經(jīng)濟(jì)附加值【外文翻譯】

1、<p><b>　　外文翻譯</b></p><p><b>　　原文</b></p><p>　　Economic Value Added</p><p>　　Material Source:Financial Strategies for the Manager Author:Jincheng

2、wang,Charles Priester</p><p>　　The use of EVA as a yardstick of a company's financial performance has been steadily increasing in recent years.It is probably true that currently (in 2007) the majority of

3、 financial analysts still focus mainly on the widely known DuPont ratios.That is,"the ability of assets to generate sales" (Trev/Assets) and "the ability of those sales to generate profits" (NIAT/Trev

4、) and "the degree that assets are financed with investors' funds" (Assets/Equity); and by combining those three ratios calculati</p><p>　　But, the use of EVA as a financial performance indicato

5、r is growing steadily.to put it in simple words, EVA measures a company's ability to obtain economic benefits that exceed the "rent" that such a company pays for the use of the owners and lenders resources

6、employed. EVA, therefore, is a powerful measure of managerial performance.</p><p>　　To understand the meaning of EVA it is useful to look at the Balance Sheet of a company in a new light.</p><p>

7、;　　From this NOPAT the company has to pay a Weighted Average Rent for the use of those two sources of funds (Liabilities and Equity). Let us call this weighted average rent percentage, the weighted average cost of capita

8、l or WACC%. Multiplying WACC% by the total amount of assets employed gives us the "dollar value of WACC" or WACC$.</p><p>　　To calculate EVA, we simply subtract from the NOPAT generated by the comp

9、any's Assets, the WACC$ (i.e.the dollar value of the weighted Average Cost of Capital) which the company owes lenders and investors for the use of their money. To state it symbolically:</p><p>　　EVA = NO

10、PAT – WACC$</p><p>　　Which can be written as:</p><p>　　EVA = (EBIY – TAX) – (WACC% × ASSETS)</p><p>　　From this equation we can immediately see that EVA levels are powerfully i

11、nfluenced by a company's ability to earn operating profits (EBIT), its taxation, its cost of funds, and the amount of Assets that the company employs.</p><p>　　It should be obvious that the better a comp

12、any is at maximizing its NOPAT and at minimizing its WACC$, the higher the company's EVA level will be and the more a company "justifies its economic existence" so to speak.Of course, one could also say tha

13、t when a company's NOPAT is less than its WACC$, the profits that the company's assets generate fail to reach the dollar rent that company pays for the use of those assets, with the result that the company causes

14、 economic value to disappear. Such a co</p><p>　　Of course, a company's EVA level tends to fluctuate from year to year. It is quite possible that unfavourable circumstances can produce low or even negati

15、ve EVA – value. But, sustained negative and/or low EVA value clearly signal the need for a re–examination of the company's direction, policies, operations, and goals. The goal of management should be to raise and/or

16、sustain high levels of EVA in a corporation over the long run.</p><p>　　Traditionally, in our attempt to maximize EVA, most attention has been paid to the left side of the Balance Sheet; i.e. Maximizing Asse

17、t Productivity and Asset Profitability with the goal of raising NOPAT = (EBIT – TAX).</p><p>　　But, the right side of the Balance Sheet should not be ignored. Remember that the dollar value of a company'

18、s cost of capital WACC$ is the product of the WACC% multiplied by the dollar value of the Asset Employed. It is important to note that, the WACC% is strongly influenced by a company's "Debt to Equity" mix.

19、To put it symbolically:</p><p>　　WACC% = (After Tax Cost of Debt × (Debt/Assets)) + (After Tax Cost of Equity × (Equity/Assets))</p><p>　　As you can see, those (Debt/Assets) and (Equit

20、y/Assets) Rations play an important role.</p><p>　　As stated earlier, the interest that a company pays on its corporate debit is a tax deductible expense. This makes the After – Tax Cost of Debt percentage s

21、ignificantly less than a company's before tax borrowing rate. In fact, a company's After Tax Cost of Debt% equals the (Before Tax Borrowing Rate%) × (1 – tax rate).</p><p>　　For example, a compa

