经济增加值EVA一种新的企业绩效衡量的实证研究外文翻译.docx

经济增加值EVA一种新的企业绩效衡量的实证研究外文翻译.docx

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经济增加值EVA一种新的企业绩效衡量的实证研究外文翻译

经济增加值（EVA）：

一种新的企业绩效衡量的实证研究外文翻译

外文翻译

EconomicValueAddedEVAsuperTM:

anempiricalexaminationofanewcorporateperformancemeasure.

MaterialSource:

////0>.Author:

Chen,Shimin;

Dodd,JamesL.

Isthereasinglemeasureofcorporateperformanceenablinginvestorstoidentifyinvestmentopportunitiesandmotivatemanagerstomakevalue-addedbusinessdecisions?

Obviously,thisisaquestionofutmostimportancetoinvestors,managers,andbusinessresearchers.EconomicValueAddedEVA'hasbeenacclaimedtobesuchameasureTully,1993.AsdefinedbySternStewartManagementServicesofNewYorkCity,EVAisthedifferencebetweenacompany'snetoperatingincomeaftertaxesanditscostofcapitalofbothequityanddebtSternStewart,1993.AlthoughthetermEVAhadappearedintheliteratureasearlyas1989Finnegan,1989;Walter,1992,itdidnotreceivemuchattentionuntilaSeptember20,1993,articleinFortunemagazineTully,1993.

Followingthearticle'sstrongpraiseofEVAasthemostrecentandexcitinginnovationinmeasuringcorporatesuccess,aflurryofpapershavebeenpublishedtellingsuccessfulEVAstoriesandpromotingEVAadoptionRutledge,1993;Wilbert,1993and1994;Birchard,1994;BrossyandBalkcom,1994;Byrne,1994;McConville,1994;White,1994;Stewart,1995

OnemajorreasonforEVA'ssuddenpopularityisthatitappearstohaveanimpressivearmyofcorporatesponsorsincludingsuchgiantsasAT&TandCoca-Cola.ExecutivesfromthesecompanieshavestatedhowverysatisfiedtheyarewithEVAastheirnewmeasurementtool.TheyhavepurportedlyfoundtheholygrailofcorporateperformancemeasuresandnowpubliclysharetheirhighexpectationsforEVAtomovetheirstocksuptoanewhighAsoneofthemostenthusiasticEVAproponents,Coca-Cola'sexperienceisanecdotal.AdoptingEVAencouragedthecompanytoconcentratecapitalinitshighlyprofitablesoftdrinkbusinessandtoraisereturnfasterthanthecostofcapitalbyincreasingtheuseofleverage.Asaresult,CokeincreaseditsEVAbyanaverageof27%annuallyanditsstockreturnedabout200%fromtheinceptionofEVAin1987tothemiddleof1993.

JackStahl,Coke'sCFO,commentsthat"EVAforcesyoutofindingeniouswaystodomorewithlesscapital"Tully,1993:

48.ThesentimentisechoedbyCSX'sCEO,"EVAisanythingbuttheoreticalHowweusecapitaldeterminesmarketvalue"Tully,1993:

39.

ThereisnodoubtthatwhenRobertoGoizueta,CEOofCoca-Cola,praisesanewmanagementidea,itsendsapowerfulmessagetohispeersinCorporateAmerica.Companies,largeandsmall,appeareagertogetonthisnewEVAbandwagon.Recently,wemadeasearchinDisclosureSECandEdgarPlusCD-ROMsandfoundthatthemomentumisincreasing.Asindicatedintheirannualreportsand/orproxystatements,dozensofcompaniesarestartingtoimplementandintegrateEVAintotheirperformancemeasurementsystemsCompaniesappeartohavebecomeenamoredwithEVAwithoutaskingprovoking,criticalquestionssuchas:

IsincreasingEVAallthatmattersinthemarketplace?

IsEVAarealinnovationthatprovidesCorporateAmericawiththegoldenkeytocreatingwealth?

Arethetraditionalmeasuresofaccountingearningsstilluseful?

AretherepitfallsthatmanagementneedstobeawareofbeforeembracingEVA?

OurstudyaddressesthesequestionsandprovidesapreliminaryempiricalevaluationofEVA.OuranalysesarebasedonpublicfilingsasreportedbyCompustatanddatacompliedbySternStewartManagementServices1993.TheSternStewartdatabasecontainsEVAperformanceon1,000leadingU.S.companiesOurprimaryfindingisthatEVAisausefulmeasureofcorporateperformance.However,EVAisneitherasperfectasclaimedbyitsadvocates,norisittheonlyperformancemeasurethatsuggestsapathtoasuperiorstockreturn.Thefollowingsectiondescribesourresearchquestionsinmoredetail.Theempiricalanalysesandresultsarethenpresented.ThearticleconcludeswithasummaryanddiscussionofourfindingsWhileaccountingprofitssuchasearningspershareandreturnonequityareamongthemostcommonlyusedperformancemeasures,theyarecriticizedfornottakingintoconsiderationthetotalcostofcapitalandforbeingundulyinfluencedbyaccrual-basedaccountingconventions.Incontrast,EVA,thedifferencebetweenafter-taxoperatingprofitsandthetotalcostofcapital,ispromotedasameasureofacompany'srealprofitability.SternStewartManagementServiceusesthefollowingequationtocalculateEVAinits1,000companydatabase:

EVAReturnonCapital-CostofCapital*TotalCapitalwhere1totalcapitalisdefinedasthesumoftotalequityandinterest-bearingdebt,and2costofcapitalistheweightedaveragecostofthesetwocapitalcomponents.TheequationillustratestheimportanceofthespreadbetweenreturnoncapitalandcostofcapitalindeterminingEVA.

