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1、外文翻译原文Economic/alueAdded:AReviewoftheTheoretical日ndEmpiricalLiteratureMaterialSource:AsianReviewofAccounting.Volume9,Number1,2001Author:AndrewCWorthingtonandTraceyWestIntroductionAnacceptedfinancialaxiomisthattheroleofmanagersistomaximisethewealthofshareholdersbytheefficie
2、ntallocationofresources.Inordertooperationalisethisobjective,shareholderwealthistraditionallyproxiedbyeitherstandardaccountingmagnitudes(suchasprofits,earnings，andcashflowsfromoperations)orfinancialstatementratios(includingearningspershareandthereturnsonassets,investment,an
3、dequity).Thisfinancialstatementinformationisthenusedbymanagers,shareholders,andotherinterestedpartiestoassesscurrentfirmperformance,andisalsousedbythesesamestakeholderstopredictfutureperformance.Further,underthesemi-strongformoftheefficientmarkethypothesis,thepubliclyavaila
4、bleinformationcontainedinthesevariablesisreadilyinterpretedbythemarketandtherebyincorporatedintofuturestockprices.Unfortunately,theempiricalliteraturetodatesuggeststhatthereisnosingleaccounting-basedmeasureuponwhichonecanrelytoexplainchangesinshareholderwealth(ChenandDodd,1
5、997;Riahi-Belkaoui,1993;Rogerson,1997;andLehnandMakhija,1997).Thisisdespitethefactthatsuchameasurewouldproveinvaluabletothevariouspartiesinterestedinaspectsoffirmperformance.Lee(1996,p.32),forexample,arguesthatthesearchforasuperiormeasureoffirmvaluationisa,ifnotthe,keyfeatu
6、reofcontemporaryempiricalfinance.Oneprofessedlyrecentinnovationinthefieldofinternalandexternalperformancemeasurementisatrade-markedvariantofresidualincome(netoperatingprofitslessachargefortheopportunitycostofinvestedcapital)knownaseconomicvalue-added(EVA).Asastartingpointit
7、sdeveloperandprincipaladvocate,US-basedbusinessconsultantsSternStewartandCo.Usingthesefindings,SternStewarthasbuiltasignificantpresenceinthehighlycompetitivevalue-basedperformanceconsultingmarketwith^literallyhundredsoffirmsadoptingEVAtosomedegree,amongthemCoca-ColaCo.,EliL
8、illyandCo.,andthePostalServiceintheUS"(Biddle,et.ah,1998).EVAfigureshavealsobeenhe
