eva一個(gè)較好的財(cái)務(wù)績(jī)效評(píng)價(jià)方法外文翻譯

1、<p><b>　　中文3487字</b></p><p>　　本科畢業(yè)論文（設(shè)計(jì)）</p><p>　　外 文 翻 譯</p><p><b>　　原文：</b></p><p>　　EVA: A better financial reporting tool </p>

2、<p>　　Economic Value Added (EVA) is a financial performance measure being adopted by many companies in corporate America. This new metric, trademarked by Stern Stewart and Company, is a profit measure based on the

3、 concept of true economic income which includes the cost of capital for all types of financing. EVA provides a more comprehensive measure of profitability than traditional measures because it indicates how well a firm ha

4、s performed in relation to the amount of capital employed. This article s</p><p>　　The EVA Concept of Profitability </p><p>　　EVA is based on the concept that a successful firm should earn at le

5、ast its cost of capital. Firms that earn higher returns than financing costs benefit shareholders and account for increased shareholder value. </p><p>　　In its simplest form, EVA can be expressed as the foll

6、owing equation: </p><p>　　EVA = Operating Profit After Tax (NOPAT) - Cost of Capital </p><p>　　NOPAT is calculated as net operating income after depreciation, adjusted for items that move the pr

7、ofit measure closer to an economic measure of profitability. Adjustments include such items as: additions for interest expense after-taxes (including any implied interest expense on operating leases); increases in net ca

8、pitalized R&D expenses; increases in the LIFO reserve; and goodwill amortization. Adjustments made to operating earnings for these items reflect the investments made by the firm or </p><p>　　Measurement

9、of EVA </p><p>　　Measurement of EVA can be made using either an operating or financing approach. Under the operating approach, NOPAT is derived by deducting cash operating expenses and depreciation from sale

10、s. Interest expense is excluded because it is considered as a financing charge. Adjustments, which are referred to as equity equivalent adjustments, are designed to reflect economic reality and move income and capital to

11、 a more economically-based value. These adjustments are considered with cash taxes deducte</p><p>　　EVA is then measured by deducting the company's cost of capital from the NOPAT value. The amount of cap

12、ital to be used in the EVA calculations is the same under either the operating or financing approach, but is calculated differently. </p><p>　　The operating approach starts with assets and builds up to inves

13、ted capital, including adjustments for economically derived equity equivalent values. The financing approach, on the other hand, starts with debt and adds all equity and equity equivalents to arrive at invested capital.

14、Finally, the weighted average cost of capital, based on the relative values of debt and equity and their respective cost rates, is used to arrive at the cost of capital which is multiplied by the capital employed and<

15、/p><p>　　The remainder of this article summarizes the financing approach because it emphasizes the significance of capital employed and illustrates how accounting rules impact the calculation of EVA. Exhibit 1

16、on page 33 shows a sample calculation of EVA. </p><p>　　EVA Calculation and Adjustments </p><p>　　As stated above, EVA is measured as NOPAT less a firm's cost of capital. NOPAT is obtained b

17、y adding interest expense after tax back to net income after-taxes, because interest is considered a capital charge for EVA. Interest expense will be included as part of capital charges in the after-tax cost of debt calc

18、ulation. </p><p>　　Other items that may require adjustment depend on company-specific activities. For example, when operating leases rather than financing leases are employed, interest expense is not recorde

19、d on the income statement, nor is a liability for future lease payments recognized on the balance sheet. Thus, while interest is implicit in the yearly lease payments, an attempt is not made to distinguish it as a financ

20、ing activity under GAAP. </p><p>　　Under EVA, however, the interest portion of the payment is estimated and the after-tax amount from it is added back into NOPAT because the interest amount is considered a c

21、apital charge rather than an operating expense. The corresponding present value of future lease payments represents equity equivalents for purposes of capital employed by the firm, and an adjustment for capital is also r

22、equired. See Exhibit 1 for sample adjustments commonly used in the calculation of EVA. </p><p>　　R&D expense items call for careful evaluation and adjustment. While GAAP generally requires most R&D e

