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))外文譯原文：EVA:AbetterfinancialreportingtoolEconomicValueAdded(EVA)isafinancialperformancemeasurebeingadoptedbymanycompaniesincorporateAmerica.Thisnewmetric,trademarkedbySternStewartandCompany,isaprofitmeasurebasedontheconceptoftrueeconomicincomewhichincludesthecostofcapitalforalltypesof

2、financing.EVAprovidesamorecomprehensivemeasureofprofitabilitythantraditionalmeasuresbecauseitindicateshowwellafirmhasperformedinrelationtotheamountofcapitalemployed.ThisarticlesummarizestheEVAconceptofmeasuringprofitability,theEVAcalculationandthebenefitsofadoptinganEAframework.TheEVAConceptofProfit

3、abilityEVAisbasedontheconceptthatasuccessfulfirmshouldearnatleastitscostofcapital.Firmsthatearnhigherreturnsthanfinancingcostsbenefitshareholdersandaccountforincreasedshareholdervalue.Initssimplestform,EVAcanbeexpressedasthefollowingequation:EVA=OperatingProfitAfterTax(NOPAT)-CostofCapitalNOPATiscal

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

5、theLIFOreserve;andgoodwillamortization.Adjustmentsmadetooperatingearningsfortheseitemsreflecttheinvestmentsmadebythefirmorcapitalemployedtoachievethoseprofits.SternStewarthasidentifiedasmanyas164itemsforpotentialadjustment,butoftenonlyafewadjustmentsarenecessarytoprovideagoodmeasureofEA.1Measurement

6、ofEVAMeasurementofEVAcanbemadeusingeitheranoperatingorfinancingapproach.Undertheoperatingapproach,NOPATisderivedbydeductingcashoperatingexpensesanddepreciationfromsales.Interestexpenseisexcludedbecauseitisconsideredasafinancingcharge.Adjustments,whicharereferredtoasequityequivalentadjustments,aredes

7、ignedtoreflecteconomicrealityandmoveincomeandcapitaltoamoreeconomically-basedvalue.TheseadjustmentsareconsideredwithcashtaxesdeductedtoarriveatNOPAT.EVAisthenmeasuredbydeductingthecompany'scostofcapitalfromtheNOPATvalue.TheamountofcapitaltobeusedintheEVAcalculationsisthesameundereithertheoperati

8、ngorfinancingapproach,butiscalculateddifferently.Theoperatingapproachstartswithassetsandbuildsuptoinvestedcapital,includingadjustmentsforeconomicallyderivedequityequivalentvalues.Thefinancingapproach,ontheotherhand,startswithdebtandaddsallequityandequityequivalentstoarriveatinvestedcapital.Finally,t

9、heweightedaveragecostofcapital,basedontherelativevaluesofdebtandequityandtheirrespectivecostrates,isusedtoarriveatthecostofcapitalwhichismultipliedbythecapitalemployedanddeductedfromtheNOPATvalue.Theresultingamountisthecurrentperiod'sEVTheremainderofthisarticlesummarizesthefinancingapproachbecau

10、seitemphasizesthesignificanceofcapitalemployedand川ustrateshowaccountingrulesimpactthecalculationofEVA.Exhibit1onpage33showsasamplecalculationofEVA.EVACalculationandAdjustmentsAsstatedabove,EAismeasuredasNOPATlessafirm'scostofcapital.NOPATisobtainedbyaddinginterestexpenseaftertaxbacktonetincomeaf

11、ter-taxes,becauseinterestisconsideredacapitalchargeforEVA.Interestexpensewillbeincludedaspartofcapitalchargesintheafter-taxcostofdebtcalculation.Otheritemsthatmayrequireadjustmentdependoncompany-specificactivities.Forexample,whenoperatingleasesratherthanfinancingleasesareemployed,interestexpenseisno

12、trecordedontheincomestatement,norisaliabilityforfutureleasepaymentsrecognizedonthebalancesheet.Thus,whileinterestisimplicitintheyearlyleasepayments,anattemptisnotmadetodistinguishitasafinancingactivityunderGAAP.UnderEVA,however,theinterestportionofthepaymentisestimatedandtheafter-taxamountfromitisad

13、dedbackintoNOPATbecausetheinterestamountisconsideredacapitalchargeratherthananoperatingexpense.Thecorrespondingpresentvalueoffutureleasepaymentsrepresentsequityequivalentsforpurposesofcapitalemployedbythefirm,andanadjustmentforcapitalisalsorequired.SeeExhibit1forsampleadjustmentscommonlyusedinthecal

