1、原文ECONOMICVALUEADDEDTHESUCCESSOFEVATOQUANTIFYTHEEXTENTTOWHICHCOMPANIESTHATIMPLEMENTEVAOUTPERFORMTHEIRCOMPETITORS,DATAWERECOLLECTEDBYSTERNSTEWART2002BCOMPANIESHAVESEENHIGHRETURNSWHENTHEYUTILIZESTERNSTEWARTSEVAFRAMEWORKFORPERFORMANCEMANAGEMENT,VALUEBASEDPLANNINGANDINCENTIVECOMPENSATIONTHROUGHOUTTHE199
2、0STHESESAMECOMPANIES,ONAVERAGE,OUTPERFORMEDTHEIRCOMPETITORSBY83ANNUALLYDURINGTHEFIRSTFIVEYEARSAFTERTHEYFIRSTADOPTEDEVAIMPROVEDOPERATINGMARGINS,STRONGERCASHFLOWGENERATION,ANDQUICKERASSETTURNOVERWERETHECATALYSTSRESPONSIBLEFORGREATERSTOCKMARKETPERFORMANCE,WHICHCAUSEDA116BILLIONINCREASEINSHAREHOLDERWEAL
3、THBEYONDTHATOFTHEIRCOMPETITORSFIGURE1DEPICTSTHEPERFORMANCEOFEVACOMPANIESFROMMARCH24,2000TOJUNE30,2002,ATIMEWHENTHEECONOMYSLOWEDANDTHESTOCKMARKETASAWHOLEPERFORMEDPOORLYDURINGTHISSAMETIMEPERIOD,COMPANIESTHATWERECLIENTSOFSTERNSTEWARTBEATTHESTYINGBONUSESTOEVALEDTOMUCHHIGHERTHANAVERAGEINCREASESINSHAREHOL
4、DERVALUE1977216164500100200300400500600700SITISEASYTOCALCULATEANDUNDERSTANDITHASAHIGHERCORRELATIONTOTHEMARKETVALUEOFTHEFIRMANDITALIGNSTHEGOALSOFMANAGEMENTWITHTHEINTERESTSOFTHESHAREHOLDERSEVAISSUPERIORTOCONVENTIONALMEASURESSUCHASRETURNONINVESTMENTROI,RETURNONEQUITYROE,ANDRETURNONASSETSROABECAUSETHESE
5、CALCULATIONSAREBASEDONACCOUNTINGFIGURESUSINGGENERALLYACCEPTEDACCOUNTINGPRINCIPLESGAAP,THEASSETSINTHEBALANCESHEETARECARRIEDBASEDONHISTORICALCOSTSWHILE,WITHTHEEXCEPTIONOFDEPRECIATION,REVENUESANDEXPENSESARERECOGNIZEDASEITHERAPROFITORALOSSATTHEIRCURRENTVALUEDUETOTHISINACCURACYINTHECALCULATIONOFTHEVALUEO
6、FASSETS,THERATESOFRETURNDONOTACCURATELYDETERMINETHEACTUALRETURNONAGIVENINVESTMENTASSUCH,THERATEOFRETURNISUSUALLYLOWERINTHEFIRSTFEWYEARSANDHIGHERINTHELATTERYEARSHOWEVER,IFTHEVALUEOFTHEMIXOFASSETSISCLOSETOTHECURRENTVALUEOFTHEASSETS,THEDISTORTIONWILLNOTBEASSIGNIFICANTASWHENTHEVALUEOFTHEASSETSISFARBELOW
