經(jīng)濟(jì)附加值EVA外文文獻(xiàn)翻譯會(huì)計(jì)

1、中文3487字本科畢業(yè)論文(設(shè)計(jì))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(gè)較好的財(cái)務(wù)績(jī)效評(píng)價(jià)方法經(jīng)濟(jì)增加值（EVA）作為財(cái)務(wù)績(jī)效評(píng)價(jià)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(biāo)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(jì)收入的一種利潤(rùn)衡量方法。比起傳統(tǒng)的績(jī)效評(píng)價(jià)方法，EVA提供了更為全面的評(píng)價(jià)辦法，因?yàn)镋VA表明公司是怎樣運(yùn)用其大數(shù)額的營(yíng)運(yùn)資本的。本文總結(jié)了EVA衡量盈利能力的概念，EV

39、AB計(jì)算，以及采用EVA的優(yōu)勢(shì)。EVA的盈利性EVA認(rèn)為，一個(gè)成功的企業(yè)至少應(yīng)該獲得等于其所耗費(fèi)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(jià)值更高的回報(bào)。EVA可以表示為下列公式：£丫人=稅后凈營(yíng)業(yè)利潤(rùn)（NOPAT）一資本成本稅后凈營(yíng)業(yè)利潤(rùn)是根據(jù)折舊后的凈營(yíng)業(yè)收入，將利潤(rùn)調(diào)整為更接近經(jīng)濟(jì)性的盈利衡量方式。調(diào)整項(xiàng)目為：稅后增加的利息費(fèi)用（包括任何經(jīng)營(yíng)租賃隱含的利息支出），增加的凈資本化的研發(fā)費(fèi)用，后進(jìn)先出儲(chǔ)備的增加，以及商譽(yù)和攤銷。對(duì)這些項(xiàng)目的營(yíng)業(yè)收益做出調(diào)整，反應(yīng)了企業(yè)所做的投資和為實(shí)現(xiàn)這些利潤(rùn)所進(jìn)行的資本的投資。思騰思特確定了多達(dá)164個(gè)需要調(diào)整的項(xiàng)目，但通常只有幾

40、個(gè)的項(xiàng)目的調(diào)整對(duì)于EVA的計(jì)算來說是必要的。EVA的計(jì)量EVA可以從經(jīng)營(yíng)或融資兩個(gè)角度進(jìn)行計(jì)算。在經(jīng)營(yíng)方式下，稅后凈營(yíng)業(yè)利潤(rùn)是從銷售現(xiàn)金收入扣除經(jīng)營(yíng)費(fèi)用和折舊而得。利息費(fèi)用是排除在外的，這是因?yàn)榘阉?dāng)做融資費(fèi)用來考慮。那些被當(dāng)做股權(quán)進(jìn)行調(diào)整的項(xiàng)目，是用來反應(yīng)現(xiàn)實(shí)經(jīng)濟(jì)和動(dòng)態(tài)的收入，以及更具經(jīng)濟(jì)性的資本。這些調(diào)整被認(rèn)為是稅后凈營(yíng)業(yè)利潤(rùn)扣除了現(xiàn)金稅的結(jié)果。計(jì)算EVA時(shí)，都需要從稅后凈營(yíng)業(yè)利潤(rùn)中扣除企業(yè)的資本成本。無論在融資方式下還是經(jīng)營(yíng)方式下，計(jì)算EVA都需要運(yùn)用到資本，只是計(jì)算上有差異而從經(jīng)營(yíng)角度說，從資產(chǎn)出發(fā)，建立了投資資金，包括經(jīng)濟(jì)性的派生權(quán)益等項(xiàng)目的調(diào)整；另一方面，從融資角度說，從負(fù)債出發(fā)，

41、同時(shí)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(fù)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(jì)算企業(yè)的資本成本。由資本成本和稅后凈營(yíng)業(yè)利潤(rùn)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?yàn)樗鼜?qiáng)調(diào)的是運(yùn)用資本的重要性，并說明如何會(huì)計(jì)規(guī)則的影響EVA的計(jì)算。第33頁的圖表顯示了一對(duì)EVA的樣本計(jì)算。EVA的計(jì)算和調(diào)整如上所述，EVA是通過稅后凈營(yíng)業(yè)利潤(rùn)減去企業(yè)的資本成本而得的。稅后凈營(yíng)業(yè)利潤(rùn)可以表述為稅后凈收益加回利息支出，因?yàn)榇婵罾⒈徽J(rèn)為是EVA的資本要求。在稅后負(fù)債成本的計(jì)算中，利息費(fèi)用還包括資本支出。其他項(xiàng)目，是否需要調(diào)整則取決于公司的具體活動(dòng)。例如，當(dāng)經(jīng)

