經(jīng)濟(jì)附加值,場(chǎng)增加值和杠桿之間的關(guān)系文獻(xiàn)翻譯

1、經(jīng)濟(jì)附加值，市場(chǎng)增加值和杠桿 之間的關(guān)系文獻(xiàn)翻譯原文：AbstractIt is generally believed that in order to maximize value for shareholders, companies should strive towards maximizing MVA (and not necessarily their total market value). The best way to do so is to maximize the EVA, which reflects an organization s abilttyearn retu

2、rns above the cost of capital. The leverage available to companies that incur fixed costs and use borrowed capital with a fixed interest charge has been known and quantified by financial managers for some time. The popularization of EVA and MVA has opened up new possibilities for investigating the l

3、everage effect of fixed costs (operational leverage) and interest (financial leverage) in conjunction with EVA and MVA, and for determining what effect changes in sales would have through leverage, not only on profits, but also on EVA and MVA. Combining a variable costing approach with leverage anal

4、ysis and value analysis opens up new opportunities to investigate the effect of certain decisions on the MVA and the share price of a company. A spreadsheet model is used to illustrate how financial managers can use the leverage effects of fixed costs and the (fixed) cost of capital to maximize prof

5、its and also to determine what impact changes in any variable like sales or costs will have on the wealth of shareholders.IntroductionFew would argue that the most important financial goal of a business organization should be to maximize the wealth of its shareholders. For a number of years now, acc

6、ounting measures such as earnings, return on assets and return on equity have been criticized and found wanting as performance indicators ending to greater shareholder wealth . The concept of value management resulted from a pursuit of the real drivers of value, and the performance measures Economic

7、 Value Added (EVA) and Market Value Added (MVA) are now known fairly well and used widely by companies all over the world. The objective of this study is to link the cost management techniques of variable costing and cost- volume- profit analysis with the financial management techniques of leverage

8、analysis and value analysis in order to determine how decisions or changes in inputs will affect the shareholder value. The study also introduces the leverage effect of the cost of equity as a new concept and illustrates how it reacts in conjunction with operating leverage and financial leverage to

9、determine the total overall leverage of the company. This new approach would be useful for decision-making purposes in assessing the impact, not only of different decision alternatives, but also of changes in internal factors like production costs or external factors like inflation and tax rates. Th

10、e findings of this study could be of value to managers at all levels in a business organization, but especially to financial managers. Existing shareholders and potential investors would also benefit from the findings of the study, but the company data needed as inputs for the model would not be ava

11、ilable to them.The objective of this study is to link the cost management techniques of variable costing and cost-volume-profit analysis with the financial management techniques of leverage analysis and value analysis in order to determine how decisions or changes in inputs will affect the sharehold

12、er value. The study also introduces the leverage effect of the cost of equity as a new concept and illustrates how it reacts in conjunction with operating leverage and financial leverage to determine the total overall leverage of the company.This new approach would be useful for decision-making purp

13、oses in assessing the impact, not only of different decision alternatives, but also of changes in internal factors like production costs or external factors like inflation and tax rates. The findings of this study could be of value to managers at all levels in a business organization, but especially

14、 to financial managers. Existing shareholders and potential investors would also benefit from the findings of the study, but the company data needed as inputs for the model would not be available to them.In this article EVA, MVA and leverage will be discussed briefly, followed by an 川ustration of th

15、e development and use of a spreadsheet model to extend the leverage analysis of profits to EVA and MVA. The leverage effect of the cost of equity on EVA and MVA is investigated. The initial hypothesis is that similar to fixed costs and interest, the cost of equity will also have a leverage effect on

16、 the profits (and EVA and MVA) of the business. It should be possible to quantify this leverage effect and to use it, together with the well-known operating leverage and financial leverage factors, to determine the total leverage for the company. Once the total leverage is determined, it would be po

