咨询最好的公司-思腾思特的培训资料

《咨询最好的公司-思腾思特的培训资料》由会员上传分享，免费在线阅读，更多相关内容在教育资源-天天文库。

1、NewYorkChicagoLosAngelesLondonParisMilanMunichTokyoSaoPauloSingaporeSydneyJohannesburgShanghaiIntroductiontoEVAManagementSystemContentsWhatisEVA?ThecalculationofEVATheEVAmanagementsystemContentsWhatisEVA?ThecalculationofEVATheEVAmanagementsystemEVA®isEarningsAftertheCostofCapit

2、alRevenues-OperatingCosts-Depreciation-/+Adjustments-Taxes=OperatingIncomeAfterTax(NOPAT)Capitalxc%CapitalCharge=EVA®Objective:ContinuousImprovementinEVAP/LB/STheintrinsicvalueisthedeterminantofthemarketvalueinefficientcapitalmarketIntrinsicvalueFinancialmeasuresOperatingmetricsMVA,Stockp

3、riceEVAROI,Capitalturnover,marginMarketshare,Unitcost,scraprate,deliverytimeCompetitivestrategyBusinessmodelManagementsystemOperatingefficiencyMarketvalueUSasexample50%40%30%20%10%CorrelationwithstockpriceEVAROECashFlowEPSRevenueAsameasureofbusinessintrinsicvalue,EVAcorrelateswithstockpri

4、cebetterthanothermeasuresEVAmeasuregivesmoreinsightsintothebusinessFromEnron’s2000AnnualReport(LettertoShareholders):Enron’sperformancein2000wasasuccessbyanymeasure…Thecompany’snetincomereachedarecordin2000.Enronislaser-focusedonearningspershare,andweexpecttocontinuestrongearningsperforma

5、nce.(inmil)NetIncEPSEVA(inmil)ContentsWhatisEVA?ThecalculationofEVATheEVAmanagementsystemFromthetraditionalaccountingmodeltotheeconomicmodelofthefirmAccountingFrameworkEVAFrameworkAdjustmentsP&LBalanceSheetCashFlowStatementNOPATCapitalEVASeparatefinancingeffectsfromoperatingperformanceEx

6、tendmatchingofcostswithrevenuetoeconomicbasisSeparateoperatingfromnon-operatingEliminatebookkeepingentries/reservesthatdistortcashflowandreduceobjectivitySoastoTobetterreflectvaluecreationTomotivatetherightvalue-creatingbehaviorOptimizingtheEVAMeasureMaterialityDifferenceinEVAwithorwithou

7、tadjustment–Isitmaterial?SetaruleofthumbandusecommonsenseMotivationAdjustmentmustmotivatemanagerstodotherightthingStartwithdysfunctionalbehaviorsinstandardoperatingproceduresDataAvailabilityCostofcollectinginformationmustbereasonableSimplicityEVAisforoperatingpeople