经济增加值外文文献翻译译文

外文文献翻译译文
一、外文原文
原文：
Economic Value Added
Economic Value Added (EV A), when applied properly in a company, impacts all departments and decisions. The equation for EV A as well as the adjustments that mustbe made to current accounting practices is the basis for an understanding of EV A. The success of EV A is displayed as companies that have implemented EV A to varying degrees are compared with companies that have not implemented EV A. Once the argument for the overall superiority of EV A is made, traditional performance measures and current accounting practices are evaluated. Then, the importance of creating value within corporations becomes apparent. Finally, a detailed example of the implementation process that took place several years ago at Harsco argued in favor of all companies adopting EV A.
Economic Value Added
Economic Value Added (EV A), for the last two to three decades, has been receiving an increasing amount of attention. Though it has become aviable business practice for many large corporations, it still has not successfully altered the approach of many corporate leaders. EV A approaches the financial aspect of corporations from a different perspective than that to which most executives are accustomed. To raise awareness of the benefits of EV A, it is imperative to gain a basic understanding of the ideas, concepts, and implications associated with the implementation of policies at corporations that have adopted EV A.
EV A Equation
At its core, the concept of Economic Value Added is relatively simple. The complexity is that the concept must be applied to every business decision at all levels of a particular company to realize the desired long-run effects (Stewart, 1991). The equation for EV A is as follows:
EV A = Net Operating Profit After Taxes (NOPAT) – (Capital*The Cost of Capital) .
This idea helps managers integrate two basic principles of finance into their daily decision-making. First, the primary financial objective of all companies should be to maximize shareholder wealth. Second, the valu e of a company is based on investors’ expectations of future earnings exceeding or falling short of the cost of capital. The cost of capital is a decisive measure pertaining to computing EV A (Stewart, 1991). The cost of capital is the rate of return a company would expect to receive had they invested in a different venue with a similar risk (Cost of Capital). This amount is the figure that determines whether a corporation is performing well or badly. Although it may appear to be a cash cost, it is actually an opportunity cost. Calculating the trade-off between risk and reward derives an opportunity cost. The cost of capital consists of a risk free rate of return and a risk premium. Long-term U.S. government bonds are considered risk free because of the value of the entire economy as well as the taxing authority of the government. To illustrate, assume the rate for risk free government bonds is 6% and add to it the risk premium. Although, risk premiums vary by company and industry, most investors expect from 2% to 10% in addition to the government bond rate. Assume that the risk premium is 4%, add the risk free rate of 6%, and the cost of capital in this example would be 10%.
The Success of EV A
To quantify the extent to which companies that implement EV A outperform their competitors, data were collected by Stern Stewart (2002b). Companies have seen high returns when they utilize Stern Stewart's EV A framework for performance management, value-based planning and incentive compensation. Throughout the 1990s these same companies, on average, outperformed their competitors by 8.3% annually during the first five years after they first adopted EV A. Improved operating margins, stronger cash flow generation, and quicker asset turnover were the catalysts responsible for greater stock market performance, which caused a $116 billion increase in shareholder wealth beyond that of their competitors.The margin of performance is greater still for companies that use EV A as a performance measure and a tool for determining management compensation. Companies that only used EV A as
a performance measure did not obtain such impressive results (Stewart, 2002b).
EV A vs. Other Financial Performance Measurements
Those in favor of using EV A as a performance measure argue that it is superior to other performance measures for the four following reasons: it is nearer to the real cash flows of the business entity; it is easy to calculate and understand; it has a higher correlation to the market value of the firm and it aligns the goals of management with the interests of the shareholders. EV A is superior to conventional measures such as Return on Investment (ROI), Return on Equity (ROE), and Return on Assets (ROA) because these calculations are based on accounting figures. Using Generally Accepted Accounting Principles (GAAP), the assets in the balance sheet are carried based on historical costs while, with the exception of depreciation, revenues and expenses are recognized as either a profit or a loss at their current value. Due to this inaccuracy in the calculation of the value of assets, the rates of return do not accurately determine the actual return on a given investment. As such, the rate of return is usually lower in the first few years and higher in the latter years. However, if the value of the mix of assets is close to the current value of the assets, the distortion will not be as significant as when the value of the assets is far below the current value. Most companies rarely have the needed asset mix to make these accounting measures accurate; therefore, they cannot be regarded as true indications of the performance of the company.
EV A as a Corporate Philosophy
EV A is a concept that is not easy to understand but can be implemented with care at every level of an organization. Corporations across the globe, even some state owned enterprises in the United States, have adopted EV A as a corporate philosophy. One important advantage of EV A is that it improves business literacy because of its simplistic concept. Business literacy is the attempt of management to make all employees aware that for any activity to create value, the return needs to exceed the cost of capital for that particular activity. It also takes into consideration the cost of capital, which many other conventional techniques fail to incorporate into their calculations.
What Determines Company Value?
