經(jīng)濟增加值的基本原理

1、原文：FoundationsofeconomicvalueaddedTheEVARevolutionInamarket-driveneconomymanycompanieswillcreatewealth.Otherfirmshoweverwillundoubtedlydestroyit.Discoveringthoseeconomicfactorsthatleadtowealthcreationanddestructionamongcompaniesisimportanttomanyconstituencies,nottheleastofwhichiscorporateofficialsan

2、dinvestmentmanagers.Forcorporatemanagers,wealthcreationisfundamentaltotheeconomicsurvivalofthefirm.Managersthatfail(orrefuse)toseetheimportanceofthisimperativeinanopeneconomydosoattheperiloftheorganizationandtheircareer.Findingthe“best”companiesandindustriesinmarketplaceisofprimaryimportancetoinvest

3、mentmanagers.Withtheproperfinancialtools,portfoliomanagersmaybeabletoenhancetheiractiveperformanceover-and-abovethereturnsavailableonsimilarriskindexedpassivestrategies.AnewanalyticaltoolcalledEVAisnowassistingthiswealth-discoveryandcompany-selectionprocess.Theinnovativechangesthatthisfinancialmetri

4、chavespawnedinthetwinareasofcorporatefinanceandinvestmentmanagementisthedrivingforcebehindwhatcanbeformerlycalledthe“EVArevolution”.EVAinpracticeTheanalyticaltoolcalledEVA,forEconomicValueAdded,wascommerciallydevelopedin1982bythecorporateadvisoryteamofJoelSternandGBennettStewartm.Thisfinancialmeticg

5、ainedearlyacceptancefromthecorporatecommunitybecauseofitsinnovativewayoflookingatthefirmsrealprofitability,unliketraditionalmeasuresofprofitsuchasEBIT,EBITDA,andnetoperatingincomeEVAlooksatthefirm“srseidualprofitability”,netofboththedirectcostofdebtcapitalandtheindirectcostofequitycapital.Inthisway,

6、EVAservesasamodern-daymeasureofcorporatesuccessbecauseitiscloselyalignedwiththeshareholderwealth-maximizationrequirement.LargefirmslikeCocaCoca,Diagea,Lilly(Eli),Guidant,andSPXhaveusedEVAasaguidetocreatingeconomicvaluefortheirshareholders.Bonusesandincentivepayschemesatthesefrimshavebeenbuiltaroundt

7、hemanagersability(orlackthereof)togeneratepositiveEVAwithinthefirmsoperatingdivi.sPioonssitivepaymentsaccruetomanagershavingdivisionaloperatingprofitsthatonbalanceexceedtherelevant“costofcapital”,whilenegativeincentivepaymentsmayoccurifthelarger-termdivisionaloperatingprofitsfallshortoftheoverallcap

8、italcosts.Thus,byaaccountingforboththecostofdebtandequitycapital,EVAgivesmanagerstheincentivetoactlikeshareholderswhenmakingcorporateinvestmentdecisions.EVAisalsogainingpopularityintheinvestmentcommunity.TheJune1996conferenceon“EconomicValueAdded”atCSFirstBostonandthe“rollout”ofGoldmanSachsEVAresear

9、chplatforminMay1997istestimonytothisexcitingdevelopment.Indeed,“buyside”investmentfirmslikeGlobalAssetManagementandOppenheimerCapitaluseEVAintheirstockselection,portfolioconstruction,andriskcontrolprocesses.Otherlargeinvestmentfirmsaretakingaseriouslook,andEVAisalsomakingmeaningfulinroadsinworldofgl

10、obalperformanceanalytics.Moreover,recentempiricalstudiesintheJournalPortfolioManagement(amongotherfinanceandinvestmentjournals)showsthatEVAisbeingadvancedinboththeacademicandfinancialcommunities.EvolutionofEVATheevolutionofeconomicprofiteconomicvalueadded(EVA)isafascinatingstudywithhistoricalrootsth

