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1、本科毕业论文（设计）外文翻译原文：UsingEVAtomeasureperformanceandassessOfallthemeasuresthatcorporationsusetogaugetheirperformance,noneismoreaccurateorusefulthaneconomicvalueadded,orEVA.Usedtoitsfullest,EVAcanhelpcorporationsachieveremarkablesuccess.Infact,mostofthecompaniesu
2、singEVAastheirframeworkforfinancialmanagementandincentivecompensationhavesubstantiallyoutperformedtheircompetitors.EVAisthetermthatSternStewart&Co.coinedforitsparticularvarietyofeconomicprofit,aconceptthathasbeenpartofmainstreameconomicthinkingformorethanace
3、ntury.Putmostsimply,EVAisthegain(orloss)thatremainsafterlevyingachargeagainstafter-taxoperatingprofitsfortheopportunitycostofallcapital—equityaswellasdebt—usedtoproducethoseprofits.ThecalculationofEVAbeginswithputtingoperatingprofitsonaneconomicratherthanana
4、ccountingbasis.ThatrequiresthecorrectionofanumberofanomaliesinGAAPaccounting,suchastheimmediateexpensingofinvestmentsinresearchanddevelopment.ThentheEVAmeasuredeductsachargefortheweightedaveragecostofallcapital.Theremainderisthedollaramountbywhichafter-taxop
5、eratingprofitsineachperiodexceedorfallshortofthecostofcapital.Chargingprofitsforthecostofcapitaliscrucial.AsPeterDruckerputthematterina1995HarvardBusinessReviewarticle:"EVAisbasedonsomethingwehaveknownforalongtime:whatwecallprofits,themoneylefttoserviceequit
6、y,isusuallynotprofitatall.Untilabusinessreturnsaprofitthatisgreaterthanitscostofcapital,itoperatesataloss.Nevermindthatitpaystaxesasifithadagenuineprofit.Theenterprisestillreturnslesstotheeconomythanitdevoursinresources....Untilthenitdoesnotcreatewealth;itde
7、stroysit."Manycorporatemanagershaveforgottenthisbasicprinciplebecausetheyhavebeenconditionedtofocusonconventionalaccountingprofits,whichincludeadeductionforinterestpaymentsondebtbuthavenoprovisionatallforthecostofequitycapital.Worsestill,mostlinemanagersbase
8、theirdecisionsonoperatingprofits,whichdon'tevenhaveachargefordebt.Trueprofitsdon'tbeginuntilthecostofcapital,likeallothercosts,hasbeencovered.WhyisEVAsopowerful?First,becauseitistheperformanceme
