经济增加值eva计算方式 四Economic value added EVA calculation four.docx

经济增加值eva计算方式 四Economic value added EVA calculation four.docx

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经济增加值eva计算方式四EconomicvalueaddedEVAcalculationfour

经济增加值（eva）计算方式（四）（Economicvalueadded（EVA）calculation（four））

Next,thecalculationmethodofeconomicvalueaddedisintroduced

ThecalculationmodelofEVAisgivenbelow.

Computationalmodelof1andEVA

Economicvalueadded=netoperatingprofitaftertax-costofcapital

=netoperatingprofitaftertax-totalcapital*weightedaveragecostofcapital

Amongthem:

Netoperatingprofitaftertaxnetprofitaftertaxinterestexpense+=++minorityincomethisyearamortizationofgoodwill+deferredtaxcreditbalancesincreasereservebalancesincreased++othercapitalizedresearchanddevelopmentcosts,capitalizedresearchanddevelopmentcostsintheyearsofamortization

Totalcapital=commonequity+minorityinterests+deferredtaxcredit（debitbalanceisnegative）++（cumulativeamortizationofgoodwillreserveinventoryimpairmentprovisionforbaddebts,etc.）+++capitalizationamountofshort-termloansforresearchanddevelopmentcostsoflongtermloan+short-termlong-termloansdueinpart

Weightedaveragecostofcapital=Unitequitycapitalcost+unitdebtcapitalcost.

2,adjustmentofstatementsandaccounts.

Becausethefinancialstatementspreparedbytheaccountingstandardsreflectpartialdistortionoftheperformanceofthecompany,whencalculatingtheeconomicvalueadded,itisnecessarytoadjusttheprocessingmethodsofsomeaccountingstatementsandsubjects.

SternStewartlistsmorethan160financialadvisersmayneedtoadjusttheaccountingitems,includinginventorycosts,restructuringcosts,marketingcosts,taxes,intangibleassets,currencydevaluation,debtreserve,restructuringcostsandamortizationofgoodwilletc..However,intheinvestigationofspecificenterprises,ageneralenterpriseinvolvedintheadjustmentofsubjectsnotmorethan15.ButsinceEVAisaregisteredtrademarkofSternStewartfinancialadvisors,itsspecificaccounts,adjustmentsandoperationsarenotyetpubliclyavailable.

（1）capitalcostofunitdebt;

Thecapitalcostoftheunitdebtreferstotheaftertaxcost,andtheformulaisasfollows:

Aftertax,unitdebt,capitalcost=pretaxunitdebt,capitalcost*（corporateincometaxrate）

TheliabilitiesofListedCompaniesinChinaaremainlybankloans,whichisdifferentfromthelargeamountofshort-termbillsandlong-termbondsissuedbyforeignlistedcompanies.Therefore,thebankloaninterestratecanbeusedastheunitdebtcapitalcost.

Accordingtotherelevantresearch,theshort-termdebtofListedCompaniesinChinaaccountsformorethan90%ofthetotaldebt.AsthebanklendingrateinChinahasnotyetbeenreleased,theloaninterestratesofdifferentcompaniesarebasicallythesame.Therefore,thepeople'sBankofChinaannouncedtheavailabilityChineseone-yearliquidityloansasthetaxunitcostofdebtcapital,andaccordingtotheCentralBankoftheweightedaverageinterestrate.Infact,therearesomedifferencesinthelendingratesofdifferentcompanies,whichcanbeadjustedaccordingtotheirowncircumstances.

（2）capitalcostperunitshare;

Thecostofunitequitycapitalistheopportunitycostofcommonsharesandminorityshareholders.Usuallyaccordingtothecapitalassetpricemodel,thecalculationformulaisasfollows:

Commonstockunitcostofcapital=risk-freereturn+riskpremiumofbeta***marketportfolio

Amongthem,therisk-freerateofinterestratescanbeusedfor5yearsofbankdepositsinternalrateofreturn.

Foreigncountriesgenerallyusetreasuryincomeasarisk-freeincomestatement,andthemarketofChina'scirculationtreasurybondsissmall,andtherisk-freeinvestmentofresidentsisdominatedbybankdeposits,sotheinternalrateofreturnofthe5yearbankdepositsinstead.Withthedevelopmentofthenationaldebtmarket,Treasuryyieldswillbethebenchmarkinthefuture.

Thebetacoefficientreflectsthecompany'ssharescomparedtothewholemarket（usuallywiththestockmarketindextoreplace）systemrisk,betacoefficientislarger,indicatingthatthestockrelativetothewholecitythehighertherisk,thegreaterthevolatility.

Thebetavaluecanbecalculatedbythereturnofthecompany'sstockreturnonthesameperiodofthestockmarketindex（SSECompositeIndex）.

Theriskpremiumofthemarketportfolioreflectsthepremiumofthewholestockmarketrelativetotherisk-freereturnrate.Atpresent,somescholarshavedecidedthatthemarketriskpremiumofourcountrywillbe4%.

（3）researchanddevelopmentcostsandmarketdevelopmentcosts;

Currentaccountingregulations,

Thecompanymust,duringtheyearofresearchanddevelopmentexpensesandmarketdevelopmentexpenses,writeofftheexpensesonce.Thisapproachactuallydeniesthekeyroleofthetwocostsinthefuturegrowthofthefirm,andequatesitwiththeusualperiodcost.