14、culationofEA.R&Dexpenseitemscallforcarefulevaluationandadjustment.WhileGAAPgenerallyrequiresmostR&Dexpenditurestobeexpensedimmediately,EVAcapitalizessuccessfulR&DeffortsandamortizestheamountovertheperiodbenefitingthesuccessfulR&Deffort.AnotherexampleofanEVAadjustmentistheLIFOreservei

15、ncrease.TheincreaseisaddedbacktoprofitbecauseitconvertsinventoryfromaLIFOtoFIFOvaluation,whichisabetterapproximationofcurrentreplacementcost.ThefullamountoftheLIFOreserverepresentspastholdinggainsandaccordinglyisaddedbacktotheequitycomponenttoreflectthecapitalinvestedbythefirmininventorynotyetreflec

16、tedinequityunderGAAP.OtheradjustmentsrecommendedbySternStewartincludetheamortizationofgoodwill.Theannualamortizationisaddedbackforearningsmeasurement,whiletheaccumulatedamountofamortizationisaddedbacktoequityequivalents.Goodwillamortizationishandledinthismannerbecauseby"un-amortizing"goodw

17、ill,therateofreturnreflectsthetruecash-on-yield.Inaddition,thedecisiontoincludetheaccumulatedgoodwillincapitalimprovestherealcostofacquiringanotherfirm'sassetsregardlessofthemannerinwhichtheacquisitionisaccounted.WhiletheaboveadjustmentsarecommoninEVAcalculations,accordingtoSternStewart,thoseite

18、mstobeconsideredforadjustmentshouldbebasedonthefollowingcriteria:Materiality:AdjustmentsshouldmakeamaterialdifferenceinEVA.Manageability:Adjustmentsshouldimpactfuturedecisions.Definitiveness:Adjustmentsshouldbedefinitiveandobjectivelydetermined.Simplicity:Adjustmentsshouldnotbetoocomplex.Ifanitemmee

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

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

21、alfinancialreporting,acostrateisnotassignedfortheequityusedtofinanceoperations.Thus,theuseofnetincomeasaperformancemeasureislimitedbytheexclusionofthatcost.Inaddition,whenusedincalculationssuchasreturnonequity,netincomealsoincludestheaccountingdistortionsincludedinitscalculationandthatofbookvalue.EV

22、A,ontheotherhand,throughitsadjustmentefforts,seekstoeliminatetheimpactofaccountingdistortionswhiletreatingtheimpactoffinancingcostsmorecomprehensivelyinitscapitalcostcharge.Therefore,atruermeasureofeconomicprofitisprovidedbyEVAthanthatprovidedbytheuseoftraditionalGAAP-basedmeasures.Thismaybesignific

23、antbecausesomecompaniesspendheavilyonR&DandtheaccountingtreatmentforthisandcertainintangiblesisnotincludedonGAAP-basedbalancesheets.EVAprovidesawaytocompareperformanceamongfirmsimpactedbytheseaccountingweaknesses.ThespecificamountofthecapitalchargeforEVAisbasedontheamountofequityequivalentsdeter

24、minedafteradjustments,multipliedbythecapitalcostrate.Thecapitalcostrateisbasedontheindividualcostratesforbothdebtandequity.Whilethecostratefordebtcanbereadilydetermined,therateforequityrequiressomeeffort.Thecostforequitycanbemeasuredbyusingthecapitalassetpricingmodel,orotherriskpremiumapproaches.Onc

25、ethatrateisdetermined,itiscombinedwiththerelativeproportionsofcapitaltoproducetheweightedaveragecostofcapital(WACC).Itisthatoverallrate,whencombinedwithallcapitalincludingequityequivalents,thatproducestheoverallcapitalchargeusedinEVA.AfterthecapitalchargeiscalculatedanddeductedfromNOPAT,thefullexten

26、tofEVA'sbenefitscanbeobserved,becauseallopportunitycostsinvolvedintheproductionofincomehavebeenmeasuredandincludedinprofitability.AnexampleoftheWACCisshowninExhibit1.EVA-BasedCompensationPlansForfirmsthatrewardmanagersbasedonperformance,EVAcanofferadvantagesovertraditionalprofit-basedplans.First

27、,bytyingcompensationtoabetterperformancemetric,thecompanycanachieveabettermatchingofitsownobjectiveswiththoseofthemanager.Second,EVAcanhelpreducesomeconflictsofinterestoftenassociatedwithmanagersandprofitabilitymeasurement.BecauseanobjectiveofEVAistoeliminatetheimpactofaccountingdistortionsonprofita

