1、本科毕业论文（设计）外文翻译原文EVIDENCEONEVATHETHEORYEVAISTHELEADINGEXAMPLEOFANEWCLASSOFMETRICSTHATATTEMPTTOMEASUREANUNDERLYINGCONCEPTCALLEDRESIDUALINCOMERECOGNIZEDBYECONOMISTSSINCETHE1770S,RESIDUALINCOMEISBASEDONTHEPREMISETHAT,INORDERFORAFIRMTOCREATEWEALTHFORITSOWNERS,ITMUSTEARNMOREONITSTOTALINVESTEDCAPITALTHANTH
2、ECOSTOFTHATCAPITALWHEREASTRADITIONALACCOUNTINGNETINCOMEMEASURESPROFITSNETOFINTERESTEXPENSEONDEBTCAPITAL,RESIDUALINCOMEMEASURESPROFITSNETOFTHEFULLCOSTOFBOTHDEBTANDEQUITYCAPITALTOCOMPUTERESIDUALINCOME,BEGINWITHNETOPERATINGPROFITSAFTERTAXNOPATANDSUBTRACTTHETOTALCOSTOFCAPITALMEASUREDASTHEWEIGHTEDAVERAGE
3、COSTOFCAPITALWACCTIMESTHETOTALINVESTEDCAPITALCAPITALNOTATIONALLY,RESIDUALINCOMERIFORPERIODTIS1ARESIDUALINCOMETRITNOPATTWACCTCAPITALT1SINCENOPATCANALTERNATIVELYBEEXPRESSEDASARATEOFRETURNONINVESTEDCAPITALIE,RETURNONASSETS,ROATIMESCAPITAL,RESIDUALINCOMECANBERESTATEDASIN1BEXPRESSION1BISINTUITIVELYAPPEAL
4、INGBECAUSEITSEPARATESTOTALRETURNONCAPITALFROMTHETOTALCOSTOFCAPITAL1BRITROATCAPITALT1WACCTCAPITALT1REGROUPINGTHERIGHTHANDSIDETERMSOF1B,WEOBSERVEIN1CTHATFIRMSPRODUCINGPOSITIVERESIDUALINCOMEEARNAPOSITIVESPREADBETWEENTHEPERCENTRETURNONINVESTEDCAPITALANDTHEPERCENTCOSTOFCAPITAL1CRITROATWACCTCAPITALT1PUTST
5、ILLANOTHERWAY,RESIDUALINCOMECANBESEENIN1DTOEQUALTRADITIONALACCOUNTINGNETINCOMENIMINUSACHARGEFORTHECOSTOFEQUITYCAPITAL,WHERETHECOSTOFEQUITYCAPITALCANBEEXPRESSEDASTHEBEGINNINGOFPERIODBOOKVALUEOFEQUITYBVTIMESTHECOSTOFEQUITYCAPITALKTHATIS,1DRITNITKTBVT1ALOOKATTHERIGHTHANDSIDESOFEXPRESSIONS1ATO1DSUGGESTS
6、THATTHEREARETHREEMAINOPPORTUNITIESTOINCREASERESIDUALINCOMEOTHERTHINGSEQUAL,MANAGERSWILLINCREASERESIDUALINCOMETOTHEEXTENTTHEYINCREASENOPATANDROA,DECREASEWACCTHOUGHTHISISINHERENTLYMOREDIFFICULT,ORREALLOCATECAPITALAWAYFROMNEGATIVESPREADTOWARDPOSITIVESPREADINVESTMENTSTHESEOPPORTUNITIESBECOMEINCENTIVESWH
