经济附加值市场增加值和杠杆之间的关系文献翻译.docx

经济附加值市场增加值和杠杆之间的关系文献翻译.docx

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经济附加值市场增加值和杠杆之间的关系文献翻译

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,companiesshouldstrivetowardsmaximizingMVA（andnotnecessarilytheirtotalmarketvalue）.ThebestwaytodosoistomaximizetheEVA,whichreflectsanorganization’sabilitytoearnreturnsabovethecostofcapital.Theleverageavailabletocompaniesthatincurfixedcostsanduseborrowedcapitalwithafixedinterestchargehasbeenknownandquantifiedbyfinancialmanagersforsometime.ThepopularizationofEVAandMVAhasopenedupnewpossibilitiesforinvestigatingtheleverageeffectoffixedcosts（operationalleverage）andinterest（financialleverage）inconjunctionwithEVAandMVA,andfordeterminingwhateffectchangesinsaleswouldhavethroughleverage,notonlyonprofits,butalsoonEVAandMVA.CombiningavariablecostingapproachwithleverageanalysisandvalueanalysisopensupnewopportunitiestoinvestigatetheeffectofcertaindecisionsontheMVAandthesharepriceofacompany.Aspreadsheetmodelisusedtoillustratehowfinancialmanagerscanusetheleverageeffectsoffixedcostsandthe（fixed）costofcapitaltomaximizeprofitsandalsotodeterminewhatimpactchangesinanyvariablelikesalesorcostswillhaveonthewealthofshareholders.

Introduction

Fewwouldarguethatthemostimportantfinancialgoalofabusinessorganizationshouldbetomaximizethewealthofitsshareholders.Foranumberofyearsnow,accountingmeasuressuchasearnings,returnonassetsandreturnonequityhavebeencriticizedandfoundwantingasperformanceindicatorsendingtogreatershareholderwealth.Theconceptofvaluemanagementresultedfromapursuitoftherealdriversofvalue,andtheperformancemeasuresEconomicValueAdded（EVA）andMarketValueAdded（MVA）arenowknownfairlywellandusedwidelybycompaniesallovertheworld.Theobjectiveofthisstudyistolinkthecostmanagementtechniquesofvariablecostingandcost-volume-profitanalysiswiththefinancialmanagementtechniquesofleverageanalysisandvalueanalysisinordertodeterminehowdecisionsorchangesininputswillaffecttheshareholdervalue.Thestudyalsointroducestheleverageeffectofthecostofequityasanewconceptandillustrateshowitreactsinconjunctionwithoperatingleverageandfinancialleveragetodeterminethetotaloverallleverageofthecompany.Thisnewapproachwouldbeusefulfordecision-makingpurposesinassessingtheimpact,notonlyofdifferentdecisionalternatives,butalsoofchangesininternalfactorslikeproductioncostsorexternalfactorslikeinflationandtaxrates.Thefindingsofthisstudycouldbeofvaluetomanagersatalllevelsinabusinessorganization,butespeciallytofinancialmanagers.Existingshareholdersandpotentialinvestorswouldalsobenefitfromthefindingsofthestudy,butthecompanydataneededasinputsforthemodelwouldnotbeavailabletothem.

Theobjectiveofthisstudyistolinkthecostmanagementtechniquesofvariablecostingandcost-volume-profitanalysiswiththefinancialmanagementtechniquesofleverageanalysisandvalueanalysisinordertodeterminehowdecisionsorchangesininputswillaffecttheshareholdervalue.Thestudyalsointroducestheleverageeffectofthecostofequityasanewconceptandillustrateshowitreactsinconjunctionwithoperatingleverageandfinancialleveragetodeterminethetotaloverallleverageofthecompany.

Thisnewapproachwouldbeusefulfordecision-makingpurposesinassessingtheimpact,notonlyofdifferentdecisionalternatives,butalsoofchangesininternalfactorslikeproductioncostsorexternalfactorslikeinflationandtaxrates.Thefindingsofthisstudycouldbeofvaluetomanagersatalllevelsinabusinessorganization,butespeciallytofinancialmanagers.Existingshareholdersandpotentialinvestorswouldalsobenefitfromthefindingsofthestudy,butthecompanydataneededasinputsforthemodelwouldnotbeavailabletothem.

InthisarticleEVA,MVAandleveragewillbediscussedbriefly,followedbyanillustrationofthedevelopmentanduseofaspreadsheetmodeltoextendtheleverageanalysisofprofitstoEVAandMVA.TheleverageeffectofthecostofequityonEVAandMVAisinvestigated.Theinitialhypothesisisthatsimilartofixedcostsandinterest,thecostofequitywillalsohavealeverageeffectontheprofits（andEVAandMVA）ofthebusiness.Itshouldbepossibletoquantifythisleverageeffectandtouseit,togetherwiththewell-knownoperatingleverageandfinancialleveragefactors,todeterminethetotalleverageforthecompany.Oncethetotalleverageisdetermined,itwouldbepossibletopredictwhateffectanychangeininputwillhaveonprofits,EVAandMVA.Anattemptismadetoderiveaformula（givencertainassumptions）topredictwhateffectaparticularchangeinvolume（sales）wouldhaveonEVAandMVA.

Finally,theimpactofdifferentlevelsofoperatingandfinancialleverageonprofits,EVAandMVAisevaluated.

