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2023年4月19日发(作者：beautifulpeople)经济增加值（EVA）：理论与实证研究综述外文翻译（可编
辑）
经济增加值(EVA):理论与实证研究综述外文翻译
外文翻译
原文
Economic Value Added: A Review of the Theoretical and Empirical
Literature
Material Source: Asian Review of Accounting. Volume 9, Number 1,
2001
Author: Andrew C Worthington and Tracey West
Introduction
An accepted financial axiom is that the role of managers is to imise
the wealth of shareholders by the efficient allocation of resources. In
order to operationalise this objective, shareholder wealth is
traditionally proxied by either standard accounting magnitudes such as
profits, earnings, and cash flows from operations or financial statement
ratios including earnings per share and the returns on assets,
investment, and equity. This financial statement information is then
used by managers, shareholders, and other interested parties to assess
current firm performance, and is also used by these same stakeholders to
predict future performance. Further, under the semi-strong form of the
efficient market hypothesis, the publicly available information
contained in these

variables is readily interpreted by the market and thereby
incorporated into future stock prices Unfortunately, the empirical
literature to date suggests that there is no single accounting-based
measure upon which one can rely to explain changes in shareholder wealth
Chen and Dodd, 1997; Riahi-Belkaoui, 1993; Rogerson, 1997; and Lehn and
Makhija, 1997. This is despite the fact that such a measure would prove
invaluable to the various parties interested in aspects of firm
performance. Lee 1996, p. 32, for example, argues that the search for a
superior measure of firm valuation is a, if not the, key feature of
contemporary empirical finance.
One professedly recent innovation in the field of internal and
external performance measurement is a trade-marked variant of residual
income net operating profits less a charge for the opportunity cost of
invested capital known as economic value-added EVA. As a starting point
its developer and principal advocate, US-based business consultants
Stern Stewart and Co Using these findings, Stern Stewart has built a
significant presence in the highly competitivevalue-based performance
consulting market with \"literally hundreds of firms adopting EVA to some
degree, among them Coca-Cola Co., Eli Lilly and Co., and the Postal
Service in the US\" Biddle, et. ah, 1998 EVA figures have also been
heavily promoted in the UK, Australia, Canada, Brazil, Germany, Mexico,
Turkey, and France, amongst others Stern Stewart, 1999, used to provide
published rankings of managerial performance Ferguson, 1997, and several

international companies have adopted EVA for performance measurement
and/or incentive compensation packages. For example, in Australia the
ANZ Banking Group, Fletcher Challenge Limited, James Hardie Industries,
and the Wrightson Group have implemented EVA financial management
systems in recent years Rennie, 1997.
Support for EVA has also been forthcoming from other sources.
Fortune has called it \"today\'s hottest financial idea\", \"The Real Key to
Creating Wealth\" 30 September, 1993 and \"A New Way to Find Bargains\" 9
December, 1996, and has printed EVA performance rankings since 1993
cited in Stern, Stewart, and Chew, 1995. Peter Drucker 1998 in the
Harvard Business Review suggests that EVA\'s growing po小学山水田园诗大全 pularity reflects,
amongst other things, the demands of the information age for a measure
of \'total factor productivity\'. Finally, there has been widespread
adoption of EVA by security analysts since \"instead of using a dividend
discount approach, these models measure value from the point of the
firms\' capacity for ongoing wealth creation rather than simply wealth
distribution\" Herzberg, 1998, p. 45. The purpose of the present paper is
to review the theoretical underpinnings of EVA and to reconcile the
often competing claims as to its empirical superiority over other
accounting-based measures of firm performance.
The remainder of the paper is sub-divided into five main
second se关于咏雪的诗句有哪些 ction outlines the concept of EVA 现代诗歌精选30首 and other value-based
performance metrics. The third section discusses the calculation of
EVA. The accounting adjustments involved in these EVA calculations and