23、xpenditures to be expensed immediately, EVA capitalizes successful R&D efforts and amortizes the amount over the period benefiting the successful R&D effort. </p><p>　　Another example of an EVA adjus

24、tment is the LIFO reserve increase. The increase is added back to profit because it converts inventory from a LIFO to FIFO valuation, which is a better approximation of current replacement cost. The full amount of the LI

25、FO reserve represents past holding gains and accordingly is added back to the equity component to reflect the capital invested by the firm in inventory not yet reflected in equity under GAAP. </p><p>　　Other

26、 adjustments recommended by Stern Stewart include the amortization of goodwill. The annual amortization is added back for earnings measurement, while the accumulated amount of amortization is added back to equity equival

27、ents. Goodwill amortization is handled in this manner because by "un-amortizing" goodwill, the rate of return reflects the true cash-on-yield. In addition, the decision to include the accumulated goodwill in ca

28、pital improves the real cost of acquiring another firm's assets r</p><p>　　Materiality: Adjustments should make a material difference in EVA. </p><p>　　Manageability: Adjustments should impa

29、ct future decisions. </p><p>　　Definitiveness: Adjustments should be definitive and objectively determined. </p><p>　　Simplicity: Adjustments should not be too complex. </p><p>　　If

30、 an item meets all four of the criteria, it should be considered for adjustment. For example, the impact on EVA is usually minimal for firms having small amounts of operating leases. Under these conditions, it would be r

31、easonable to ignore this item in the calculation of EVA. Furthermore, adjustments for items such as deferred taxes and various types of reserves (i.e. warranty expense, etc.) would be typical in the calculation of EVA, a

32、lthough the materiality for these items should be consider</p><p>　　The Significance of the Capital Charge </p><p>　　Under traditional financial reporting, a cost rate is not assigned for the e

33、quity used to finance operations. Thus, the use of net income as a performance measure is limited by the exclusion of that cost. In addition, when used in calculations such as return on equity, net income also includes t

34、he accounting distortions included in its calculation and that of book value. </p><p>　　EVA, on the other hand, through its adjustment efforts, seeks to eliminate the impact of accounting distortions while t

35、reating the impact of financing costs more comprehensively in its capital cost charge. Therefore, a truer measure of economic profit is provided by EVA than that provided by the use of traditional GAAP-based measures. Th

36、is may be significant because some companies spend heavily on R&D and the accounting treatment for this and certain in tangibles is not included on GAAP-based ba</p><p>　　The specific amount of the capit

37、al charge for EVA is based on the amount of equity equivalents determined after adjustments, multiplied by the capital cost rate. The capital cost rate is based on the individual cost rates for both debt and equity. Whil

38、e the cost rate for debt can be readily determined, the rate for equity requires some effort. The cost for equity can be measured by using the capital asset pricing model, or other risk premium approaches. </p>&l

39、t;p>　　Once that rate is determined, it is combined with the relative proportions of capital to produce the weighted average cost of capital (WACC). It is that overall rate, when combined with all capital including equ

40、ity equivalents, that produces the overall capital charge used in EVA. After the capital charge is calculated and deducted from NOPAT, the full extent of EVA' s benefits can be observed, because all opportunity costs

41、 involved in the production of income have been measured and included in </p><p>　　EVA-Based Compensation Plans </p><p>　　For firms that reward managers based on performance, EVA can offer advan

42、tages over traditional profit-based plans. First, by tying compensation to a better performance metric, the company can achieve a better matching of its own objectives with those of the manager. Second, EVA can help redu

43、ce some conflicts of interest often associated with managers and profitability measurement. Because an objective of EVA is to eliminate the impact of accounting distortions on profitability and the influence </p>

44、<p>　　It should be noted that EVA measurement is not without subjective elements. It may be necessary to involve an independent committee to determine the appropriateness of specific EVA adjustments and how to best

45、handle unusual situations. Stern Stewart also recommends that EVA-based bonus systems involve some form of deferral of pay with the full amount of EVA bonuses dependent on long-term success. </p><p>　　This f

