaspartofcapitalchargesintheafter-taxcostofdebtcalculation.Otheritemsthatmayrequireadjustmentdependoncompany-specificactivities.Forexample,whenoperatingleasesratherthanfinancingleasesareemployed,interestexpenseisn

12、otrecordedontheincomestatement,norisaliabilityforfutureleasepaymentsrecognizedonthebalancesheet.Thus,whileinterestisimplicitintheyearlyleasepayments,anattemptisnotmadetodistinguishitasafinancingactivityunderGAAP.UnderEVA,however,theinterestportionofthepaymentisestimatedandtheafter-taxamountfromitisa

13、ddedbackintoNOPATbecausetheinterestamountisconsideredacapitalchargeratherthananoperatingexpense.Thecorrespondingpresentvalueoffutureleasepaymentsrepresentsequityequivalentsforpurposesofcapitalemployedbythefirm,andanadjustmentforcapitalisalsorequired.SeeExhibit1forsampleadjustmentscommonlyusedintheca

14、lculationofEA.R&Dexpenseitemscallforcarefulevaluationandadjustment.WhileGAAPgenerallyrequiresmostR&Dexpenditurestobeexpensedimmediately,EVAcapitalizessuccessfulR&DeffortsandamortizestheamountovertheperiodbenefitingthesuccessfulR&Deffort.AnotherexampleofanEVAadjustmentistheLIFOreserve

15、increase.TheincreaseisaddedbacktoprofitbecauseitconvertsinventoryfromaLIFOtoFIFOvaluation,whichisabetterapproximationofcurrentreplacementcost.ThefullamountoftheLIFOreserverepresentspastholdinggainsandaccordinglyisaddedbacktotheequitycomponenttoreflectthecapitalinvestedbythefirmininventorynotyetrefle

16、ctedinequityunderGAAP.OtheradjustmentsrecommendedbySternStewartincludetheamortizationofgoodwill.Theannualamortizationisaddedbackforearningsmeasurement,whiletheaccumulatedamountofamortizationisaddedbacktoequityequivalents.Goodwillamortizationishandledinthismannerbecauseby"un-amortizing"good

17、will,therateofreturnreflectsthetruecash-on-yield.Inaddition,thedecisiontoincludetheaccumulatedgoodwillincapitalimprovestherealcostofacquiringanotherfirm'sassetsregardlessofthemannerinwhichtheacquisitionisaccounted.WhiletheaboveadjustmentsarecommoninEVAcalculations,accordingtoSternStewart,thoseit

18、emstobeconsideredforadjustmentshouldbebasedonthefollowingcriteria:Materiality:AdjustmentsshouldmakeamaterialdifferenceinEVA.Manageability:Adjustmentsshouldimpactfuturedecisions.Definitiveness:Adjustmentsshouldbedefinitiveandobjectivelydetermined.Simplicity:Adjustmentsshouldnotbetoocomplex.Ifanitemme

19、etsallfourofthecriteria,itshouldbeconsideredforadjustment.Forexample,theimpactonEVAisusuallyminimalforfirmshavingsmallamountsofoperatingleases.Undertheseconditions,itwouldbereasonabletoignorethisiteminthecalculationofEVA.Furthermore,adjustmentsforitemssuchasdeferredtaxesandvarioustypesofreserves(i.e

20、.warrantyexpense,etc.)wouldbetypicalinthecalculationofEVA,althoughthematerialityfortheseitemsshouldbeconsidered.Unusualgainsorlossesshouldalsobeexaminedandeliminatedifappropriate.ThislastitemisparticularlyimportantasitrelatestoEVA-basedcompensationplans.TheSignificanceoftheCapitalChargeUndertraditio

21、nalfinancialreporting,acostrateisnotassignedfortheequityusedtofinanceoperations.Thus,theuseofnetincomeasaperformancemeasureislimitedbytheexclusionofthatcost.Inaddition,whenusedincalculationssuchasreturnonequity,netincomealsoincludestheaccountingdistortionsincludedinitscalculationandthatofbookvalue.E