17、ssible to predict what effect any change in input will have on profits, EVA and MVA. An attempt is made to derive a formula (given certain assumptions) to predict what effect a particular change in volume (sales) would have on EVA and MVA.Finally, the impact of different levels of operating and fina

18、ncial leverage on profits, EVA and MVA is evaluated.The concepts of EVA, MVA and leverage EVA and MVAA company s total market value is equal to the sum of the market value of its equity and the market value of its debt. In theory, this amount is what can be“taken out of the company (i.e. when all sh

19、ares are sold and debt is repaid) at any given time. The MVA is the difference between the total market value of the company and the economic capital (Firer 1995:57; Reilly and Brown 2003:591).The economic capital, also called invested capital (IC), is the amount that is “putinto the company and is

20、basically the fixed assets plus the net working capital.MVA = Market value of company - Invested CapitalFrom an investor psint of view, MVA is the best final measure of a company sperformance. Stewart (1991:153) states that MVA is a cumulative measure of corporate performance and that it represents

21、the stock market s assessment from a particular time onwards of the net present value of all a company spast and projected capital projects. MVA is calculated at a given moment, but in order to assess performance over time, the difference or change in MVA from one date to the next can be determined

22、to see whether value has been created or destroyed.EVA is an internal measure of performance that drives MVA. Stewart (1991:153) defines EVA as follows:A company s EVA is the fuel that fires up itsMVA. EVA takes into account the full cost of capital, including the cost of equity. The concept of EVA

23、is a measure of economic profit and was popularized and originally trade-marked by Stern Stewart and Company in the 1980s.The calculation of EVA is the same as that of the well-known “residual income; measure that has been used as a benchmark of divisional performance for some time. Horngren, Datar

24、and Foster (2003:790) and Garrison, Noreen and Seal (2003:616) compare EVA to residual income and other performance measures and describe the growing popularity of EVA. EVA is calculated as follows:EVA = (ROIC - WACC) 乂 ICWhereROIC = Return on invested capitalWACC = Weighted Average Cost of CapitalI

25、C = Invested Capital (at the beginning of the year)EVA can also be defined as follow:EVA = NOPAT -(WACC 乂 IC)WhereNOPAT = net operating profit after taxThe link between MVA and EVA is that theoretically, MVA is equal to the present value of all future EVA to be generated by the company.MVA = present

26、 value of all future EVALink between EVA, MVA and leverageIt was indicated that, theoretically, MVA is equal to the present value of all m future EVAS. On the assumption that there will be no future growth in the current EVA, or that the expected future growth in EVA will be at a constant rate, g, t

27、he theoretical MVA can be calculated as a perpetuity. The result shows that MVA is a multiple of the current EVA. EXAMPLE:Company A has a current EVA of R100m. Its WACC is 20%. If no future growth in EVA is expected, the theoretical MVA can be calculated as follows:MVA = PV (future EVA)=current EVA

28、/ WACC=R100m / 0.2=R500mIn this instance, MVA is five times the current EVA, or R500/R100m.If EVA is expected to grow at a constant rate of 10% in future, the theoretical MVA can be calculated as follows:MVA = PV (future EVA)=current EVA / (WACC- g)=R100m / (0.2 - 0.1)=R1000mWith the assumption of 1

29、0% future growth in EVA, MVA is ten times the current EVA, or (R1000m / R100m). The fact that MVA is theoretically a multiple of the current EVA means that any percentage change in EVA should cause the same percentage change in MVA.If the cost of equity is subtracted from profits (after interest and

30、 tax), one gets EVA. If one assumes that the capital structure and the cost of equity percentage remain unchanged, the amount debited as the cost of equity in the calculation of EVA is a fixed amount. This fixed amount of the cost of equity also has a leverage effect that causes EVA (and the theoret

31、ical MVA) to change more dramatically than profits when there are changes in the sales volume. The leverage effect of the cost of equity (referred to as EVA leverage) can now be investigated and combined with operational and financial leverage to study the effect on a business as a whole.Research me