7、ENMANAGERSAREEVALUATEDORCOMPENSATEDBASEDONRESIDUALINCOMEOREVALATERINTHISARTICLEWEREVIEWEVIDENCEONTHEEFFECTSOFTHESEINCENTIVESONMANAGEMENTSACTIONSTOSEEMORECLEARLYHOWRESIDUALINCOMERELATESTOSHAREHOLDERWEALTH,CONSIDERTHEFAMILIARDISCOUNTEDDIVIDENDMODELOFEQUITYVALUATION,WHERETHEMARKETVALUEOFEQUITY,VT,ISEXP
8、RESSEDASTHENETPRESENTVALUEOFFUTUREDIVIDENDS2T1TTTK1VTTDTHISEXPRESSIONCANBERESTATEDUSINGTHESOCALLEDCLEANSURPLUSSUBSTITUTION,WHERECLEANSURPLUSISTHEACCOUNTINGCONVENTIONTHATTHEACCOUNTINGBOOKVALUEOFEQUITYALSOCALLEDSURPLUSISCHANGEDONLYBYEARNINGSANDDIVIDENDS3BVTBVT1NITDT,WHEREDTISTHENETDIVIDENDSPAIDTOOWNER
9、SFORPERIODTIE,CASHDIVIDENDSPLUSSHAREREPURCHASESNETOFCAPITALCONTRIBUTIONSSOLVINGEQUATION1DFORNIT,EQUATION3FORDT,ANDSUBSTITUTINGINTOTHEDISCOUNTEDDIVIDENDSMODEL2,EQUITYVALUECANBEEXPRESSEDINTERMSOFDISCOUNTEDRESIDUALINCOMEANDEQUITYBOOKVALUES4A4AT1TTT1TTK11VTTTTBVBVKRIFURTHERASSUMINGTHATBVTT/1KTAPPROACHES
10、0ASTAPPROACHES,EQUITYVALUECANBEEXPRESSEDSOLELYINTERMSOFBEGINNINGBOOKEQUITYANDDISCOUNTEDRESIDUALINCOME4BT1TTTK1TTTRIBVVBECAUSETHISRELATIONSHIPWITHEQUITYVALUEDESCRIBEDIN4BHOLDSFORRESIDUALINCOMEBUTNOTFORACCOUNTINGEARNINGSBECAUSEACCOUNTINGEARNINGSDOESNOTINCLUDEACHARGEFOREQUITYCAPITAL,ONEMIGHTEXPECTTHATR
11、ESIDUALINCOMESHOULDTHEREFOREBESUPERIORTOACCOUNTINGEARNINGSINEXPLAININGFIRMVALUESANDSTOCKRETURNSASWESHALLSEE,AKEYPROBLEMWITHTHISINFERENCEISTHATSTOCKMARKETPARTICIPANTSONLYHAVEPASTANDCURRENTDATAAVAILABLETOESTIMATETHEMODELSUNOBSERVABLEFUTURERESIDUALINCOMETHUSTHEEMPIRICALQUESTIONBECOMESWHICHMEASURECONVEY
12、SMOREINFORMATIONABOUTFUTURERESIDUALINCOMECURRENTRESIDUALINCOMEORCURRENTEARNINGSITCOULDBETHATOTHERMETRICSBETTERREVEALTHISFUTURETHANDOPASTANDCURRENTOBSERVATIONSOFRESIDUALINCOMEOREVABEFOREPRESENTINGEVIDENCEONTHISISSUE,WEFIRSTDESCRIBESTERNSTEWARTSVERSIONOFRESIDUALINCOMECALLEDEVAEVAFIRSTINTRODUCEDINTHELA
