使用EVA来衡量和评估业绩【外文翻译】

使用EVA来衡量和评估业绩【外文翻译】

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时间:2017-07-25

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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

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