eva一個較好的財務(wù)績效評價方法【外文翻譯】

1、本科畢業(yè)論文（設(shè)計）外文翻譯原文：原文：EVA:AbetterfinancialreptingtoolEconomicValueAdded(EVA)isafinancialperfmancemeasurebeingadoptedbymanycompaniesincpateAmerica.ThisnewmetrictrademarkedbySternStewartCompanyisaprofitmeasurebasedontheconce

2、ptoftrueeconomicincomewhichincludesthecostofcapitalfalltypesoffinancing.EVAprovidesamecomprehensivemeasureofprofitabilitythantraditionalmeasuresbecauseitindicateshowwellafirmhasperfmedinrelationtotheamountofcapitalemploy

3、ed.ThisarticlesummarizestheEVAconceptofmeasuringprofitabilitytheEVAcalculationthebenefitsofadoptinganEVAframewk.TheEVAConceptofProfitabilityEVAisbasedontheconceptthatasuccessfulfirmshouldearnatleastitscostofcapital.Firms

4、thatearnhigherreturnsthanfinancingcostsbenefitshareholdersaccountfincreasedshareholdervalue.InitssimplestfmEVAcanbeexpressedasthefollowingequation:EVA=OperatingProfitAfterTax(NOPAT)CostofCapitalNOPATiscalculatedasoperati

5、ngincomeafterdepreciationadjustedfitemsthatmovetheprofitmeasureclosertoaneconomicmeasureofprofitability.Adjustmentsincludesuchitemsas:additionsfinterestexpenseaftertaxes(includinganyimpliedinterestexpenseonoperatinglease

6、s)increasesincapitalizedRincreasesintheLIFOreservegoodwillamtization.Adjustmentsmadetooperatingearningsftheseitemsreflecttheinvestmentsmadebythefirmcapitalemployedtoachievethoseprofits.SternStewarthasidentifiedasmanyas16

7、4itemsfpotentialadjustmentbutoftenonlyafewadjustmentsarenecessarytoprovideagoodmeasureofEVA.[1]leasepaymentsrecognizedonthebalancesheet.Thuswhileinterestisimplicitintheyearlyleasepaymentsanattemptisnotmadetodistinguishit

8、asafinancingactivityunderGAAP.UnderEVAhowevertheinterestptionofthepaymentisestimatedtheaftertaxamountfromitisaddedbackintoNOPATbecausetheinterestamountisconsideredacapitalgeratherthananoperatingexpense.Thecrespondingpres

9、entvalueoffutureleasepaymentsrepresentsequityequivalentsfpurposesofcapitalemployedbythefirmanadjustmentfcapitalisalsorequired.SeeExhibit1fsampleadjustmentscommonlyusedinthecalculationofEVA.R&Dexpenseitemscallfcarefuleval

10、uationadjustment.WhileGAAPgenerallyrequiresmostR&DexpenditurestobeexpensedimmediatelyEVAcapitalizessuccessfulR&DefftsamtizestheamountovertheperiodbenefitingthesuccessfulR&Defft.AnotherexampleofanEVAadjustmentistheLIFOres

11、erveincrease.TheincreaseisaddedbacktoprofitbecauseitconvertsinventyfromaLIFOtoFIFOvaluationwhichisabetterapproximationofcurrentreplacementcost.ThefullamountoftheLIFOreserverepresentspastholdinggainsaccdinglyisaddedbackto

12、theequitycomponenttoreflectthecapitalinvestedbythefirmininventynotyetreflectedinequityunderGAAP.OtheradjustmentsrecommendedbySternStewartincludetheamtizationofgoodwill.Theannualamtizationisaddedbackfearningsmeasurementwh

13、iletheaccumulatedamountofamtizationisaddedbacktoequityequivalents.Goodwillamtizationishledinthismannerbecauseby“unamtizing“goodwilltherateofreturnreflectsthetruecashonyield.Inadditionthedecisiontoincludetheaccumulatedgoo

14、dwillincapitalimprovestherealcostofacquiringanotherfirmsassetsregardlessofthemannerinwhichtheacquisitionisaccounted.WhiletheaboveadjustmentsarecommoninEVAcalculationsaccdingtoSternStewartthoseitemstobeconsideredfadjustme