13、TE1980S,STERNSTEWARTSEVAHASGENERATEDCONSIDERABLEPUBLICITYANDOVER300CLIENTADOPTIONSTODATE,INCLUDINGMAJORINTERNATIONALCORPORATIONSSUCHASCOCACOLA,ELILILLY,ANDSIEMENSEVAALSOHASATTRACTEDCOMPETITORSWHOOFFERRELATEDORCOMPETINGMETRICSTHERESULTINGINTENSECOMPETITIONHASBEENREFERREDTOASMETRICWARSINTHEFINANCIALPR
14、ESSFIGURE1RECONCILINGOPERATINGCASHFLOWS,EARNINGS,OPERATINGPROFITS,RESIDUALINCOMEANDECONOMICVALUEADDEDEVACFOACCRUALSATINTCAPCHGACCTADJNETINCOMENINETOPERATINGPROFITSAFTERTAXNOPATRESIDUALINCOMERIECONOMICVALUEADDEDEVAFIGURE1SUMMARIZESTHESTEPSTHATTRANSFORMUNDERLYINGCASHFLOWSFROMOPERATIONSCFOINTOSTERNSTEW
15、ARTSECONOMICVALUEADDEDEVAADJUSTINGCFOFORACCOUNTINGACCRUALSSUCHASDEPRECIATIONANDINTERESTEXPENSEYIELDSBOTTOMLINEACCOUNTINGEARNINGSNIADDINGBACKAFTERTAXINTERESTEXPENSETONIYIELDSNETOPERATINGPROFITSAFTERTAXNOPATSUBTRACTINGTHECURRENTCOSTOFBOTHDEBTANDEQUITYCAPITALFROMNOPATYIELDSRESIDUALINCOMERITOCOMPUTEECON
16、OMICVALUEADDEDEVA,STERNSTEWARTADJUSTSTHENOPATANDCAPITALCOMPONENTSOFRESIDUALINCOMEFORWHATARETERMEDACCOUNTINGANOMALIESORDISTORTIONSSOMEOFTHEIRMORECOMMONADJUSTMENTSARESHOWNINTABLE1SOMEOFTHESEADJUSTMENTSUNDOTRADITIONALACCOUNTINGACCRUALSSUCHASELIMINATINGDEFERREDTAXACCOUNTINGINFAVOROFACTUALCASHTAXESPAIDOT
17、HERADJUSTMENTSSWITCHACCRUALMETHODSEGFROMLIFOTOFIFOSTILLOTHERSINTRODUCENEWACCRUALSNOTUSEDINTRADITIONALGAAPBASEDACCOUNTINGEG,CAPITALIZATIONANDAMORTIZATIONOFMARKETINGANDRAMORTIZEOVERUPTO40YEARSREVERSEAMORTIZATIONTOREFLECTORIGINALASSETAMOUNTOPERATINGLEASESEXPENSERECORDASSETANDAMORTIZERECORDLIABILITYANDR
18、ELATEDINTERESTBADDEBTSANDWARRANTYCOSTSESTIMATEACCRUALREVERSEACCRUALSTOREFLECTCASHBASISREPORTINGLIFOINVENTORYCOSTINGLIFOPERMITTEDCONVERTTOFIFOCONSTRUCTIONINPROGRESSRECORDASASSETREMOVEFROMASSETSDISCONTINUEDOPERATIONSINCLUDEINASSETSANDEARNINGSREMOVEFROMASSETSANDEARNINGSFIGURE2PLOTSMEDIANVALUESOFFOURALT
19、ERNATIVEPERFORMANCEMEASURESNETINCOMENI,RESIDUALINCOMERI,EVA,ANDCASHFLOWFROMOPERATIONSCFOOVERTHEPERIOD198897SINCEACCOUNTINGACCRUALSGENERALLYREDUCENETINCOMEEG,DUETODEPRECIATIONANDAMORTIZATIONEXPENSE,ITISNOTSURPRISINGTHATMEDIANNIPLOTSWELLBELOWMEDIANCFOINEACHYEAREVAANDRILIEWELLBELOWNIBECAUSEOFTHEINCREME
