经济附加值【外文翻译】

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1、外文翻译原文EconomicValueAddedMaterialSource:FinancialStrategiesfortheManagerAuthor:Jinchengwang,CharlesPriesterTheuseofEVAasayardstickofacompany'sfinancialperformancehasbeensteadilyincreasinginrecentyears.Itisprobablytruethatcurrently(in2007)themajorityoffinancialanalystss

2、tillfocusmainlyonthewidelyknownDuPontratios.Thatis,"theabilityofassetstogeneratesales"(Trev/Assets)and"theabilityofthosesalestogenerateprofits"(NIAT/Trev)and"thedegreethatassetsarefinancedwithinvestors'funds"(Assets/Equity);andbycombiningthosethreeratioscalculating"th

3、ereturnsthatthoseinvestorsfundsgenerate"i.e.(NIAT/equity)orroe(i.e.ReturnofEquity).But,theuseofEVAasafinancialperformanceindicatorisgrowingsteadily.toputitinsimplewords,EVAmeasuresacompany'sabilitytoobtaineconomicbenefitsthatexceedthe"rent"thatsuchacompanypaysfortheus

4、eoftheownersandlendersresourcesemployed.EVA,therefore,isapowerfulmeasureofmanagerialperformance.TounderstandthemeaningofEVAitisusefultolookattheBalanceSheetofacompanyinanewlight.FromthisNOPATthecompanyhastopayaWeightedAverageRentfortheuseofthosetwosourcesoffunds(Liabi

5、litiesandEquity).Letuscallthisweightedaveragerentpercentage,theweightedaveragecostofcapitalorWACC%.MultiplyingWACC%bythetotalamountofassetsemployedgivesusthe"dollarvalueofWACC"orWACC$.TocalculateEVA,wesimplysubtractfromtheNOPATgeneratedbythecompany'sAssets,theWACC$(i.

6、e.thedollarvalueoftheweightedAverageCostofCapital)whichthecompanyoweslendersandinvestorsfortheuseoftheirmoney.Tostateitsymbolically:EVA=NOPAT–WACC$Whichcanbewrittenas:EVA=(EBIY–TAX)–(WACC%×ASSETS)FromthisequationwecanimmediatelyseethatEVAlevelsarepowerfullyinfluencedb

7、yacompany'sabilitytoearnoperatingprofits(EBIT),itstaxation,itscostoffunds,andtheamountofAssetsthatthecompanyemploys.ItshouldbeobviousthatthebetteracompanyisatmaximizingitsNOPATandatminimizingitsWACC$,thehigherthecompany'sEVAlevelwillbeandthemoreacompany"justifiesitsec

8、onomicexistence"sotospeak.Ofcourse,onecouldalsosaythatwhenacompany'sNOPATislessthanitsWACC$,theprofitsthatthecompany'sassets