22、VA,ontheotherhand,throughitsadjustmentefforts,seekstoeliminatetheimpactofaccountingdistortionswhiletreatingtheimpactoffinancingcostsmorecomprehensivelyinitscapitalcostcharge.Therefore,atruermeasureofeconomicprofitisprovidedbyEVAthanthatprovidedbytheuseoftraditionalGAAP-basedmeasures.Thismaybesignifi

23、cantbecausesomecompaniesspendheavilyonR&DandtheaccountingtreatmentforthisandcertainintangiblesisnotincludedonGAAP-basedbalancesheets.EVAprovidesawaytocompareperformanceamongfirmsimpactedbytheseaccountingweaknesses.ThespecificamountofthecapitalchargeforEVAisbasedontheamountofequityequivalentsdete

24、rminedafteradjustments,multipliedbythecapitalcostrate.Thecapitalcostrateisbasedontheindividualcostratesforbothdebtandequity.Whilethecostratefordebtcanbereadilydetermined,therateforequityrequiressomeeffort.Thecostforequitycanbemeasuredbyusingthecapitalassetpricingmodel,orotherriskpremiumapproaches.On

25、cethatrateisdetermined,itiscombinedwiththerelativeproportionsofcapitaltoproducetheweightedaveragecostofcapital(WACC).Itisthatoverallrate,whencombinedwithallcapitalincludingequityequivalents,thatproducestheoverallcapitalchargeusedinEVA.AfterthecapitalchargeiscalculatedanddeductedfromNOPAT,thefullexte

26、ntofEVA'sbenefitscanbeobserved,becauseallopportunitycostsinvolvedintheproductionofincomehavebeenmeasuredandincludedinprofitability.AnexampleoftheWACCisshowninExhibit1.EVA-BasedCompensationPlansForfirmsthatrewardmanagersbasedonperformance,EVAcanofferadvantagesovertraditionalprofit-basedplans.Firs

27、t,bytyingcompensationtoabetterperformancemetric,thecompanycanachieveabettermatchingofitsownobjectiveswiththoseofthemanager.Second,EVAcanhelpreducesomeconflictsofinterestoftenassociatedwithmanagersandprofitabilitymeasurement.BecauseanobjectiveofEVAistoeliminatetheimpactofaccountingdistortionsonprofit

28、abilityandtheinfluenceofmanagementinitscalculation,EAisabetterrepresentationuponwhichtorewardexecutives.ItshouldbenotedthatEVAmeasurementisnotwithoutsubjectiveelements.ItmaybenecessarytoinvolveanindependentcommitteetodeterminetheappropriatenessofspecificEVAadjustmentsandhowtobesthandleunusualsituati

29、ons.SternStewartalsorecommendsthatEVA-basedbonussystemsinvolvesomeformofdeferralofpaywiththefullamountofEVAbonusesdependentonlong-termsuccess.Thisfeatureofpayingonlyaportionofthecurrentamountandbankingtheremainderforthefutureisanimportantcomponentofthesystemandisdesignedtoenhancelong-termloyaltytoth

30、efirm.Bonusesshouldalsobeuncappedandincludestockoptions,therebyturningmanagersintoowners.TheabilityofthesystemtolowerbonusesbasedonsubsequentperformanceisonefeaturethatmakesEVAsystemsfairtoboththecompanyanditsmanagers.Thus,EVAanditsinclusionincompensation,rewardslong-termsuccessandhelpsthecompanypro

31、motethisaspectofcorporateperformance.Theoverallsuccessoftheplanisdependentonseveralimportantfactorsincludingtheabilityofallemployeestounderstandandagreewithitsgoals.Toreachthisobjective,itisnecessarytoprovidefocusedtrainingofEVAtoallemployeesinthecompany.Inthatway,everyonebetterunderstandsthephiloso

32、phyandtheirroleinthesystem.Whilethistrainingmaytakeconsiderabletimeandeffort,itisusuallyrewardedbysustainedimprovementsinEVA.EVADriversAnotheradvantageofEVAsystemsistheemphasisonEVAdriversandthecontributionofcertainactivitiestoEVA.WhenimplementingEVA,firmsseektodeterminethoseareasofthebusinessmostre