11、atcanbetracedbacktotheclassicaleconomistnsotionof“residualincome.”Foinrstance,considerthedefinitionofeconomicprofitmadein1890byfamousBritisheconomist,AlfredMarshall,regradingtherealmeaningofabusinessowner“Whastrpermofaiti:nsofhisprofitsafterdeductinginterestonhiscapitalatthecurrentratemaybecalledhis

12、earningsofundertakingormanagement”.BasedonMarshallstsatement,itisevidentthattheeconomistsdefinitionofprofitnamely,aresidualviewofincomeoreconomicprofitisradicallydifferentfromtheaccountingmeasuresofprofitinusetoday,suchasEBIT,EBITDA,ornetoperatingincome.Thisis,akeydistinctionbetweeneconomicprofitand

13、accountingprofitliesintheclassicaleconomistsnotionthatacompanyisnottrulyprofitableunlessitsrevenuehavecoveredtheusualproductionandoperatingexpensesofrunningabusiness,andprovidedanormalreturnontheownersinvestedcapital.Inamorefundamentalsense,thisresidualviewofincomeisreallywhattodayseconomicprofitmov

14、ementisreallyallabout.WhileEVAisrootedinclassicaleconomictheory,threepioneering20thcenturyAmericaneconomistsIrvingFisherduringthe1930s,andNobelLaureatesFrancoModiglianiandMertonMillerinthelate1950stoearly1960sexpandeduponthefullermeaningofeconomicprofitinacorporatevaluationcontext.IrvingFisherestabl

15、ishedafundamentallinkbetweenacompanynetspresentvalue(NPV)anditsdiscountedstreamofexpectedcashflows.Inturn,ModiglianiandMillershowedthatcorporateinvestmentdecisionsasmanifestinpositiveNPVdecisionsaretheprimarydriverofafirmsenterprisevalueandstocaksporipceposedtothefirmscapitalstructuremixofdebtandequ

16、itysecurities.Basically,thetheoryofeconomicvalueaddedrestsontwoprincipleassertions:(1)acompanyisnottrulyprofitableunlessitearnsareturnoninvestedcapitalthatexceedstheopportunitycostofcapitaland(2)thatwealthiscreatedwhenafirmsmanagersmakepositiveNPVinvestmentsdecisionsfortheshareholders.Whatexpandonth

17、eseEVAtenetsofwealthcreationaswemoveforwardinthisbook.Fornow,LetslookatoperationaldefinitionsEofVAthathaveshapedthecurrenteconomicprofitmovementaswellasintroducethelinkbetweenacompanyseconomicprofitanditsmarketvalueadded.OperationalDefinitionsofEVATherearetwopopularoroperational,waysofdefiningEVAnam

18、ely,an“accountingwa”yanda“financ.Fero”manaccountingperspective,EVAisdefinedasthedifferencebetweenthefirmnsetoperatingprofitaftertax(NOPAT)anditsweighted-averagedollarcostofcapital.Asaresult,EVAdiffersfromtraditionalaccountingmeasuresofcorporateprofitincluding,EBIT(earningsbeforeinterestandtaxes),EBI

19、TDA(EBTTplusdepreciationandamortization),netincome,andevenNOPATbecauseitfullyaccountsforthefirmsoverallc.aTphiitsalacnoaslytsticaldifferenceisimportanttothefirmnersbecsauoswetheEVAmeticisnetofboththedirectcostofdebtcapitalandtheindirectcostofequitycapitalasreflectedtheshareholdersrequiredreturnoncom

20、monstock.Inthiscontext,EVAcanbeexpressedinmoregeneraltermsas:EVA=NOPAT-$CostofCapitalInthisexpression,thefirmsdollarcostofcapitaliscalculatedbymultiplyingthepercentagecostofcapitalbytheamountofinvestedcapitalaccordingto:$CostofCapital=%CostofCapital/100*CapitalInturn,thepercentagecostofcapitalisobta

21、inedbytakinga“weightedavofthefirms-tafxtecrostofdebtandequitycapitalasshownby:%CostofCapital=Debtweight*%After-taxdebtcost+Equityweight*%CostofequityEVA:TheFinanceInterpretationFromafinanceperspective,EVAisdefinedintermsofhowitrelatestothefirms“marketvalueadded.”InthisMcVonAte(oxtr,NPV)isequaltothep

