1、本科毕业论文（设计）外文翻译原文ECONOMICVALUEADDEDAGENERALPERSPECTIVEPERFORMANCEMEASUREMENTINVESTORSMEASUREOVERALLPERFORMANCEOFAFIRMASAWHOLETODECIDEWHETHERTOINVESTINTHEFIRMORTOCONTINUEWITHTHEFIRMORTOEXITFROMITINORDERTOACHIEVEGOALCONGRUENCE,MANAGERSCOMPENSATIONISOFTENLINKEDWITHTHEPERFORMANCEOFTHERESPONSIBILITYCENTER
2、SANDALSOWITHFIRMPERFORMANCETHEREFORESELECTIONOFTHERIGHTMEASUREISCRITICALTOTHESUCCESSOFAFIRMTOMEASUREPERFORMANCEOFAFIRMWENEEDASIMPLEMETHODFORCORRECTLYMEASURINGVALUECREATED/ENHANCEDBYITINAGIVENTIMEFRAMEALLTHECURRENTMETRICSTRADEOFFBETWEENTHEPRECISIONINMEASURINGTHEVALUEANDITSCOSTOFMEASUREMENTINOTHERWORD
3、S,EACHMETHODTAKESINTOCONSIDERATIONTHEDEGREEOFCOMPLEXITIESINQUANTIFYINGTHEUNDERLYINGMEASURETHEMORECOMPLEXISTHEPROCESS,THEMOREISTHELEVELOFSUBJECTIVITYANDCOSTINMEASURINGTHEPERFORMANCEOFTHEFIRMTHEREISACONTINUOUSENDEAVORTODEVELOPASINGLEMEASURETHATCAPTURESTHEOVERALLPERFORMANCE,YETITISEASYTOCALCULATEEACHME
4、TRICOFPERFORMANCECLAIMSITSSUPERIORITYOVEROTHERSPERFORMANCEOFAFIRMISUSUALLYMEASUREDWITHREFERENCETOITSPASTRECORDANDTHEPERFORMANCEOFOTHERFIRMSWITHCOMPARABLERISKPROFILETHEVARIOUSPERFORMANCEMETRICSCURRENTLYINUSEAREBASEDONTHERETURNSONINVESTMENTGENERATEDBYTHEBUSINESSENTITYTHEREFORETOREACHAMEANINGFULCONCLUS
5、ION,RETURNSGENERATEDBYTHEFIRMINAPARTICULARYEARSHOULDBECOMPAREDWITHRETURNSGENERATEDBYASSETSWITHSIMILARRISKPROFILECROSSSECTIONALANALYSISSIMILARLYRETURNONINVESTMENTFORTHECURRENTPERIODSHOULDBECOMPAREDWITHRETURNSGENERATEDINPASTTIMESERIESANALYSISAFIRMCREATESVALUEONLYIFITISABLETOGENERATERETURNHIGHERTHANITS
6、COSTOFCAPITALCOSTOFCAPITALISTHEWEIGHTEDAVERAGECOSTOFEQUITYANDDEBTWACCTHEPERFORMANCEOFAFIRMGETSREFLECTEDONITSVALUATIONBYTHECAPITALMARKETMARKETVALUATIONREFLECTSINVESTORSPERCEPTIONABOUTTHECURRENTPERFORMANCEOFTHEFIRMANDALSOTHEIREXPECTATIONONITSFUTUREPERFORMANCETHEYBUILDTHEIREXPECTATIONSONTHEESTIMATEDGRO
7、WTHOFTHEBUSINESSINTERMSOFRETURNONCAPITALTHISRESULTSINANINCONGRUENCEBETWEENCURRENTPERFORMANCEANDTHEVALUEOFTHEFIRMEVENIFTHECURRENTPERFORMANCEISBETTERINRELATIVETERMS,POORGROWTHPROSPECTSADVERSELYAFFECTSTHEVALUEOFTHEFIRMTHEREFOREANYMETRICOFPERFORMANCE,TOBEEFFECTIVE,SHOULDBEABLETONOTONLYCAPTURETHECURRENTP
