EVA：1个较好的财务绩效评价方法.docVIP

本科毕业论文（设计） 外 文 翻 译 原文： EVA: A better financial reporting tool 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 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 has performed in relation to the amount of capital employed. This article summarizes the EVA concept of measuring profitability, the EVA calculation and the benefits of adopting an EVA framework.  HYPERLINK /bsi/detail?vid=18hid=17sid=8ddc1966-c660-45f1-84a0-33d3d6412786%40sessionmgr4bdata=JnNpdGU9YnNpLWxpdmU%3d \l toc#toc \o The EVA Concept of Profitability The EVA Concept of Profitability  EVA is based on the concept that a successful firm should earn at least its cost of capital. Firms that earn higher returns than financing costs benefit shareholders and account for increased shareholder value. In its simplest form, EVA can be expressed as the following equation: EVA = Operating Profit After Tax (NOPAT) - Cost of Capital NOPAT is calculated as net operating income after depreciation, adjusted for items that move the profit 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 capitalized RD 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 capital employed to achieve those profits. Stern Stewart has identified as many as 164 items for potential adjustment, but often only a few adjustments are necessary to provide a good measure of EVA.[1]  HYPERLINK /bsi/detail?vid=18hid=17sid=8ddc1966-c660-45f1-84a