32、thodA spreadsheet model was developed using different levels of operating leverage and financial leverage. The relationship between profits (after interestand tax) and EVA was determined. This was done by using the cost of own capital (equity) and this fixed amount can therefore be described as a le

33、verage factor for EVA.Furthermore, the EVA leverage factor was combined with the operating and financial leverage. It then became possible to 川ustrate how the expected percentage change in EVA and MVA can be predicted, given a certain percentage change in sales (or profits). ConclusionsThe spreadshe

34、et model was used to investigate the leverage effect of three items, namely fixed costs (DOL), interest on borrowed capital (DFL) and the cost of own capital (EVA leverage). Five different scenarios, each with a different level of DOL, DFL or EVA leverage, were assumed to determine the relationships

35、 (if any) between the different kinds of leverage as well as their impact on profits, EVA and MVA (and therefore, also the value of the firm).The results indicated that the size of the total level of leverage including EVA is determined by all three elements causing the leverage. However, there was

36、no difference in the total leverage including EVA for scenarios where only the financial gearing differ- red. The analysis showed that the effect of high financial leverage is offset perfectly by the lower cost of own capital (EVA leverage).Stated differently, the total leverage including EVA is the

37、 same for all scenarios with the same fixed costs (only if WACC remains constant).Given the assumptions made, one can conclu de that the organization s sensitivity to changes in sales volume is determined by its degree of operational leverage and by its total cost of capital (as represented by the f

38、inancial leverage and EVA leverage). The way the company is financed (assuming there is no change in the WACC) will not affect this total leverage effect?Source: University of Pretoria University of Pretoria , 2004. “the relationship between EVA, MVA and leverage ” Meditari Accountancy Research. Vol

39、. 12 No. 1.pp. 39 右9.譯文：經(jīng)濟(jì)附加值，市場(chǎng)增加值和杠桿之間的關(guān)系摘要人們普遍認(rèn)為，為了最大限度地為股東價(jià)值，公司應(yīng)該對(duì)MVA勺最大化（不一定它們的總市值）努力。最好的辦法是最大限度地這樣做的EVA這反映了一個(gè)組織賺取高于資本成本回報(bào)的能力。該公司提供的杠桿承擔(dān)固定費(fèi)用和使用 借來(lái)與固定利息借入資金已經(jīng)知道并需要財(cái)務(wù)經(jīng)理一些時(shí)間，量化的投資公司。對(duì)EV厭DMV的普及開(kāi)辟了調(diào)查固定成本（經(jīng)營(yíng)杠桿）和興趣與EV厭DMVA 一起（財(cái)務(wù)杠桿）的杠桿效應(yīng)和確定哪些銷(xiāo)售將有明顯的變化，通過(guò)杠桿作用，而不是新的可能性只有利潤(rùn)，而且還對(duì) EV厭DMVA變動(dòng)成本法結(jié)合了具有杠桿分 析和價(jià)值分

40、析方法，開(kāi)辟了新的機(jī)會(huì)，探討對(duì)MVA勺某些決定和影響了公司股價(jià)。 電子表格模型來(lái)說(shuō)明如何利用財(cái)務(wù)經(jīng)理可以使固定費(fèi)用和資本（固定）成本的 杠桿效應(yīng)來(lái)實(shí)現(xiàn)利潤(rùn)最大化，還要確定在任何類(lèi)似的銷(xiāo)售或成本變量的影響的 變化，對(duì)股東財(cái)富 引言很少人會(huì)認(rèn)為應(yīng)當(dāng)將股東權(quán)益最大化作為企業(yè)的財(cái)務(wù)目標(biāo)。近些年來(lái)，就 像將股東財(cái)富最大化作為主導(dǎo)的績(jī)效指標(biāo)一樣的會(huì)計(jì)指標(biāo)，如收入、資本回報(bào) 率和股本回報(bào)率一直受到批評(píng)（約翰遜，納塔拉詹和拉巴波特，1985年；拉巴波特，1986年；斯圖爾特1991年）。這一概念的價(jià)值管理的原因是尋求真正的 價(jià)值動(dòng)因，并且現(xiàn)在以經(jīng)濟(jì)附加值（EVA和市場(chǎng)增加值（MVA作為績(jī)效評(píng)價(jià) 指標(biāo)已經(jīng)廣為人

