企业集团财务管理(英文版).pptVIP

* * * EVA is the most contemporary and the hottest financial measure。《fortune》once disclosed average level of performance of corporation adopting EVA beyond that of reference team： The first year，average level is 2.87% The second year，average level is 12% The first year，average level is 12.2% Sources:《independent research report》 Comment on EVA * * * 1996 1997 1998 1999 200 net income （billion yuan） 60 10 70 88 99 earnings per share（yuan） 1.2 0.18 1.15 1.40 1.20 EVA(billion yuan） -1 5 -20 -33 -65 EVA of Enron corporation * * * Sichuan changhong corporation incurred 2.8 billion yuan of book profit from 1998 to 2000, but from the viewpoint of EVA, the corporation incurred -1.1 billion yuan of EVA last three years. Deviation of EVA from accounting profit has taken place in Corporations such as qingdao beers Inc.,shenzhen chiwa Inc and shenzhen development Inc. EVA of Chinese corporations * * computation of EVA EVA =after-tax operating net income- invested capital×average capital cost Sales revenue Sales cost EBIT Income tax· After-tax operating net income Opportunity cost=capital×ratio of capital cost EVA is also expressed by following: EVA =(return on capital－cost of capital) x total capital * * * Invested capital＝total assets at the beginning of a period at the balance sheet－nonproductive assets during the period十assets recognized as expense by accounting but as investment by economy＋productive assets exclusively of balance sheet Determination of invested capital * * * after-tax operating net income＝net income－extraordinary operating income＋expenses adjusted as invested capital＋finance expense accrued to cost＋other adjustments Computation of after-tax operating net income * * * Weighted average cost of capital＝cost of debt×propotions of debt to total capital＋cost of equity× debt×propotions of euity to total capital Computation of capital cost * * * Continuing of the preceding example： Assume book value of total assets