46、eature of paying only a portion of the current amount and banking the remainder for the future is an important component of the system and is designed to enhance long-term loyalty to the firm. Bonuses should also be unca

47、pped and include stock options, thereby turning managers into owners. The ability of the system to lower bonuses based on subsequent performance is one feature that makes EVA systems fair to both the company and its mana

48、gers. Thus, EVA and its inclusion in compensation, rew</p><p>　　The overall success of the plan is dependent on several important factors including the ability of all employees to understand and agree with i

49、ts goals. To reach this objective, it is necessary to provide focused training of EVA to all employees in the company. In that way, everyone better understands the philosophy and their role in the system. While this trai

50、ning may take considerable time and effort, it is usually rewarded by sustained improvements in EVA. </p><p>　　EVA Drivers </p><p>　　Another advantage of EVA systems is the emphasis on EVA driv

51、ers and the contribution of certain activities to EVA. When implementing EVA, firms seek to determine those areas of the business most responsible for success. By isolating activities, such as inventory management or cap

52、acity utilization, firms can judge the value of these on projects, divisions, etc. Thus management can focus on ways to increase economic value, rather than on reported numbers alone. By including capital contributions w

53、</p><p>　　Share Price and EVA </p><p>　　A controversy that surrounds EVA is whether it correlates well with a firm's stock prices as claimed by Stern Stewart. While many believe that it does

54、, the results of several studies are mixed.[3] Nevertheless, many seem convinced of the overall benefit of EVA. Therefore, firms contemplating the adoption of EVA, or any performance-based measure used for decision makin

55、g and compensation, should examine their own individual characteristics, the underlying theory of the measure sought, and the like</p><p>　　For advocates of EVA, the underlying theory of finance embedded in

56、its calculation is one of its strengths. This can more easily be seen when one considers that the present value of EVA parallels that of using net present value, and for capital projects, would be expected to yield a sim

57、ilar result. </p><p>　　Source: Larry M.Prober,2000 “EVA: A better financial reporting tool”. Pennsylvania CPA Journal, vol.71, lessue 3,p27.</p><p><b>　　譯文：</b></p><p>　

58、　EVA：一個(gè)較好的財(cái)務(wù)績(jī)效評(píng)價(jià)方法</p><p>　　經(jīng)濟(jì)增加值（EVA）作為財(cái)務(wù)績(jī)效評(píng)價(jià)的一種方法，目前正被很多美國(guó)公司所應(yīng)用。這種由思騰思特公司所發(fā)明的新的指標(biāo)體系，是基于包括所有類型的資本成本在內(nèi)的真正的經(jīng)濟(jì)收入的一種利潤(rùn)衡量方法。比起傳統(tǒng)的績(jī)效評(píng)價(jià)方法，EVA提供了更為全面的評(píng)價(jià)辦法，因?yàn)镋VA表明公司是怎樣運(yùn)用其大數(shù)額的營(yíng)運(yùn)資本的。本文總結(jié)了EVA衡量盈利能力的概念，EVA的計(jì)算，以及采用EVA的優(yōu)

59、勢(shì)。</p><p><b>　　EVA的盈利性</b></p><p>　　EVA認(rèn)為，一個(gè)成功的企業(yè)至少應(yīng)該獲得等于其所耗費(fèi)的資本成本的收益。該公司應(yīng)賺得比股東融資成本效益和增加股東價(jià)值更高的回報(bào)。</p><p>　　EVA可以表示為下列公式：</p><p>　　EVA=稅后凈營(yíng)業(yè)利潤(rùn)（NOPAT）— 資本成本&

60、lt;/p><p>　　稅后凈營(yíng)業(yè)利潤(rùn)是根據(jù)折舊后的凈營(yíng)業(yè)收入，將利潤(rùn)調(diào)整為更接近經(jīng)濟(jì)性的盈利衡量方式。調(diào)整項(xiàng)目為：稅后增加的利息費(fèi)用（包括任何經(jīng)營(yíng)租賃隱含的利息支出），增加的凈資本化的研發(fā)費(fèi)用，后進(jìn)先出儲(chǔ)備的增加，以及商譽(yù)和攤銷。對(duì)這些項(xiàng)目的營(yíng)業(yè)收益做出調(diào)整，反應(yīng)了企業(yè)所做的投資和為實(shí)現(xiàn)這些利潤(rùn)所進(jìn)行的資本的投資。思騰思特確定了多達(dá)164個(gè)需要調(diào)整的項(xiàng)目，但通常只有幾個(gè)的項(xiàng)目的調(diào)整對(duì)于EVA的計(jì)算來(lái)說(shuō)是必要的。&l