41、知，并被廣泛地應(yīng)用于全世界的許多企業(yè)中。本文所要研究的 就是將變動(dòng)成本法以及本量利分析相結(jié)合進(jìn)行的杠桿分析和價(jià)值分析，并利用 這一技術(shù)來(lái)確定決定和改變投入將如何影響股東價(jià)值。該研究還將股權(quán)成本的 杠桿效應(yīng)作為一種新的概念，并說(shuō)明它如何反映經(jīng)營(yíng)杠桿和財(cái)務(wù)杠桿，以確定 企業(yè)的綜合杠桿。這種新的方法將對(duì)評(píng)估決策目的產(chǎn)生有益的影響，不僅是對(duì) 于不同的決策有效，而且還將改變?nèi)缟a(chǎn)成本這樣的內(nèi)部因素，或者如通貨膨 脹率和稅率這樣的外部因素，這項(xiàng)研究結(jié)果可能對(duì)企業(yè)組織中的各級(jí)管理人員 都是有價(jià)值的，尤其是財(cái)務(wù)管理人員?，F(xiàn)有的股東和潛在的投資者也將受益于 這項(xiàng)研究的結(jié)構(gòu)，但該公司的一些數(shù)據(jù)，如模型中涉及的投入

42、的數(shù)據(jù)，是無(wú)法 提供給他們的。這項(xiàng)研究的目的是聯(lián)系在一起的杠桿分析和價(jià)值分析的財(cái)務(wù)管理技術(shù)的成 本管理技術(shù)的可變成本和成本量利分析，以便確定如何輸入或更改的決定會(huì)影 響股東價(jià)值。這項(xiàng)研究還介紹了股權(quán)成本作為一個(gè)新的概念，并說(shuō)明杠桿效應(yīng) 如何結(jié)合反應(yīng)與經(jīng)營(yíng)杠桿和財(cái)務(wù)杠桿，以確定公司的整體總的杠桿作用。這種新的方法是在決策評(píng)估的目的時(shí)不僅有益于不同的決策方案，而且更 有益于在內(nèi)部變化的影響因素，如生產(chǎn)成本或像通貨膨脹和稅率的外部因素。 該這項(xiàng)研究的結(jié)果可能是有價(jià)值的管理者在企業(yè)的所有層面組織，尤其是財(cái)務(wù) 管理人員?，F(xiàn)有股東及潛在的投資者也將受益于該研究的結(jié)果，但作為輸入所 需的數(shù)據(jù)模型公司不會(huì)提供

43、給他們。本文將對(duì)經(jīng)濟(jì)附加值，市場(chǎng)增加值和杠桿進(jìn)行簡(jiǎn)單的研究，其次將做一些 簡(jiǎn)要的說(shuō)明和利用電子表格模式，來(lái)擴(kuò)大對(duì)利潤(rùn)的杠桿分析以及經(jīng)濟(jì)附加值和 市場(chǎng)增加值。在股權(quán)成本的杠桿分析影響下的經(jīng)濟(jì)附加值和市場(chǎng)增加值，最初 的假設(shè)是，相似的固定費(fèi)用和利息費(fèi)用、股權(quán)成本在經(jīng)營(yíng)中對(duì)利潤(rùn)（和經(jīng)濟(jì)附 加值與市場(chǎng)增加值）產(chǎn)生一個(gè)杠桿效應(yīng)。應(yīng)該盡可能地量化這一杠桿效應(yīng)并利 用它，再加上已知的經(jīng)營(yíng)杠桿和財(cái)務(wù)杠桿來(lái)確定公司的綜合杠桿。一旦綜合杠 桿被確定，將可以用來(lái)預(yù)測(cè)任何投入的改變對(duì)盈利、經(jīng)濟(jì)附加值和市場(chǎng)增加值 有什么樣的影響。試著得出一個(gè)公式（基于某些假設(shè)）來(lái)預(yù)測(cè)某一變化量將對(duì) 經(jīng)濟(jì)附加值和市場(chǎng)增加值產(chǎn)生什么樣的影