20、NTALCHARGEFOREQUITYCAPITALHOWEVER,THEDIFFERENCEBETWEENEVAANDRIISRELATIVELYSMALL,SUGGESTINGTHATTHENETEFFECTOFSTERNSTEWARTSACCOUNTINGADJUSTMENTSISNOTLARGEONAVERAGEINTERESTINGLY,DESPITETHESAMPLEBEINGDRAWNFROMAMONGTHELARGESTFIRMSINTHEUSECONOMY,MEDIANEVAISNEGATIVEUNTIL1995ANDMEDIANRIISNEGATIVEFOREVERYYEA
21、RNEARZEROEVAANDRIISCONSISTENTWITHACOMPETITIVEECONOMYINWHICHEVENTHETYPICALLARGEFIRMHASDIFFICULTYEARNINGMORETHANITSCOSTOFCAPITALLOWVALUESOFEVAANDRIALSOARECONSISTENTWITHAPOTENTIALUPWARDBIASINSTERNSTEWARTSCOSTOFCAPITALESTIMATESALSOUSEDHEREFORCOMPUTINGRI5005010015020025019881990199219941996CFONIEVARIEVID
22、ENCEONINCENTIVESANDPERFORMANCEINARECENTLYPUBLISHEDPAPERENTITLEDADOPTINGRESIDUALINCOMEBASEDPERFORMANCEPLANSDOYOUGETWHATYOUPAYFOR24WALLACEPROVIDESINDEPENDENTEVIDENCEONTHISSECONDSETOFCLAIMSSPECIFICALLY,HEEXAMINESWHATAMOUNTSTOAPRECONDITIONFORTHEPOSSIBILITYTHATMANAGERSOFFIRMSADOPTINGRIBASEDPLANSINCLUDING
23、EVACREATEWEALTHFORTHEIRSHAREHOLDERSNAMELY,THATTHEYCHANGETHEIROPERATING,INVESTINGANDFINANCINGDECISIONSINRESPONSETORIINCENTIVESEVIDENCECONSISTENTWITHTHISPRECONDITIONDOESNOTPROVETHATRIOREVACREATESSHAREHOLDERWEALTH,BUTITPROVIDESANECESSARYFIRSTSTEPBYDEMONSTRATINGTHATRIBASEDINCENTIVECOMPENSATIONPLANSAREEF
24、FECTIVEINALTERINGMANAGEMENTDECISIONSFOREACHOFTHEFOURRESEARCHQUESTIONSLISTEDBELOW,FORTYFIRMSTHATADOPTEDRESIDUALINCOMEBASEDCOMPENSATIONPLANSWERECOMPAREDWITHFORTYMATCHEDPAIRCONTROLFIRMSTHATCONTINUEDTOUSETRADITIONALCOMPENSATIONSCHEMESRESULTSARESUMMARIZEDINFIGURE5,WHERERELATIVECHANGEINDICATESAVERAGEPERCE
25、NTAGECHANGESINSELECTEDACTIONSOFFIRMSTHATADOPTRESIDUALINCOMEBASEDINCENTIVESRELATIVETOTHENONADOPTERSINCENTIVEEFFECTSFOLLOWINGADOPTIONOFRESIDUALINCOMEBASEDCOMPENSATIONPLANSTESTSOFQUESTIONS131410021112150050100150RELATIVECHANGEINDIVIDENDSPERSHARESHAREREPURCHASESASSETINVESTMENTSASSETDISPOSITIONSASSETTURN
