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1、本科毕业论文（设计）外文翻译原文：EvidenceonEVATHETHEORYEVAistheleadingexampleofanewclassofmetricsthatattempttomeasureanunderlyingconceptcalledresidualincome.Recognizedbyeconomistssincethe1770s,residualincomeisbasedonthepremisethat,inorderforafirmtocreatewealthforitsowner
2、s,itmustearnmoreonitstotalinvestedcapitalthanthecostofthatcapital.Whereastraditionalaccountingnetincomemeasures‘profits’netofinterestexpenseondebtcapital,residualincomemeasures‘profits’netofthefullcostofbothdebtandequitycapital.Tocomputeresidualincome,beg
3、inwithnetoperatingprofitsaftertax(NOPAT)andsubtractthetotalcostofcapitalmeasuredastheweighted-averagecostofcapital(WACC)timesthetotalinvestedcapital(CAPITAL).Notationally,residualincome(RI)forperiodtis:(1a)ResidualIncomet(RIt)=NOPATt–[WACCt×CAPITALt-1]Sin
4、ceNOPATcanalternativelybeexpressedasarateofreturnoninvestedcapital(i.e.,returnonassets,ROA)timescapital,residualincomecanberestatedasin(1b).Expression(1b)isintuitivelyappealingbecauseitseparatestotalreturnoncapitalfromthetotalcostofcapital:(1b)RIt=[ROAt×C
5、APITALt-1]–[WACCt×CAPITALt-1]Regroupingtherighthandsidetermsof(1b),weobservein(1c)thatfirmsproducingpositiveresidualincomeearnapositive‘spread’betweenthepercentreturnoninvestedcapitalandthepercentcostofcapital:(1c)RIt=[ROAt–WACCt]×CAPITALt-1Putstillanothe
6、rway,residualincomecanbeseenin(1d)toequaltraditionalaccountingnetincome(NI)minusachargeforthecostofequitycapital,wherethecostofequitycapitalcanbeexpressedasthebeginning-of-periodbookvalueofequity(BV)timesthecostofequitycapital(k).Thatis,(1d)RIt=NIt–[kt×BV
7、t-1]Alookattherighthandsidesofexpressions(1a)to(1d)suggeststhattherearethreemainopportunitiestoincreaseresidualincome.Otherthingsequal,managerswillincreaseresidualincometotheextenttheyincreaseNOPATandROA,decreaseWACC(thoughthisisinherentlymoredifficult),o
8、rreallocatecapitalawayfromnegative‘spread’towardpositive‘spread’investments.Theseopportunitiesbecomeincentiveswhenmanagersareevaluatedorcompensatedbasedonresidualincome(orEVA).Laterinthisarticlewereviewevidenceonthe