8、ERFORMANCEBUTALSOSHOULDBEABLETOINCORPORATETHEDIRECTIONANDMAGNITUDEOFFUTUREGROWTHTHEREFORETHEROBUSTNESSOFAMEASUREISBORNEOUTBYTHEDEGREEOFCORRELATIONTHEPARTICULARMETRICHASWITHRESPECTTOTHEMARKETVALUATIONPERFECTCORRELATIONISIMPOSSIBLEBECAUSEASSHOWNBYEMPIRICALRESEARCHFUNDAMENTALSOFACOMPANYCANNOTFULLYEXPLA
9、INITSMARKETCAPITALIZATION,OTHERFACTORSSUCHASSPECULATIVEACTIVITIES,MARKETSENTIMENTSANDMACROECONOMICFACTORSINFLUENCEMOVEMENTINSHAREPRICESHOWEVERTHESUPERIORITYOFAPERFORMANCEMETRICOVEROTHERSLIESINPROVIDINGBETTERINFORMATIONTOINVESTORSMETRICSOFPERFORMANCEHAVEAVERYIMPORTANTANDCRITICALROLENOTONLYINEVALUATIN
10、GTHECURRENTPERFORMANCEOFAFIRMBUTALSOINACHIEVINGHIGHPERFORMANCEANDGROWTHINTHEFUTURETHEMETRICSOFPERFORMANCEHAVEAVARIETYOFUSERS,WHICHINCLUDEALLTHESTAKEHOLDERSWHOSEWELLBEINGDEPENDSONTHECONTINUEDWELLBEINGOFTHEFIRMPRINCIPALSTAKEHOLDERSARETHEEQUITYHOLDERS,DEBTHOLDERS,MANAGEMENT,ANDSUPPLIERSOFMATERIALANDSER
11、VICES,EMPLOYEESANDTHEENDUSERSOFTHEPRODUCTSANDSERVICESVALUECREATIONANDMAXIMIZATIONDEPENDSONTHEALIGNMENTOFTHEVARIOUSCONFLICTINGINTERESTSOFTHESESTAKEHOLDERSTOWARDSACOMMONGOALTHISMEANSMAXIMIZATIONOFTHEFIRMVALUEWITHOUTJEOPARDIZINGTHEINTERESTSOFANYOFTHESTAKEHOLDERSANYMETRIC,WHICHMEASURESTHEFIRMVALUEWITHOU
12、TBEINGBIASEDTOWARDSANYOFTHESTAKEHOLDERSORPARTICULARCLASSOFPARTICIPANTS,CANBEHAILEDASTHETRUEMETRICOFPERFORMANCEHOWEVERITISDIFFICULT,IFNOTIMPOSSIBLE,TODEVELOPSUCHAMETRICMOSTOFTHECONVENTIONALPERFORMANCEMEASURESDIRECTLYRELATETOTHECURRENTNETINCOMEOFABUSINESSENTITYWITHEQUITY,TOTALASSETS,NETSALESORSIMILARS
13、URROGATESOFINPUTSOROUTPUTSEXAMPLESOFSUCHMEASURESARERETURNONEQUITYROE,RETURNONASSETSROAANDOPERATINGPROFITMARGINEACHOFTHESEINDICESMEASUREADIFFERENTASPECTOFPERFORMANCE,ROEMEASURESTHEPERFORMANCEFROMTHEPERSPECTIVEOFTHEEQUITYHOLDERS,ROAMEASURESTHEASSETPRODUCTIVITYANDOPERATINGPROFITMARGINREFLECTSTHEMARGINR
14、EALIZEDBYTHEFIRMATTHEMARKETPLACETHENETINCOMEFIGUREINITSELFISDEPENDENTONTHEOPERATIONALEFFICIENCY,FINANCIALLEVERAGEANDTHEABILITYOFTHEENTITYTOFORMULATERIGHTSTRATEGYTOEARNADEQUATEMARGININTHEMARKETPLACEITISIMPORTANTTONOTETHATNONEOFTHESEMEASURESTRULYREFLECTTHECOMPLETEPICTUREBYTHEMSELVESBUTHAVETOBESEENINCO