26、OVEROPERATINGDECISIONSTHATUSEINVESTEDCAPITALMOREEFFICIENTLYWILLBOOSTNOPATANDROA,ANDOTHERTHINGSEQUAL,INCREASERIFORTHISREASON,WEWOULDEXPECTACTIONSCONSISTENTWITHRESIDUALINCOMEINCENTIVESTOINCREASEASSETTURNOVERMEASUREDBYSALESOVERTOTALASSETSQ1DOESASSETTURNOVERINCREASEFORFIRMSADOPTINGRESIDUALINCOMEBASEDCOM
27、PENSATIONPLANSRELATIVETONONADOPTERSASSHOWNINFIGURE5,TOTALASSETTURNOVERINCREASEDBYANAVERAGEOF14PERCENTFORFIRMSADOPTINGRESIDUALINCOMERELATIVETOCONTROLFIRMSINTHEPERIODSUBSEQUENTTOADOPTIONTHISINCREASEISSTATISTICALLYSIGNIFICANTATCONVENTIONALLEVELSINVESTINGDECISIONSALSOBOOSTRITOTHEEXTENTTHEYREALLOCATECAPI
28、TALAWAYFROMACTIVITIESTHATEARNLESSTHANTHEIRCAPITALCOSTSANDTOWARDACTIVITIESTHATEARNMOREIFTHEADOPTIONOFARIBASEDCOMPENSATIONPLANSIMULTANEOUSLYINTRODUCESGREATERAWARENESSOFTHEHIGHERHURDLERATEFORINVESTMENTSNOWEXPLICITINTHEFULLWEIGHTEDAVERAGECOSTOFCAPITAL,WACC,OTHERTHINGSEQUALWESHOULDOBSERVEINCREASEDASSETDI
29、VESTITURESANDDECREASEDNEWINVESTMENTSQ2DOASSETDISPOSITIONSINCREASEANDASSETACQUISITIONSDECREASEFORFIRMSADOPTINGRESIDUALINCOMEBASEDCOMPENSATIONPLANSRELATIVETONONADOPTERSASDEPICTEDINFIGURE5,ASSETDISPOSITIONSINCREASED100PERCENTANDNEWINVESTMENTDECREASED21PERCENTAFTERADOPTIONCOMPAREDTOPREADOPTIONLEVELSFORT
30、HERESIDUALINCOMEFIRMSRELATIVETOTHECONTROLFIRMSITISIMPORTANTTONOTETHATEACHOFTHESERESULTSISDRIVENBYACTIONSINTHEPOSTADOPTIONPERIODINFACT,THERESIDUALINCOMEADOPTINGFIRMSACTUALLYWEREINVESTINGMORERELATIVETOTHECONTROLFIRMSINTHEPREADOPTIONPERIODEACHOFTHESECHANGESISSIGNIFICANTATCONVENTIONALLEVELSHOWEVER,ITISD
31、IFFICULTTOINTERPRETWHETHERANOBSERVEDREDUCTIONINNETINVESTMENTISAVALUEINCREASINGACTIONSINCEITISPOSSIBLETHATMANAGERSAREREDUCINGPOSITIVENPVPROJECTSNOTJUSTPROJECTSEARNINGBELOWTHEIRCOSTOFCAPITALCRITICSOFRIBASEDCOMPENSATIONPLANSCLAIMTHATTHEYPROVIDEINCENTIVESFORMANAGERSTOUNDERINVESTINPOSITIVENPVPROJECTSPROP