22、resentvalueofthefirmsexpectedfutureEVA.Additionally,sinceMVAisequaltothemarketvalueofthefirmlessthe“bookcapital”employedinthebusiness,itcaneasilbeshownthatEVAisrelatedtotheintrinsicvalueofthefirmanditsoutstandingdebtandequitysecurities.Statingtheseconceptsinmoreformaltermsyieldsthefamiliarvalue-base

23、drelationshipbetweenthefirms“.marketvalueMVAandEVA:GrowthConsiderationsThebasicEVAandMVAlinkageoutlinedabovecanalsobeextendedtoamultiperiodframework.Withoutgettingintocomplicatedpricingdetailshere,onecanusea“constantgrowEthVAm”odeltoshowthepricingimportanceofboththefirmsnear-termEVAoutlookanditslong

24、-termEVAgrowthrateindeterminingoverallcorporate(orenterprise)valuation.Inthis“Gordo-nlike”model,therelationshipbetweenthefirmMsVAanditsEVAoutlookforthefutureisexpressedas:MVA=EVA(1)/(COC-gEVA)Inthisexpression,EVA(1)isthefirmcsurrentEVAoutlook(one-yearaheadforecast),gEVAisthefirmassessedlong-termEVAg

25、rowthrate,andCOCisthefamilialweightedcostofdebtandequitycapital.Theconstant-growthEVAmodelshowsthatthefirmsmarketvalueMaVdAd)ed(ispositivelyrelatedtoitsnear-termEVAoutlook,asmeasuredbyEVA(1),aswellasthefirmsassessed-tleornmgEVAgrowthrate,gEVA.Asshown,thefirmMVAsisalsonegativelyrelatedtoanyunanticipa

26、tedchangesintheweighed-averagecostof(debtandequity)capital,COC.However,inviewofmoderndaycapitalstructureprinciples(alaMiller-Modigliani),this“costofcapital”interpretationdoesnotimplythatthefirmscorporatedebtpolicyanhyasmeaningfulimpactonthevaluationofthefirmanditsoutstandingdebtandequityshares.PREVI

27、EWOFWEALTHCREATERSLetnsowtakeapreliminarylookattheMVAandEVArelationshipformajorU.S.wealthcreatorsanddestroyers.TheMVAandEVAcharacteristicsforfivelargeU.S.wealthcreatorsincludingGeneralElectric,CiscoSystems,MicrosoftCorporation,Wal-MartStores,andMerckforthe11-yearperiodcovering1990to2000areshowninExh

28、ibits1.2and1.3.TheselargecapitalizationcompanieswerelistedbySternStewart&Co.asthetop-fiveU.S.wealthcreators(basedonMVAranking)intheir2001PerformanceUniverse.Exhibit1.2showsthatwealthcreatorslikeGeneralElectric,CiscoSystems,andMerckhavesubstantiallypositiveMVAthatgrowsrapidlyovertime.Atyear-end2000,G

29、eneralElectricsnetpresentvaluewas$426,616million,iwschoileSCystemsandMerckwerereportingMVAvaluesof$272,131and$203,689million,respectively.Duringthe11-yearperiodspanning1990to2000,GeneralElectricsnetpresentvaluewasgrowingatacompoundyearlyrateofnearly34%.Moreover,overthe11-yearreportingperiod,CiscoMVA

30、wasactuallygrowingatanannualizedrateof86%,whileMerckwasreportingarespectableaverageMVAgrowthrateofabout21%.Exhibit1.2alsorevealsthattheMVAvaluesforthetop-fiveU.S.wealthcreatorsdeclinedmostlyfromyear-end1990to2000.Forexample,GeneralElectricMVAsdeclinedbyabout$45,000million(or$45billion)whileCiscoSyst

31、emsandWal-MarteachexperiencedMVAdeclinesofaround$76,000million.Indeed,MicrosoftMVAsdeclinedbyastaggering$412,000millionfrom$629,470to$217,235million-between1999and2000.AswithCiscoetal.,theMVAdeclineforMicrosoftwasdueinparttothegeneralslowdownineconomicactivityespeciallyinthetechnologyandtelecommunic

