经济增加值Economic Value Added[文献翻译]

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1、原文：EconomicValueAddedTheSuccessofEVAToquantifytheextenttowhichcompaniesthatimplementEVAoutperformtheircompetitors,datawerecollectedbySternStewart(2002b).CompanieshaveseenhighreturnswhentheyutilizeSternStewart’sEVAframeworkforperformancemanagement,val

2、ue-basedplanningandincentivecompensation.Throughoutthe1990sthesesamecompanies,onaverage,outperformedtheircompetitorsby8.3%annuallyduringthefirstfiveyearsaftertheyfirstadoptedEVA.Improvedoperatingmargins,strongercashflowgeneration,andquickerassetturno

3、verwerethecatalystsresponsibleforgreaterstockmarketperformance,whichcauseda$116billionincreaseinshareholderwealthbeyondthatoftheircompetitors.Figure1depictstheperformanceofEVAcompaniesfromMarch24,2000toJune30,2002,atimewhentheeconomyslowedandthestock

4、marketasawholeperformedpoorly.Duringthissametimeperiod,companiesthatwereclientsofSternStewartbeattheS&P500by69.8%andearnedatotalreturnof36.5%.ThemarginofperformanceisgreaterstillforcompaniesthatuseEVAasaperformancemeasureandatoolfordeterminingmanagem

5、entcompensation.CompaniesthatonlyusedEVAasaperformancemeasuredidnotobtainsuchimpressiveresults(Stewart,2002b).Figure1:TotalReturnFromMarketPeak:March24,2000–June30,2002(Stewart,2002b,1)Figure2depictstheresultsofthesamestudyconductedoverthefive-yearpe

6、riodfromJuly1,1997–June30,2002.Thefindingswereasexpected;tyingbonusestoEVAledtomuchhigherthanaverageincreasesinshareholdervalue.Figure2:5-YearTotalReturn:July1,1997–June30,2002(Stewart,2002b,2)Astheprecedingdataindicate,“EVAworksbestwhenitisusedinapo

7、werfulbonusplanthatstimulatestheincentivesofownershipanddirectlyalignstheinterestsofmanagersandemployeeswiththoseoftheowners”(Stewart,2002b,1).CompleteAdoptersofEVACompaniesthatuseEVAasafoundationformanagementandincentivesareinawidevarietyofsectorsan

8、drangeinsize,fromfirmsintheretailingsectorsuchasBestBuywithannualsalesofover$21billiontoBradleyPharmaceuticalswithannualsalesofamere$33million.Althoughnotacomprehensivelist,thefirmsinTable2areasmallrepresentationoffirmsthathavefullyadoptedEVA.Regardl