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外文文献翻译译文

一、外文原文

原文：

EconomicValueAdded

EconomicValueAdded(EVA）,whenappliedproperlyinacompany，impactsalldepartmentsanddecisions.TheequationforEVAaswellastheadjustmentsthatmustbemadetocurrentaccountingpracticesisthebasisforanunderstandingofEVA.ThesuccessofEVAisdisplayedascompaniesthathaveimplementedEVAtovaryingdegreesarecomparedwithcompaniesthathavenotimplementedEVA.OncetheargumentfortheoverallsuperiorityofEVAismade，traditionalperformancemeasuresandcurrentaccountingpracticesareevaluated。Then,theimportanceofcreatingvaluewithincorporationsbecomesapparent.Finally,adetailedexampleoftheimplementationprocessthattookplaceseveralyearsagoatHarscoarguedinfavorofallcompaniesadoptingEVA。

EconomicValueAdded

EconomicValueAdded（EVA），forthelasttwotothreedecades,hasbeenreceivinganincreasingamountofattention.Thoughithasbecomeaviablebusinesspracticeformanylargecorporations，itstillhasnotsuccessfullyalteredtheapproachofmanycorporateleaders.EVAapproachesthefinancialaspectofcorporationsfromadifferentperspectivethanthattowhichmostexecutivesareaccustomed.ToraiseawarenessofthebenefitsofEVA，itisimperativetogainabasicunderstandingoftheideas，concepts,andimplicationsassociatedwiththeimplementationofpoliciesatcorporationsthathaveadoptedEVA.

EVAEquation

Atitscore,theconceptofEconomicValueAddedisrelativelysimple。Thecomplexityisthattheconceptmustbeappliedtoeverybusinessdecisionatalllevelsofaparticularcompanytorealizethedesiredlong-runeffects(Stewart，1991）。TheequationforEVAisasfollows：

EVA=NetOperatingProfitAfterTaxes（NOPAT)–（Capital*TheCostofCapital）.

Thisideahelpsmanagersintegratetwobasicprinciplesoffinanceintotheirdailydecision—making.First，theprimaryfinancialobjectiveofallcompaniesshouldbe