32、ationindustriesandthustheprecipitousdeclineintheU.Sstockmarketcommencinginthefirsthalfof2000.Additionally,MicrosoftssharpdeclineinMVAwasduetoseriouslegalchallengesfromcompetitorsarisingfromitsalleged“bundlingo”fsoftwarewiththeWindowsoperatingsystem.Exhibit1.3showsthesourceofthepositivenetpresentvalu

33、ebeinggeneratedbythefiveU.S.wealthcreatorsshowninExhibit1.2.Specifically,thisexhibitrevealsthatwealthcreatorslikeGeneralElectric,Microsoft,andMerckhavesubstantiallypositiveMVAbecausetheirEVAisbothpositiveandgrowingatasubstantialrateovertime.At$5,943million,GeneralElectricEVsA20is0n0otonlypositive,bu

34、titalsogrewby25%overthe1990-2000period.WithMVAandEVAgrowthratesinthe20-30%rangeduringthisdecade,thetwoexhibitssuggestthatGeneralElectricpresentvaluelargely“tracked”thediversifiedconglome-riastieng“ecosneovmeircvalueadded.”Likewise,Microsoft-yearEsVAtengrowthrate,at39%,seemstohaveprovidedthenecessary

35、fuelforitsabnormalMVAgrowthrate,at40%.Exhibit1.2MarketValueAdded:Top-FiveWealthCreatorsinPerformanceUniverse:1990-2000Exhibit1.3EconomicValueAdded:Top-FiveWealthCreatorsinPerformanceUniverse:1990-2000Exhibit1.3alsoshowsthatCiscoSystemshadtremendousgrowthinitsEVAupto1998.Duringthisperiod,thenetworkin

36、gfirmEVAgrewfromjust$9millionin1990to$775millionin1998.ThisrepresentsanastonishingEAgrowthrateof90%that,inturn,isjoinedwithCiscoMVAgrowthrateof100%.Ontheotherhand,CiscoEVApeakedat$775millionin1998,thendeclinedto$182millionin1999,andactuallyturnednegativein2000,at-$365million.Interestingly,Ciscowasap

37、parentlyovervaluedin1999asitsMVApeakedat$348,442duringthatyearinthepresenceofitsfallingEVA.CiscocontinueditsMVAdeclinein2000withthemajorselloffintechnologystockstoendtheyearat$272,131million.Thus,takentogether,theMVAandEVArelationshipsshowninExhibits1.2and1.3arenotonlybeneficialindescribingthefinanc

38、ialcharacteristicsofwealthcreators,butexhibitslikethesecanbeusedtoassistinthediscoveryofmispricedsecurities.Source:JamesLawrenceGrant,2002“Foundationsofeconomicvalueadded”.Wiley.pp.1-10.二、翻譯文章譯文：經(jīng)濟增加值的基本原理EVA革命在市場經(jīng)濟下，許多公司都會創(chuàng)造財富。然而，毫無疑問的是另一些企業(yè)出現(xiàn)了虧損。所以，發(fā)現(xiàn)那些導致財富增加和損失的經(jīng)濟因素對于相關(guān)人員，不只是對于法人代表和投資經(jīng)理人來說，都是十分重要

39、的。對于經(jīng)營者來說，財富的創(chuàng)造是企業(yè)得以幸存的經(jīng)濟基礎，而一些經(jīng)營者不接受（或拒絕）承認在開放經(jīng)濟下這一原則的重要性對于組織機構(gòu)和事業(yè)是十分危險的。對于投資者來說，在市場上尋找“最好”的公司和產(chǎn)業(yè)是頭等重要的事。利用適當?shù)呢攧展ぞ?，投資組合經(jīng)理可能提高他們的營運能力，使得在引入相同風險的被動策略的情況下，其回報高于有效回報?，F(xiàn)在，有一種叫做EVA的新的分析工具正在幫助企業(yè)發(fā)現(xiàn)財富。這一創(chuàng)新的改革使得這種財務指標被引入公司理財和投資管理這兩個領域，這就推動了我們原來所謂的“EVA革命”的產(chǎn)生。EVA在實踐中的應用這種被叫做EVA的分析工具，即經(jīng)濟增加值，在1982年被由JoelStern和GBe