15、NJUNCTIONWITHOTHERMETRICSTHESEMEASURESAREALSOPLAGUEDBYTHEFIRMLEVELINCONSISTENCIESINTHEACCOUNTINGFIGURESASWELLASTHEINCONSISTENCIESINTHEVALUATIONMETHODSUSEDBYACCOUNTANTSINMEASURINGASSETS,LIABILITIESANDINCOMEOFTHEFIRMACCOUNTINGVALUATIONMETHODSAREINVARIANCEWITHTHEMETHODSTHATAREBEINGUSEDTOVALUEINDIVIDUAL
16、PROJECTSANDFIRMSTHEVALUEOFANASSETORAFIRM,WHICHISACOLLECTIONOFASSETS,ISCOMPUTEDBYDISCOUNTINGFUTURESTREAMOFCASHFLOWSTHENETPRESENTVALUENPVISTHESURPLUSTHATTHEINVESTMENTISEXPECTEDTOGENERATEOVERTHECOSTOFCAPITALMEASURESOFPERIODICALPERFORMANCEOFAFIRM,WHICHISTHECOLLECTIONOFASSETSINPLACE,SHOULDFOLLOWTHESAMEUN
17、DERLYINGPRINCIPLESECONOMICVALUEADDEDEVAISAMEASURETHATCAPTURESTHEVALUATIONPRINCIPLESEVAASAPERFORMANCEMEASUREPROPONENTSOFEVAARGUETHATEVAISASUPERIORMEASUREASCOMPAREDTOOTHERPERFORMANCEMEASURESONFOURCOUNTSITISNEARERTOTHEREALCASHFLOWSOFTHEBUSINESSENTITYITISEASYTOCALCULATEANDUNDERSTANDITHASAHIGHERCORRELATI
18、ONTOTHEMARKETVALUEOFTHEFIRMANDITSAPPLICATIONTOEMPLOYEECOMPENSATIONLEADSTOTHEALIGNMENTOFMANAGERIALINTERESTSWITHTHOSEOFTHESHAREHOLDERS,THUSMINIMIZINGTHESUPPOSEDLYDYSFUNCTIONALBEHAVIOROFTHEMANAGEMENTTHELASTTWOMERITSCANBECONSIDEREDASAREFLECTIONOFTHEFIRSTTWOIFEVATRULYREPRESENTSTHEREALCASHFLOWSOFABUSINESS
19、ENTITYANDITISEASYTOCALCULATEANDUNDERSTAND,THENITAUTOMATICALLYFOLLOWSTHATITSHOULDBECLOSELYRELATEDTOTHEMARKETVALUATIONANDITSHOULDMINIMIZETHEDYSFUNCTIONALBEHAVIOROFTHEMANAGEMENTWHENUSEDASANINCENTIVEMEASUREINOTHERWORDS,CLOSERELATIONTOMARKETVALUATIONANDCONVERGENCEOFMANAGERIALINTERESTSWITHSHAREHOLDERSINTE
20、RESTSISAVINDICATIONOFEVAASASUPERIORMETRICEVAASAPERFORMANCEMEASURELOOKSINTOTHEEFFICACYOFEVABOTHASANABSOLUTEMEASUREINCOMPARISONWITHNETINCOME,RESIDUALINCOMEANDSIMILARMEASURESASWELLASARATIOINRELATIONWITHPERFORMANCEMEASURESLIKEROE,ROAANDOPERATINGPROFITMARGIN,WHICHARECOMMONLYUSEDBYBOTHMANAGERSANDEQUITYANA
21、LYSTSALIKETHESEMEASURESARENORMALLYUSEDINTERNALLYBYTHEMANAGEMENTTOEVALUATEEMPLOYEEPERFORMANCE,INCENTIVECALCULATIONANDINVESTMENTDECISIONSANDEXTERNALLYBYEQUITYANALYSTSTOASCERTAINTHEPERFORMANCEANDGROWTHOFTHEFIRMALONGWITHTHESEMEASURESVALUATIONMODELSLIKENPV,IRR,PAYBACKPERIODANDBOOKRATEOFRETURNAREUSEDBOTHI