TheconceptsofEVA,MVAandleverage

EVAandMVA

Acompany’stotalmarketvalueisequaltothesumofthemarketvalueofitsequityandthemarketvalueofitsdebt.Intheory,thisamountiswhatcanbe“takenout”ofthecompany（i.e.whenallsharesaresoldanddebtisrepaid）atanygiventime.TheMVAisthedifferencebetweenthetotalmarketvalueofthecompanyandtheeconomiccapital（Firer1995:

57;ReillyandBrown2003:

591）.

Theeconomiccapital,alsocalledinvestedcapital（IC）,istheamountthatis“putinto”thecompanyandisbasicallythefixedassetsplusthenetworkingcapital.

MVA=Marketvalueofcompany–InvestedCapital

Fromaninvestor’spointofview,MVAisthebestfinalmeasureofacompany’sperformance.Stewart（1991:

153）statesthatMVAisacumulativemeasureofcorporateperformanceandthatitrepresentsthestockmarket’sassessmentfromaparticulartimeonwardsofthenetpresentvalueofallacompany’spastandprojectedcapitalprojects.MVAiscalculatedatagivenmoment,butinordertoassessperformanceovertime,thedifferenceorchangeinMVAfromonedatetothenextcanbedeterminedtoseewhethervaluehasbeencreatedordestroyed.

EVAisaninternalmeasureofperformancethatdrivesMVA.Stewart（1991:

153）definesEVAasfollows:

“Acompany’sEVAisthefuelthatfiresupitsMVA.”EVAtakesintoaccountthefullcostofcapital,includingthecostofequity.TheconceptofEVAisameasureofeconomicprofitandwaspopularizedandoriginallytrade-markedbySternStewartandCompanyinthe1980s.

ThecalculationofEVAisthesameasthatofthewell-known“residualincome;measurethathasbeenusedasabenchmarkofdivisionalperformanceforsometime.Horngren,DatarandFoster（2003:

790）andGarrison,NoreenandSeal（2003:

616）compareEVAtoresidualincomeandotherperformancemeasuresanddescribethegrowingpopularityofEVA.EVAiscalculatedasfollows:

EVA=（ROIC–WACC）×IC

Where

ROIC=Returnoninvestedcapital

WACC=WeightedAverageCostofCapital

IC=InvestedCapital（atthebeginningoftheyear）

EVAcanalsobedefinedasfollow:

EVA=NOPAT–（WACC×IC）

Where

NOPAT=netoperatingprofitaftertax

ThelinkbetweenMVAandEVAisthattheoretically,MVAisequaltothepresentvalueofallfutureEVAtobegeneratedbythecompany.

MVA=presentvalueofallfutureEVA

LinkbetweenEVA,MVAandleverage

Itwasindicatedthat,theoretically,MVAisequaltothepresentvalueofallmfutureEVAS.OntheassumptionthattherewillbenofuturegrowthinthecurrentEVA,orthattheexpectedfuturegrowthinEVAwillbeataconstantrate,g,thetheoreticalMVAcanbecalculatedasaperpetuity.TheresultshowsthatMVAisamultipleofthecurrentEVA.

EXAMPLE:

CompanyAhasacurrentEVAofR100m.ItsWACCis20%.IfnofuturegrowthinEVAisexpected,thetheoreticalMVAcanbecalculatedasfollows:

MVA=PV（futureEVA）

=currentEVA/WACC

=R100m/0.2

=R500m

Inthisinstance,MVAisfivetimesthecurrentEVA,orR500/R100m.

IfEVAisexpectedtogrowataconstantrateof10%infuture,thetheoreticalMVAcanbecalculatedasfollows:

MVA=PV（futureEVA）

=currentEVA/（WACC–g）

=R100m/（0.2–0.1）

=R1000m

Withtheassumptionof10%futuregrowthinEVA,MVAistentimesthecurrentEVA,or（R1000m/R100m）.ThefactthatMVAistheoreticallyamultipleofthecurrentEVAmeansthatanypercentagechangeinEVAshouldcausethesamepercentagechangeinMVA.

Ifthecostofequityissubtractedfromprofits（afterinterestandtax）,onegetsEVA.Ifoneassumesthatthecapitalstructureandthecostofequitypercentageremainunchanged,theamountdebitedasthecostofequityinthecalculationofEVAisafixedamount.ThisfixedamountofthecostofequityalsohasaleverageeffectthatcausesEVA（andthetheoreticalMVA）tochangemoredramaticallythanprofitswhentherearechangesinthesalesvolume.Theleverageeffectofthecostofequity（referredtoasEVAleverage）cannowbeinvestigatedandcombinedwithoperationalandfinancialleveragetostudytheeffectonabusinessasawhole.

Researchmethod

Aspreadsheetmodelwasdevelopedusingdifferentlevelsofoperatingleverageandfinancialleverage.Therelationshipbetweenprofits（afterinterestandtax）andEVAwasdetermined.Thiswasdonebyusingthecostofowncapital（equity）andthisfixedamountcanthereforebedescribedasaleveragefactorforEVA.

Furthermore,theEVAleveragefactorwascombinedwiththeoperatingandfinancialleverage.ItthenbecamepossibletoillustratehowtheexpectedpercentagechangeinEVAandMVAcanbepredicted,givenacertainpercentagechang