40、nnettStewartID組成的公司咨詢團隊提出，并在商業(yè)上得到發(fā)展。因為這種財務指標以一種創(chuàng)新的方式看待企業(yè)的真正利益，所以它在早期就被社會團體所接受。不像傳統(tǒng)的利潤度量標準，例如EBIT、EBITDA和營業(yè)凈利EVA著眼于公司扣除了債務資本的直接成本和權(quán)益資本的間接成本之后的“剩余收益”，就這樣，因為EVA與股東財富最大化的要求保持一致，它成了當代衡量企業(yè)成功的指標。一些像CocaCoca,Diagea,Lilly（Eli）,Guidant和SPX那樣的大公司已經(jīng)將EVA作為了為股東創(chuàng)造經(jīng)濟價值的一個指標。在這些公司里，獎金和工資的激勵機制迎合了管理者的能力（或缺乏能力），使得公司的經(jīng)營

41、部門形成正向的經(jīng)濟增加值。積極地薪酬管理歸功于經(jīng)營者擁有區(qū)域性的經(jīng)營利潤，該利潤總的來說超過了有關(guān)的“資本成本”，然而，消極的獎金可能引起長期的各地區(qū)的經(jīng)營利潤低于全部的資本成本。因此，通過對負債成本和權(quán)益資本進行計算，EVA給了經(jīng)營者一個能像股東一樣做出公司的投資決策的機會。EVA在投資團體中也很受歡迎。1996年6月在第一波士頓召開的“經(jīng)濟附加值”會議和1997年5月高盛投資公司關(guān)于EVA研究的講座證明了這一人可喜的發(fā)展。的確，一些華爾街的慈善機構(gòu)例如環(huán)球資產(chǎn)管理公司和奧本海默資本公司將EVA用于選股、投資組合構(gòu)建和風險控制程序。另外一些大的投資公司開始進行認真的研究，并且指出EVA對于全

42、球績效分析有著重要的意義。此外，近期在投資組合管理雜志（在財經(jīng)和投資期刊中較有名）上的實證研究表明了EVA在學術(shù)界和財經(jīng)界的進步。EVA的進化論經(jīng)濟利潤的演變經(jīng)濟增加值（EVA）是一項擁有歷史根源的、令人著迷的研究，它可以追溯到古典經(jīng)濟學家關(guān)于“剩余收益”的概念。例如，考慮到1890年，英國著名的經(jīng)濟學家AlfredMarshall提出的經(jīng)濟利益的概念，他重新定義了企業(yè)所有者獲得的利潤的真正含義：“剩余的收入扣除在當期利率下資本的利息才是他經(jīng)營管理所得的收入?！币訫ashall的理論為基礎，顯然，經(jīng)濟學家對于利潤的定義換句話說，收入或經(jīng)濟利潤剩余價值的觀點與現(xiàn)在使用的會計計量利潤的方法在根本上

43、存在很大的差異，比如EBIT、EBITDA、或者營業(yè)凈利。這就是經(jīng)濟利潤和會計利潤之間最主要的差別，原因在于古典經(jīng)濟學家認為，除非公司的收益超過了經(jīng)營企業(yè)日常的生產(chǎn)和經(jīng)營費用，并且投資資金有一個正常的回報，否則公司并不是真正有利可圖的。在一個更基本的理論當中，這一剩余收益的觀點就是當今經(jīng)濟利潤的動向。當EVA的概念扎根于古典經(jīng)濟理論之上時，20世紀美國出現(xiàn)了三位思想先進的經(jīng)濟學家20世紀30年代的IrvingFisher,20世紀50年代末到60年代初的NobelLaureatesFrancoModigliani和MertonMiller對企業(yè)價值評估做了更深入的研究。IrvingFisher

