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1、外文翻译原文EconomicValueAdded:AReviewoftheTheoreticalandEmpiricalLiteratureMaterialSource:AsianReviewofAccounting.Volume9,Number1,2001Author:AndrewCWorthingtonandTraceyWestIntroductionAnacceptedfinancialaxiomisthattheroleofmanagersistomaximisethewealthofshareholdersbytheefficientallocationofreso
2、urces.Inordertooperationalisethisobjective,shareholderwealthistraditionallyproxiedbyeitherstandardaccountingmagnitudes(suchasprofits,earnings,andcashflowsfromoperations)orfinancialstatementratios(includingearningspershareandthereturnsonassets,investment,andequity).Thisfinancialstatementinfo
3、rmationisthenusedbymanagers,shareholders,andotherinterestedpartiestoassesscurrentfirmperformance,andisalsousedbythesesamestakeholderstopredictfutureperformance.Further,underthesemi-strongformoftheefficientmarkethypothesis,thepubliclyavailableinformationcontainedinthesevariablesisreadilyinte
4、rpretedbythemarketandtherebyincorporatedintofuturestockprices.Unfortunately,theempiricalliteraturetodatesuggeststhatthereisnosingleaccounting-basedmeasureuponwhichonecanrelytoexplainchangesinshareholderwealth(ChenandDodd,1997;Riahi-Belkaoui,1993;Rogerson,1997;andLehnandMakhija,1997).Thisisd
5、espitethefactthatsuchameasurewouldproveinvaluabletothevariouspartiesinterestedinaspectsoffirmperformance.Lee(1996,p.32),forexample,arguesthatthesearchforasuperiormeasureoffirmvaluationisa,ifnotthe,keyfeatureofcontemporaryempiricalfinance.Oneprofessedlyrecentinnovationinthefieldofinternaland
6、externalperformancemeasurementisatrade-markedvariantofresidualincome(netoperatingprofitslessachargefortheopportunitycostofinvestedcapital)knownaseconomicvalue-added(EVA).Asastartingpointitsdeveloperandprincipaladvocate,US-basedbusinessconsultantsSternStewartandCo.Usingthesefindings,SternSte
7、warthasbuiltasignificantpresenceinthehighlycompetitivevalue-basedperformanceconsultingmarketwith"literallyhundredsoffirmsadoptingEVAtosomedegree,amongthemCoca-ColaCo.,EliLillyandCo.,andthePostalServiceintheUS"(Biddle,et.ah,1998).EVAfigureshavealsobeenhea