7、THECURRENTVALUEMOSTCOMPANIESRARELYHAVETHENEEDEDASSETMIXTOMAKETHESEACCOUNTINGMEASURESACCURATETHEREFORE,THEYCANNOTBEREGARDEDASTRUEINDICATIONSOFTHEPERFORMANCEOFTHECOMPANYINSIGNIFICANCEOFEARNINGSPERSHAREANDCASHFLOWINTHESHORTTERMTOOPERATEABUSINESSUNDERTHEEVAFORMAT,ONEMUSTDISREGARDMANYOTHERVARIABLESPREVIO
8、USLYTHOUGHTTODETERMINETHEVALUEOFACOMPANYITISOFUTMOSTIMPORTANCETORECOGNIZETHATEVAMEASURESTOTALFACTORPRODUCTIVITYTHEREFORE,FOREVATOBESUCCESSFULLYAPPLIED,ITMUSTSUPERSEDEOTHERFINANCIALMEASUREMENTSSUCHASEARNINGSPERSHAREINDOINGSO,OTHERFINANCIALMEASURESONCETHOUGHTTOBEAMONGTHEMOSTIMPORTANTWILLBESETASIDEINCR
9、EASINGEARNINGSPERSHAREEPSISATTHEFOREFRONTOFMANYEXECUTIVESTHOUGHTSANDSUBSEQUENTACTIONSHOWEVER,ITISTHISWAYOFTHINKINGTHATHASCAUSEDCORPORATEEXECUTIVESTOMAKEDECISIONSTRULYNOTINTHEBESTINTERESTOFTHECOMPANYFORTHESAKEOFARTIFICIALLYINFLATINGEPSINFACT,SEVERALCORPORATEDOWNFALLSCANBEATTRIBUTEDTOVIEWINGINCREASEDE
10、PSASAKEYFINANCIALMEASUREMENTREGARDLESSOFHOWIMPORTANTCASHFLOWIS,ITISAPOORMEASUREOFPERFORMANCEINTHESHORTTERMASMANAGEMENTINVESTSMONEYINREWARDINGPROJECTS,THEIMMEDIATEEFFECTONCASHFLOWWILLBENEGATIVE,ALTHOUGHITISINCREASINGTHEOVERALLVALUEOFTHECOMPANYTHEREFORE,CASHFLOWREGAINSSIGNIFICANCEWHENITISCONSIDEREDOVE
11、RTHELIFEOFTHEBUSINESSTHEPROPERUSEOFLEVERAGEINCREATINGVALUEFORACOMPANYUSINGTHEEVAMETHODOLOGY,FINANCIALRESTRUCTURINGWILLBECOMEAKEYISSUEONEVERYIMPORTANTASPECTOFFINANCIALRESTRUCTURINGISTHEPROPERUSAGEOFDEBTORLEVERAGEALTHOUGHITMAYSEEMTOCONTRADICTCOMMONSENSE,INCREASINGTHELEVERAGEOFACOMPANYACTUALLYHASSEVERA
12、LDESIRABLEEFFECTSITSAVESTAXES,CURESTHERISKOFUNPRODUCTIVELYREINVESTINGSURPLUSCASHFLOW,CREATESTHEURGENCYTOPERFORMWELL,ANDFORCESTHESALEOFUNDERPERFORMINGORUNRELATEDBUSINESSESORASSETSFINALLY,THEREARESOMEMETHODSOFFINANCIALRESTRUCTURINGTHATMAYHAVEAPOSITIVEIMPACTONTHEVALUEOFACOMPANYSUCHASPAYINGDIVIDENDSANDP
13、ARTIALPUBLICOFFERINGSPPO,BUTTHEYMUSTBECAREFULLYCONSIDEREDASTHEYINHERENTLYCANHAVECOSTSASSOCIATEDWITHTHEMADJUSTMENTSTOACCOUNTINGFIGURESALTHOUGHEVAISARELATIVELYSIMPLECONCEPTWITHANUNCOMPLICATEDEQUATION,ITOFTENBECOMESMORECONFUSINGANDDIFFICULTTOCALCULATEASADJUSTMENTSAREMADEINACCOUNTINGFIGURESTOCALCULATEAP