44、建立了凈現(xiàn)值和預期現(xiàn)金流的貼現(xiàn)數(shù)據(jù)之間的基本聯(lián)系。相反的，Modigliani和Miller指出了公司的投資決策進進作為積極的NPV決策的證明進進是企業(yè)價值和股票價格的最重要的推動力進進由債務和有價證券組合而成的公司資本結(jié)構(gòu)截然相反。一般來說，經(jīng)濟增加值的理論基于兩個基本主張：（1）除非公司所獲得的投資回報超過了資金的機會成本，否則公司不能算是真正盈利。（2）財富是企業(yè)經(jīng)營者在為股東作了正確的NPV5資決策的時產(chǎn)生的。我們在這本書中增加了那些EVA財富創(chuàng)造的原則。如今，讓我們看一下EVA的經(jīng)驗定義，它形成了當前經(jīng)濟利潤的動向，同時也介紹了公司的經(jīng)濟利益和市場增加值之間的聯(lián)系。EVA的操作定義定

45、義EVA有兩種常用的操作方法進進也就是說，一種是會計方法，另一種是財務方法。從會計的角度來看，EVA與稅后凈利潤（NOPAT）和美元的加權(quán)平均資本的定義方法是不同的。因此，EVA不同于公司利潤的傳統(tǒng)會計計量，包括EBIT（息稅前利潤）、EBITDA（息稅前利潤加上折舊和攤銷）、凈利潤，甚至是稅后經(jīng)營業(yè)利潤，因為它占了公司全部的資本成本。這一分析上的不同對于公司所有者來說是非常重要的，因為EVA指標扣除了債務成本的直接成本和權(quán)益資本的間接成本進進因為它將股東的要求反映到了普通股上。在這種情形下,EVA可以被表達成更簡單的公式例如：經(jīng)濟增加值=稅后凈利潤-美元資本成本在這個表達式中,公司的美元資本

46、成本通過乘以資本成本所占的比例來計算，大量的投資資本根據(jù):美元資本成本=資本成本率/100*資本反過來,資本成本率的獲得是通過將公司稅后借貸成本“加權(quán)平均”，公式表示如下：資本成本率=債務權(quán)重*稅后債務成本率+股權(quán)權(quán)重*股權(quán)成本率EVA:財務解釋從財務角度定義,EVA被定義為怎樣與公司的“市場增加值”產(chǎn)生聯(lián)系的指標。在這種情況下，MVA（或NPV）等于公司預期未來EVA的現(xiàn)值。此外,由于MVA等于公司的市場價值少于商業(yè)上被雇傭的“賬面資本”，它可以輕而易舉地表明EVA與公司本質(zhì)的價值、未償付的債務和普通股的有價證券有關(guān)。在更正式的條款下說明這些概念產(chǎn)生了公司市場價值之間常見的以價值為基礎的關(guān)系

47、。EVA和MVA:增長的考慮基本的EVA和MVA的結(jié)合可以擴展到一個多階段的結(jié)構(gòu)。在這里且不談復雜的定價的細節(jié),你可以采用“恒量增長”的EVA模型來顯示雙方的定價對于公司近期EVA的展望和它的長期EVA增長率決定全體法人（或企業(yè)）價值的重要性。在這個“Gordon-like”模型下，公司的MVA和它的EVA之間的關(guān)系對未來的展望表現(xiàn)為：市場增加值=EVA（1）/（COC-gEVA）在這個表達式中,EVA（1）是對公司現(xiàn)在的EVA的展望（未來一年預測）,gEVA是公司對長期EVA增長率的評估，COC是加權(quán)債務和權(quán)益資本。恒量增長的EVA模型表明，公司的市場增加值（MVA）明確地說明了它對短期EVA的展望，通過測量EVA（1），同時，公司評估長期EVA的增長率，gEVA。如圖所示，公司的MVA與資本的加權(quán)平均成本（債務和權(quán)益）、COg任何未預料到的變化呈現(xiàn)負相關(guān)，然而,在現(xiàn)代資本結(jié)構(gòu)原理的觀點下（alaMillerM