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

1、经济增加值eva计算方式 四Economic value added EVA calculation four经济增加值(eva)计算方式 (四)（Economic value added (EVA) calculation (four)）Next, the calculation method of economic value added is introducedThe calculation model of EVA is given below.Computational model of 1 and EVAEconomic value added = net operating p

2、rofit after tax - cost of capital= net operating profit after tax - total capital * weighted average cost of capitalAmong them:Net operating profit after tax net profit after tax interest expense + = + + minority income this year amortization of goodwill + deferred tax credit balances increase reser

3、ve balances increased + + other capitalized research and development costs, capitalized research and development costs in the years of amortizationTotal capital = common equity + minority interests + deferred tax credit (debit balance is negative) + + (cumulative amortization of goodwill reserve inv

4、entory impairment provision for bad debts, etc.) + + + capitalization amount of short-term loans for research and development costs of long term loan + short-term long-term loans due in partWeighted average cost of capital = Unit equity capital cost + unit debt capital cost.2, adjustment of statemen

5、ts and accounts.Because the financial statements prepared by the accounting standards reflect partial distortion of the performance of the company, when calculating the economic value added, it is necessary to adjust the processing methods of some accounting statements and subjects.Stern Stewart lis

6、ts more than 160 financial advisers may need to adjust the accounting items, including inventory costs, restructuring costs, marketing costs, taxes, intangible assets, currency devaluation, debt reserve, restructuring costs and amortization of goodwill etc. However, in the investigation of specific

7、enterprises, a general enterprise involved in the adjustment of subjects not more than 15. But since EVA is a registered trademark of Stern Stewart financial advisors, its specific accounts, adjustments and operations are not yet publicly available.(1) capital cost of unit debt;The capital cost of t

8、he unit debt refers to the after tax cost, and the formula is as follows:After tax, unit debt, capital cost = pre tax unit debt, capital cost * (corporate income tax rate)The liabilities of Listed Companies in China are mainly bank loans, which is different from the large amount of short-term bills

9、and long-term bonds issued by foreign listed companies. Therefore, the bank loan interest rate can be used as the unit debt capital cost.According to the relevant research, the short-term debt of Listed Companies in China accounts for more than 90% of the total debt. As the bank lending rate in Chin

10、a has not yet been released, the loan interest rates of different companies are basically the same. Therefore, the peoples Bank of China announced the availability Chinese one-year liquidity loans as the tax unit cost of debt capital, and according to the Central Bank of the weighted average interes

11、t rate. In fact, there are some differences in the lending rates of different companies, which can be adjusted according to their own circumstances.(2) capital cost per unit share;The cost of unit equity capital is the opportunity cost of common shares and minority shareholders. Usually according to

12、 the capital asset price model, the calculation formula is as follows:Common stock unit cost of capital = risk-free return + risk premium of beta * * * market portfolioAmong them, the risk-free rate of interest rates can be used for 5 years of bank deposits internal rate of return.Foreign countries

13、generally use treasury income as a risk-free income statement, and the market of Chinas circulation treasury bonds is small, and the risk-free investment of residents is dominated by bank deposits, so the internal rate of return of the 5 year bank deposits instead. With the development of the nation

14、al debt market, Treasury yields will be the benchmark in the future.The beta coefficient reflects the companys shares compared to the whole market (usually with the stock market index to replace) system risk, beta coefficient is larger, indicating that the stock relative to the whole city the higher

15、 the risk, the greater the volatility.The beta value can be calculated by the return of the companys stock return on the same period of the stock market index (SSE Composite Index).The risk premium of the market portfolio reflects the premium of the whole stock market relative to the risk-free retur

16、n rate. At present, some scholars have decided that the market risk premium of our country will be 4%.(3) research and development costs and market development costs;Current accounting regulations,The company must, during the year of research and development expenses and market development expenses,

17、 write off the expenses once. This approach actually denies the key role of the two costs in the future growth of the firm, and equates it with the usual period cost.An important drawback of this approach is that it may induce operators to reduce their investment in these two costs, particularly in

18、the years of poor efficiency and the early years when managers are about to retire. Research in the United States shows that when managers are approaching retirement, the growth rate of research and development costs has indeed declined.In the EVA system, research and development costs are a long-te

19、rm investment by the company and will help companies improve their productivity and performance in the future. The market development costs, such as large advertising costs, have a profound impact on the companys future market share, and also belong to long-term assets.The adjustment in calculating

20、economic value added is the capitalization of research and development costs and market development costs. The current research, development costs and market development costs will be added to the assets as a long-term investment of the enterprise. At the same time, according to the principle of dou

21、ble entry bookkeeping, the total amount of capital will increase by the same amount. Then, according to the specific circumstances, in a few years to carry out amortization, amortization value included in the current cost deduction profits. The amortization period is usually between 3 and 8 years, d

22、epending on the nature of the company and the expected effect of the input.According to statistics, the average effective time of research and development costs of American companies is 5 years. After the adjustment, the company investment in research and development costs and marketing costs are no

23、t in the current verification, but amortization, which does not have a negative impact on the short-term performance of operators, encourage operators to carry out research and development and market development, for the long-term development of enterprises enhanced strength.(4) GoodwillWhen a compa

24、ny buys another company for accounting purposes, goodwill is formed when the purchase price exceeds the total amount of the net assets of the acquired company.According to Chinas enterprise accounting standards, goodwill as intangible assets are shown on the balance sheet and amortized over a certai

25、n period of time. The drawback of this treatment lies in:First, the cause of goodwill is mainly related to acquired companys product brand, reputation, market position and so on. These are approximate permanent intangible assets and should not be amortized;Second, the amortization of goodwill as per

26、iod cost will offset the current profits, affect the short-term performance of operators, this situation is particularly evident in the acquisition of high-tech company, because the companys market value is much higher than the net assets. But in fact, the operators do not show any business failures

27、, and the decrease in profits is only caused by accounting problems. Influence on Accounting net profit and the results will induce management in evaluating acquisition projects first consider acquisitions, rather than first consider whether the merger will create above the cost of capital gains, to

28、 create value for shareholders.When calculating the economic value added, the goodwill is not amortized.Specifically, due to the financial statements of goodwill has been amortized, the adjustment will be added to the amount of accumulated amortization of previous total capital, at the same time, th

29、e calculation of current amortization is added back to net operating profit after tax.Thus, profits are not affected by the amortization of goodwill and encourage managers to carry out merger activities which are beneficial to the development of enterprises.(5) strategic investmentEVA takes special

30、accounting treatment of strategic investment, similar to the accounting treatment of under construction projects adopted by electric power companies. Put the investment on hold in a temporary account and calculate that the EVA does not consider the funds on the temporary account before the investmen

31、t brings profits. In the meantime, the cost of the funds on the temporary account is simply accumulated, reflecting the total opportunity cost of the investment, including the accumulated interest. When the investment begins to generate net operating profit after tax, the cost of the funds on the te

32、mporary account is also considered.This approach extends the managers vision and encourages him to consider long-term investment opportunities.From the development of enterprises, especially for the real potential for the development of high-tech enterprises in the strategic investment stage, with profit accounting business, often operating losses; in the development stage of strategic investment business or centralized, simple to negative profits to evaluate business performance, short term bias is not objective the. The use of EVA accounting methods, the loss of this profit has been transf