22、NTERNALLYANDEXTERNALLYBYMANAGERSFORINVESTMENTDECISIONSTHEFORMERMEASURESAREBACKWARDLOOKINGMEASURESWHICHTAKEINTOACCOUNTPASTANDCURRENTPERFORMANCEANDFACILITATESPREDICTIONOFFUTUREPERFORMANCE,WHEREASLATTERMEASURESAREMOREFORWARDLOOKINGANDDISCOUNTTHEEXPECTEDFUTURECASHFLOWSTREAMSASSOCIATEDWITHAGIVENINVESTMEN
23、TORNEWINVESTMENTTOASCERTAINTHEECONOMICVIABILITYOFTHESAMEEVAASUPERIORPERFORMANCEMEASUREFIRSTLETUSLOOKINTOTHECLAIMOFEVABEINGSUPERIORTHANTHECONVENTIONALMEASURESSUCHASROI,ROEANDROA,WHICHAREBASEDONTHEACCOUNTINGFIGURESMOSTOFTHESEMEASURESGIVEUSTHERATEOFRETURNEARNEDBYTHEFIRMWITHRESPECTTOCAPITALINVESTEDINTHE
24、FIRMTHEMOSTIMPORTANTLIMITATIONOFTHESEMEASURESAREDERIVEDFROMLIMITATIONSINHERENTINTHEMEASUREMENTOFACCOUNTINGPROFITASPERCURRENTACCOUNTINGPRACTICES,WHILEHISTORICALCOSTBASEDACCOUNTINGMEASURESAREBEINGUSEDTOCARRYMOSTOFTHEASSETSINTHEBALANCESHEET,REVENUEANDEXPENSESOTHERTHANDEPRECIATIONARERECOGNIZEDINTHEPROFI
25、TANDLOSSACCOUNTATTHEIRCURRENTVALUETHEREFOREACCOUNTINGRATEOFRETURNSDONOTREFLECTTHETRUERETURNFROMANINVESTMENTANDTENDTOBEBIASEDDOWNWARDSINTHE10INITIALYEARSANDUPWARDSINTHELATTERYEARSSIMILARLYASNOTEDBYMALKELAINENESAMALKELAINEN1998,DISTORTIONOCCURSBASICALLYDUETOTHEHISTORICALCOSTANDSTRAIGHTLINEDEPRECIATION
26、SCHEDULEUSEDBYMOSTBUSINESSESTOVALUETHEIRASSETSTHISLEADSTOABIASINTHESEMEASURESDUETOTHECOMPOSITIONOFASSETSOFAFIRMATANYGIVENPOINTINTIMEBYCOMPOSITIONHEREFERSTOTHECURRENTNATUREOFTHEASSETS,MORECURRENTTHEASSETSARE,THEACCOUNTINGRATEOFRETURNISCLOSERTOTHETRUERATEOFRETURNTHISDISTORTIONWILLNOTBESIGNIFICANTIFTHE
27、REISACONTINUOUSSTREAMOFINVESTMENTSINASSETSIETHEVALUEOFTHEMIXOFASSETSISNEARERTOTHECURRENTVALUEOFTHEASSETSBUTTHEPROBABILITY,THATATANYPOINTOFTIME,AFIRMSHOULDHAVESUCHACOMPOSITIONOFASSETSISRARE,INMOSTCASESEITHERTHEASSETSAREOLDORRELATIVELYNEWTHISPRECLUDESTHESEACCOUNTINGMEASURESFROMBEINGUSEDTOREACHANYMEANI
28、NGFULCONCLUSIONREGARDINGTHETRUEPERFORMANCEOFTHEFIRMTHEOTHERIMPORTANTLIMITATIONOFACCOUNTINGMEASURESISTHATTHEYIGNORETHECOSTOFEQUITYANDONLYCONSIDERTHEBORROWINGCOSTASARESULTITIGNORESTHERISKINHERENTINTHEPROJECTANDFAILSTOHIGHLIGHTWHETHERTHERETURNISCOMMENSURATEWITHTHERISKOFTHEUNDERLYINGASSETSTHISMIGHTRESUL
29、TINSELECTINGPROJECTSTHATPRODUCEATTRACTIVERATEOFRETURNBUTDESTROYSFIRMVALUEBECAUSETHEIRCOSTOFCAPITALISHIGHERTHANTHEBENCHMARKRETURNESTABLISHEDBYTHEMANAGEMENTONTHEOTHERHANDACCOUNTINGMEASURESENCOURAGEMANAGERSTOSELECTPROJECTSTHATWILLIMPROVETHECURRENTRATEOFRETURNANDTOIGNOREPROJECTSEVENIFTHEIRRETURNISHIGHER