In dealing with the topic of Economic Value Added, many questions surface for which the most astute professionals in business cannot agree. The most common of these is how one is to determine the value of a company. To begin, several myths that abound in the market are followed by some valuation concepts. If one was to ask several top executives how value was determined and share prices set, there may be answers using the combination of several financial performance factors such as earnings, growth rates, returns book values, cash flows, dividends, and trading volumes. With this wide variety of answers, it is easy to understand the confusion many top managers have in determining what investors want. Therefore, they cannot realistically make wise business decisions that will maximize shareholder wealth – the ultimate goal in business (Stewart, 1991).
Earnings or Earnings per Share
One area of controversy is determining whether earnings or cash flows determine stock prices. To calculate share prices, one may use earnings per share (EPS) and the price/earnings multiple (P/E). This method is particularly appealing because it is so simple. However, it is the very simplicity that makes it an unreliable measure of value. The accounting model asserts that Wall Street determines share prices by multiplying EPS by an appropriate P/E. If this were the case, a company with EPS of $0.50 and a P/E of 5, would sell at $2.50. The major fault with this method is that it assumes that the P/E remains static. In reality, P/E changes frequently with acquisitions, new investment opportunities, and with changes in financial structure and accounting policies. Therefore, EPS do not provide a reliable measure of value. In contrast, the economic model assumes share prices are the result of evaluations of future cash flows and the risk of the cash receipts of a business by sophisticated investors. In many firms, cash flow and earnings rise and fall simultaneously, so it is difficult to determine which factor is the primary cause for the resulting stock price. Studies have been conducted to find the events, which cause cash flow and earnings to depart in a particular company. These studies conclude that future cash flows are more important in the calculation of share prices than earnings. Investors care more about cash than a company’s reported earnings. Many companies inflate their sales to show higher
earnings for the benefit of the investor. If an investor is to invest wisely, he will ignore the earnings and look at the company’s future cash flows to be produced during the business’ existence.
Economic Model vs. Accounting Model
The most important difference between the two models is that the accounting model relies on the balance sheet and income statement while the economic model relies on uses of cash and its source. This becomes significant when a company chooses from a variety of accounting methods. Using the accounting model, it makes a big difference whether a cash outlay is expensed on the income statement or capitalized on the balance sheet because earnings are the driving force. Using the economic model, it only matters where the cash outlay is recorded when it affects taxes. Ultimately, earnings are affected by the accounting procedures a company uses, such as choosing an inventory costing method, amortizing goodwill, accounting for research and development, and determining book value.
Corporation Valuation
Decisions in any company should be made exclusively on the basis of which decisions increase the value of the company the most. Therefore, a method is needed to determine the outcome of different business strategies and financial structuring in relation to the company’s stock market value. That metho d is to project the most likely scenarios for a variety of business decisions in areas such as costs, benefits, risks, and rewards. Not only can a valuation framework provide management a way to select a strategy, but also, it can place a value on a consolidated company and its individual business units as well as on acquisition and divesture candidates.
Corporate valuations can determine whether a company is currently trading for fair value and whether it should raise or retire equity at the current prices. Privately held companies should conduct valuations periodically to determine the share value for employee stock ownership plans as well as for management incentives. It is helpful for privately held companies to have this valuation done as a way of determining their progress in creating value for the firm.
A valuation framework for individual business units shows which ones are
performing well by creating value and which are underperformers. Doing so will give management a clearer picture as to which business units need to be invested in most heavily and which ones should be divested or restructured to maximize their value. This is crucial for any business because poor performance of part of one company’s business has the capability to destroy market value. A study conducted by Stewart (1991) found that in one particular company, 30% of its business accounted for 200% of its total market value while the other 70% of the business was destroying 100% of its market value. Hence, the company was unknowingly devoting large amounts of resources to business that never earned its cost of capital. Lastly, a valuation framework will help management determine how much it should pay for a potential acquisition. Overpaying will quickly reduce the acquirer’s own market va lue while increasing its chances for getting acquired in the future. Valuation can also be used in reverse. As mentioned previously, stock prices convey the expectations of investors regarding a company’s prospects and risks. Therefore, a valuation framewo rk can be used to develop projections that equate to that company’s actual market value. Then an investor can use these projections to set break-even goals. This will ensure that investors earn their required rate of return on initial investment (Stewart, 1991). Conclusion
Economic Value Added is a topic that encompasses all levels of business operations. It is imperative that measures be taken to ensure all members of a company are committed to the principles of EV A. “EV A is more than a performance measure; it is the focal point of a management system and a mindset. EV A affords the Company the ability to establish clear, accountable links between strategic thinking, capital investment, day-to-day operating decisions, and shareholder value” (Stewart, 2003, 1).
Source: MD Houle ,2008."Economic Value Added".Senior Honors Papers,pp.1-29.
/cgi/viewcontent.cgi?article=1046&context
=honors
二、翻译文章
译文：
经济增加值
经济增加值（EVA），当适当应用于一个公司时会影响各部门和决定。