14、ROXYFORECONOMICCAPITALTHEOBJECTIVESFORTHESEADJUSTMENTSARETOMEASURECAPITALATCLOSERTOCURRENTVALUE,TOINCLUDEALLINVESTMENTSTHATARETREATEDASPERIODCOSTSBYACCOUNTANTSSUCHASRESEARCHANDDEVELOPMENT,ANDTOBRINGEVACLOSERTOTHEREALCASHFLOWSOFTHECOMPANYAPPROXIMATELY160ADJUSTMENTSTOTHEACCOUNTINGFIGURESARERECOMMENDED
15、TOPRODUCEAREALISTICESTIMATEOFEVANOTONLYDOTHESEADJUSTMENTSCOMPLICATETHECALCULATIONOFEVA,BUTALSOMOSTFIRMSDONOTMAINTAINTHETYPEOFDATATHATISNEEDEDTOMAKETHEADJUSTMENTSIFITISMAINTAINED,ITISUSUALLYNOTACCESSIBLETOOUTSIDERSFORTHEOCCASIONTHATINSIDERSHAVEACCESSTOTHEINFORMATION,THEYMUSTINMOSTCASESHIREACONSULTANT
16、TOMAKETHESECOMPUTATIONSDUETOTHESEADDITIONALCOSTS,STEWARTRECOMMENDEDTHATTHEDISTORTIONSINGAAPBASEDACCOUNTINGSHOULDONLYBECORRECTEDIFTHEAMOUNTSARESIGNIFICANT,MANAGERSCANIMPACTTHEOUTCOMEOFTHEITEMBEINGADJUSTED,THEINFORMATIONREQUIREDISEASILYACCESSIBLE,ANDNONFINANCEPROFESSIONALSCANUNDERSTANDTHEMWITHTHESESTI
17、PULATIONS,THE160ADJUSTMENTSARENARROWEDDOWNTO15ADJUSTMENTSRELATIONOFPRODUCTIVITYTOVALUEEVACANALSOBEAPPLIEDTOTHECORPORATEWORLDASAPHILOSOPHYTOIMPROVETHEPRODUCTIVITYOFAFIRMTHEPRODUCTIVITYOFAFIRMCANBEMEASUREDBYCREATIONOFWEALTHFORTHESHAREHOLDERSFORAFIRMTOINCREASEITSVALUE,ITMUSTOPERATEATOPTIMALPRODUCTIVITY
18、OVERALONGPERIODOFTIMEFORYEARSFIRMSHAVEIMPLEMENTEDPROGRAMSANDTECHNIQUESINANATTEMPTTOINCREASEPRODUCTIVITYINPHYSICALTERMS,DISREGARDINGTHECONCEPTOFVALUETHESETECHNIQUES,THOUGHTHEYHAVEINCREASEDTHEBOTTOMLINEOFTHEFIRM,DONOTGUARANTEEANINCREASEINSHAREHOLDERWEALTHEVAASACORPORATEPHILOSOPHYEVAISACONCEPTTHATISNOT
19、EASYTOUNDERSTANDBUTCANBEIMPLEMENTEDWITHCAREATEVERYLEVELOFANORGANIZATIONCORPORATIONSACROSSTHEGLOBE,EVENSOMESTATEOWNEDENTERPRISESINTHEUNITEDSTATES,HAVEADOPTEDEVAASACORPORATEPHILOSOPHYONEIMPORTANTADVANTAGEOFEVAISTHATITIMPROVESBUSINESSLITERACYBECAUSEOFITSSIMPLISTICCONCEPTBUSINESSLITERACYISTHEATTEMPTOFMA