42、營(yíng)租賃而不是融資租賃時(shí)，利息費(fèi)用是不計(jì)入損益，也不計(jì)入當(dāng)期的資產(chǎn)負(fù)債表。因此，根據(jù)公認(rèn)會(huì)計(jì)準(zhǔn)則（GAAP）,利息被作為融資活動(dòng)中產(chǎn)生的費(fèi)用，與企業(yè)每年的租賃費(fèi)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(jì)計(jì)算的，稅后又加回到稅后凈營(yíng)業(yè)利潤(rùn)，因?yàn)槔⒈徽J(rèn)為是一項(xiàng)資本支出而不是經(jīng)營(yíng)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(jià)值，同時(shí)，對(duì)于資本的調(diào)整也是必須的。對(duì)于研發(fā)費(fèi)用的項(xiàng)目也要求認(rèn)真評(píng)估并進(jìn)行必要的調(diào)整。雖然一般公認(rèn)會(huì)計(jì)準(zhǔn)則要求大多數(shù)的研發(fā)費(fèi)用需要立即支銷，但在EVA方法下，通常將研發(fā)費(fèi)用資本化，在研發(fā)期間的費(fèi)用進(jìn)行攤銷將有利于研發(fā)工作的成

43、功。計(jì)算EVA時(shí)需要調(diào)整的另一個(gè)例子是后進(jìn)先出設(shè)備的增加，這種增加將加回至利潤(rùn)，因?yàn)?，這是從后進(jìn)先出到先進(jìn)先出估值的轉(zhuǎn)換，是一個(gè)很好的近似的實(shí)現(xiàn)重置成本的過程。后進(jìn)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(huì)計(jì)準(zhǔn)則中存貨的資本。思騰思特建議，另一個(gè)需要調(diào)整的項(xiàng)目是商譽(yù)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(yù)攤銷運(yùn)用這種方式其實(shí)是通過“非攤銷”的方式進(jìn)行處理，其回報(bào)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(yù)的資本積累的決定，提高其無論運(yùn)用什么方式收購另一企業(yè)的資產(chǎn)的真實(shí)成本。雖然根據(jù)思騰思特的看法

44、，上述項(xiàng)目的調(diào)整在EVA的計(jì)算中是很尋常和共同的，但這些項(xiàng)目在進(jìn)行調(diào)整時(shí)必須遵循以下標(biāo)準(zhǔn)：重要性：關(guān)于EVA的調(diào)整應(yīng)該有個(gè)實(shí)質(zhì)性的改變；可管理性：關(guān)于項(xiàng)目的調(diào)整應(yīng)影響未來的決定；確定性：關(guān)于項(xiàng)目的調(diào)整應(yīng)非常明確和客觀；簡(jiǎn)易性：關(guān)于項(xiàng)目的調(diào)整不應(yīng)過于復(fù)雜。如果一個(gè)項(xiàng)目符合這四項(xiàng)標(biāo)準(zhǔn)，則應(yīng)當(dāng)考慮對(duì)其進(jìn)行調(diào)整。例如，那些有著少量的經(jīng)營(yíng)租賃的企業(yè)對(duì)EVA的影響較小。在這樣的條件下，在EVA的計(jì)算中忽略這個(gè)項(xiàng)目就顯得非常合理了。止匕外，遞延所得稅項(xiàng)目的調(diào)整以及各類儲(chǔ)備項(xiàng)目（即保修費(fèi)用等）的調(diào)整，則顯得十分典型了，雖然這些項(xiàng)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(jìn)行檢查、最后一項(xiàng)是特別重要的，因?yàn)樗婕暗搅艘訣VA為基礎(chǔ)的報(bào)酬計(jì)劃。資本計(jì)提的意義在傳統(tǒng)的財(cái)務(wù)報(bào)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(jī)衡量的指標(biāo)是有其局限性的。事實(shí)上，當(dāng)計(jì)算凈資產(chǎn)收益率，凈收益等指標(biāo)時(shí)，其還包括已被歸結(jié)在賬面價(jià)值中的會(huì)計(jì)失真部分。另一方面，通過EVA的調(diào)整，旨在消除傳統(tǒng)會(huì)計(jì)失真的影響，同時(shí)，更突顯其資本成本的影響。因此，通過EVA對(duì)經(jīng)營(yíng)利潤(rùn)進(jìn)行衡量比通過采用傳統(tǒng)的會(huì)計(jì)準(zhǔn)則進(jìn)行衡量更為準(zhǔn)確和有效。這是非常重要的，因?yàn)橐恍┢髽I(yè)通常將重金花費(fèi)在研發(fā)項(xiàng)目上，并對(duì)其進(jìn)行會(huì)計(jì)處理，但這