經(jīng)濟增加值的證據(jù)【外文翻譯】

1、本科畢業(yè)論文（設(shè)計）外文翻譯原文：原文：EvidenceonEVATHETHEYEVAistheleadingexampleofanewclassofmetricsthatattempttomeasureanunderlyingconceptcalledresidualincome.Recognizedbyeconomistssincethe1770sresidualincomeisbasedonthepremisethatinderf

2、afirmtocreatewealthfitsownersitmustearnmeonitstotalinvestedcapitalthanthecostofthatcapital.Whereastraditionalaccountingincomemeasures‘profits’ofinterestexpenseondebtcapitalresidualincomemeasures‘profits’ofthefullcostofbo

3、thdebtequitycapital.Tocomputeresidualincomebeginwithoperatingprofitsaftertax(NOPAT)subtractthetotalcostofcapitalmeasuredastheweightedaveragecostofcapital(WACC)timesthetotalinvestedcapital(CAPITAL).Notationallyresidualinc

4、ome(RI)fperiodtis:(1a)ResidualIncomet(RIt)=NOPATt–[WACCtCAPITALt1]SinceNOPATcanalternativelybeexpressedasarateofreturnoninvestedcapital(i.e.returnonassetsROA)timescapitalresidualincomecanberestatedasin(1b).Expression(1b)

5、isintuitivelyappealingbecauseitseparatestotalreturnoncapitalfromthetotalcostofcapital:(1b)RIt=[ROAtCAPITALt1]–[WACCtCAPITALt1]Regroupingtherighthsidetermsof(1b)weobservein(1c)thatfirmsproducingpositiveresidualincomeearna

6、positive‘spread’betweenthepercentreturnoninvestedcapitalthepercentcostofcapital:(1c)RIt=[ROAt–WACCt]CAPITALt1FurtherassumingthatBV(1k)?approaches0ast?approachesequitytt?t?valuecanbeexpressedsolelyintermsofbeginningbookeq

7、uitydiscountedresidualincome:(4b)????????t1tttk)(1tttRIBVVBecausethisrelationshipwithequityvaluedescribedin(4b)holdsfresidualincomebutnotfaccountingearnings(becauseaccountingearningsdoesnotincludeagefequitycapital)onemig

8、htexpectthatresidualincomeshouldtherefebesuperitoaccountingearningsinexplainingfirmvaluesstockreturns.Asweshallseeakeyproblemwiththisinferenceisthatstockmarketparticipantsonlyhavepastcurrentdataavailabletoestimatethemode

9、lsunobservablefutureresidualincome.Thustheempiricalquestionbecomes:whichmeasureconveysmeinfmationaboutfutureresidualincome–currentresidualincomecurrentearningsItcouldbethatothermetricsbetterrevealthisfuturethandopastcurr

10、entobservationsofresidualincome(EVA).BefepresentingevidenceonthisissuewefirstdescribeSternStewart’sversionofresidualincomecalledEVA.EVAFirstintroducedinthelate1980sSternStewart’sEVAhasgeneratedconsiderablepublicityover30

11、0clientadoptionstodateincludingmajinternationalcpationssuchasCocaColaEliLillySiemens.EVAalsohasattractedcompetitswhoofferrelatedcompetingmetrics.Theresultingintensecompetitionhasbeenreferredtoas“metricwars”inthefinancial