32、ONENTSANDUSERSOFRIBASEDINCENTIVESCLAIMOTHERWISEFINANCINGDECISIONSALSOSHOULDBEINFLUENCEDBYTHEADOPTIONOFRIBASEDINCENTIVESGIVENTHATHOLDINGCAPITALTHATEARNSLESSTHANWACCPENALIZESRI,WEEXPECTTOOBSERVEINCREASEDPAYOUTSTOSHAREHOLDERSIFTHESEPAYOUTSREFLECTDISCRETEONETIMERESPONSESTONEWRIBASEDCOMPENSATIONINCENTIVE
33、SANDTAXINCENTIVES,WEAREMORELIKELYTOSEEANINCREASEINSHAREREPURCHASESTHANINREGULARCASHDIVIDENDSQ3DOSHAREREPURCHASESANDDIVIDENDPAYOUTSINCREASEFORFIRMSADOPTINGRESIDUALINCOMEBASEDCOMPENSATIONPLANSRELATIVETONONADOPTERSASSHOWNINFIGURE5,BOTHREPURCHASESPERSHAREANDDIVIDENDSPERSHAREINCREASEINTHEPOSTADOPTIONPERI
34、ODRELATIVETOTHEPREADOPTIONPERIODRELATIVETOTHEMATCHEDPAIRCONTROLFIRMS,RESIDUALINCOMEADOPTERSONAVERAGEDRAMATICALLYINCREASEDREPURCHASESPERSHARE109OR112BUTONLYSLIGHTLYINCREASEDDIVIDENDSPERSHARE013OR1ONLYREPURCHASESPERSHAREARESIGNIFICANTATCONVENTIONALLEVELSTHESEFINDINGSSUGGESTTHATMANAGERSFACEDWITHHIGHERI
35、NVESTMENTHURDLERATESUNDERRIRETURNEXCESSCAPITALTOSHAREHOLDERSINATAXFAVOREDMANNERTHATDOESNOTSIGNALAPERMANENTCHANGEINDIVIDENDPAYOUTFINALLY,IFMANAGERSTAKEACTIONSCONSISTENTWITHRIINCENTIVES,FIRMSTHATADOPTRIINCENTIVESSHOULDPRODUCEINCREASEDRESIDUALINCOMEQ4DOESRESIDUALINCOMEINCREASEFORFIRMSADOPTINGRESIDUALIN
36、COMEBASEDCOMPENSATIONPLANSRELATIVETONONADOPTERSHERETHEEVIDENCEREVEALSTHATFOLLOWINGADOPTIONOFRIBASEDINCENTIVEPLANS,THERIFIRMSRELATIVETOTHECONTROLFIRMSINCREASEDRESIDUALINCOMEBYASTATISTICALLYSIGNIFICANTAVERAGEOFNEARLY190MILLIONANNUALLYALMOST1300THISRESULTISCONSISTENTWITHTHEADAGETHATYOUGETWHATYOUMEASURE
37、ANDREWARDALTHOUGHTHESERESULTSSUGGESTTHATTHEADOPTIONOFRESIDUALINCOMEBASEDINCENTIVESALTERMANAGEMENTDECISIONSINWAYSTHATSHOULDCONTRIBUTETOSHAREHOLDERWEALTH,SEVERALCAVEATSAREINORDERFIRST,FIRMSTHATADOPTNEWINCENTIVEPLANSMAYSIMULTANEOUSLYCHANGEOTHERASPECTSOFTHEIROPERATIONSTHATALSOCOULDINFLUENCEMANAGEMENTDEC