their implications are discussed in the fourth section. The fifth
section reviews the extant empirical literature within a common
framework. The final section contains some brief concluding remarks.
The Concept of Economic Value-Added
Despite the relatively recent adoption of哑的组词 EVA as an internal and
external financial performance measure, its conceptual underpinnings
derive from a well-established microeconomic literature regarding the
link between firm earnings and wealth creation Bell, 1998. For much of
this history, at least since Alfred Marshall\'s Principles of Economics,
the focus of analysis has been on adjustments to accounting earnings to
reflect the opportunity cost of capital, primarily because the
unadjusted measure can be a misleading indicator of performance in both
theory and practice.
In the seminal contribution, Marshall 1920, p.504 concluded that
\"the gross earnings of management which a man is getting can only be
found after making up a careful account of the true profits of his
business, and deducting interest on his capital\". Later, the
desirability of quantifying \'economic profit\' as a measure of wealth
creation was operationalised by David Solomon 1965 as the difference
between two quantities, net earnings and the cost of capital. This
measure of residual
income is then defined in terms of after-tax operating profits less
a charge for invested capital which reflects the firm\'s weighted average
cost of capital. Close parallels are thereby found in the related

nontrademarked concepts of abnormal earning, excess earnings, excess
income, excess realisable profits\'and superprofits Biddle, et. ah, 1997
Just as EVA bears a close semblance to non-trademarked financial
performance measures, it is also closely related to performance metrics
offered by other consultants. For example, the Chicago-based Boston
Consulting Group, Price Waterhouse and HOLT Value Associates employ
variations of Cash Flow Return on Investment or CFROI. CFROI is
typically calculated in two steps. First, the inflation-adjusted cash
flows available to all capital owners in the firm are measured and
compared with the inflation-adjusted gross investment made by the
capital owners. Second, the gross cash flow to gross investment is
translated into an internal rate of return by adjusting for the finite
economic life of depreciating assets and the residual value of non-
depreciating assets such as land and working capital In addition, there
are many other value-based metrics that are even more closely related to
EVA. In fact, the legal conflict between Stern Stewart\'s EVA and KPMG\'s
\'Economic Value Management\' over the proprietary nature of EVA suggests
even closer, less discernible differences in these products Lieber,1998.
Myers 1996, p. 45, amongst others, has arrived at this
conclusion,arguing that \"EVA, CFROI,
and all the others are premised on fundamental economics that 20
years ago was called residual income\". It is this perception of EVA as
\"a practical and highly flexible refinement of the economists\' concept
of \'residual income\' - the value that is left over after a company\'s

stockholders and all other providers of capital have浪淘沙其一的诗意 been adequately
compensated\" that provides the basis for the following discussion
Stern,Stewart, and Chew, 1995, p. 32.
The Role of Accounting Adjustments
The calculation of EVA itself therefore consists of two separate but
related steps. The primary adjustment is where a capital charge is
subtracted from net operating profit after-tax NOPAT. The capital charge
is derived from multiplying the firm\'s overall financing cost, as
reflected in the weighted average cost of capital WACC, by the amount of
invested capital. Invested capital in this form, EVA is essentially the
same as residual income, though the latter measure is normally expressed
as net income less a charge for the cost of equity capital with the cost
of debt already included in the calculation of net income Young, 1999.
The second and more controversial step consists of a series of
adjustments to GAAP-based numbers. Consisting of some 120 to 150
possible adjustments, these changes are made on the basis of both
empirical and theoretical concerns. First, it is argued that adjustments
to accounting numbers are required in order. Second, at its root is the
argument that
not only are accounting earnings an inappropriate proxy for value
creation, but that managers who are evaluated and compensated on the
basis of earnings \"may take actions that increase earnings but destroy
value, or fail to take actions that may reduce earnings but create
value\" Young, 1999, p. 8 Notwithstanding the large number off

adjustments that are possible, companies adopting Stern Stewart\'s EVA
Financial Management System as distinct from the publicly available
performance rankings generally make no more than fifteen adjustments to
published accounts, though Young 1999 observes that this figure has
progressively fallen in recent years. Young 1999, p. 9 attributes at
least some of this decline to the reticence of corporate executives to
diverge from GAAP-based numbers and the realisation \"that most of the
proposed adjustments have little or no qualitative impact on profits\" In
terms of Young\'s 1999 critique, the following is noted. First, the
issues relating to the costliness of deviations from GAAP have been well
documented in the EVA literature. For example, Zimmerman 1997 argues
that such deviations significantly increases both litigation costs with
the implication that the official financial statements are not really
\'true and fair\' and administrative costs through accounting systems
becoming more complicated, costly to administer, and difficult for
operating managers to comprehend. Second, the requirement for EVA
adjustments to have a impact on profits would accord with Stewart\'s 1991
recommendation that
adj差的组词 ustments should be limited to those situations where the outcomes
are significant, where the item of interest may be reasonably influenced
by management, and where the required information is readily available
The remaining modifications to a company\'s conventional accounts may be
meaningfully grouped as adjustments to capital balances and adjustments
to earnings. Included under these classifications are recognising non-