20、NAGEMENTTOMAKEALLEMPLOYEESAWARETHATFORANYACTIVITYTOCREATEVALUE,THERETURNNEEDSTOEXCEEDTHECOSTOFCAPITALFORTHATPARTICULARACTIVITYITALSOTAKESINTOCONSIDERATIONTHECOSTOFCAPITAL,WHICHMANYOTHERCONVENTIONALTECHNIQUESFAILTOINCORPORATEINTOTHEIRCALCULATIONSWHATDETERMINESCOMPANYVALUEINDEALINGWITHTHETOPICOFECONOM
21、ICVALUEADDED,MANYQUESTIONSSURFACEFORWHICHTHEMOSTASTUTEPROFESSIONALSINBUSINESSCANNOTAGREETHEMOSTCOMMONOFTHESEISHOWONEISTODETERMINETHEVALUEOFACOMPANYTOBEGIN,SEVERALMYTHSTHATABOUNDINTHEMARKETAREFOLLOWEDBYSOMEVALUATIONCONCEPTSIFONEWASTOASKSEVERALTOPEXECUTIVESHOWVALUEWASDETERMINEDANDSHAREPRICESSET,THEREM
22、AYBEANSWERSUSINGTHECOMBINATIONOFSEVERALFINANCIALPERFORMANCEFACTORSSUCHASEARNINGS,GROWTHRATES,RETURNSBOOKVALUES,CASHFLOWS,DIVIDENDS,ANDTRADINGVOLUMESWITHTHISWIDEVARIETYOFANSWERS,ITISEASYTOUNDERSTANDTHECONFUSIONMANYTOPMANAGERSHAVEINDETERMININGWHATINVESTORSWANTTHEREFORE,THEYCANNOTREALISTICALLYMAKEWISEB
23、USINESSDECISIONSTHATWILLMAXIMIZESHAREHOLDERWEALTHTHEULTIMATEGOALINBUSINESSSTEWART,1991IN1993,FORTUNEMAGAZINENAMEDEVA“THEREALKEYTOCREATINGWEALTH”INITSCOVERARTICLESTEWART,2002AEARNINGSOREARNINGSPERSHAREONEAREAOFCONTROVERSYISDETERMININGWHETHEREARNINGSORCASHFLOWSDETERMINESTOCKPRICESTOCALCULATESHAREPRICE
24、S,ONEMAYUSEEARNINGSPERSHAREEPSANDTHEPRICE/EARNINGSMULTIPLEP/ETHISMETHODISPARTICULARLYAPPEALINGBECAUSEITISSOSIMPLEHOWEVER,ITISTHEVERYSIMPLICITYTHATMAKESITANUNRELIABLEMEASUREOFVALUETHEACCOUNTINGMODELASSERTSTHATWALLSTREETDETERMINESSHAREPRICESBYMULTIPLYINGEPSBYANAPPROPRIATEP/EIFTHISWERETHECASE,ACOMPANYW
25、ITHEPSOF050ANDAP/EOF5,WOULDSELLAT250THEMAJORFAULTWITHTHISMETHODISTHATITASSUMESTHATTHEP/EREMAINSSTATICINREALITY,P/ECHANGESFREQUENTLYWITHACQUISITIONS,NEWINVESTMENTOPPORTUNITIES,ANDWITHCHANGESINFINANCIALSTRUCTUREANDACCOUNTINGPOLICIESTHEREFORE,EPSDONOTPROVIDEARELIABLEMEASUREOFVALUEINCONTRAST,THEECONOMIC