38、ISIONSEG,MANAGEMENTREALIGNMENTS,STRATEGICREPOSITIONINGS,RESTRUCTURINGS,ETCTHUS,OBSERVEDCHANGESINMANAGEMENTBEHAVIORCOULDBEDUEATLEASTINPARTTOTHESEOTHEREFFECTSSECOND,OURSAMPLEISNOTRANDOMSINCEFIRMSCHOOSEVOLUNTARILYTOADOPTRESIDUALINCOMEBASEDPLANSITCOULDBE,FOREXAMPLE,THATMANAGERSOPTFORRESIDUALINCOMEBASEDC
39、OMPENSATIONWHENTHEYFORECASTSUCCESSUNRELATEDTOTHEINCENTIVESINTHEPLAN28FINALLY,ONESHOULDBECAREFULNOTTOINTERPRETTHESERESULTSSTRICTLYASCONFIRMINGSHAREHOLDERVALUECREATIONWHILETHEYSUGGESTCHANGESINMANAGEMENTBEHAVIORSTHATARECONSISTENTWITHRIINCENTIVES,ITREMAINSFORFUTURERESEARCHTOCONFIRMTHATRESULTINGBENEFITSH
40、AVEBEENREALIZEDBYSHAREHOLDERSSOURCEGARYCBIDDLEROBERTMBOWENJAMESSWALLACE,1999EVIDENCEONEVAJOURNALOFAPPLIEDCORPORATEFINANCE,VOL12,NO2,SUMMER,PP17译文经济增加值的证据理论经济增加值是最主要的一个度量的例子,尝试用统一的标准来衡量一个叫剩余收入的潜在概念。经济学家认可，从1770年以来，剩余收入以公司为它的所有者创造财富为前提，它必须赚取的总投资资本多与其资本成本。而传统会计净收入测量利润和净债务资本的利息费用，剩余收益测量利润时扣除了全部的负债和权益资本费
41、用。要计算剩余收益，税后净营业利润减去作为加权平均资本成本的总投资资本来衡量资本的总成本。合伙人的表示法，T期的剩余收益是（1A）剩余收益T税后净营业利润T加权平均资本成本T投资资本1T由于税后净营业利润可以作为另外的投资回报率表示（即资产报酬率，资产报酬率）倍的资金，剩余收入可重列如（1B）款。表达式（1B）款是直观吸引力的，因为它的资本总回报率从资本总成本中分开（1B）剩余收益T资产报酬率T投资资本1T加权平均资本成本T投资资本1T重组条款（1B）款，我们观察（1C）款，企业产生积极正面的剩余收益赚传播的在投资与资本总额的百分之投资资本回报率和百分之资本成本（1C）剩余收益T资产报酬率T加
42、权平均资本成本T投资资本1T还有一个办法是，剩余收益中可以看出（1D），以平等的传统会计净收益（NI）减去权益资本成本，其中权益资本成本能被表示为在年初周期的权益账面价值倍的权益资本（金）成本。也就是说（1D）剩余收益T净收益T资金T权益账面价值1T从表达式（1A）至（1D）认为有三个主要的机会去增加剩余收益。其他条件相同的情况，管理人员将剩余收益增加，来增加税后净营业利润和资本报酬率，降低加权平均资本成本（虽然这本来就更加困难），或重新分配由远离负资本传播向正资本传播投资。这些机会是管理者基于剩余收益（或经济增加值）进行评估或补偿奖励。在本文的后面中，我们对建立在管理层的行动基础上奖励的影响
43、审查证据。为了更清楚地看到剩余收益如何涉及到股东财富，考虑熟悉的股票估值，在股票市场价值，价值T，是表现在净现值未来股利的股息贴现模型（2）价值TTTTT111利息股息这个表达式可以重述使用所谓的净盈余替代，其中净盈余是会计惯例，权益的会计账面价值（也称为盈余）只被收益和股息改变（3）权益账面价值T权益账面价值1T净收益T股息T凡股息T是净红利支付T期的给业主（即现金股利加上净出资购回股份）。求解方程（1D）的净收益T,方程（3）的股息T，并进入股息贴现模型（2），权益价值可以表示为股息在剩余收益和权益账面价值方面的价值（4A）（4A）价值TT1TTT1TTT11利息）（权益账面价值权益账面价