Animportantdrawbackofthisapproachisthatitmayinduceoperatorstoreducetheirinvestmentinthesetwocosts,particularlyintheyearsofpoorefficiencyandtheearlyyearswhenmanagersareabouttoretire.ResearchintheUnitedStatesshowsthatwhenmanagersareapproachingretirement,thegrowthrateofresearchanddevelopmentcostshasindeeddeclined.

IntheEVAsystem,researchanddevelopmentcostsarealong-terminvestmentbythecompanyandwillhelpcompaniesimprovetheirproductivityandperformanceinthefuture.Themarketdevelopmentcosts,suchaslargeadvertisingcosts,haveaprofoundimpactonthecompany'sfuturemarketshare,andalsobelongtolong-termassets.

Theadjustmentincalculatingeconomicvalueaddedisthecapitalizationofresearchanddevelopmentcostsandmarketdevelopmentcosts.Thecurrentresearch,developmentcostsandmarketdevelopmentcostswillbeaddedtotheassetsasalong-terminvestmentoftheenterprise.Atthesametime,accordingtotheprincipleofdoubleentrybookkeeping,thetotalamountofcapitalwillincreasebythesameamount.Then,accordingtothespecificcircumstances,inafewyearstocarryoutamortization,amortizationvalueincludedinthecurrentcostdeductionprofits.Theamortizationperiodisusuallybetween3and8years,dependingonthenatureofthecompanyandtheexpectedeffectoftheinput.

Accordingtostatistics,theaverageeffectivetimeofresearchanddevelopmentcostsofAmericancompaniesis5years.Aftertheadjustment,thecompanyinvestmentinresearchanddevelopmentcostsandmarketingcostsarenotinthecurrentverification,butamortization,whichdoesnothaveanegativeimpactontheshort-termperformanceofoperators,encourageoperatorstocarryoutresearchanddevelopmentandmarketdevelopment,forthelong-termdevelopmentofenterprisesenhancedstrength.

（4）Goodwill

Whenacompanybuysanothercompanyforaccountingpurposes,goodwillisformedwhenthepurchasepriceexceedsthetotalamountofthenetassetsoftheacquiredcompany.

AccordingtoChina'senterpriseaccountingstandards,goodwillasintangibleassetsareshownonthebalancesheetandamortizedoveracertainperiodoftime.Thedrawbackofthistreatmentliesin:

First,thecauseofgoodwillismainlyrelatedtoacquiredcompany'sproductbrand,reputation,marketpositionandsoon.Theseareapproximatepermanentintangibleassetsandshouldnotbeamortized;

Second,theamortizationofgoodwillasperiodcostwilloffsetthecurrentprofits,affecttheshort-termperformanceofoperators,thissituationisparticularlyevidentintheacquisitionofhigh-techcompany,becausethecompany'smarketvalueismuchhigherthanthenetassets.Butinfact,theoperatorsdonotshowanybusinessfailures,andthedecreaseinprofitsisonlycausedbyaccountingproblems.InfluenceonAccountingnetprofitandtheresultswillinducemanagementinevaluatingacquisitionprojectsfirstconsideracquisitions,ratherthanfirstconsiderwhetherthemergerwillcreateabovethecostofcapitalgains,tocreatevalueforshareholders.

Whencalculatingtheeconomicvalueadded,thegoodwillisnotamortized.

Specifically,duetothefinancialstatementsofgoodwillhasbeenamortized,theadjustmentwillbeaddedtotheamountofaccumulatedamortizationofprevioustotalcapital,atthesametime,thecalculationofcurrentamortizationisaddedbacktonetoperatingprofitaftertax.

Thus,profitsarenotaffectedbytheamortizationofgoodwillandencouragemanagerstocarryoutmergeractivitieswhicharebeneficialtothedevelopmentofenterprises.

（5）strategicinvestment

EVAtakesspecialaccountingtreatmentofstrategicinvestment,similartotheaccountingtreatmentof"underconstructionprojects"adoptedbyelectricpowercompanies.PuttheinvestmentonholdinatemporaryaccountandcalculatethattheEVAdoesnotconsiderthefundsonthetemporaryaccountbeforetheinvestmentbringsprofits.Inthemeantime,thecostofthefundsonthetemporaryaccountissimplyaccumulated,reflectingthetotalopportunitycostoftheinvestment,includingtheaccumulatedinterest.Whentheinvestmentbeginstogeneratenetoperatingprofitaftertax,thecostofthefundsonthetemporaryaccountisalsoconsidered.

Thisapproachextendsthemanager'svisionandencourageshimtoconsiderlong-terminvestmentopportunities.

Fromthedevelopmentofenterprises,especiallyfortherealpotentialforthedevelopmentofhigh-techenterprisesinthestrategicinvestmentstage,withprofitaccountingbusiness,oftenoperatinglosses;inthedevelopmentstageofstrategicinvestmentbusinessorcentralized,simpletonegativeprofitstoevaluatebusinessperformance,shorttermbiasisnotobjectivethe.TheuseofEVAaccountingmethods,thelossofthisprofithasbeentransf