22、ny that borrows money from a bank at 8% and pays a 40% Corporate Tax Rate has an After – Tax Cost of Debt of 8% × (1 – 40%) = 4.8%.However, when it comes to calculating a company's Cost of Equity, this favourabl

23、e tax treatment does Not apply. The dividends that investors receive for providing the company with Equity funds and which form part of the Cost of Equity, are not a tax deductible expense to the company paying those div

24、idends. Hence, in calculating the Cost of Equity%</p><p>　　In addition, given that the risk associated with providing Equity Capital is higher than that associated with providing Debt Capital, there is a sec

25、ond reason why a company's Cost of Equity% is significantly higher than its Cost of Debt%. In this book we shall use as a rough approximation the following relationship: it is assumed that the Cost of Equity% equals

26、the Before Tax Borrowing Rate plus 10%.</p><p>　　This rough approximation does not apply to large, publicly traded corporations.But, since this book's focus is on smaller companies the (before tax borrow

27、ing rate + 10%) as a rough estimate for the cost of common share capital is surprisingly realistic. These small firms face considerable discrimination in financial markets as they seek to raise capital and this rough app

28、roximation works surprisingly well.</p><p>　　For example, a company whose average before tax borrowing rate is 8% is assumed to have a Cost of Equity of 8% + 10% = 18%. More accurate methods of estimating co

29、st of Equity exists.</p><p>　　To demonstrate the powerful effect that a company's "Debt to Equity" mix has on its WACC%, let us use the following examples. Assume the following:</p><

30、p>　　Example 1.A company's average before tax borrowing rate is = 8%,</p><p>　　Its Corporate Tax Rate = 40%,</p><p>　　Therefore its Approx. Cost of Equity Capital = 8% +10% = 18%.</p>

31、;<p>　　Suppose this company's Debt to Equity mix is $4 million to $6 million.</p><p>　　First, we calculate the Cost of Debt Capital = 8% × (1 – 40%) = 4.8%.</p><p>　　Now, we calc

32、ulate the weighted average cost of capital percentage.</p><p>　　WACC% = [4.8%× Debt/Assets ($4/$10)] + [18%× EQ./Assets ($6/$10)]</p><p>　　12.72% = 1.92% + 10.8%</p><p>　　

33、Example 2.Let us now assume that the company's Debt to Equity mix is $6 M to $4</p><p><b>　　M</b></p><p>　　This WACC% = (4.8% × $6 M/$10 M) + (18% × $4 M/$10 M)</p&g

34、t;<p>　　10.08% = 2.88% + 7.2%</p><p>　　We can label debt as relatively cheap money and equity as expensive money.We see in examples #1 and #2 that the company can lower its WACC% quite significantly (

35、i.e. nearly 21% = (10.8/12.72) – 1 by using more cheaper debt financing and less expensive equity financing to finance its assets.</p><p>　　Of course, we should immediately note that in these two examples we

36、 assumed that the company's Borrowing Rate of 8% did not change when the company's reliance on debt financing increased. This is not necessarily true. Corporate Lenders, once a company's reliance on debt fina

37、ncing reaches the end of their comfort level, will often dramatically raise the Average Borrowing Rate of such a company. But, it is equally true that until the end of the lenders' comfort level has been reached, a c

38、ompany ca</p><p>　　Aside from the strategy of lowering WACC$ by manipulating the company's Debt/Equity Mix which we just covered, there are three other approaches to raise EVA. They are:</p><p

39、>　　Get your existing assets to work harder</p><p>　　A company can try to raise its Asset Productivity and thereby, hopefully, the Asset Profitability of the company's existing stock of Assets. We defi

40、ne Asset Productivity as (Trev/Assets) i.e., the volume factor in the DuPont model and Asset Profitability as (Ebit/Assets) i.e. Asset yield.</p><p>　　Buy new, harder-working assets</p><p>　　A c

41、ompany can acquire additional Assets whose Productivity and Profitability promises to be higher than that produced by the company's existing stock of Assets, or</p><p>　　Get rid of lazy assets</p>

