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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.ThesuccessofEVAisdisplayedascompaniest
2、hathaveimplementedEVAtovaryingdegreesarecomparedwithcompaniesthathavenotimplementedEVA.OncetheargumentfortheoverallsuperiorityofEVAismade,traditionalperformancemeasuresandcurrentaccountingpracticesareevaluated.Then,theimportanceofcreatingvaluewithincorporationsbecomesapparent
3、.Finally,adetailedexampleoftheimplementationprocessthattookplaceseveralyearsagoatHarscoarguedinfavorofallcompaniesadoptingEVA.EconomicValueAddedEconomicValueAdded(EVA),forthelasttwotothreedecades,hasbeenreceivinganincreasingamountofattention.Thoughithasbecomeaviablebusinesspr
4、acticeformanylargecorporations,itstillhasnotsuccessfullyalteredtheapproachofmanycorporateleaders.EVAapproachesthefinancialaspectofcorporationsfromadifferentperspectivethanthattowhichmostexecutivesareaccustomed.ToraiseawarenessofthebenefitsofEVA,itisimperativetogainabasicunder
5、standingoftheideas,concepts,andimplicationsassociatedwiththeimplementationofpoliciesatcorporationsthathaveadoptedEVA.EVAEquationAtitscore,theconceptofEconomicValueAddedisrelativelysimple.Thecomplexityisthattheconceptmustbeappliedtoeverybusinessdecisionatalllevelsofaparticular
6、companytorealizethedesiredlong-runeffects(Stewart,1991).TheequationforEVAisasfollows:EVA=NetOperatingProfitAfterTaxes(NOPAT)–(Capital*TheCostofCapital).Thisideahelpsmanagersintegratetwobasicprinciplesoffinanceintotheirdailydecision-making.First,theprimaryfinancialobjectiveofa
7、llcompaniesshouldbetomaximizeshareholderwealth.Second,thevalueofacompanyisbasedoninvestors’expectationsoffutureearningsexceedingorfallingshortofthecostofcapital.ThecostofcapitalisadecisivemeasurepertainingtocomputingEVA(Stewart,1991).Thecostofcapitalistherateofreturnacompanyw
8、ouldexpecttoreceivehadtheyinvestedinadifferentvenuewithasimilarrisk(