44、值利息剩余收益TT进一步假设权益账面价值TT（1利息）T，当T接近无穷时，接近0，权益价值仅仅从开始的股东权益账面价值和剩余收益贴现来表示（4B）价值T权益账面价值TT1TTTT1利息剩余收益因为这与（4B）的股票价值之间的关系为剩余收入，但对会计盈余不成立（因为会计盈余不包括收取的股本），人们可能预期剩余收益，因此应在解释公司会计盈余优于价值和股票的回报。正如我们将会看到，与此推论的关键问题是，股市参与者只有过去和现在的数据可用来估计模型，不可观察未来剩余收益。因此，实证问题是哪些措施传达更多有关未来剩余收益信息，包括当前剩余收益或当期收益。这可能是因为其他指标比过去和现在更好地揭示这一未来
45、的剩余收益（或经济增加值）。在这个问题之前提交的证据，我们首先描述斯特恩斯图尔特的所谓经济增加值的剩余收益的理论。经济增加值首先介绍了20世纪80年代中后期，斯特恩斯图尔特的经济增加值已经产生了相当大的宣传，使300多个客户采用至今，其中包括可口可乐，美国礼来公司，西门子大型国际公司。经济增加值也吸引了竞争对手提供相关或相对的指标。由此产生的激烈竞争在金融出版社被称为“度量战争”。图1协调营业现金流量，收益，经营利润，剩余收入与经济附加价值经济增加值经营现金流量预提费用税后利息资本成本税后净营业利润净收益税后净营业利润剩余收益经济增加值图1总结的步骤，转换潜在的经营现金流量进入斯特恩斯图尔特的
46、经济增加值。为会计预提费用（如折旧和利息费用），调整产生会计盈余的经营现金流量底线。加回税后净营业利润和税后利息费用为净收益量（税后净营业利润）。从税后净营业利润减去产生的债务和股权资本成本的剩余收入的。计算经济增加值，斯特恩斯图尔特调整税后净营业利润和剩余收益的资本组成部分为“会计异常”或“扭曲”。其较常见的一些调整，如表1所示。这些调整撤消一些传统的会计（如消除会计递延所得税以取代实际现金缴纳税款）预提费用。其他调整替换（如从后进先出到先进先出）计提方法。还有人提出以传统的会计准则为基础的会计（例如，资本和市场营销摊销和研发支出）使用新的预提费用。斯特恩斯图尔特认为，这些经济增加值调整产生
47、的剩余收入的措施，增强了可比性，一般会计准则纠正了管理激励机制的扭曲。例如，某些调整，取消或减少的管理者在计算经济增加值的自由裁量权（例如，有机会影响坏帐计提费用）。其他减少奖励的措施来调整投资和融资选择，在短期内增加收入和经济增加值，但减少股东财富。这种短期决策的例子，包括正净现值的资本投资，营销和研发支出的削减。这些调整时，特别在经济增加值与有关高管薪酬密切相关的情况下，可以产生短期激励制度。与经济增加值结合使用其他机制，以帮助控制“短期行为”，包括银行和经济增加值奖金为基础的股票期权计划。表1思腾思特的关于会计突变典型事例调整在公认会计准则为基础的会计调整公共区域公认会计原则处理调整的性
48、质市场营销和研发成本费用资产和摊销递延税款记录的资产和/或法律责任回收资产和/或负债记录，以反映现金基础报告外购商誉资产分摊40年以上收回摊销，以反映原始资产金额经营租赁费用资产和摊销，记录的责任和利益相关者坏账和保修成本估计应计利息收回预提费用，以反映现金基础报告后进先出的库存成本允许后进先出转换为先进先出法在建工程资产转移资产已终止经营业务包括资产和收益转移资产和收益图二显示四个替代表现形式的中间价值净收益，剩余收益，经济增加值和经营现金流量在198897年期间。由于会计应计项目普遍减少的净收益（例如由于折旧和摊销费用），每年中间价值远低于中间经营现金流量。由于对股权资本的增量费用，经济增
49、加值和剩余收益远低于净收益。不过，经济增加值和剩余价值之间的差异相对较小，这表明斯特恩斯图尔特的净效应的会计调整不是一般大。有趣的是，尽管在样本是由美国经济中最大的企业绘制，直到1995年中间经济增加值是负面的，每年中间剩余收益是负面的。几乎接近零的经济增加值和剩余收益是有竞争力的经济，即使是典型的大公司有收入困难超过其资本成本。经济增加值和剩余收益的低价值也与在斯特恩斯图尔特的资本估计成本上的潜在变差一致（也可用于计算剩余收益）。图25005010015020025019881990199219941996经营现金流量净收益经济增加值剩余收益证据激励与绩效在最近发表的论文题为“采用剩余收益为基础的业绩计划你从付出中有得到的吗”，华莱士为第二方面的索赔提供独立证据。具体来说，他研究的先决条件是公司的经理以剩余收益（包括经济增加值）为基础为股东创造财富即他们改变他们的经营，投资及融资决定剩余收益的奖励政策。与此相一致的前提并不能证明剩余收益（或经济增加值）为股东创造财富，但它提供了重要的第一步是通过表明剩余收益为基础的补偿奖励机制对改变管理