26、MODELASSUMESSHAREPRICESARETHERESULTOFEVALUATIONSOFFUTURECASHFLOWSANDTHERISKOFTHECASHRECEIPTSOFABUSINESSBYSOPHISTICATEDINVESTORSINMANYFIRMS,CASHFLOWANDEARNINGSRISEANDFALLSIMULTANEOUSLY,SOITISDIFFICULTTODETERMINEWHICHFACTORISTHEPRIMARYCAUSEFORTHERESULTINGSTOCKPRICESTUDIESHAVEBEENCONDUCTEDTOFINDTHEEVEN
27、TS,WHICHCAUSECASHFLOWANDEARNINGSTODEPARTINAPARTICULARCOMPANYTHESESTUDIESCONCLUDETHATFUTURECASHFLOWSAREMOREIMPORTANTINTHECALCULATIONOFSHAREPRICESTHANEARNINGSINVESTORSCAREMOREABOUTCASHTHANACOMPANYSREPORTEDEARNINGSMANYCOMPANIESINFLATETHEIRSALESTOSHOWHIGHEREARNINGSFORTHEBENEFITOFTHEINVESTORIFANINVESTORI
28、STOINVESTWISELY,HEWILLIGNORETHEEARNINGSANDLOOKATTHECOMPANYSFUTURECASHFLOWSTOBEPRODUCEDDURINGTHEBUSINESSEXISTENCEECONOMICMODELVSACCOUNTINGMODELTHEMOSTIMPORTANTDIFFERENCEBETWEENTHETWOMODELSISTHATTHEACCOUNTINGMODELRELIESONTHEBALANCESHEETANDINCOMESTATEMENTWHILETHEECONOMICMODELRELIESONUSESOFCASHANDITSSOU
29、RCETHISBECOMESSIGNIFICANTWHENACOMPANYCHOOSESFROMAVARIETYOFACCOUNTINGMETHODSUSINGTHEACCOUNTINGMODEL,ITMAKESABIGDIFFERENCEWHETHERACASHOUTLAYISEXPENSEDONTHEINCOMESTATEMENTORCAPITALIZEDONTHEBALANCESHEETBECAUSEEARNINGSARETHEDRIVINGFORCEUSINGTHEECONOMICMODEL,ITONLYMATTERSWHERETHECASHOUTLAYISRECORDEDWHENIT
30、AFFECTSTAXESULTIMATELY,EARNINGSAREAFFECTEDBYTHEACCOUNTINGPROCEDURESACOMPANYUSES,SUCHASCHOOSINGANINVENTORYCOSTINGMETHOD,AMORTIZINGGOODWILL,ACCOUNTINGFORRESEARCHANDDEVELOPMENT,ANDDETERMININGBOOKVALUEACCOUNTINGMETHODLIFOVSFIFOCOMPANIESMUSTCHOOSEANINVENTORYCOSTINGMETHOD,WHETHERITISLASTIN,FIRSTOUTLIFOORF
31、IRSTIN,FIRSTOUTFIFOEACHMETHODPRODUCESADIFFERENTOUTCOMEDURINGTIMESOFRISINGPRICES,ASHIFTFROMFIFOTOLIFOWILLREDUCEACOMPANYSEARNINGSWHILEALLOWINGTHEACCUMULATIONOFMORECASHTHISHAPPENSBECAUSETHENEWESTANDMOSTEXPENSIVEINVENTORYISEXPENSEDFIRSTTHISALLOWSFORATAXSAVINGS,WHICHINCREASESTHEAMOUNTCASHREMAININGSHYAMSU