30、THANTHEIRCOSTOFCAPITALSELECTIONOFPROJECTSWITHRETURNSHIGHERTHANTHECURRENTRATEOFRETURNDOESNOTAUTOMATICALLYINCREASESHAREHOLDERSWEALTHTAKINGUPONLYTHOSEPROJECTS,WHICHPROVIDERETURNSTHATAREHIGHERTHANTHEHURDLERATECOSTOFCAPITALRESULTSININCREASINGTHEWEALTHOFTHESHAREHOLDERTHEREFOREUSEOFROE,ROAORSIMILARACCOUNTI
31、NGMEASURESASTHEBENCHMARK,MIGHTRESULTINSELECTIONOFTHOSEPROJECTSTHATTHOUGHPROVIDERATEOFRETURNHIGHERTHANTHECURRENTRATEOFRETURNDESTROYSFIRMVALUESIMILARLYUSEOFTHESEMEASURESRESULTINCONTINUINGWITHACTIVITIESTHATDESTROYSFIRMVALUEUNTILTHERATEOFRETURNFALLSBELOWTHEBENCHMARKRATEOFRETURNEVAPROPONENTSCLAIMTHATBECA
32、USEOFTHESEIMPERFECTIONS,THEACCOUNTINGBASEDMEASURESARENOTGOODPROXIESFORVALUECREATIONMANAGERIALCOMPENSATIONBASEDONTHESEMEASURESDOESNOTENCOURAGEVALUEENHANCEMENTACTIONSBYMANAGERSVALUEENHANCEMENTANDEARNINGSARETWODIFFERENTTHINGSANDMIGHTBEATCROSSPURPOSESBECAUSESHORTTERMPERFORMANCEMIGHTBEIMPROVEDATTHECOSTOF
33、LONGTERMHEALTHOFTHEFIRMACTIVITIESINVOLVINGENHANCEMENTOFCURRENTEARNINGSMAYBESHORTTERMINNATURE,WHEREASANYVALUEENHANCINGACTIVITIESSHOULDFOCUSONLONGTERMWELLBEINGOFTHEFIRMAVOIDANCEOFDISCRETIONARYCOSTSIMPROVESCURRENTPERFORMANCEWHILEDESTROYINGVALUEOFTHEFIRMMANAGERSFOCUSONSHORTTERMPERFORMANCEWILLINCREASEASL
34、ONGASTHEIRREWARDSARETIEDTOTHECURRENTPERFORMANCEOVERLONGTERMVALUEENHANCEMENTDAMODARAN1998,DAVIDYOUNG1999THEQUESTIONARISESWHETHEREVAISANIMPROVEMENTOVERCONVENTIONALMEASURESANDSERVESTHEPURPOSEOFMOTIVATINGMANAGERSTOPAYATTENTIONTOSHAREHOLDERSVALUEEVENIFTHATRESULTSINCOMPROMISINGCURRENTPERFORMANCETHEANSWERM
35、AYBENEGATIVEBECAUSEALLTHEABOVELIMITATIONSAREALSOASSOCIATEDWITHEVAASSHOWNINEQUATIONIIITHECALCULATIONOFEVAENTAILSTHEUSAGEOFANACCOUNTINGRATEOFRETURN,THEDIFFERENCELIESONLYINTHEFACTTHATTHECOSTOFEQUITYISALSOFACTOREDINTOARRIVEATTHERESIDUALINCOMEFIGURETHOUGHINCORPORATIONOFTHECOSTOFEQUITYCAPITALISTHEVIRTUEOF
36、EVA,BECAUSEITMEASURESECONOMICSURPLUS,ITDOESNOTREMOVETHELIMITATIONSOFTHEACCOUNTINGPROFITTHATFORMSTHEBASISFORCOMPUTINGEVAMOREOVERTHEVIRTUEMIGHTNOTBEREALIZEDINPRACTICESINCEITISNOTEASYTOCALCULATETHECOSTOFEQUITYMARKETRETURNSCANNOTBEUSEDASAPROXYFORCOSTOFEQUITYTHATSUPPORTSASSETSINPLACEBECAUSEMARKETDISCOUNT
