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1、本科毕业论文（设计）外文翻译原文：UsingEVAtomeasureperformanceandassessOfallthemeasuresthatcorporationsusetogaugetheirperformance,noneismoreaccurateorusefulthaneconomicvalueadded,orEVA.Usedtoitsfullest,EVAcanhelpcorporationsachieveremarkablesuccess.Infact,mostofthecompaniesusingEVAastheirframew
2、orkforfinancialmanagementandincentivecompensationhavesubstantiallyoutperformedtheircompetitors.EVAisthetermthatSternStewart&Co.coinedforitsparticularvarietyofeconomicprofit,aconceptthathasbeenpartofmainstreameconomicthinkingformorethanacentury.Putmostsimply,EVAisthegain(orloss)
3、thatremainsafterlevyingachargeagainstafter-taxoperatingprofitsfortheopportunitycostofallcapital—equityaswellasdebt—usedtoproducethoseprofits.ThecalculationofEVAbeginswithputtingoperatingprofitsonaneconomicratherthananaccountingbasis.Thatrequiresthecorrectionofanumberofanomalies
4、inGAAPaccounting,suchastheimmediateexpensingofinvestmentsinresearchanddevelopment.ThentheEVAmeasuredeductsachargefortheweightedaveragecostofallcapital.Theremainderisthedollaramountbywhichafter-taxoperatingprofitsineachperiodexceedorfallshortofthecostofcapital.Chargingprofitsfor
5、thecostofcapitaliscrucial.AsPeterDruckerputthematterina1995HarvardBusinessReviewarticle:"EVAisbasedonsomethingwehaveknownforalongtime:whatwecallprofits,themoneylefttoserviceequity,isusuallynotprofitatall.Untilabusinessreturnsaprofitthatisgreaterthanitscostofcapital,itoperatesat
6、aloss.Nevermindthatitpaystaxesasifithadagenuineprofit.Theenterprisestillreturnslesstotheeconomythanitdevoursinresources....Untilthenitdoesnotcreatewealth;itdestroysit."Manycorporatemanagershaveforgottenthisbasicprinciplebecausetheyhavebeenconditionedtofocusonconventionalaccount
7、ingprofits,whichincludeadeductionforinterestpaymentsondebtbuthavenoprovisionatallforthecostofequitycapital.Worsestill,mostlinemanagersbasetheirdecisionsonoperatingprofits,whichdon'tevenhaveachargefordebt.Trueprofitsdon'tbeginuntilthecostofcapital,likeallothercosts,hasbeencovere
8、d.WhyisEVAsopowerful?First,becauseitistheperformanceme
