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(财务知识)经济增加值文献翻译
原文:
EconomicValueAdded
TheSuccessofEVA
ToquantifytheextenttowhichcompaniesthatimplementEVAoutperformtheircompetitors,datawerecollectedbySternStewart(2002b).CompanieshaveseenhighreturnswhentheyutilizeSternStewart’sEVAframeworkforperformancemanagement,value-basedplanningandincentivecompensation.Throughoutthe1990sthesesamecompanies,onaverage,outperformedtheircompetitorsby8.3%annuallyduringthefirstfiveyearsaftertheyfirstadoptedEVA.Improvedoperatingmargins,strongercashflowgeneration,andquickerassetturnoverwerethecatalystsresponsibleforgreaterstockmarketperformance,whichcauseda$116billionincreaseinshareholderwealthbeyondthatoftheircompetitors.Figure1depictstheperformanceofEVAcompaniesfromMarch24,2000toJune30,2002,atimewhentheeconomyslowedandthestockmarketasawholeperformedpoorly.Duringthissametimeperiod,companiesthatwereclientsofSternStewartbeattheSP500by69.8%andearnedatotalreturnof36.5%.ThemarginofperformanceisgreaterstillforcompaniesthatuseEVAasaperformancemeasureandatoolfordeterminingmanagementcompensation.CompaniesthatonlyusedEVAasaperformancemeasuredidnotobtainsuchimpressiveresults(Stewart,2002b).
Figure1:TotalReturnFromMarketPeak:March24,2000–June30,2002
(Stewart,2002b,1)
Figure2depictstheresultsofthesamestudyconductedoverthefive-yearperiodfromJuly1,1997–June30,2002.Thefindingswereasexpected;tyingbonusestoEVAledtomuchhigherthanaverageincreasesinshareholdervalue.
Figure2:5-YearTotalReturn:July1,1997–June30,2002
(Stewart,2002b,2)
Astheprecedingdataindicate,“EVAworksbestwhenitisusedinapowerfulbonusplanthatstimulatestheincentivesofownershipanddirectlyalignstheinterestsofmanagersandemployeeswiththoseoftheowners”(Stewart,2002b,1).
CompleteAdoptersofEVA
CompaniesthatuseEVAasafoundationformanagementandincentivesareinawidevarietyofsectorsandrangeinsize,fromfirmsintheretailingsectorsuchasBestBuywithannualsalesofover$21billiontoBradleyPharmaceuticalswithannualsalesofamere$33million.Althoughnotacomprehensivelist,thefirmsinTable2areasmallrepresentationoffirmstha
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