經濟附加值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:一個較好的財務績效評價方法經濟增加值（EVA）作為財務績效評價的一種方法，目前正被很多美國公司所應用。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的真正的經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額的營運資本的。本文總結了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)至少應該獲得等于其所耗費的資本成本的收益。該公司應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)利潤是根據折舊后的凈營業(yè)收入，將利潤調整為更接近經濟性的盈利衡量方式。調整項目為：稅后增加的利息費用（包括任何經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)收益做出調整，反應了企業(yè)所做的投資和為實現這些利潤所進行的資本的投資。思騰思特確定了多達164個需要調整的項目，但通常只有幾

40、個的項目的調整對于EVA的計算來說是必要的。EVA的計量EVA可以從經營或融資兩個角度進行計算。在經營方式下，稅后凈營業(yè)利潤是從銷售現金收入扣除經營費用和折舊而得。利息費用是排除在外的，這是因為把它當做融資費用來考慮。那些被當做股權進行調整的項目，是用來反應現實經濟和動態(tài)的收入，以及更具經濟性的資本。這些調整被認為是稅后凈營業(yè)利潤扣除了現金稅的結果。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營角度說，從資產出發(fā)，建立了投資資金，包括經濟性的派生權益等項目的調整；另一方面，從融資角度說，從負債出發(fā)，

41、同時加上了股權和等值股權，從而形成了投資資本。最后，建立在負債、股權成本和各自的資本成本率的加權平均資本成本，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)利潤相減得出當期的EVA。本文的其余部分總結了融資的方法，因為它強調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，是否需要調整則取決于公司的具體活動。例如，當經

42、營租賃而不是融資租賃時，利息費用是不計入損益，也不計入當期的資產負債表。因此，根據公認會計準則（GAAP）,利息被作為融資活動中產生的費用，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營支出。其相應的未來租賃付款額的現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整。雖然一般公認會計準則要求大多數的研發(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時需要調整的另一個例子是后進先出設備的增加，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換，是一個很好的近似的實現重置成本的過程。后進先出法下的設備代表了過去持有收益的增加，因此添加回到權益部分，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，其回報率反應了企業(yè)每年真正的現金收益。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)的資產的真實成本。雖然根據思騰思特的看法

44、，上述項目的調整在EVA的計算中是很尋常和共同的，但這些項目在進行調整時必須遵循以下標準：重要性：關于EVA的調整應該有個實質性的改變；可管理性：關于項目的調整應影響未來的決定；確定性：關于項目的調整應非常明確和客觀；簡易性：關于項目的調整不應過于復雜。如果一個項目符合這四項標準，則應當考慮對其進行調整。例如，那些有著少量的經營租賃的企業(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整以及各類儲備項目（即保修費用等）的調整，則顯得十分典型了，雖然這些項目的可行性應當予以考慮。不尋常的收益或者損失也應當同樣進行檢查、最后一項是特別重要的，因為它涉及到了以EVA為基礎的報酬計劃。資本計提的意義在傳統(tǒng)的財務報告中，成本率是未分配的融資業(yè)務的股權。因此，用不考慮成本在內的凈收益作為業(yè)績衡量的指標是有其局限性的。事實上，當計算凈資產收益率，凈收益等指標時，其還包括已被歸結在賬面價值中的會計失真部分。另一方面，通過EVA的調整，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