经济增加值的基本原理[文献翻译]VIP免费

原文：FoundationsofeconomicvalueaddedTheEVARevolutionInamarket-driveneconomymanycompanieswillcreatewealth.Otherfirmshoweverwillundoubtedlydestroyit.Discoveringthoseeconomicfactorsthatleadtowealthcreationanddestructionamongcompaniesisimportanttomanyconstituencies,nottheleastofwhichiscorporateofficialsandinvestmentmanagers.Forcorporatemanagers,wealthcreationisfundamentaltotheeconomicsurvivalofthefirm.Managersthatfail(orrefuse)toseetheimportanceofthisimperativeinanopeneconomydosoattheperiloftheorganizationandtheircareer.Findingthe“best”companiesandindustriesinmarketplaceisofprimaryimportancetoinvestmentmanagers.Withtheproperfinancialtools,portfoliomanagersmaybeabletoenhancetheiractiveperformanceover-and-abovethereturnsavailableonsimilarriskindexedpassivestrategies.AnewanalyticaltoolcalledEVAisnowassistingthiswealth-discoveryandcompany-selectionprocess.Theinnovativechangesthatthisfinancialmetrichavespawnedinthetwinareasofcorporatefinanceandinvestmentmanagementisthedrivingforcebehindwhatcanbeformerlycalledthe“EVArevolution”.EVAinpracticeTheanalyticaltoolcalledEVA,forEconomicValueAdded,wascommerciallydevelopedin1982bythecorporateadvisoryteamofJoelSternandG.·Bennett·StewartⅢ.Thisfinancialmeticgainedearlyacceptancefromthecorporatecommunitybecauseofitsinnovativewayoflookingatthefirm’srealprofitability,unliketraditionalmeasuresofprofit—suchasEBIT,EBITDA,andnetoperatingincome—EVAlooksatthefirm’s“residualprofitability”,netofboththedirectcostofdebtcapitalandtheindirectcostofequitycapital.Inthisway,EVAservesasamodern-daymeasureofcorporatesuccessbecauseitiscloselyalignedwiththeshareholderwealth-maximizationrequirement.LargefirmslikeCocaCoca,Diagea,Lilly(Eli),Guidant,andSPXhaveusedEVAasaguidetocreatingeconomicvaluefortheirshareholders.Bonusesandincentivepayschemesatthesefirmshavebeenbuiltaroundthemanager’sability(orlackthereof)togeneratepositiveEVAwithinthefirm’soperatingdivisions.Positivepaymentsaccruetomanagershavingdivisionaloperatingprofitsthatonbalanceexceedtherelevant“costofcapital”,whilenegativeincentivepaymentsmayoccurifthelarger-termdivisionaloperatingprofitsfallshortoftheoverallcapitalcosts.Thus,byaaccountingforboththecostofdebtandequitycapital,EVAgivesmanagerstheincentivetoactlikeshareholderswhenmakingcorporateinvestmentdecisions.EVAisalsogainingpopularityintheinvestmentcommunity.TheJune1996conferenceon“EconomicValueAdded”atCSFirstBostonandthe“rollout”ofGoldmanSachs’EVAresearchplatforminMay1997istestimonytothisexcitingdevelopment.Indeed,“buyside”investmentfirmslikeGlobalAssetManagementandOppenheimerCapitaluseEVAintheirstockselection,portfolioconstruction,andriskcontrolprocesses.Otherlargeinvestmentfirmsaretakingaseriouslook,andEVAisalsomakingmeaningfulinroadsinworldofglobalperformanceanalytics.Moreover,recentempiricalstudiesintheJournalPortfolioManagement(amongotherfinanceandinvestmentjournals)showsthatEVAisbeingadvancedinboththeacademicandfinancialcommunities.EvolutionofEVATheevolutionofeconomicprofit—economicvalueadded(EVA)—isafascinatingstudywithhistoricalrootsthatcanbetracedbacktotheclassicaleconomist’snotionof“residualincome.”Forinstance,considerthedefinitionofeconomicprofitmadein1890byfamousBritisheconomist,AlfredMarshall,regradingtherealmeaningofabusinessowner’sprofit:“Whatremainsofhisprofitsafterdeductinginterestonhiscapitalatthecurrent...