33、sponsibleforsuccess.Byisolatingactivities,suchasinventorymanagementorcapacityutilization,firmscanjudgethevalueoftheseonprojects,divisions,etc.Thusmanagementcanfocusonwaystoincreaseeconomicvalue,ratherthanonreportednumbersalone.Byincludingcapitalcontributionswhichdonotrequireastockprice,firmsarealsoa

34、bletouseEVAinevaluatingtheperformanceofindividualunitsordivisionsofthefirmaswellasthemanagerswhorunthosebusinesses.EVhelpsfocusonimprovingoperatingprofitswithouttyingupmorecapitalinthebusiness,curtailingorliquidatinginvestmentsthatdonotmeetcapitalcosts,and/orreducingthecostofcapital.Managementaction

35、ssuchascostreductions,improvementsintechnology,reducedworkingcapital,ortheoptimaluseofdebt,representthetypesofbenefitsresultingfromEVAanalysisandimplementation.SharePriceandEVkAcontroversythatsurroundsEAiswhetheritcorrelateswellwithafirm'sstockpricesasclaimedbySternStewart.Whilemanybelievethatit

36、does,theresultsofseveralstudiesaremixed.3Nevertheless,manyseemconvincedoftheoverallbenefitofEVA.Therefore,firmscontemplatingtheadoptionofEVA,oranyperformance-basedmeasureusedfordecisionmakingandcompensation,shouldexaminetheirownindividualcharacteristics,theunderlyingtheoryofthemeasuresought,andtheli

37、kelihoodthatthemeasureselectedwillcapturetheattributesitseeks.ForadvocatesofEVA,theunderlyingtheoryoffinanceembeddedinitscalculationisoneofitsstrengths.ThiscanmoreeasilybeseenwhenoneconsidersthatthepresentvalueofEAparallelsthatofusingnetpresentvalue,andforcapitalprojects,wouldbeexpectedtoyieldasimil

38、arresult.Source:LarryM.Prober,2000“EA:Abetterfinancialreportingtool"PennsylvaniaCPAJournal,vol.71,lessue3,p27.译文:EVA:一个较好的财务绩效评价方法经济增加值（EVA）作为财务绩效评价的一种方法，目前正被很多美国公司所应用。这种由思腾思特公司所发明的新的指标体系，是基于包括所有类型的资本成本在内的真正的经济收入的一种利润衡量方法。比起传统的绩效评价方法，EVA提供了更为全面的评价办法，因为EVA表明公司是怎样运用其大数额的营运资本的。本文总结了EVA衡量盈利能力的概念，EV

39、AB计算，以及采用EVA的优势。EVA的盈利性EVA认为，一个成功的企业至少应该获得等于其所耗费的资本成本的收益。该公司应赚得比股东融资成本效益和增加股东价值更高的回报。EVA可以表示为下列公式：£丫人=税后净营业利润（NOPAT）一资本成本税后净营业利润是根据折旧后的净营业收入，将利润调整为更接近经济性的盈利衡量方式。调整项目为：税后增加的利息费用（包括任何经营租赁隐含的利息支出），增加的净资本化的研发费用，后进先出储备的增加，以及商誉和摊销。对这些项目的营业收益做出调整，反应了企业所做的投资和为实现这些利润所进行的资本的投资。思腾思特确定了多达164个需要调整的项目，但通常只有几

40、个的项目的调整对于EVA的计算来说是必要的。EVA的计量EVA可以从经营或融资两个角度进行计算。在经营方式下，税后净营业利润是从销售现金收入扣除经营费用和折旧而得。利息费用是排除在外的，这是因为把它当做融资费用来考虑。那些被当做股权进行调整的项目，是用来反应现实经济和动态的收入，以及更具经济性的资本。这些调整被认为是税后净营业利润扣除了现金税的结果。计算EVA时，都需要从税后净营业利润中扣除企业的资本成本。无论在融资方式下还是经营方式下，计算EVA都需要运用到资本，只是计算上有差异而从经营角度说，从资产出发，建立了投资资金，包括经济性的派生权益等项目的调整；另一方面，从融资角度说，从负债出发，