28、bilityandtheinfluenceofmanagementinitscalculation,EAisabetterrepresentationuponwhichtorewardexecutives.ItshouldbenotedthatEVAmeasurementisnotwithoutsubjectiveelements.ItmaybenecessarytoinvolveanindependentcommitteetodeterminetheappropriatenessofspecificEVAadjustmentsandhowtobesthandleunusualsituatio

29、ns.SternStewartalsorecommendsthatEVA-basedbonussystemsinvolvesomeformofdeferralofpaywiththefullamountofEVAbonusesdependentonlong-termsuccess.Thisfeatureofpayingonlyaportionofthecurrentamountandbankingtheremainderforthefutureisanimportantcomponentofthesystemandisdesignedtoenhancelong-termloyaltytothe

30、firm.Bonusesshouldalsobeuncappedandincludestockoptions,therebyturningmanagersintoowners.TheabilityofthesystemtolowerbonusesbasedonsubsequentperformanceisonefeaturethatmakesEVAsystemsfairtoboththecompanyanditsmanagers.Thus,EVAanditsinclusionincompensation,rewardslong-termsuccessandhelpsthecompanyprom

31、otethisaspectofcorporateperformance.Theoverallsuccessoftheplanisdependentonseveralimportantfactorsincludingtheabilityofallemployeestounderstandandagreewithitsgoals.Toreachthisobjective,itisnecessarytoprovidefocusedtrainingofEVAtoallemployeesinthecompany.Inthatway,everyonebetterunderstandsthephilosop

32、hyandtheirroleinthesystem.Whilethistrainingmaytakeconsiderabletimeandeffort,itisusuallyrewardedbysustainedimprovementsinEVA.EVADriversAnotheradvantageofEVAsystemsistheemphasisonEVAdriversandthecontributionofcertainactivitiestoEVA.WhenimplementingEVA,firmsseektodeterminethoseareasofthebusinessmostres

33、ponsibleforsuccess.Byisolatingactivities,suchasinventorymanagementorcapacityutilization,firmscanjudgethevalueoftheseonprojects,divisions,etc.Thusmanagementcanfocusonwaystoincreaseeconomicvalue,ratherthanonreportednumbersalone.Byincludingcapitalcontributionswhichdonotrequireastockprice,firmsarealsoab

34、letouseEVAinevaluatingtheperformanceofindividualunitsordivisionsofthefirmaswellasthemanagerswhorunthosebusinesses.EVhelpsfocusonimprovingoperatingprofitswithouttyingupmorecapitalinthebusiness,curtailingorliquidatinginvestmentsthatdonotmeetcapitalcosts,and/orreducingthecostofcapital.Managementactions

35、suchascostreductions,improvementsintechnology,reducedworkingcapital,ortheoptimaluseofdebt,representthetypesofbenefitsresultingfromEVAanalysisandimplementation.SharePriceandEVkAcontroversythatsurroundsEAiswhetheritcorrelateswellwithafirm'sstockpricesasclaimedbySternStewart.Whilemanybelievethatitd

36、oes,theresultsofseveralstudiesaremixed.3Nevertheless,manyseemconvincedoftheoverallbenefitofEVA.Therefore,firmscontemplatingtheadoptionofEVA,oranyperformance-basedmeasureusedfordecisionmakingandcompensation,shouldexaminetheirownindividualcharacteristics,theunderlyingtheoryofthemeasuresought,andthelik

37、elihoodthatthemeasureselectedwillcapturetheattributesitseeks.ForadvocatesofEVA,theunderlyingtheoryoffinanceembeddedinitscalculationisoneofitsstrengths.ThiscanmoreeasilybeseenwhenoneconsidersthatthepresentvalueofEAparallelsthatofusingnetpresentvalue,andforcapitalprojects,wouldbeexpectedtoyieldasimila

38、rresult.Source:LarryM.Prober,2000“EA:Abetterfinancialreportingtool"PennsylvaniaCPAJournal,vol.71,lessue3,p27.譯文:EVA:一個(gè)較好的財(cái)務(wù)績效評(píng)價(jià)方法經(jīng)濟(jì)增加值EVA作為財(cái)務(wù)績效評(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創(chuàng)造的新的指標(biāo)體系,是基于包括所有類型的資本本錢在內(nèi)的真正的經(jīng)濟(jì)收入的一種利潤衡量方法.比起傳統(tǒng)的績效評(píng)價(jià)方法,EVA提供了更為全面的評(píng)價(jià)方法,由于EVA說明公司是怎樣運(yùn)用其大數(shù)額的營運(yùn)資本的.本文總結(jié)了EVA衡量盈利水平的概念,EVAB計(jì)

