经济附加值，市场增加值和杠杆之间的关系[文献翻译]

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1、原文：AbstractItisgenerallybelievedthatinordertomaximizevalueforshareholders,companiesshouldstrivetowardsmaximizingMVA(andnotnecessarilytheirtotalmarketvalue).ThebestwaytodosoistomaximizetheEVA,whichreflectsanorganization’sabilitytoearnreturnsabovethecostofcapital.Theleverageavail

2、abletocompaniesthatincurfixedcostsanduseborrowedcapitalwithafixedinterestchargehasbeenknownandquantifiedbyfinancialmanagersforsometime.ThepopularizationofEVAandMVAhasopenedupnewpossibilitiesforinvestigatingtheleverageeffectoffixedcosts(operationalleverage)andinterest(financiall

3、everage)inconjunctionwithEVAandMVA,andfordeterminingwhateffectchangesinsaleswouldhavethroughleverage,notonlyonprofits,butalsoonEVAandMVA.CombiningavariablecostingapproachwithleverageanalysisandvalueanalysisopensupnewopportunitiestoinvestigatetheeffectofcertaindecisionsontheMVAa

4、ndthesharepriceofacompany.Aspreadsheetmodelisusedtoillustratehowfinancialmanagerscanusetheleverageeffectsoffixedcostsandthe(fixed)costofcapitaltomaximizeprofitsandalsotodeterminewhatimpactchangesinanyvariablelikesalesorcostswillhaveonthewealthofshareholders.IntroductionFewwould

5、arguethatthemostimportantfinancialgoalofabusinessorganizationshouldbetomaximizethewealthofitsshareholders.Foranumberofyearsnow,accountingmeasuressuchasearnings,returnonassetsandreturnonequityhavebeencriticizedandfoundwantingasperformanceindicatorsendingtogreatershareholderwealt

6、h.Theconceptofvaluemanagementresultedfromapursuitoftherealdriversofvalue,andtheperformancemeasuresEconomicValueAdded(EVA)andMarketValueAdded(MVA)arenowknownfairlywellandusedwidelybycompaniesallovertheworld.Theobjectiveofthisstudyistolinkthecostmanagementtechniquesofvariablecost

7、ingandcost-volume-profitanalysiswiththefinancialmanagementtechniquesofleverageanalysisandvalueanalysisinordertodeterminehowdecisionsorchangesininputswillaffecttheshareholdervalue.Thestudyalsointroducestheleverageeffectofthecostofequityasanewconceptandillustrateshowitreactsincon

8、junctionwithoperatingleverageandfinancialleveragetodet