44、響。最后，不同層次的經(jīng)營(yíng)杠桿和財(cái)務(wù)杠桿對(duì)利潤(rùn)、經(jīng)濟(jì)附加值和市場(chǎng)增加值 所產(chǎn)生的影響將被估算出來(lái)。經(jīng)濟(jì)附加值、市場(chǎng)增加值和杠桿的概念經(jīng)濟(jì)附加值和市場(chǎng)增加值一個(gè)公司的總市值等于其權(quán)益的市值加上債務(wù)的賬面價(jià)值。這一數(shù)據(jù)可以 在任意給定的時(shí)間從公司（發(fā)行在外的所有的股票和償還的債務(wù)）中得到。市 場(chǎng)增加值就是總市值和經(jīng)濟(jì)資本之間的不同點(diǎn)（凡爾，1995:57 ;賴(lài)?yán)筒祭剩?003:591 ）。經(jīng)濟(jì)資本，也叫做投入資本（IC）,是投入該公司的金額，基本 上是固定資產(chǎn)凈值加上營(yíng)運(yùn)資本。MVA=公司總的市場(chǎng)價(jià)值投入總資本從投資者的角度看，市場(chǎng)增加值是衡量一個(gè)公司業(yè)績(jī)的最好的指標(biāo)。斯圖 爾特（ 1991: 1

45、53）提出，市場(chǎng)增加值是一個(gè)衡量公司的積累業(yè)績(jī)指標(biāo)，它代表 了特定時(shí)間所有公司過(guò)去和將來(lái)的資本項(xiàng)目的凈現(xiàn)值的股市的評(píng)估。為了評(píng)估 能隨著時(shí)間的推移而變化，市場(chǎng)增加值計(jì)算某一特定時(shí)間下，差異或者變更在 市場(chǎng)增加值法下從一個(gè)日期到下一個(gè)日期的確定，來(lái)看價(jià)值是被創(chuàng)造了還是被 毀滅了。經(jīng)濟(jì)附加值是推動(dòng)市場(chǎng)增加值的內(nèi)部的績(jī)效評(píng)價(jià)指標(biāo)。斯圖爾特（1991:153）對(duì)經(jīng)濟(jì)附加值下的定義如下：”一個(gè)公司的經(jīng)濟(jì)附加值是推動(dòng)市場(chǎng)增加值 的動(dòng)力?！苯?jīng)濟(jì)附加值充分考慮了資本成本，包括股權(quán)成本。這一概念下的經(jīng) 濟(jì)附加值是思騰斯特公司在20世紀(jì)80年代提出并推廣的。就像眾所周知的“剩 余收益” 一樣，一段時(shí)間內(nèi)，經(jīng)濟(jì)附加值被作為部門(mén)的基準(zhǔn)的績(jī)效評(píng)價(jià)指標(biāo)?；舳鞲駛?、達(dá)塔爾與福斯特（2003:790 ）和格瑞森、諾琳與希爾（2003:616 ） 比較了經(jīng)濟(jì)附加值、剩余收益以及其他一些績(jī)效評(píng)價(jià)指標(biāo)，并對(duì)日益普及的經(jīng) 濟(jì)附加值指標(biāo)做了介紹。經(jīng)濟(jì)附加值的計(jì)算如