基于经济增加值(EVA)的公司价值评估外文文献翻译最新译文Word格式.docx

基于经济增加值(EVA)的公司价值评估外文文献翻译最新译文Word格式.docx

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原文

Thecompanyvaluationbasedontheeconomicvalueadded（EVA）

FernandezP

Abstract

ThetraditionalperformanceindicatorswithoutconsideringequitycapitalcostinherentdeficiencyLimit,can'

tmeasurethevalueofthenewcreation,cannotaccuratelyreflectthechangeofshareholderwealth,unabletoassesstherealvalueoftheenterprise,canmakeascientificevaluationofvalue-addedperformanceappraisalsystemisparticularlyurgent.StemstewartconsultingfirmfoundedbytheUnitedStatesEVA（EconomicValueAdded,EVA）Valuemanagementperformanceevaluationmethod,overcomethedeficiencyofthetraditionalperformanceindicators,includingtheequitycapitalcostwillbedeductedfromthecalculation,thefullcostofdebtcapitalcost,expenses,reflectingthecompanyinacertainperiodtocreateValueforshareholders.AfterpromotionandapplicationofthediscountvaluationmodelbasedonEVAandtraditionalderivativeEVAvalueevaluationmodelarisesatthehistoricmoment,madefromtheperspectiveofshareholderwealthgrowthassessmentofenterprisevaluetobecomeareality,andachievedremarkableachievementinsomefamousenterprisesinthewest.

Keywords:

Valueofthecompany;

Valueoftheinvestment;

Economicvalueadded（EVA）;

Valueevaluation

1Introduction

Duetothegeneralizationoflistedcompanies,themutualfusionstrategytheoryandfinancialtheory,andcorporaterelianceonmonetarymarketandcapitalmarket,forcingmanagementisundergoingarevolution,whichcloselyaroundthecenter,"

value"

tocreatemorewealthforshareholders,enterprisemanagementintoonthebasisofvalue,inordertorealizetheenterprisevaluemaximizationastheobjectivepointofviewisbecomingmoreandmorewidelyrecognized.Fromtheaspectofshareholders'

equity,shareholders'

wealthcanbedefinedastheproductofstock

quantityandstockprice,shareholdervalueis animportantpartofenterprisevalue,shareholdervaluewillcausetheincreaseordecreaseoftheenterprisevalue,increaseordecreaseofshareholders'

wealthmaximizationisequaltotheenterprisevaluemaximization,realizestheshareholderwealthmaximizationismaximizetheenterprisevalue.Accordingtoeffectivecapitalmarkettheory,instrongtypeofcapitalmarket,decidedtostockvalue,enterprisevalueandstockvaluedecidedtostockpricesorstockpricesalwaysfluctuatingaroundthevalue,therefore,theenterprisevaluedeterminestheenterprise'

sshareprice,namelytheenterprisemarketvalue.Forinvestors,whenthestockpriceishigherthanthevalue,investorscansellstocks,makeitspricestendtovalue;

similarly,whenthestockpriceislowerthanthevalue,investorscanbuyshares,makeitspricestendtovalue.Formanagers,whethertocreatevaluefortheenterprise,canbetestedinthemarket,thevaluewastemporarilyundervaluedstockshaveperformancesupport,foundlaterbythemarket,priceswillgohandinhandwiththevalueofthecompany.Obviously,howtoaccuratelydeterminethetruevalueofacompany,therelationshipbetweenthemarketpriceofthevalueofthecompanyandthecompanyhavebecomeanenterpriseowners,managers,andventurecapitalistsprimaryfocus.Classictheoryofenterprisevalueispointedoutthattheenterprisevalueis equaltotheinvestedcapitalandfuturenewdiscountthevalueofthesum,fromawiderfieldofvisionabouttheenterprisevalueisthenewvalueofthesumofthediscount.Thisrequiresestablishingscientificevaluationofvalueandvalue-addedperformanceappraisalsystem,tomeasurethecompany'

sperformanceindicatorsmustbeabletoreflectthecompanytocreatevalueforshareholders,standingintheperspectiveofshareholderstoredefinethe"

profits”.Equitycapitalisthecost,obviously,thecompanytocreatevalueforshareholdersshouldbeminusallthecostsincludethecostofequitycapital,reliefisreasonable.

2Literaturereview

Intheearly1920s,AmericangeneralmotorscompanywillintroducetheEVAthoughtthecompanymanagement,thenonceforgotten.Inthe1980s,consultingcompany（Stemtewart&

Co.）reintroducedtotheideasofthevalueassessmentandcompanyinthefieldofmanagement,putforwardtheeconomicvalueadded（EVA）

index,toevaluateafirm'

sabilitytocreateshareholderwealth.TheRealKeyToCreatingWealth（AIEhrbar,1998）,andothercomprehensiveexpoundsThetheoreticalvalueofEVAandinsomecompaniesuseThemodelofcase,thinkthatEVAisarevolutionofmoderncompanymanagement,performanceevaluationisThecorrectway.BelmettStewartfoundthatEVAisausefulmanagementtool;

ithasbeeninternationallyrecognizedasacorporategovernancestandards.EVAisaintegratedanalysisframework