recurring gains and losses, research and development, deferred taxes,
intangibles, depreciation, provisions for warranties and bad debts,
restructuring changes, and macroeconomic conditions Rennie, 1997译文
经济增加值(EVA):理论与实证研究综述
资料来源:《亚洲会计评论》第9卷,第1号,2001 作者:Andrew C
Worthington and Tracey West
一个公认的财务原理是:企业管理者的作用是利用现有资源的有效分配
来为股东创造最大财富。为了实现这一目标,股东财富由传统会计指标如净利
润,
现金流量或财务报表比率包括每股收益,投资回报率来衡量。这些财务报表信
息
被企业管理者、股东和其他利益相关者所使用,以此来评价企业的经营业绩,同
时
也是他们用来预测企业未来业绩的一种衡量方法。此外,根据半强式有效市场
假
说,向公众提供的这些信息很容易被市场解释为变量,从而成为未来的股价。
不幸的是,实证研究表明,目前还没有一个有效的财务绩效评价指标来衡
量和解释股东财富的变化。尽管这是事实,但各利益相关者对企业绩效方面仍
然
十分感兴趣。例如Lee,1996,认为一个有效的企业价值评估体系是衡量企业财
务
绩效的金钥匙。

一位学者由于在企业内部和外部的绩效评估领域提出了最创新和突出的剩余收
益净营业利润减去投入资本的机会成本的支出,即经济增加值??EVA而闻名。由美
国创立的Stern Stewart and Co,是EVA业绩评价指标的主要开创者和倡导者。
利用这些调查结果,Stern Stewart建立了以EVA作为评估公司经营业绩的新指
标,向在咨询市场上有着重要地位的上市公司,如可口可乐公司、礼来大药厂公
司、美国邮政署等进行推广Biddle,1998。
EVA指标也被大力推广,在英国、澳大利亚、加拿大、巴西、德国、墨西哥、土
耳其、法国等用于提供管理业绩公布的排名Ferguson,1997,一些国际公司已经通
过了EVA的性能测试和补偿方案。例如,在澳大利亚的澳新银行集团有限公司,詹姆
斯哈迪工业以及特逊集团近年来已实施EVA的财务管理制度Rennie,1997。
支持EVA的观点也有来自于其他方面的原因。财富把它称为当今最热门的金融
概念,真正创造财富的关键和一种新的交易方式的到来,并已印制了1993年以来
EVA的绩效排名引用美国思腾思特管理咨询公司,1995。Peter Drucker,1998在哈
佛商业评论表明,EVA的日益普及反映,除其他外,也是一个衡量综合要素生产力的
信息时代的需求。最后,出现了广泛应用EVA的证券分析师,因为他们认为相比使用
股利折现方法,这些价值模型可以从企业的能力不断创造财富,而不是简单地衡量财
富分配Herzberg,1998。本文的目的是回顾EVA的理论基础,并对调整之后的EVA
绩效评价指标与以会计指标为基础的公司在实证研究方面的一些优势。
本文以下的论述进一步细分为五个主要领域。第一部分概述了EVA等绩
效评价指标的概念。第二部分论述了EVA的计算方法。第三部分讨论了有关
EVA的会计计算以及涉及这些调整的影响。第四部分回顾了一个共同框架内现存的
实证文献。最后部分包含了一些简短的总结发言。
经济增加值EVA的概念

