经济增加值[文献翻译]

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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(