經濟增加值—普通透視【外文翻譯】_第1頁
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1、本科畢業(yè)論文（設計）外文翻譯原文：原文：EconomicvalueaddedageneralperspectiveThispaperexplainstheconceptofEconomicValueAdded(EVA)thatisgainingpopularityinIndia.ThepaperexamineswhetherEVAisasuperiperfmancemeasurebothfcpatereptingfinternalgov

2、ernance.ItreliedonempiricalstudiesinU.S.A.otheradvanceeconomies.ItconcludedthatthoughEVAdoesnotprovideadditionalinfmationtoinvestsitcanbeadaptedasacpatephilosophyfmotivatingeducatingemployeestodifferentiatebetweenvaluecr

3、eatingvaluedestructingactivities.Thiswouldleadtodirectallefftsincreatingshareholdervalue.ThepaperbringstoattentionthedangeroustrendofreptingEVAcasuallythatmightmisleadinvests.ECONOMICVALUEADDED–theconceptEVAisthemostmisu

4、nderstoodtermamongthepractitionersofcpatefinance.TheproponentsofEVAarepresentingitasthewonderdrugofthemillenniuminovercomingallcpateillsatonestrokeultimatelyhelpinincreasingthewealthoftheshareholderwhichissynonymouswitht

5、hemaximizationofthefirmvalue.TheattractivenessoftheEVAliesinitsuseofcashflowcostofcapitalthataredeterminantofthevalueofthefirm.IntheprocessEVAisbeingbiedaboutwithutmostimpunitybyallsundrywhichincludesthepopularpress.Thea

6、cademicwldinitsturnhascomeupwithvariousempiricalstudieswhicheithersupptsthesuperiityofEVAquestionstheclaimofitsproponents.Currentlytheempiricalevidenceissplitalmosthalfway.EVAisnothingbutanewversionoftheageoldresidualinc

7、omeconceptrecognizedbyeconomistssincethe1770s.BothEVA‘residualincome’conceptsarebasedontheprinciplethatafirmcreateswealthfitsownersonlyifitgeneratesprovidingincentivestomanagerstocreatevalue.Bothareinterdependenttheycomp

8、lementeachother.TherefethispaperexaminestheEVAconceptfromtwoperspectivesEVAasaperfmancemeasureEVAasacpatephilosophy.WeshallexamineEVAasaperfmancemeasuretoassesswhetheritconveysanyadditionalinfmationtoinvestsoverconventio

9、nalperfmancemeasures.InotherwdswhetherinfmationonEVAleadstobetterdecisionbyinvests.ExaminingEVAasacpatephilosophyweintendtolookattheefficacyofEVAwhenimplementedateverylevelofmanagerialdecisionmakingprocesstoencouragemana

10、gerstodeployresourcesonlyonvalueenhancingactivitiestoaligntheinterestsofshareholderswithmanagers.ThisinvolvestwothingsoneislinkingmanagerialcompensationpackagewithEVAsecondistoinculcatethecultureofevaluatingeveryactionfr

11、omtheviewpointthatitshouldgenerateEVA.Theultimateoutcomeshouldbeenhancementinthefirmvaluemeasuredbythecapitalmarket.WhenEVAisusedasamanagementphilosophyitresultsintheenhancementofproductivitybycontinuouslyfocusingonretur

12、nvisviscostofcapital.HoweverasmarketdiscountsexpectedlongtermperfmanceofthefirmanycompensationthatmotivatesenhancementofshttermEVAmaynotmaximizethefirmvalue.HoweverwithEVAculturethefirmasawholefocusesontheeconomicsurplus

13、thatdefinitelyimprovesvalueenhancementprocess.OfcoursethiscanbeachievedevenbyimplementingtheotherpracticesbutthesimplicityofEVAincommunicatingtheveryfundamentalprinciplethatgenerationofsurplusovercostofcapitalcanonlyenha

14、ncethefirmvaluemakesitamanagementtechniquesuperitootherplanningcontroltechniques.Weshallexaminetheappropriatenessofthisperception.EVAASAPERFMANCEMEASUREProponentsofEVAarguethatEVAisasuperimeasureascomparedtootherperfmanc

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