经济增加值EVA：一种新的企业绩效衡量的实证研究外文中英文翻译.doc

外文翻译 Economic Value Added EVA super TM: an empirical examination of a new corporate performance measure. Material Source:http:// Author:Chen,Shimin; Dodd, James L. Is there a single measure of corporate performance enabling investors to identify investment opportunities and motivate managers to make value-added business decisions? Obviously, this is a question of utmost importance to investors, managers, and business researchers. Economic Value Added EVA has been acclaimed to be such a measure Tully, 1993. As defined by Stern Stewart Management Services of New York City, EVA is the difference between a companys net operating income after taxes and its cost of capital of both equity and debt Stern Stewart, 1993. Although the term EVA had appeared in the literature as early as 1989 Finnegan, 1989; Walter, 1992, it did not receive much attention until a September 20, 1993, article in Fortune magazine Tully, 1993. Following the articles strong praise of EVA as the most recent and exciting innovation in measuring corporate success, a flurry of papers have been published telling successful EVA stories and promoting EVA adoption Rutledge, 1993; Wilbert, 1993 and 1994; Birchard, 1994; Brossy and Balkcom, 1994; Byrne, 1994; McConville, 1994; White, 1994; Stewart, 1995 One major reason for EVAs sudden popularity is that it appears to have an impressive army of corporate sponsors including such giants as ATT and Coca-Cola. Executives from these companies have stated how very satisfied they are with EVA as their new measurement tool. They have purportedly found the holy grail of corporate performance measures and now publicly share their high expectations for EVA to move their stocks up to a new high As one of the most enthusiastic EVA proponents, Coca-Colas experience is anecdotal. Adopting EVA encouraged the company to concentrate capital in its highly profitable soft drink business and to raise return faster than the cost of capital by increasing the use of