41、同时加上了股权和等值股权，从而形成了投资资本。最后，建立在负债、股权成本和各自的资本成本率的加权平均资本成本，就被用来计算企业的资本成本。由资本成本和税后净营业利润相减得出当期的EVA。本文的其余部分总结了融资的方法，因为它强调的是运用资本的重要性，并说明如何会计规则的影响EVA的计算。第33页的图表显示了一对EVA的样本计算。EVA的计算和调整如上所述，EVA是通过税后净营业利润减去企业的资本成本而得的。税后净营业利润可以表述为税后净收益加回利息支出，因为存款利息被认为是EVA的资本要求。在税后负债成本的计算中，利息费用还包括资本支出。其他项目，是否需要调整则取决于公司的具体活动。例如，当经

42、营租赁而不是融资租赁时，利息费用是不计入损益，也不计入当期的资产负债表。因此，根据公认会计准则（GAAP）,利息被作为融资活动中产生的费用，与企业每年的租赁费用并没有区分开来，而是隐含在其中。在EVA方法下，利息的支付部分是被估计计算的，税后又加回到税后净营业利润，因为利息被认为是一项资本支出而不是经营支出。其相应的未来租赁付款额的现值代表了等值的公司所投入的资本的股票的价值，同时，对于资本的调整也是必须的。对于研发费用的项目也要求认真评估并进行必要的调整。虽然一般公认会计准则要求大多数的研发费用需要立即支销，但在EVA方法下，通常将研发费用资本化，在研发期间的费用进行摊销将有利于研发工作的成

43、功。计算EVA时需要调整的另一个例子是后进先出设备的增加，这种增加将加回至利润，因为，这是从后进先出到先进先出估值的转换，是一个很好的近似的实现重置成本的过程。后进先出法下的设备代表了过去持有收益的增加，因此添加回到权益部分，以反映该公司投资于股票尚未反映在会计准则中存货的资本。思腾思特建议，另一个需要调整的项目是商誉摊销。每年的摊销都加回到收入中，而累积摊销总额则被加回至等值的股东权益上。商誉摊销运用这种方式其实是通过“非摊销”的方式进行处理，其回报率反应了企业每年真正的现金收益。此外，这种包括了商誉的资本积累的决定，提高其无论运用什么方式收购另一企业的资产的真实成本。虽然根据思腾思特的看法

44、，上述项目的调整在EVA的计算中是很寻常和共同的，但这些项目在进行调整时必须遵循以下标准：重要性：关于EVA的调整应该有个实质性的改变；可管理性：关于项目的调整应影响未来的决定；确定性：关于项目的调整应非常明确和客观；简易性：关于项目的调整不应过于复杂。如果一个项目符合这四项标准，则应当考虑对其进行调整。例如，那些有着少量的经营租赁的企业对EVA的影响较小。在这样的条件下，在EVA的计算中忽略这个项目就显得非常合理了。止匕外，递延所得税项目的调整以及各类储备项目（即保修费用等）的调整，则显得十分典型了，虽然这些项目的可行性应当予以考虑。不寻常的收益或者损失也应当同样进行检查、最后一项是特别重要的，因为它涉及到了以EVA为基础的报酬计划。资本计提的意义在传统的财务报告中，成本率是未分配的融资业务的股权。因此，用不考虑成本在内的净收益作为业绩衡量的指标是有其局限性的。事实上，当计算净资产收益率，净收益等指标时，其还包括已被归结在账面价值中的会计失真部分。另一方面，通过EVA的调整，旨在消除传统会计失真的影响，同时，更突显其资本成本的影响。因此，通过EVA对经营利润进行衡量比通过采用传统的会计准则进行衡量更为准确和有效。这是非常重要的，因为一些企业通常将重金花费在研发项目上，并对其进行会计处理，但这