39、算,以及采用EVA的優(yōu)勢.EVA的盈利性EVA認(rèn)為,一個(gè)成功的企業(yè)至少應(yīng)該獲得等于其所消耗的資本本錢的收益.該公司應(yīng)賺得比股東融資本錢效益和增加股東價(jià)值更高的回報(bào).EVA可以表示為以下公式：£丫人=稅后凈營業(yè)利潤NOPAT一資本本錢稅后凈營業(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(jì)性的盈利衡量方式.調(diào)整工程為：稅后增加的利息費(fèi)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(fèi)用,后進(jìn)先出儲(chǔ)藏的增加,以及商譽(yù)和攤銷.對(duì)這些工程的營業(yè)收益做出調(diào)整,反響了企業(yè)所做的投資和為實(shí)現(xiàn)這些利潤所進(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)整的工程,但通常只有幾個(gè)的工程的調(diào)整

40、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)營或融資兩個(gè)角度進(jìn)行計(jì)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(fèi)用和折舊而得.利息費(fèi)用是排除在外的,這是由于把它當(dāng)做融資費(fèi)用來考慮.那些被當(dāng)做股權(quán)進(jìn)行調(diào)整的工程,是用來反響現(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)為是稅后凈營業(yè)利潤扣除了現(xiàn)金稅的結(jié)果.計(jì)算EVA時(shí),都需要從稅后凈營業(yè)利潤中扣除企業(yè)的資本本錢.無論在融資方式下還是經(jīng)營方式下,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)益等工程的調(diào)整；另一方面,從融資角度說,從負(fù)債出發(fā),同時(shí)加上了股權(quán)

41、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)本錢和各自的資本本錢率的加權(quán)平均資本本錢,就被用來計(jì)算企業(yè)的資本本錢.由資本本錢和稅后凈營業(yè)利潤相減得出當(dāng)期的EVA.本文的其余局部總結(jié)了融資的方法,由于它強(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)那么的影響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是通過稅后凈營業(yè)利潤減去企業(yè)的資本本錢而得的.稅后凈營業(yè)利潤可以表述為稅后凈收益加回利息支出,由于存款利息被認(rèn)為是EVA的資本要求.在稅后負(fù)債本錢的計(jì)算中,利息費(fèi)用還包括資本支出.其他工程,是否需要調(diào)整那么取決于公司的具體活動(dòng).例如,當(dāng)經(jīng)營租賃而不

42、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)那么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,利息的支付局部是被估計(jì)計(jì)算的,稅后又加回到稅后凈營業(yè)利潤,由于利息被認(rèn)為是一項(xiàng)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(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)用的工程也要求認(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)那么要求大多數(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)工作的成功.計(jì)算E

43、VA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,由于,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)重置本錢的過程.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)益局部,以反映該公司投資于股票尚未反映在會(huì)計(jì)準(zhǔn)那么中存貨的資本.思騰思特建議,另一個(gè)需要調(diào)整的工程是商譽(yù)攤銷.每年的攤銷都加回到收入中,而累積攤銷總額那么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)率反響了企業(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,提升其無論運(yùn)用什么方式收購另一企業(yè)的資產(chǎn)的真實(shí)本錢.雖然根據(jù)思騰思特的看法,上述工

44、程的調(diào)整在EVA的計(jì)算中是很尋常和共同的,但這些工程在進(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；可治理性：關(guān)于工程的調(diào)整應(yīng)影響未來的決定；確定性：關(guān)于工程的調(diào)整應(yīng)非常明確和客觀；簡易性：關(guān)于工程的調(diào)整不應(yīng)過于復(fù)雜.如果一個(gè)工程符合這四項(xiàng)標(biāo)準(zhǔn),那么應(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)工程就顯得非常合理了.止匕外,遞延所得稅工程的調(diào)整以及各類儲(chǔ)藏工程即保修費(fèi)用等的調(diào)整,那么顯得十分典型了,雖然這些工程的可行性應(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)為哪一項(xiàng)特別重要的,由于它涉及到了以EVA為根底的報(bào)酬方案.資本計(jì)提的意義在傳統(tǒng)的財(cái)務(wù)報(bào)告中,本錢率是未分配的融資業(yè)務(wù)的股權(quán).因此,用不考慮本錢在內(nèi)的凈收益作為業(yè)績衡量的指標(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)失真局部.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),更突顯其資本本錢的影響.因此,通過EVA對(duì)經(jīng)營利潤進(jìn)行衡量比通過采用傳統(tǒng)的會(huì)計(jì)準(zhǔn)那么進(jìn)行衡量更為準(zhǔn)確和有效.這是非常重要的,由于一些企業(yè)通常將重金花費(fèi)在研發(fā)工程上,并對(duì)其進(jìn)行會(huì)計(jì)處理,但這些工