32、NDERCONDUCTEDASTUDYTHATREVEALEDSHAREPRICESINCREASED5THEVERYDAYACOMPANYANNOUNCEDITSINTENTTOCHANGEFROMFIFOTOLIFOFURTHERRESEARCHWASCONDUCTEDWHICHFOUNDTHATSHAREPRICEGROWTHISDIRECTLYPROPORTIONATETOTHEPRESENTVALUEPVOFTHETAXSAVINGSTHATWOULDRESULTFROMIMPLEMENTINGTHECHANGEAMORTIZATIONOFGOODWILLTHEWAYACOMPANY
33、AMORTIZESGOODWILLALSOHASANIMPACTONEARNINGSUSINGTHEPURCHASEMETHODTOACCOUNTFORANACQUISITION,THEBUYERAMORTIZESANYAMOUNTPAIDFORTHEASSETINEXCESSOFTHEFAIRMARKETINTHEACCOUNTINGMODEL,THISMATTERSBECAUSEITREDUCESEARNINGS,BUTITDOESNOTMATTERUSINGTHEECONOMICMODELBECAUSETHEAMORTIZATIONOFGOODWILLHASNOEFFECTONCASHB
34、ECAUSEITISANONTAXDEDUCTIBLE,NONCASHEXPENSEANOTHERMETHODISPOOLINGOFINTERESTSACCOUNTINGINWHICHBUYERSAREABLETOADDTHEBOOKVALUEBVOFANASSETTHEYACQUIREDIRECTLYTOTHEIROWNBVWITHOUTHAVINGTORECORDORAMORTIZEANYGOODWILLTHISMAKESROEANDREPORTEDEARNINGSHIGHERINCOMPARISONTOUSINGTHEPURCHASEACCOUNTINGMETHODPOOLINGTRAN
35、SACTIONSOFTENARERULEDOUTBECAUSEEITHERTHESELLERWILLONLYACCEPTCASH,ORTHEBUYERISNOTWILLINGTOISSUETHEEQUITYMANYPROFITABLETRANSACTIONSARENOTPURSUEDBECAUSETHEYMUSTBERECORDEDUNDERTHEPURCHASEACCOUNTINGMETHODNUMEROUSSTUDIESHAVEBEENCONDUCTEDTODETERMINEIFTHEREISADIFFERENCEINTHESTOCKPRICEOFCOMPANIESTHATMAKEACQU
36、ISITIONSUSINGTHEPURCHASEORPOOLINGMETHODONESUCHSTUDYPERFORMEDBYHAIHONG,GERSHONMANDELKER,ANDROBERTKAPLANDETERMINEDTHATACCOUNTINGENTRIESTHATDONOTHAVEANEFFECTONCASHDONOTAFFECTTHEVALUEOFTHECOMPANYTHEYSAMPLEDALARGENUMBEROFCOMPANIESINTHE1960STHATMADEACQUISITIONSUSINGBOTHMETHODSIFINCREASEDEARNINGSDIDAFFECTV
37、ALUE,ONEWOULDEXPECTTHESTOCKPRICESOFCOMPANIESUSINGTHEPURCHASEMETHODTOUNDERPERFORMINRELATIONTOCOMPANIESUSINGTHEPOOLINGMETHODHOWEVER,NOSIGNIFICANTDIFFERENCEWASFOUNDTHEREFORE,THEACCOUNTINGMETHODFORRECORDINGTHETRANSACTIONHASNOIMPACTONVALUERATHER,ITISAMOUNTOFCASHSPENTTOMAKETHEDEALHAPPENRELATIVETOTHEEXPECT