61、t;/p><p><b>　　EVA的計(jì)量</b></p><p>　　EVA可以從經(jīng)營(yíng)或融資兩個(gè)角度進(jìn)行計(jì)算。在經(jīng)營(yíng)方式下，稅后凈營(yíng)業(yè)利潤(rùn)是從銷售現(xiàn)金收入扣除經(jīng)營(yíng)費(fèi)用和折舊而得。利息費(fèi)用是排除在外的，這是因?yàn)榘阉?dāng)做融資費(fèi)用來(lái)考慮。那些被當(dāng)做股權(quán)進(jìn)行調(diào)整的項(xiàng)目，是用來(lái)反應(yīng)現(xiàn)實(shí)經(jīng)濟(jì)和動(dòng)態(tài)的收入，以及更具經(jīng)濟(jì)性的資本。這些調(diào)整被認(rèn)為是稅后凈營(yíng)業(yè)利潤(rùn)扣除了現(xiàn)金稅的結(jié)果。<

62、;/p><p>　　計(jì)算EVA時(shí)，都需要從稅后凈營(yíng)業(yè)利潤(rùn)中扣除企業(yè)的資本成本。無(wú)論在融資方式下還是經(jīng)營(yíng)方式下，計(jì)算EVA都需要運(yùn)用到資本，只是計(jì)算上有差異而已。</p><p>　　從經(jīng)營(yíng)角度說(shuō)，從資產(chǎn)出發(fā)，建立了投資資金，包括經(jīng)濟(jì)性的派生權(quán)益等項(xiàng)目的調(diào)整；另一方面，從融資角度說(shuō)，從負(fù)債出發(fā)，同時(shí)加上了股權(quán)和等值股權(quán)，從而形成了投資資本。最后，建立在負(fù)債、股權(quán)成本和各自的資本成本率的加權(quán)平均資

63、本成本，就被用來(lái)計(jì)算企業(yè)的資本成本。由資本成本和稅后凈營(yíng)業(yè)利潤(rùn)相減得出當(dāng)期的EVA。</p><p>　　本文的其余部分總結(jié)了融資的方法，因?yàn)樗鼜?qiáng)調(diào)的是運(yùn)用資本的重要性，并說(shuō)明如何會(huì)計(jì)規(guī)則的影響EVA的計(jì)算。第33頁(yè)的圖表顯示了一對(duì)EVA的樣本計(jì)算。</p><p><b>　　EVA的計(jì)算和調(diào)整</b></p><p>　　如上所述，EVA是

64、通過(guò)稅后凈營(yíng)業(yè)利潤(rùn)減去企業(yè)的資本成本而得的。稅后凈營(yíng)業(yè)利潤(rùn)可以表述為稅后凈收益加回利息支出，因?yàn)榇婵罾⒈徽J(rèn)為是EVA的資本要求。在稅后負(fù)債成本的計(jì)算中，利息費(fèi)用還包括資本支出。</p><p>　　其他項(xiàng)目，是否需要調(diào)整則取決于公司的具體活動(dòng)。例如，當(dāng)經(jīng)營(yíng)租賃而不是融資租賃時(shí)，利息費(fèi)用是不計(jì)入損益，也不計(jì)入當(dāng)期的資產(chǎn)負(fù)債表。因此，根據(jù)公認(rèn)會(huì)計(jì)準(zhǔn)則（GAAP），利息被作為融資活動(dòng)中產(chǎn)生的費(fèi)用，與企業(yè)每年的租賃費(fèi)用