EVAallowsinvestorstoevaluatewhetherthereturnbeingearnedoninvestedcapitalexceedsitscostasmeasuredbythereturnsfromalternativecapitaluses.Managementmaydodifferentthingstocreatevalueforthebusiness.Whateveritdoes,thevaluecreatedwillultimatelybereflectedintheEVAmeasure.TheEVAorvalueofacompanyincreasesifit:

1raisesoperatingprofitswithoutrequiringmorecapital,2useslesscapitalforthesamelevelofoperation,or3investsinprojectsthatearnmorethanthecostofcapitalTopromotegoalcongruencebetweendivisionsandthecompanyasawhole,residualincomedefinedasoperatingincomeminusimputedinterestchargeforinvestmentwasinventedandrecommendedasacomparableandbettermeasuretoROIHorngrenetal.,1996.Inpractice,theimputedinterestchargeisoftentheminimumacceptablereturnbasedonthecostofcapital.ThereappearstobenodifferencebetweenthemeasurementparadigmofresidualincomethathasexistedfordecadesandEVAthathasbeenrecentlypromotedasaninnovationWhiletheacronymmaybecreative,EVAissimplyanewversionofadecadesoldpracticecalledresidualincomebasedperformancemeasurement.Certainlyitisawellrecognizedandrecommendedpractice.However,itisanempiricalquestionofwhetherarelativelyoldidealikeresidualincomecanbereinventedtocommandsuchpowerintermsofitslinktostockpriceasclaimedbyEVAproponents.Therefore,thefirstquestiontobeexaminedis:

Q1:

Isthecorrelationbetweenacompany'sEVAandstockreturnasperfectasclaimedbyEVAadvocatesAlthoughEVAmaybeaconceptuallybettermeasureofprofitabilitythanaccountingearnings,itsrelativestrengthhasnotbeenempiricallyverified.EVAandaccountingearningsarenotmutuallyexclusive.TheyarefundamentallyrelatedinthatEVAisbuiltuponoperatingprofitsfromanincomestatement.EvenwithalltheadjustmentsproposedbySternStewart,itisstillnotdifficulttodiscerntherelationshipbetweenthem.Thus,itisimportanttoexaminewhetherEVAprovidesadditionalinformationbeyondaccountingprofitmeasures.Ontheotherhand,althoughEVAadvocatesproposereplacingtraditionalaccountingmeasureswithEVA,empiricallyitremainstobeseenwhetheraccountingprofitsstillprovideusefulinformationgiventhatanEVAsystemisinplace.Consequently,thesecondquestiontobeaddressedis:

Q2:

HowdoesEVAcomparetoaccountingprofitintermsofassociationwithstockreturnAsdescribedearlier,EVAisaconceptsimilartoresidualincome.Adjustingtheequityequivalentreservestobothcapitalandoperatingprofits,however,maydifferentiateEVAfromresidualincome.EVApurportedlymeasureswhatinvestorstrulycareabout,thenetcashreturnfromoperations.Incomparison,variousaccountingrulesmaydistortresidualincome.AgoodexampleistheaccountingforresearchanddevelopmentR&D.Fromtheassetvaluationperspective,R&Dexpendituresareexpectedtobringaboutfuturebenefitstoacompanyandthusshouldbecapitalized.However,GenerallyAcceptedAccountingPrinciplesGAAPrequirethatR&Dbeexpensedinthesameperiodincurred,potentiallydistortingprofitandcapital.WhileitisconceptuallysoundtoadjustforvariousdistortionsasproposedbySternStewart,theadjustmentsarenotfree.Companiesshouldnotcommitresourcestomaketheseadjustmentsunlesstheypassacost-benefittest.QuestionthreeexaminestheusefulnessofEVAversusresidualincomebyasking:

Q3:

DoesEVAprovidemoreinformationthanresidualincomeinexplainingthevariationofstockreturnEMPIRICALANALYSESSampleandVariables

Weselectedthesampleforanalysisusingatwo-stepmethod:

1identifycompaniesinthe1992SternStewart1,000databasethathavecompletedataforthetimeframe1983-92,and2retainonlythosecompanieswithsufficientpublicdataasreportedbyCompustattoperformouranalyses.The1992SternStewartPerformance1,000isanEVAdatabasecompliedbySternStewartManagementServiceSternStewart,1993.SternStewartconstructedthedatabaseusinginformationprovidedbyStandard&Poor'sCompustatServices.ItcontainsvariousEVAmeasuresof1,000companiesintheU.S.overaten-yearperiodfrom1983to1992.Theseareleadingpubliclytradedcompanieswithin58industrygroups.2SternStewartstatesthatthepurposeofthedatabaseistoprovideaproductforbenchmarkingperformance,assessingbusinessandfinancialrisk,andspottinginvestmentopportunitiesSternStewart,1993First,asrightfullyclaimedbyEVAadvocates,improvingEVAperformanceisassociatedwithahigherstockreturn.However,theassociationofEVAwithstockreturnisnotasstrongassuggestedinanecdotalEVAstories.Second,theEVAmeasuresproviderelativelymoreinformationthanthetraditionalmeasuresofaccoun