{财务管理财务知识}经济附加值，市场增加值和杠杆之间的关系文献翻译.pdfVIP

{财务管理财务知识}经济 附加值，市场增加值和杠 杆之间的关系文献翻译 原文： Abstract Itisgenerallybelievedthatinordertomaximizevalueforshareholders,pa niesshouldstrivetowardsmaximizingMVA(andnotnecessarilytheirtotalmarke tvalue).ThebestwaytodosoistomaximizetheEVA,whichreflectsanorganizatio n’sabilitytoearnreturnsabovethecostofcapital.Theleverageavailabletop aniesthatincurfixedcostsanduseborrowedcapitalwithafixedinterestcharge hasbeenknownandquantifiedbyfinancialmanagersforsometime.Thepopulariza tionofEVAandMVAhasopenedupnewpossibilitiesforinvestigatingtheleverage effectoffixedcosts(operationalleverage)andinterest(financialleverage) inconjunctionwithEVAandMVA,andfordeterminingwhateffectchangesinsalesw ouldhavethroughleverage,notonlyonprofits,butalsoonEVAandMVA.Combining avariablecostingapproachwithleverageanalysisandvalueanalysisopensupne wopportunitiestoinvestigatetheeffectofcertaindecisionsontheMVAandthes harepriceofapany.Aspreadsheetmodelisusedtoillustratehowfinancialmanag erscanusetheleverageeffectsoffixedcostsandthe(fixed)costofcapitaltoma ximizeprofitsandalsotodeterminewhatimpactchangesinanyvariablelikesale sorcostswillhaveonthewealthofshareholders. Introduction Fewwouldarguethatthemostimportantfinancialgoalofabusinessorganiza tionshouldbetomaximizethewealthofitsshareholders.Foranumberofyearsnow,a ccountingmeasuressuchasearnings,returnonassetsandreturnonequityhavebe encriticizedandfoundwantingasperformanceindicatorsendingtogreatershar eholderwealth.Theconceptofvaluemanagementresultedfromapursuitoftherea ldriversofvalue,andtheperformancemeasuresEconomicValueAdded(EVA)andMa rketValueAdded(MVA)arenowknownfairlywellandusedwidelybypaniesallovert heworld.Theobjectiveofthisstudyistolinkthecostmanagementtechniquesofv ariablecostingandcost-volume-profitanalysiswiththefinancialmanagement techniquesofleverageanalysisandvalueanalysisinordertodeterminehowdeci sionsorchangesininputswillaffecttheshareholdervalue.Thestudyalsointro ducestheleverageeffectofthecostofequ