65、并沒(méi)有區(qū)分開(kāi)來(lái)，而是隱含在其中。</p><p>　　在EVA方法下，利息的支付部分是被估計(jì)計(jì)算的，稅后又加回到稅后凈營(yíng)業(yè)利潤(rùn)，因?yàn)槔⒈徽J(rèn)為是一項(xiàng)資本支出而不是經(jīng)營(yíng)支出。其相應(yīng)的未來(lái)租賃付款額的現(xiàn)值代表了等值的公司所投入的資本的股票的價(jià)值，同時(shí)，對(duì)于資本的調(diào)整也是必須的。</p><p>　　對(duì)于研發(fā)費(fèi)用的項(xiàng)目也要求認(rèn)真評(píng)估并進(jìn)行必要的調(diào)整。雖然一般公認(rèn)會(huì)計(jì)準(zhǔn)則要求大多數(shù)的研發(fā)費(fèi)用需要立

66、即支銷，但在EVA方法下，通常將研發(fā)費(fèi)用資本化，在研發(fā)期間的費(fèi)用進(jìn)行攤銷將有利于研發(fā)工作的成功。</p><p>　　計(jì)算EVA時(shí)需要調(diào)整的另一個(gè)例子是后進(jìn)先出設(shè)備的增加，這種增加將加回至利潤(rùn)，因?yàn)?，這是從后進(jìn)先出到先進(jìn)先出估值的轉(zhuǎn)換，是一個(gè)很好的近似的實(shí)現(xiàn)重置成本的過(guò)程。后進(jìn)先出法下的設(shè)備代表了過(guò)去持有收益的增加，因此添加回到權(quán)益部分，以反映該公司投資于股票尚未反映在會(huì)計(jì)準(zhǔn)則中存貨的資本。</p>

67、<p>　　思騰思特建議，另一個(gè)需要調(diào)整的項(xiàng)目是商譽(yù)攤銷。每年的攤銷都加回到收入中，而累積攤銷總額則被加回至等值的股東權(quán)益上。商譽(yù)攤銷運(yùn)用這種方式其實(shí)是通過(guò)“非攤銷”的方式進(jìn)行處理，其回報(bào)率反應(yīng)了企業(yè)每年真正的現(xiàn)金收益。此外，這種包括了商譽(yù)的資本積累的決定，提高其無(wú)論運(yùn)用什么方式收購(gòu)另一企業(yè)的資產(chǎn)的真實(shí)成本。雖然根據(jù)思騰思特的看法，上述項(xiàng)目的調(diào)整在EVA的計(jì)算中是很尋常和共同的，但這些項(xiàng)目在進(jìn)行調(diào)整時(shí)必須遵循以下標(biāo)準(zhǔn)：<

68、;/p><p>　　重要性：關(guān)于EVA的調(diào)整應(yīng)該有個(gè)實(shí)質(zhì)性的改變；</p><p>　　可管理性：關(guān)于項(xiàng)目的調(diào)整應(yīng)影響未來(lái)的決定；</p><p>　　確定性：關(guān)于項(xiàng)目的調(diào)整應(yīng)非常明確和客觀；</p><p>　　簡(jiǎn)易性：關(guān)于項(xiàng)目的調(diào)整不應(yīng)過(guò)于復(fù)雜。</p><p>　　如果一個(gè)項(xiàng)目符合這四項(xiàng)標(biāo)準(zhǔn)，則應(yīng)當(dāng)考慮對(duì)其進(jìn)行調(diào)整。

69、例如，那些有著少量的經(jīng)營(yíng)租賃的企業(yè)對(duì)EVA的影響較小。在這樣的條件下，在EVA的計(jì)算中忽略這個(gè)項(xiàng)目就顯得非常合理了。此外，遞延所得稅項(xiàng)目的調(diào)整以及各類儲(chǔ)備項(xiàng)目（即保修費(fèi)用等）的調(diào)整，則顯得十分典型了，雖然這些項(xiàng)目的可行性應(yīng)當(dāng)予以考慮。不尋常的收益或者損失也應(yīng)當(dāng)同樣進(jìn)行檢查、最后一項(xiàng)是特別重要的，因?yàn)樗婕暗搅艘訣VA為基礎(chǔ)的報(bào)酬計(jì)劃。</p><p><b>　　資本計(jì)提的意義</b><

