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ID:16320385
大小:46.00 KB
页数:11页
时间:2018-08-09
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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.ThesuccessofEVAisdisplayedascompaniesthathaveimp
2、lementedEVAtovaryingdegreesarecomparedwithcompaniesthathavenotimplementedEVA.OncetheargumentfortheoverallsuperiorityofEVAismade,traditionalperformancemeasuresandcurrentaccountingpracticesareevaluated.Then,theimportanceofcreatingvaluewithincorporationsbecomesapparent.Finally,adetailedex
3、ampleoftheimplementationprocessthattookplaceseveralyearsagoatHarscoarguedinfavorofallcompaniesadoptingEVA.EconomicValueAddedEconomicValueAdded(EVA),forthelasttwotothreedecades,hasbeenreceivinganincreasingamountofattention.Thoughithasbecomeaviablebusinesspracticeformanylargecorporations
4、,itstillhasnotsuccessfullyalteredtheapproachofmanycorporateleaders.EVAapproachesthefinancialaspectofcorporationsfromadifferentperspectivethanthattowhichmostexecutivesareaccustomed.ToraiseawarenessofthebenefitsofEVA,itisimperativetogainabasicunderstandingoftheideas,concepts,andimplicati
5、onsassociatedwiththeimplementationofpoliciesatcorporationsthathaveadoptedEVA.EVAEquationAtitscore,theconceptofEconomicValueAddedisrelativelysimple.Thecomplexityisthattheconceptmustbeappliedtoeverybusinessdecisionatalllevelsofaparticularcompanytorealizethedesiredlong-runeffects(Stewart,
6、1991).TheequationforEVAisasfollows:EVA=NetOperatingProfitAfterTaxes(NOPAT)–(Capital*TheCostofCapital).Thisideahelpsmanagersintegratetwobasicprinciplesoffinanceintotheirdailydecision-making.First,theprimaryfinancialobjectiveofallcompaniesshouldbetomaximizeshareholderwealth.Second,theval
7、ueofacompanyisbasedoninvestors’expectationsoffutureearningsexceedingorfallingshortofthecostofcapital.ThecostofcapitalisadecisivemeasurepertainingtocomputingEVA(Stewart,1991).Thecostofcapitalistherateofreturnacompanywouldexpecttoreceivehadtheyinvestedinadifferentvenuewithasimilarrisk(
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