经济增加值的公式以及调整,必须以当前会计实践的理解为基础。

经济增加值的成功与否在于显示企业实施不同程度的经济增加值与公司尚未实施经济增加值的比较。

一旦有人认为,这一整体优势是由于经济增加值造成的,传统的业绩指标和当前会计实践就需要被进行评估。

然后,在公司内创造价值的重要性就会变得明显。

最后,以一个几年前发生在哈斯科集团的详细实例的实施过程,来证明哈斯科集团赞成所有公司采用经济增加值。

经济增加值
经济增加值（EVA）,在最后的二、三十年中,已经吸引了越来越多的关注。

虽然它已经成为许多大公司商业实践的可行方法之一,但是在改变公司的领导人方面它还有不成功的地方。

与大部分高管们的生活相比，经济增加值从不同的角度探讨企业财务方面。

为了提高经济增加值益处的意识，必须对采用了经济增加值的公司政策实施相关的思想、观念、含义的进行基本了解。

经济增加值的计算方程
经济增加值这个核心概念是相对简单的。

其复杂的概念必须适用于各级的一个特定公司实现预期长期效应的各种商业决定（斯图尔特，1991）。

经济增加值的公式如下：
经济增加值=税后净营业利润（NOPAT）-(资本*资本成本率) 经济增加值这个想法帮助了经理们整合两个财务的基本原则以融入日常决策。

首先，基本的财务目标应该是所有公司的股东财富最大化。

第二，一个公司的价值是基于投资者对股票未来盈利的预期超出或降低资本成本。

资本成本的计算决定着有关经济增加值的措施（斯图尔特，1991）。

资本成本率是公司希望得到的关于他们投资一个不同的地点有类似风险回报的比率（资本成本）。

这个数字是决定公司执行好与坏的指标。

尽管它可能会出现现金的支出，但其实是机会成本。

机会成本是通过计算风险之间的平衡和奖励来汲取的。

资本成本率由一个
无风险回报率和一个风险溢价组成。

长期的美国政府债券被认为是无危险的,因为整个经济以及税务部门政府的价值。

例如,承担无风险利率的政府债券是6%其中增加了风险溢价。

虽然,风险溢价受公司和行业的改变,但大多数的投资者期望值为2%-10%，除了政府债券率。

假设风险溢价是4%,加上无风险利率6%,则资本成本率在这个例子是10%。

成功的经济增加值
根据斯图尔特公司（2002b）的数据收集，实施经济增加值的公司的量化程度胜过他们的竞争对手。

他们利用斯图尔特公司的经济增加值进行绩效管理、价值规划和激励补偿时，公司已经看见了高回报。

在20世纪90年代这些相同的公司，在他们首次采用经济增加值后的前五年以平均每年8.3%的比率超越其对手。

改进的生产利润、较强的现金流产生、更快的资产周转率是较大的股票市场表现的催化剂，这导致了超出其竞争对手116亿美元股东财富的增加。

绩效的利润对于将实施经济增加值作为绩效评价的措施和决定管理报酬的工具是较大的。

只用经济增加值评定绩效的公司并没有获得这样令人印象深刻的结果（斯图尔特，2002b）。

经济增加值与其他业绩评价措施的比较
那些赞成使用经济增加值作为绩效评价措施的人认为经济增加值明显优于其它业绩指标，有如下四个原因：一、它离真正的现金流量更近，企业很容易计算和理解。