70、;/p><p>　　在傳統(tǒng)的財(cái)務(wù)報(bào)告中，成本率是未分配的融資業(yè)務(wù)的股權(quán)。因此，用不考慮成本在內(nèi)的凈收益作為業(yè)績(jī)衡量的指標(biāo)是有其局限性的。事實(shí)上，當(dāng)計(jì)算凈資產(chǎn)收益率，凈收益等指標(biāo)時(shí)，其還包括已被歸結(jié)在賬面價(jià)值中的會(huì)計(jì)失真部分。</p><p>　　另一方面，通過(guò)EVA的調(diào)整，旨在消除傳統(tǒng)會(huì)計(jì)失真的影響，同時(shí)，更突顯其資本成本的影響。因此，通過(guò)EVA對(duì)經(jīng)營(yíng)利潤(rùn)進(jìn)行衡量比通過(guò)采用傳統(tǒng)的會(huì)計(jì)準(zhǔn)則進(jìn)行衡

71、量更為準(zhǔn)確和有效。這是非常重要的，因?yàn)橐恍┢髽I(yè)通常將重金花費(fèi)在研發(fā)項(xiàng)目上，并對(duì)其進(jìn)行會(huì)計(jì)處理，但這些項(xiàng)目并沒(méi)有包括在以公認(rèn)會(huì)計(jì)準(zhǔn)則為基礎(chǔ)的資產(chǎn)負(fù)債表內(nèi)。EVA提供了一種在這類被存在扭曲的會(huì)計(jì)信息的公司中去比較經(jīng)營(yíng)業(yè)績(jī)的方法。</p><p>　　EVA的這項(xiàng)特殊的資本要求是建立在大量的經(jīng)過(guò)調(diào)整計(jì)算后的等值的股權(quán)，乘以資本成本率。資本成本率是基于各項(xiàng)債務(wù)和股權(quán)的成本率。雖然債務(wù)成本率可以很容易的確定，但股權(quán)成本率則

72、很難確定。對(duì)于股權(quán)成本的確定可以使用資本成本定價(jià)模型，或者其他風(fēng)險(xiǎn)溢價(jià)的方法。</p><p>　　一旦這項(xiàng)比率被確定，聯(lián)系資本，就能構(gòu)成加權(quán)平均資本成本（WACC）。它是一個(gè)整體的比率，當(dāng)所有的資本，包括股票，產(chǎn)生的整體的資本要求，將在EVA的計(jì)算中得到應(yīng)用。當(dāng)資本成本從稅后經(jīng)營(yíng)業(yè)利潤(rùn)中扣除后，EVA的優(yōu)勢(shì)就顯現(xiàn)出來(lái)了，因?yàn)樗械臋C(jī)會(huì)成本，都被有效的衡量并計(jì)算在盈利中。</p><p>

73、　　基于EVA的薪酬安排</p><p>　　依據(jù)業(yè)績(jī)對(duì)其公司經(jīng)理進(jìn)行回報(bào)的企業(yè)，EVA可以比傳統(tǒng)的以利潤(rùn)為基礎(chǔ)的激勵(lì)辦法更顯出優(yōu)點(diǎn)。首先，公司通過(guò)補(bǔ)償實(shí)現(xiàn)更好的性能指標(biāo)，公司可以實(shí)現(xiàn)管理人員和自身目標(biāo)的更好的匹配。其次，EVA可以幫助減少管理層與公司盈利能力之間的矛盾。因?yàn)镋VA的目的是消除會(huì)計(jì)失真對(duì)企業(yè)經(jīng)營(yíng)和管理的影響，EVA是一種更好對(duì)管理層進(jìn)行激勵(lì)的代表。</p><p>　　應(yīng)該

