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: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.譯文:EVA:一個較好的財務(wù)績效評價方法經(jīng)濟增加值（EVA）作為財務(wù)績效評價的一種方法，目前正被很多美國公司所應(yīng)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，EV

39、AB計算，以及采用EVA的優(yōu)勢。EVA的盈利性EVA認為，一個成功的企業(yè)至少應(yīng)該獲得等于其所耗費的資本成本的收益。該公司應(yīng)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：£丫人=稅后凈營業(yè)利潤（NOPAT）一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(yīng)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

40、個的項目的調(diào)整對于EVA的計算來說是必要的。EVA的計量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(dāng)做融資費用來考慮。那些被當(dāng)做股權(quán)進行調(diào)整的項目，是用來反應(yīng)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)，

41、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，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(dāng)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(dāng)經(jīng)

42、營租賃而不是融資租賃時，利息費用是不計入損益，也不計入當(dāng)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(yīng)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

43、功。計算EVA時需要調(diào)整的另一個例子是后進先出設(shè)備的增加，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(yīng)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

44、，上述項目的調(diào)整在EVA的計算中是很尋常和共同的，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(yīng)該有個實質(zhì)性的改變；可管理性：關(guān)于項目的調(diào)整應(yīng)影響未來的決定；確定性：關(guān)于項目的調(diào)整應(yīng)非常明確和客觀；簡易性：關(guān)于項目的調(diào)整不應(yīng)過于復(fù)雜。如果一個項目符合這四項標準，則應(yīng)當(dāng)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。止匕外，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(yīng)當(dāng)予以考慮。不尋常的收益或者損失也應(yīng)當(dāng)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(wù)報告中，成本率是未分配的融資業(yè)務(wù)的股權(quán)。因此，用不考慮成本在內(nèi)的凈收益作為業(yè)績衡量的指標是有其局限性的。事實上，當(dāng)計算凈資產(chǎn)收益率，凈收益等指標時，其還包括已被歸結(jié)在賬面價值中的會計失真部分。另一方面，通過EVA的調(diào)整，旨在消除傳統(tǒng)會計失真的影響，同時，更突顯其資本成本的影響。因此，通過EVA對經(jīng)營利潤進行衡量比通過采用傳統(tǒng)的會計準則進行衡量更為準確和有效。這是非常重要的，因為一些企業(yè)通常將重金花費在研發(fā)項目上，并對其進行會計處理，但這