二、对市场价值的公司具有较高的相关性，它的目标与股东利益相一致。

三、经济增加值优于传统业绩评价的措施，诸如投资报酬率（ROI），净资产报酬率（ROE）和资产收益率（ROA），因为这些指标的计算结果是基于统计数据算得的。

四、使用一般公认会计原则（GAAP）编制，资产在资产负债表的上根据历史成本得出的同时，除了折旧、税收和费用在他们目前的价值被公认为任何一个利润或损失。

由于这种资产价值计算的不精确性，回报率不准确地确定了实际的投资回报。

同样地，回报率通常也要低于前几年或高于后几年。

然而，如果资产组合的价值接近当前的资产价值，资产价值远低于当前价值这种扭曲不会那么典型。

大多数公司很少有需要资产组合使这些会计核算准确的办法，因此，他们不能被视为是公司绩效评价的真实的迹象表明。

经济增加值作为公司的宗旨
经济增加值是一种观念，那不是很容易理解，但可以通过关心一个组织的每一水平实现。

公司在世界各处，甚至一些国家的企业在美国，都采用了经济增加值作为公司的宗旨。

经济增加值的优点之一是它可以提高业务素质，因为它简单的概念。

业务素质是管理人尝试，让所有的员工觉得，什么活动都可以创造价值，返回需要超过该特定的活动的资本成本。

它也考虑了许多传统的方法未能纳入的资本成本的计算。

是什么决定了公司的价值呢?
在处理经济增加值的话题中，许多问题连最精明的专业人员意见也不一致。

最常见的问题是你怎样确定一个公司的价值。

开始的时候，市场上充满了几个神话评价的概念。

如果一个人正在问几个高层管理人员如何确定价值和股票价格，他们可能会利用相结合的几个财务指标比如收入、增长率、账面价值回报率、现金流量、股息和交易量回答你。

不难理解会有各种各样的答案，因为许多高层管理者已经决定什么是投资者希望听到的。

因此，他们不能实际地作出明智的商业决策，股东财富最大化的终极目标在商业领域（斯图尔特，1991）。

收入或每股收入
这场争论的一个方面是为了确定是收入还是现金流量决定股票价格。

计算股票价格的方法，一种是用每股收益（EPS）和价格与收入的比（P/E）。

这个方法特别吸引人，因为它就是这么简单。

然而，它是很简单，以至于使它成为一个不可靠的衡量价值的尺度。

会计模式断言华尔街股票价格是由每股收益乘以一个合适的市盈率决定的。

假设这里这个例子，一个公司每股收益为0.5美元，市盈率为5，会以2.5美元出售。

该方法的主要毛病是它假设市盈率保持不变。

事实上，市盈率与采购、新的投资机会、变化的财务结构和会计政策有着紧密的关系。

因此，每股收益提供不了一个可靠的衡量价值的尺度。

相比之下，经济模型假定的股票价格是未来现金流量评估和商业投资者现金收入的风险共同的结果。

在许多公司，现金流和盈利的上升与下降是同时的，所以很难确定哪些因素是股票价格产生的主要原因。

研究一个现金流和收入分离的特定公司。

这些研究得出的结论是，未来现金流量在计算股价上比收入更重要。