74、指出的是，EVA績(jī)效評(píng)價(jià)方法并不是沒(méi)有主觀因素。它可能需要一個(gè)獨(dú)立的委員會(huì)去確定EVA的調(diào)整是否恰當(dāng)，以及如何最好的處理異常情況。Stern Stewart還建議，基于EVA的獎(jiǎng)金制度，涉及到EVA的獎(jiǎng)金是否會(huì)長(zhǎng)期足額的發(fā)放，取決于企業(yè)是否能取得長(zhǎng)期的成功。</p><p>　　這種只支付當(dāng)前部分金額和銀行余額的特點(diǎn)，是EVA系統(tǒng)的一個(gè)重要組成部分，旨在加強(qiáng)對(duì)公司的長(zhǎng)期忠誠(chéng)度。獎(jiǎng)金也應(yīng)不設(shè)上限，包括股票期權(quán)，從而

75、使得管理層變?yōu)槠髽I(yè)的所有者。該系統(tǒng)基于之后表現(xiàn)的較低的獎(jiǎng)金是讓EVA系統(tǒng)平等對(duì)待公司及其管理層。因此，EVA的激勵(lì)體系，可以幫助企業(yè)推動(dòng)其業(yè)績(jī)的發(fā)展。 </p><p>　　這種薪酬安排的成功是取決于包括所有雇員理解并且認(rèn)可公司目標(biāo)的等的幾個(gè)重要的因素。為了實(shí)現(xiàn)這個(gè)目標(biāo)，有必要對(duì)公司里的所有雇員進(jìn)行基于EVA進(jìn)行針對(duì)性的培訓(xùn)。這樣一來(lái)，大家便能更好的理解公司的理念以及各自在系統(tǒng)中的作用。雖然這可能需要相當(dāng)長(zhǎng)的時(shí)間

76、進(jìn)行培訓(xùn)，也需要大量的努力，但其優(yōu)勢(shì)卻能長(zhǎng)期持續(xù)的體現(xiàn)。</p><p><b>　　EVA的驅(qū)動(dòng)因素</b></p><p>　　EVA系統(tǒng)的另一個(gè)優(yōu)點(diǎn)是對(duì)EVA驅(qū)動(dòng)因素的重視。在實(shí)施EVA時(shí)，企業(yè)尋求確定這些與企業(yè)發(fā)展最相關(guān)的業(yè)務(wù)。通過(guò)庫(kù)存管理或產(chǎn)能利用率等的孤立的活動(dòng)，企業(yè)可以判斷他們的項(xiàng)目，部門等的價(jià)值。因此，管理層可以集中精力去提高公司的經(jīng)濟(jì)價(jià)值，而不是僅僅

77、的匯報(bào)數(shù)字。通過(guò)不要求股價(jià)的資本貢獻(xiàn)率，公司還能通過(guò)使用EVA對(duì)個(gè)別單位、產(chǎn)品甚至整個(gè)經(jīng)營(yíng)層進(jìn)行業(yè)績(jī)?cè)u(píng)價(jià)。EVA有助于提高經(jīng)營(yíng)利潤(rùn)，而不占用其更多的資本，有助于削減或清算那些不適應(yīng)資本成本的投資，有助于技術(shù)的改進(jìn)，成本的降低，營(yíng)運(yùn)資金的減少，這些都是EVA分析和運(yùn)用帶來(lái)的好處。</p><p><b>　　股價(jià)和EVA</b></p><p>　　圍繞EVA的爭(zhēng)議是由

78、Stern Stewart提出的EVA是否與公司的股票具有良好的相關(guān)性。盡管許多人這么認(rèn)為，但關(guān)于它的研究結(jié)果卻差異很大。然后，很多人似乎對(duì)EVA的整體利益所信服。因此，公司考慮使用EVA，或者任何基于業(yè)績(jī)的評(píng)價(jià)方法進(jìn)行決策時(shí)，應(yīng)該審視自身的特點(diǎn)，尋求所應(yīng)用的理論的基礎(chǔ)和被選擇的方法能實(shí)現(xiàn)公司目標(biāo)的可能性。</p><p>　　EVA的倡導(dǎo)者，則主張其嵌入式計(jì)算的理論基礎(chǔ)是該項(xiàng)金融理論的優(yōu)勢(shì)之一。顯然，人們所考慮