尽管EVA作为衡量一个企业内外部财务绩效评价指标的观点在近期得到了广泛
应用,其概念基础来源于一部完善的微观经济文学作品,它把公司之间的收入和财富
创作连接在一起Bell,1998。对于大部分的这段历史,至少有阿尔弗勒德?马歇尔的
经济学原理,分析的重点是对会计盈余的调整,以反映资本的机会成本,这主要是因
为未经调整的计算可能会在理论和实践上误导企业的绩效评价。
在这些贡献中,Marshall,1920的结论是企业的税后利润只有在补偿了经营成本,
并扣除了资本成本后的净值才是企业真正创造的利润增加值。后来,把量化的经济
利润作为衡量企业创造的财富是由David Solomon,1965提出的,作为净盈利和资本
成本这两个数量之间的差异。这种剩余收益的衡量,定义为税后经营利润减去投入
的资本来反映该公司的加权平均资本成本。相关概念如超额盈余,超额收益,超额收
入以及超额利润的实现是由Biddle,1997提出来的。
正如EVA与非财务业绩评价指标有密切关联,EVA与其他咨询公司提供的性能指
标也是十分密切相关的。例如,现金流投资回报率Cash Flow Return on
Investment,CFROI模型最初是由总部位于芝加哥的波士顿咨询集团,普华国际
会计公司和郝特国际财务顾问公司提出来的。现金流投资回报率通常计算两个步骤:
首先,经通货膨胀调整后的现金流提供给公司资本的所有者,并与通货膨胀调整后的
总资本所有者作出的投资进行衡量和比较。第二,总现金流投资通过有限
经济生命的贬值资产和非贬值如土地和流动资金资产的剩余价值进行调整,来
转化为内部回报率。
此外,还有许多以其他价值为基础的衡量指标,与EVA更是有密切相关。其实,
美国思腾思特管理咨询公司提出的EVA和毕马威会计师事务所的经济价值管理层对
EVA的所有权性质的建议,这两者之间有着十分密切的法律冲突,它们并没有明显的
差别Lieber,1998。除此之外,已经得出了这个结论,认为EVA,CFROI等其他指标在
20年前都被称为经济学的基本前提??剩余收益Myers,1996。正是由于EVA作为一

种既实际又高度灵活的细化的经济学概念??剩余收入,该价值体现了公司的股东和
所有其他的供应商已得到充分的补偿价值,以此作为提供下面讨论的基础Stern
Stewart and Chew,1995。
对会计调整中的作用
EVA的计算,由于本身由两个独立但相关的步骤。主要的调整是在资本成本从税
后净营业利润中扣除。资本成本是乘以企业的整体融资成本而产生,这反映在加权
平均资本成本WACC上,由投资资本额组成。投资资本这种形式,在本质上与EVA的
剩余收益相同,但后者通常表示为净收入权益资本,债务成本已经在纯收入计算之内
Young,1999。
第二个有争议的一步,更包含了对公认会计原则为基础的一系列会计项目的调
整。约有120至150项可能的调整组成,这些变化是基于双方的经验和理论基础
的。
首先,有人认为,对会计数字的调整也是有针对性的;其次,它争论的根源在于价
值创造不仅是因为会计盈余的不适当代理造成的,而且还因为那些在盈余基础上进
行评价和补偿的管理者可能采取措施来增加收入,但是却未能创造价值,
或未能采取措施来降低收入,却创造了价值Young,1999。
尽管通过调整是可能的,公司采用Stern Stewart的EVA财务管理系统与公开
的业绩排名不同认为一般应调整不超过十五项公布的账目,虽然Young, 1999指出,
这个数字在最近几年已逐步下降。他认为一些企业高管至少偏离了公认会计原则为
基础的调整数字 ,所建议的调整很少或几乎没有影响企业的利润质量。
在杨的批判中,要注意以下几个方面:首先,有关的问题,从会计准则已经偏离的
EVA文献中查找。例如,Zimmerman,1997认为,这种偏差均显著增加诉讼费用暗示正
式的财务报表并没有体现出真实和公正,并通过成本会计系统变得越来越复杂,昂贵
的管理和经营管理人员让人很难理解。二是EVA的调整要求对利润的影响将符合

Stewart1991提出的建议,即调整应只限于那些情况下的成果是显著的,那些项目对
管理的影响是合理的,并且其所需资料是现成的。
其余修改公司的常规帐户可能会归纳为资本余额和收入的调整。根据这些分类,
包括承认非经常性损益,研究和开发,递延所得税,无形资产,折旧,担保和坏帐,重组
变更的规定和宏观经济条件Rennie,1997。