与一个公司报告出来的收益相比，投资者更关心现金。

许多公司虚报他们的销售量以显示较高的投资者的利益。

如果投资者明智地投资，他会忽视收入而去看公司存在的业务产生的未来现金流
量。

经济模型与会计模型
这两个模型之间最重要的差别是会计模型依靠资产负债表和损益表而经济模型依赖于使用的现金和它的源头。

这已经成为一个公司在多种会计处理方法中选择模型的象征。

使用会计模式，这对于现金支出是否列入利润表还是资产负债表有重大影响，因为收入是驱动力。

使用经济模式，它只关心当影响税的情况下现金支出走向的记录。

最后，收入是通过公司使用的会计程序而受影响的，例如，选择合适的库存成本法，摊销商誉，会计研究和发展，并确定账面价值。

公司评估
任何公司的决定应在增加公司价值最大化的基础上决定。

因此，需要一种方法来决定不同的商业策略和金融构建与公司股票市场价值之间的关系。

这种方法是用来估计地区多种商业决策中最可能的情况，例如成本、利益、风险和回报。

评估框架不仅可以给管理者提供一个选择战略的方法，还可以在合并公司和它的业务单元中放置一个价值以获取和剥夺候选人。

公司的评估可以决定一个公司目前交易是否为公允价值和是否应该提高或退休目前的普通股价格。

私营企业应定期进行评价以确定职工持股计划和管理激励。

它有利于私营公司把这个评估作为公司创造价值进展的方法。

评估个体业务单元的框架显示了哪些是通过创造价值来表现良好的，哪些是不振人力的。

这样做会让管理者更清楚地理解哪个业务单位最需要投资，哪个应被剥夺或结构重组以至能够最大限度地提高他们的价值。

这对任何交易都是非常重要的，因为表现欠佳的公司其交易有能力摧毁其市场价值。

斯图尔特（1991）所做的一项研究发现，在一个特定的公司，有30%的交易占200%的总市值，而其他70%的商业粉碎了其100%的市场价值。

从中可见，公司不知不觉的奉献了大量的资源而从未赚取过商业资本成本。

最后，评估框架将会帮助管理者确定应向潜在收购支付多少。

多付将迅速减少购买方的市场价值，同时增加了未来的获得机会。

评估也可以应用在相反的方面。

如前所述，股票价格对投资者表达了对于一个公司的前景和风险。

因此，评估框架可以用来改善等同于公司的实际市场价值的规划。

然后投资者可以使用这些规划设置盈亏平衡的目标。

这将确保投资者获得其在初次投资所需的回报率（斯图尔特，1991）。

结论
经济增加值，涵盖了所有级别的经营活动。

所以有必要采取有效措施保证一个公司的所有成员承诺经济增加值的原则。

“经济增加值不仅仅是一种绩效衡量指标，也是管理制度和心态的重点。

经济增加值为公司提供了一个清晰的，与战略思路之间联系的责任、资本投资、日常的经营决策以及股东价值的能力”(斯图尔特，2003，1)。

来源：何马蒂.2008.经济增加值.高级荣誉论文，P1-29．/cgi/viewcontent.cgi
article=1046&context=honors。