38、EDFUTURECASHFLOWTHATMAKESTHEDIFFERENCEEARNINGSREFLECTACOMPANYSSHAREPRICEBYTHESAMEDEGREETHATEARNINGSREFLECTCASHACCOUNTINGFORRESEARCHANDDEVELOPMENTANOTHERPROBLEMARISESINCOMPANIESTHATSPENDASIGNIFICANTAMOUNTONRESEARCHANDDEVELOPMENTRDISMOSTOFTENANEXPENSEFORCOMPANIESTOHANDLERDPROPERLY,ITSHOULDFIRSTBECAPIT
39、ALIZEDONTOTHEBALANCESHEETANDTHENAMORTIZEDAGAINSTEARNINGSDURINGTHETIMEINWHICHTHEPROJECTEDPAYOFFFROMITSSUCCESSFULRDEFFORTSWILLTAKEPLACENOTALLRDOUTLAYSPRODUCEVALUE,BUTTHEYAREEXPECTEDTO,ANDSOTHEYSHOULDBECAPITALIZEDANDAMORTIZEDWHENCOMPANIESHEAVYINRDAREACQUIRED,THEPURCHASERISABLETORECORDTHERDASGOODWILL,HO
40、WEVERTHESELLERWASALREADYFORCEDTORECORDTHESAMERDASANEXPENSEACCORDINGTOACCOUNTANTS,RDISNOTANASSETWHENITISDEVELOPEDWITHINACOMPANY,BUTITISANASSETWHENITISPURCHASEDACOMMONOBJECTIONTOTHECAPITALIZATIONOFRDISTHATITMAYLEAVEANASSETRECORDEDLONGERTHANITRETAINSITSVALUESUCCESSFULEFFORTSACCOUNTINGWOULDELIMINATETHIS
41、,BUTWOULDLEADTOTHEOVERSTATEMENTOFFUTURERATESOFRETURN,TEMPTINGSOMEMANAGERSTOINVESTMORETHANTHEYSHOULDINPROJECTSTHATARENOTPROFITABLESUCCESSFULEFFORTSACCOUNTINGCAPITALIZESONLYTHECOSTSOFRDASSOCIATEDWITHSUCCESSFULRESEARCHTHATWILLBENEFITTHECOMPANYMONETARILYALLUNSUCCESSFULEFFORTSAREEXPENSEDIMMEDIATELYFULLCO
42、STACCOUNTING,ONTHEOTHERHAND,CAPITALIZESALLCOSTSONTOTHEBALANCESHEETANDAMORTIZESTHEMDURINGTHETIMEOFSUCCESSFULRESULTSSOURCEMICHAELHOULE,2008“ECONOMICVALUEADDED”HONORSPROGRAMLIBERTYUNIVERSITY,PP818译文经济增加值EVA的成就斯坦斯图尔特（2002B）收集的数据表明用EVA指标评价公司绩效能使他们的绩效优于其竞争对手。将斯坦斯图尔特的EVA体系用于绩效管理、价值规划和激励机制，公司可以获取高额的回报。20世纪9
43、0年代以来，这些公司在采用EVA指标的前五年，每年平均比他们的对手多创造了83的财富。提高的营业毛利，完善的现金流和更快的资产周转率是提高股票市场效益的催化剂，它们使这些公司的股东财产比其竞争者增加了116亿。图1描述了从2000年3月24日到2002年6月30日运用EVA指标的公司绩效，这一时期经济发展缓慢，股票市场总的来说情况较差。在这一期间，使用斯坦斯图尔特理论的公司以698的涨幅击败了标准普尔500指数，并且总共获得了365的回报。公司利用EVA作为绩效评价的指标和工具来决定经营报酬，公司的绩效就会变得更好。那些只用EVA进行绩效评价的公司并不能获得令人称赞的结果。（斯图尔特，2002
44、B）。33318520258040020000200400600800标准普尔500指数同类指标EVA绩效评价EVA激励机制图1来自最高市场的最高总回报2000年3月24日2002年6月30日（斯图尔特，2002B,1）图2描述了1997年7月1日至2002年6月30日这五年的相同研究的调查结果。该研究结果正如预期的那样，将EVA用于奖金制度使得股东价值高于平均增长价值。33318520258040020000200400600800标准普尔500指数同类指标EVA绩效评价EVA激励机制图25年总回报1997年7月1日2002年6月30日（斯图尔特，2002B,2）正如前面的数据表明，当“EV