37、STHEEXPECTATIONSSIMILARLYITISDIFFICULTTOUSECAPMINMEASURINGCOSTOFEQUITYBECAUSEITISDIFFICULTTOMEASURERISKFREERATEOFRETURN,BETAANDMARKETPREMIUMDIFFICULTIESGETCOMPOUNDEDINANECONOMICENVIRONMENTLIKEINDIA,WHEREINTERESTRATESFLUCTUATEFREQUENTLY,THECAPITALMARKETISVOLATILEANDTHEREGULATORSAREYETTOHAVEACOMPLETEG
38、RIPONTHECAPITALMARKETTOENHANCEITSEFFICIENCYEMPIRICALSTUDIESSHOWTHATTHEVOLATILITYINTHEINDIANCAPITALMARKETS,LIKECAPITALMARKETSINOTHERDEVELOPINGECONOMIES,ISHIGHERTHANCAPITALMARKETSINDEVELOPEDECONOMIESTUSHARWAGHMARE2000SIMILARLYSTUDIESSHOWTHATBETAFORCOMPANIESLISTEDININDIANCAPITALMARKETSISNOTSTABLESANYAL
39、,GUHAROYANDSANYAL2000ITISDIFFICULTTOASCERTAINTHEMARKETPREMIUMBECAUSEOFTHESHORTHISTORYOFTHEINDIANCAPITALMARKET,WHICHHASBECOMEACTIVEONLYINTHELAST12DECADEANDALSOBECAUSEOFITSHIGHVOLATILITYTHEREFOREEVENIFFORTHESAKEOFARGUMENTITCANBESAIDTHATTHEPOTENTIALOFEVAASAMEASUREOFPERFORMANCECANBEREALIZEDFULLYINANADVA
40、NCEDECONOMY,THEARGUMENTTHATEVAISABETTERMEASUREISNOTTENABLEINTHEINDIANCONTEXTININDIAEVAISBEINGUSEDWITHIMPUNITYACASEATPOINTISTHESTUDYPUBLISHEDBYECONOMICTIMES11THDECEMBER2000,ONCORPORATEPERFORMANCEWHILECOMPUTINGEVAITUSEDAFLATRATEOF13PERCENTASTHECOSTOFCAPITALOFALLTHEENTERPRISESINCLUDEDINTHESTUDYTHESTUDY
41、EXPLAINSTHATANAVERAGE13PERCENTINTERESTFORBOTHTHEYEARSCOVEREDBYTHESTUDYISUSEDASITISALMOSTEQUALTOTHEPRIMELENDINGRATEOFTHECOMMERCIALBANKANDFINANCIALINSTITUTIONITISABASICPRINCIPLEOFECONOMICSTHATHIGHERTHERISKHIGHERISTHEEXPECTEDRETURNBYESTIMATINGWACCAT13THISBASICPRINCIPLEISVIOLATEDITMAYBEARGUEDTHATCOSTOFD
42、EBTSHOULDBETAKENPOSTTAXANDTHEREFOREEFFECTIVECOSTOFEQUITYINCORPORATEDINTHECALCULATIONISHIGHERTHAN13PERCENTEVENIFTHISARGUMENTISACCEPTEDTHECOMPUTATIONCANNOTBEDEFENDEDBECAUSETHECOSTOFCAPITALISESTIMATEDWITHOUTUSINGANYACCEPTEDECONOMICMODELMOREOVERBYUSINGAFLATRATE,VARIATIONINRISKPROFILESOFFIRMSHAVEBEENIGNO
43、REDTHISSHOWSBOTHTHEPOPULARITYOFEVAININDIAANDDIFFICULTIESINMEASURINGTHESAMETHESTUDYHASALSOIGNOREDADJUSTMENTSINCAPITALANDOPERATINGINCOMESUGGESTEDBYPROPONENTSOFEVASOURCEASISHKBHATTACHARYYA,BVPHANI,2004“ECONOMICVALUEADDEDAGENERALPERSPECTIVE”INDIANINSTITUTEOFMANAGEMENTIIM,CALCUTTAANDINDIANINSTITUTEOFTECH
