经济增加值—普通透视【外文翻译】

《经济增加值—普通透视【外文翻译】》由会员上传分享，免费在线阅读，更多相关内容在学术论文-天天文库。

1、本科毕业论文（设计）外文翻译原文：Economicvalueadded-ageneralperspectiveThispaperexplainstheconceptofEconomicValueAdded(EVA)thatisgainingpopularityinIndia.ThepaperexamineswhetherEVAisasuperiorperformancemeasurebothforcorporatereportingandforinternalgovernance.ItreliedonempiricalstudiesinU.S.A.a

2、ndotheradvanceeconomies.ItconcludedthatthoughEVAdoesnotprovideadditionalinformationtoinvestors,itcanbeadaptedasacorporatephilosophyformotivatingandeducatingemployeestodifferentiatebetweenvaluecreatingandvaluedestructingactivities.Thiswouldleadtodirectalleffortsincreatingshareho

3、ldervalue.ThepaperbringstoattentionthedangeroustrendofreportingEVAcasuallythatmightmisleadinvestors.ECONOMICVALUEADDED–theconceptEVAisthemostmisunderstoodtermamongthepractitionersofcorporatefinance.TheproponentsofEVAarepresentingitasthewonderdrugofthemillenniuminovercomingallco

4、rporateillsatonestrokeandultimatelyhelpinincreasingthewealthoftheshareholder,whichissynonymouswiththemaximizationofthefirmvalue.TheattractivenessoftheEVAliesinitsuseofcashflowandcostofcapitalthataredeterminantofthevalueofthefirm.Intheprocess,EVAisbeingbandiedaboutwithutmostimpu

5、nitybyallandsundry,whichincludesthepopularpress.TheacademicworldinitsturnhascomeupwithvariousempiricalstudieswhicheithersupportsthesuperiorityofEVAorquestionstheclaimofitsproponents.Currentlytheempiricalevidenceissplitalmosthalfway.EVAisnothingbutanewversionoftheage-oldresidual

6、incomeconceptrecognizedbyeconomistssincethe1770's.BothEVAand‘residualincome’conceptsarebasedontheprinciplethatafirmcreateswealthforitsownersonlyifitgeneratessurplusoverthecostofthetotalinvestedcapital.Sowhatisnew?PerhapsEVAcouldbringbackthelostfocuson‘economicsurplus’fromthecur

7、rentemphasisonaccountingprofit.Inalighterveinitcanbesaidthatinanerawherecommercialsponsorshipisthetickettothepopularityofeventheconceptofgod,theconceptofresidualincomehasnotfoundagoodsponsoruntilSternStewartandCompanyhasadopteditandrelauncheditwithbrandnewnameofEVA.Technicallys

8、peakingEVAisnothingbuttheresidualincomeafterfactoringt