经济增加值的基本原理外文翻译已处理.docVIP

经济增加值的基本原理外文翻译 原文: Foundations of economic value added The EVA Revolution In a market-driven economy many companies will create wealth .Other firms however will undoubtedly destroy it. Discovering those economic factors that lead to wealth creation and destruction among companies is important to many constituencies, not the least of which is corporate officials and investment managers. For corporate managers, wealth creation is fundamental to the economic survival of the firm. Managers that fail or refuse to see the importance of this imperative in an open economy do so at the peril of the organization and their career. Finding the “best” companies and industries in marketplace is of primary importance to investment managers. With the proper financial tools, portfolio managers may be able to enhance their active performance over-and-above the returns available on similar risk indexed passive strategies. A new analytical tool called EVA is now assisting this wealth-discovery and company-selection process .The innovative changes that this financial metric have spawned in the twin areas of corporate finance and investment management is the driving force behind what can be formerly called the “EVA revolution”. EVA in practice The analytical tool called EVA ,for Economic Value Added, was commercially developed in 1982 by the corporate advisory team of Joel Stern and G.?Bennett?Stewart Ⅲ.This financial metic gained early acceptance from the corporate community because of its innovative way of looking at the firm’s real profitability ,unlike traditional measures of profit?such as EBIT ,EBITDA ,and net operating income?EVA looks at the firm’s “residual profitability”, net of both the direct cost of debt capital and the indirect cost of equity capital. In this way ,EVA serves as a modern-day measure of corporate success because it is closely aligned with the shareholder wealth-imization requirement. Large firms like Coca Coca ,Diagea ,Lill