44、ONOLOGYKANPURWORKINGPAPERSERIES译文从一般角度看经济增值业绩评价指标投资者评价一家公司的整体业绩，来决定是否继续投资这家公司或者是从这家公司中撤出投资。为了能够获得预期的目标，经理人的激励制度总是跟责任中心的业绩相联系，同时也跟公司的业绩相联系。因此选择正确的业绩评价对于公司的成功也是至至关重要。评价一家公司的业绩我们需要一种正确的能够测试公司的在一段时间内的价值增加或扩张的简单方法。所有当前的测量方法在测量价值的精度和它测量成本的协调。总之，每一种方法都必须考虑到数量化根本措施的复杂程度。过程越复杂，业绩评价的客观水平和测量成本越高。发展一种单项的能评价所有业绩
45、的评价措施要有连续不断地努力，但这还是比较容易计算的。每一种业绩评价的方法都有自己的优势。一家公司的业绩的评价一般都和它过去的记录和其他具有类似风险的公司的相联系起来。当前多种的业绩评价指标是基于商业机构的投资项目所取得的回报。因此为了得到有意义的结论，公司在一系列年度所得到的回报要和具有相同风险的资产所得到的回报相比较（同行业分析比较）。当前阶段的投资项目的相似的回报必须和以前的回报相比较（时间系列分析）。只有投资回报高于资本成本是一家公司才会创造价值。资本成本是由平均的股权成本和债务陈本所衡量（WACC）。一家公司的业绩获取反映其资本市场的估值。市场估值反映了该公司的当前性能投资者的认识，
46、也对其未来的业绩的期望。他们做出的期望是基于业务方面预计的增长资本回报。这将导致当前的业绩和公司价值的相一致。即使当前的业绩比相关的项目好，较差的增长前景不利于公司的价值。因此任何业绩评价的指标，要是需要有效，不但要衡量当前的业绩而且要衡量未来的增长的方向和数量。因此一项措施的稳健是有特定度量对市场估值的相关度所证明的。由于是实证的研究，完全的关系是不太可能的，市场资本化和其他的因素比如投机活动，市场变动和宏观经济因素会影响股票价格不太能充分说明公司的基础。但是对其他业绩度量的优势在于为投资者提供更好的信息。业绩评价的度量不仅在评价公司当前的业绩还是在未来取得业绩更高更好的增长上都是重要和关键
47、的角色。业绩评价指标有很多的使用者其中也包括由于公司良好经意而保持良好状态的股东。主要的股东是指股票持有人、债务持有人、管理和材料及服务、雇员和最终用户的产品和服务的供应商。价值创造和扩张依赖于全部股东相一致于朝向同一个目标。这意味着扩大公司价值不能损害任何利益攸关者的利益。任何的不基于他利益攸关者或任何特定类别的股东的评价公司业绩的方法，能正确评价公司真实的业绩。但是如果不可能发展这种评价方法，正确评价业绩也是很困难的。很多简便的业绩评价方法和当前的商业机构利润，全部资本，净资本和类似代理项的收入和支出相关。比如，股东资产净值的盈利（ROE）,资本收益（ROA），边际收益。每个这些指标衡量业
48、绩的不同方面，ROE措施从股本持有人的角度性能、ROA测算资产生产率和经营利润，反映了该公司在市场上实现的利润。净利润由自身的经营效率、财务杠杆和制订适当的策略和在市场中赚取足够的安全度的能力。还有重要的是需要注意到这些措施都不能真正的反应全部的情况，但是必须和其他的指标相联系起来。这些措施受到公司会计特征与由会计师测量资产、负债和公司收入中使用的估价方法不一致的影响。会计估价方法会随着用来计算个别项目和公司的价值所使用的方法而变化。一项资产或一家公司的资产，是由公司资产扣除未来的现金流计算的。净现值（NPV）现值是投资的盈余预期将生成的资本成本。评价一家公司的阶段性的业绩，综合资产的的措施应
49、遵循相同的基本原则。经济价值增加值（EVA）是获取估价原则的一项措施。EVA作为一种业绩评价的方法EVA的支持者认为EVA是相对于其他的优良措施性能有更优的四项措施1）是接近真正的商业实体的现金流量；2）容易计算和了解；3与该公司的市场价值有紧密的联系；4应用于雇员补偿中从而促使管理者和股东的利益相一致，这被称为管理功能调节方法。后面两个优点可以被视为前两个的体现。如果EVA真正代表真正的商业实体的现金流量，它有很容易计算和了解，自然地，它将与市场估价密切相关，在作为一项激励措施时它就会尽量减少管理的功能失调行为。换言之，与市场估价密切相关和使管理者利益与股东利益的达到一致性是EVA优越性的有效体现。EVA作为一种业绩评价方式，可以从两个方面看EVA的有效性一方面是与净收入、剩余收入等类似的措施相比，另一方面是与其他业绩评价的措施，ROE,ROA和经营利润等一些管理人员和股票分析师常用的指标的联系。这些措施通常用于内部管理评估雇员性能、激励的计算和投资决策和外部股权的分析，以确定公司的业绩和增长。随着这些措施估价模型，如净现值、内部回报率，回报期和账面回报率同时被内部和外部的经理用来做投资决定。前者的措施，考虑过去和当前的性能和促进未来的业绩的预测，而后者的措施则更向一给定投资或新的投资和增加或减少预期未来现金流，同时确定的经济可行性。EVA是一种更为优越的业绩评价的方
