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1、原文：原文：AbstractItisgenerallybelievedthatindertomaximizevaluefshareholderscompaniesshouldstrivetowardsmaximizingMVA(notnecessarilytheirtotalmarketvalue).ThebestwaytodosoistomaximizetheEVAwhichreflectsanganization’sabilityt

2、oearnreturnsabovethecostofcapital.Theleverageavailabletocompaniesthatincurfixedcostsusebrowedcapitalwithafixedinterestgehasbeenknownquantifiedbyfinancialmanagersfsometime.ThepopularizationofEVAMVAhasopenedupnewpossibilit

3、iesfinvestigatingtheleverageeffectoffixedcosts(operationalleverage)interest(financialleverage)inconjunctionwithEVAMVAfdeterminingwhateffectchangesinsaleswouldhavethroughleveragenotonlyonprofitsbutalsoonEVAMVA.Combiningav

4、ariablecostingapproachwithleverageanalysisvalueanalysisopensupnewopptunitiestoinvestigatetheeffectofcertaindecisionsontheMVAthesharepriceofacompany.Aspreadsheetmodelisusedtoillustratehowfinancialmanagerscanusetheleverage

5、effectsoffixedcoststhe(fixed)costofcapitaltomaximizeprofitsalsotodeterminewhatimpactchangesinanyvariablelikesalescostswillhaveonthewealthofshareholders.IntroductionFewwouldarguethatthemostimptantfinancialgoalofabusinessg

6、anizationshouldbetomaximizethewealthofitsshareholders.Fanumberofyearsnowaccountingmeasuressuchasearningsreturnonassetsreturnonequityhavebeencriticizedfoundwantingasperfmanceindicatsendingtogreatershareholderwealth.Thecon

7、ceptofvaluemanagementresultedfromapursuitoftherealdriversofvaluetheperfmancemeasuresEconomicValueAdded(EVA)MarketValueAdded(MVA)arenowknownfairlywellusedwidelybycompaniesalloverthewld.Theobjectiveofthisstudyistolinktheco

8、stmanagementtechniquesofvariablecostingcostvolumeprofitanalysiswiththefinancialmanagementtechniquesofleverageanalysisvalueanalysisindertodeterminehowdecisionschangesininputswillaffecttheshareholdervalue.Theittogetherwith

9、thewellknownoperatingleveragefinancialleveragefactstodeterminethetotalleveragefthecompany.OncethetotalleverageisdetermineditwouldbepossibletopredictwhateffectanychangeininputwillhaveonprofitsEVAMVA.Anattemptismadetoderiv

10、eafmula(givencertainassumptions)topredictwhateffectaparticularchangeinvolume(sales)wouldhaveonEVAMVA.FinallytheimpactofdifferentlevelsofoperatingfinancialleverageonprofitsEVAMVAisevaluated.TheconceptsofEVAMVAleverageEVAM

11、VAAcompany’stotalmarketvalueisequaltothesumofthemarketvalueofitsequitythemarketvalueofitsdebt.Intheythisamountiswhatcanbe“takenout”ofthecompany(i.e.whenallsharesaresolddebtisrepaid)atanygiventime.TheMVAisthedifferencebet

12、weenthetotalmarketvalueofthecompanytheeconomiccapital(Firer1995:57ReillyBrown2003:591).Theeconomiccapitalalsocalledinvestedcapital(IC)istheamountthatis“putinto”thecompanyisbasicallythefixedassetsplusthewkingcapital.MVA=M

13、arketvalueofcompany–InvestedCapitalFromaninvest’spointofviewMVAisthebestfinalmeasureofacompany’sperfmance.Stewart(1991:153)statesthatMVAisacumulativemeasureofcpateperfmancethatitrepresentsthestockmarket’sassessmentfromap

14、articulartimeonwardsofthepresentvalueofallacompany’spastprojectedcapitalprojects.MVAiscalculatedatagivenmomentbutindertoassessperfmanceovertimethedifferencechangeinMVAfromonedatetothenextcanbedeterminedtoseewhethervalueh

15、asbeencreateddestroyed.EVAisaninternalmeasureofperfmancethatdrivesMVA.Stewart(1991:153)definesEVAasfollows:“Acompany’sEVAisthefuelthatfiresupitsMVA.”EVAtakesintoaccountthefullcostofcapitalincludingthecostofequity.Theconc

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