经济增加值外文文献翻译译文

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1、外文文献翻译译文一、外文原文原文：EconomicValueAddedEconomicValueAdded(EVA),whenappliedproperlyinacompany,impactsalldepartmentsanddecisions.TheequationforEVAaswellastheadjustmentsthatmustbemadetocurrentaccountingpracticesisthebasisforanunderstandingofEVA.ThesuccessofEVAisdisplayedascompaniesthathaveimpleme

2、ntedEVAtovaryingdegreesarecomparedwithcompaniesthathavenotimplementedEVA.OncetheargumentfortheoverallsuperiorityofEVAismade,traditionalperformancemeasuresandcurrentaccountingpracticesareevaluated.Then,theimportanceofcreatingvaluewithincorporationsbecomesapparent.Finally,adetailedexampleoft

3、heimplementationprocessthattookplaceseveralyearsagoatHarscoarguedinfavorofallcompaniesadoptingEVA.EconomicValueAddedEconomicValueAdded(EVA),forthelasttwotothreedecades,hasbeenreceivinganincreasingamountofattention.Thoughithasbecomeaviablebusinesspracticeformanylargecorporations,itstillhasn

4、otsuccessfullyalteredtheapproachofmanycorporateleaders.EVAapproachesthefinancialaspectofcorporationsfromadifferentperspectivethanthattowhichmostexecutivesareaccustomed.ToraiseawarenessofthebenefitsofEVA,itisimperativetogainabasicunderstandingoftheideas,concepts,andimplicationsassociatedwit

5、htheimplementationofpoliciesatcorporationsthathaveadoptedEVA.EVAEquationAtitscore,theconceptofEconomicValueAddedisrelativelysimple.Thecomplexityisthattheconceptmustbeappliedtoeverybusinessdecisionatalllevelsofaparticularcompanytorealizethedesiredlong-runeffects(Stewart,1991).Theequationfor

6、EVAisasfollows:EVA=NetOperatingProfitAfterTaxes(NOPAT)–(Capital*TheCostofCapital).Thisideahelpsmanagersintegratetwobasicprinciplesoffinanceintotheirdailydecision-making.First,theprimaryfinancialobjectiveofallcompaniesshouldbetomaximizeshareholderwealth.Second,thevalueofacompanyisbasedoninv

7、estors’expectationsoffutureearningsexceedingorfallingshortofthecostofcapital.ThecostofcapitalisadecisivemeasurepertainingtocomputingEVA(Stewart,1991).Thecostofcapitalistherateofreturnacompanywouldexpecttoreceivehadtheyinvestedinadifferentvenuewithasimilarrisk(