经济增加值—普通透视【外文翻译】

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1、本科毕业论文（设计）外文翻译原文：Economicvalueadded-ageneralperspectiveThispaperexplainstheconceptofEconomicValueAdded(EVA)thatisgainingpopularityinIndia.ThepaperexamineswhetherEVAisasuperiorperformancemeasurebothforcorporatereportingandforinternalgovernance.Itreliedonempiricalstu

2、diesinU.S.A.andotheradvanceeconomies.ItconcludedthatthoughEVAdoesnotprovideadditionalinformationtoinvestors,itcanbeadaptedasacorporatephilosophyformotivatingandeducatingemployeestodifferentiatebetweenvaluecreatingandvaluedestructingactivities.Thiswouldleadtodirecta

3、lleffortsincreatingshareholdervalue.ThepaperbringstoattentionthedangeroustrendofreportingEVAcasuallythatmightmisleadinvestors.ECONOMICVALUEADDED–theconceptEVAisthemostmisunderstoodtermamongthepractitionersofcorporatefinance.TheproponentsofEVAarepresentingitasthewon

4、derdrugofthemillenniuminovercomingallcorporateillsatonestrokeandultimatelyhelpinincreasingthewealthoftheshareholder,whichissynonymouswiththemaximizationofthefirmvalue.TheattractivenessoftheEVAliesinitsuseofcashflowandcostofcapitalthataredeterminantofthevalueofthefi

5、rm.Intheprocess,EVAisbeingbandiedaboutwithutmostimpunitybyallandsundry,whichincludesthepopularpress.TheacademicworldinitsturnhascomeupwithvariousempiricalstudieswhicheithersupportsthesuperiorityofEVAorquestionstheclaimofitsproponents.Currentlytheempiricalevidenceis

6、splitalmosthalfway.EVAisnothingbutanewversionoftheage-oldresidualincomeconceptrecognizedbyeconomistssincethe1770's.BothEVAand‘residualincome’conceptsarebasedontheprinciplethatafirmcreateswealthforitsownersonlyifitgeneratessurplusoverthecostofthetotalinvestedcapital

7、.Sowhatisnew?PerhapsEVAcouldbringbackthelostfocuson‘economicsurplus’fromthecurrentemphasisonaccountingprofit.Inalighterveinitcanbesaidthatinanerawherecommercialsponsorshipisthetickettothepopularityofeventheconceptofgod,theconceptofresidualincomehasnotfoundagoodspon

8、soruntilSternStewartandCompanyhasadopteditandrelauncheditwithbrandnewnameofEVA.TechnicallyspeakingEVAisnothingbuttheresidualincomeafterfactoringt