45、A用于一个强有力的红利计划时，它能产生最好的功效，它刺激了所有者的动机并且直接与经营者和员工的利益相关”（斯图尔特，2002B,1）。EVA的完全使用者公司采用EVA作为经营和激励机制的基础广泛地用于各个部门，从从事零售行业的公司例如每年拥有超过210亿销售额的百斯顿集团到每年仅3300万销售额的布兰得利药业。虽然不是全部的名单，表2中的公司只是充分采用EVA的公司的一小部分代表。不管是哪个部门，几乎三分之一的公司都有一个共同点每年的回报都远远超过他们的同行（斯图尔特，2002B）。表2充分采用EVA的公司1977216164500100200300400500600700标准普尔500指数同
46、类指标EVA绩效评价EVA激励机制1997年7月1日采用EVA的公司的年回报率。EVAVS其他财务绩效指标赞成使用EVA作为绩效评价指标的人认为它优于其他绩效评价指标有以下四个原因它更接近企业单位真实的现金流；它容易被计算和理解；它与企业的市场价值有更高的相关性；并且它与企业经营股东收益的目标联系在一起。EVA优于常见的绩效评价指标例如投资利润率、净资产收益率和资产收益率，因为这些指标是基于会计指标之上的。使用公认的会计原则，资产负债表中的资产在基于历史成本被使用的同时，除折旧之外，营业收入和支出被认为既不是现值的利润也不是费用。由于计算资产价值的不精确性，回报率不能准确地决定在既定投资下的实
47、际收益。同样地，回报率总是低于前几年而高于后几年。然而，假如混合资产的价值接近于现在的资产价值，当资产的价值远低于现在的价值时就显得不那么重要了。大多数公司很少有必要的资产组合来确保会计计量的准确性，因此，他们不可能被看作公司绩效的真正标志。每股收益和现金流在短期内毫无意义用EVA指标去经营企业，必须事先忽略其他决定公司价值的变量。这对于认识EVA指标的全要素生产力是极度重要的。因此，为了EVA能成功地被应用，它必须取代其他的财务指标例如每股收益。在这种情况下，曾经被人为是最重要的其他财务指标将被闲置在一边。增加每股收益是许多公司执行者的思想和随后行动的前提。然而，这种思考的方法，使得企业主管
48、为了认为地增加每股利润而做出不能使公司利益最大化的正确决定。事实上，一些公司的破产就是由于提高了对EPS的重视度，将其作为最主要的财务指标。不管现金流有多么重要，它并不是一种不好的短期性能指标。因为经营者将资金投到有回报的项目上，尽管公司的总体价值在增加，现金流的即时效应也将是负面的。因此，当我们考虑到企业日后的发展时，现金流又恢复了它的重要地位。杠杆作用的适当运用在利用EVA方法为企业创造价值时，财务重组成为了一个关键问题。在财务重组中，一个非常重要的方面是适当地利用负债或使用杠杆。虽然可能看上去与一般的观念相抵触，但是提高公司的杠杆效率确实有着一些令人满意的效果它节约了税收，消除了费生产性
49、再投资剩余现金流的风险，使得紧急状况能够得到很好的处理，并且推动表现不佳或不相关企业或资产的销售。最后，存在着一些可能对公司价值产生积极作用的财务重组的方法，例如发放股息和公开发行证券，但必须被慎重考虑，因为使用这些方法存在着相关的费用。会计科目的调整尽管EVA是一个相当简单的概念，并且计算公式并不复杂，但作为会计指标中计算代理经济成本的调整数，它总是使计算变得令人不解和困难。这些调整数的目的在于资金的评估更接近于现值，包括被会计当作期间费用的所有投资（例如产品等的研究与开发），使用EVA使得更接近公司的真实现金流。大约有160个会计科目调整数被推荐为产生真实的EVA评估。而且大多数的公司没有需要调整的数据种类。即使它们有，外部人士通常也无法获得。他们通常不为外部人士所知。在这种情况下，业内人士有权接近信息，他们在大部分情况下，必会雇佣咨询顾问进行计算。由于这些额外的费用，斯图尔特建议如果了解到资金的重要性，使得经营者可以影响到被调整科目的结果，信息可以轻而易举地被得到，并且非财务专业人士也能理解那些数据，就应该更正基于一般公认会计原则下的会计学的不足。通过这些条款，160项调整科目被缩减至15项。生产力和价值的关系EVA作为一个提升企业生产力的概念可以应用于企业界。公司的生产力可以通过为股东创造的财富来测量。对于一个公司来说，要提升它的价值，必须在很长一段时间里使
