经济附加值，市场增加值和杠杆之间的关系[文献翻译]VIP免费

原文：AbstractItisgenerallybelievedthatinordertomaximizevalueforshareholders,companiesshouldstrivetowardsmaximizingMVA(andnotnecessarilytheirtotalmarketvalue).ThebestwaytodosoistomaximizetheEVA,whichreflectsanorganization’sabilitytoearnreturnsabovethecostofcapital.Theleverageavailabletocompaniesthatincurfixedcostsanduseborrowedcapitalwithafixedinterestchargehasbeenknownandquantifiedbyfinancialmanagersforsometime.ThepopularizationofEVAandMVAhasopenedupnewpossibilitiesforinvestigatingtheleverageeffectoffixedcosts(operationalleverage)andinterest(financialleverage)inconjunctionwithEVAandMVA,andfordeterminingwhateffectchangesinsaleswouldhavethroughleverage,notonlyonprofits,butalsoonEVAandMVA.CombiningavariablecostingapproachwithleverageanalysisandvalueanalysisopensupnewopportunitiestoinvestigatetheeffectofcertaindecisionsontheMVAandthesharepriceofacompany.Aspreadsheetmodelisusedtoillustratehowfinancialmanagerscanusetheleverageeffectsoffixedcostsandthe(fixed)costofcapitaltomaximizeprofitsandalsotodeterminewhatimpactchangesinanyvariablelikesalesorcostswillhaveonthewealthofshareholders.IntroductionFewwouldarguethatthemostimportantfinancialgoalofabusinessorganizationshouldbetomaximizethewealthofitsshareholders.Foranumberofyearsnow,accountingmeasuressuchasearnings,returnonassetsandreturnonequityhavebeencriticizedandfoundwantingasperformanceindicatorsendingtogreatershareholderwealth.Theconceptofvaluemanagementresultedfromapursuitoftherealdriversofvalue,andtheperformancemeasuresEconomicValueAdded(EVA)andMarketValueAdded(MVA)arenowknownfairlywellandusedwidelybycompaniesallovertheworld.Theobjectiveofthisstudyistolinkthecostmanagementtechniquesofvariablecostingandcost-volume-profitanalysiswiththefinancialmanagementtechniquesofleverageanalysisandvalueanalysisinordertodeterminehowdecisionsorchangesininputswillaffecttheshareholdervalue.The第1页共12页编号：时间：2021年x月x日书山有路勤为径，学海无涯苦作舟页码：第1页共12页studyalsointroducestheleverageeffectofthecostofequityasanewconceptandillustrateshowitreactsinconjunctionwithoperatingleverageandfinancialleveragetodeterminethetotaloverallleverageofthecompany.Thisnewapproachwouldbeusefulfordecision-makingpurposesinassessingtheimpact,notonlyofdifferentdecisionalternatives,butalsoofchangesininternalfactorslikeproductioncostsorexternalfactorslikeinflationandtaxrates.Thefindingsofthisstudycouldbeofvaluetomanagersatalllevelsinabusinessorganization,butespeciallytofinancialmanagers.Existingshareholdersandpotentialinvestorswouldalsobenefitfromthefindingsofthestudy,butthecompanydataneededasinputsforthemodelwouldnotbeavailabletothem.Theobjectiveofthisstudyistolinkthecostmanagementtechniquesofvariablecostingandcost-volume-profitanalysiswiththefinancialmanagementtechniquesofleverageanalysisandvalueanalysisinordertodeterminehowdecisionsorchangesininputswillaffecttheshareholdervalue.Thestudyalsointroducestheleverageeffectofthecostofequityasanewconceptandillustrateshowitreactsinconjunctionwithoperatingleverageandfinancialleveragetodeterminethetotaloverallleverageofthecompany.Thisnewapproachwouldbeusefulfordecision-makingpurposesinassessingtheimpact,notonlyofdifferentdecisionalternatives,butalsoofchangesininternalfactorslikeproductioncostsorexternalfactorslikeinflationandtaxrates.Thefindingsofthisstudycouldbeofvaluetomanagersatalllevelsinabusinessorganiz...