42、<p>　　A company can dispose of certain Assets those Productivity and profitability is significantly below the prevailing levels attained by the company's other assets.</p><p>　　Of course, in the re

43、al world of practical financial management we do not neatly compartmentalize the four approaches. Most decision that aim to improve a company's financial performance are a combination of two or more of the four appro

44、aches.</p><p>　　The three important measures of performance that play a role in our search for superior EVA figures are:</p><p>　　Asset Productivity (Trev/Assets): It measures the Assets' ab

45、ility to generate sales and/or revenues. (Previously referred to as asset turnover or the volume factor.)</p><p>　　Asset profitability or Asset Yield (Ebit/Assets): It measures the Assets' ability to gen

46、erate profits, before interest and taxation charges.</p><p>　　Operating Efficiency (OP.EXP./TREV): It measures the portion of each sales and Revenue dollar that is absorbed by the company's expenses (exc

47、ept for Interest and Taxation changes which are removed later). Remember that the lower (OP.EXP./TREV), the better the operating efficiency of a company is.</p><p>　　While these three measures inter-relate,

48、they do not necessarily improve simultaneously.</p><p>　　For example: It is quite possible for a company to aggressively "push its sales"thereby raising its (Trev/Assets) while this causes negative

49、 consequences on the cost front and thus see its (Ebit/Assets) and/or (OP.EXP./TREV) weaken.</p><p>　　Ideally, one would like all three performance measures to improve as a result of a newly adopted course o

50、f action by the management. Failing that, where there is a trade-off between two or more of the performance measures, one should at least aim for a positive trade-off. In such a trade-off the relative improvement in one

51、measure outweighs the negative change in the other measure(s).</p><p><b>　　譯文</b></p><p><b>　　經(jīng)濟(jì)附加值</b></p><p>　　資料來源：財務(wù)管理策略 作者：王錦程，普萊斯特&

52、lt;/p><p>　　在最幾年中，作為一項公司財務(wù)業(yè)績的指標(biāo)，EVA的運用已經(jīng)是穩(wěn)步提高。目前（2007年）大多數(shù)金融分析師的焦點還主要集中在廣泛認(rèn)知的杜邦比率上。資產(chǎn)產(chǎn)生銷售的能力（收入/資產(chǎn)），銷售額產(chǎn)生利潤的能力（稅后凈收益/收入），資產(chǎn)來自于投資者資金的程度（資產(chǎn)/所有者權(quán)益）以及通過這三個比率計算投資者資金回報產(chǎn)生的效益（稅后凈收益/所有者權(quán)益）或凈資產(chǎn)收益率。</p><p>　

53、　然而，EVA作為一個財務(wù)績效指標(biāo)的運用正在穩(wěn)步增長。簡單地說，EVA衡量一個企業(yè)的能力是所獲得的經(jīng)濟(jì)效益超出公司支付的利用所有者和債權(quán)人資源的費用。所以EVA是一個有力的業(yè)績管理措施。</p><p>　　從一個新的視角看資產(chǎn)負(fù)債表對于明白EVA的含義是有用的。</p><p>　　從稅后凈利潤（NOPAT）看，這家公司因使用兩種資金（負(fù)債和所有者權(quán)益）支付了加權(quán)平均租賃費。我們稱之為加

54、權(quán)平均租金，加權(quán)平均資本成本或WACC%。將WVCC%乘以資產(chǎn)總額得到“WACC的價值”或WACC$。</p><p>　　對于計算EVA，我們簡單地用公司資產(chǎn)產(chǎn)生的NOPAT減去WACC$。即：EVA = NOPAT – WACC$，也可以寫成EVA =（EBIY – TAX）–（WACC% × ASSETS）。從上述方程我們可以看到一個公司的營業(yè)利潤，稅費，資金成本和資產(chǎn)數(shù)額對EVA水平有極大影響。

55、</p><p>　　很明顯的，一家公司在NOPAT最大化和WACC$最小化方面做的越好，它的EVA水平會越高，也更能證明它的經(jīng)濟(jì)存在。當(dāng)一家公司的NOPAT低于WACC$時，這家公司產(chǎn)生的利潤低于使用資產(chǎn)的租金，因此該公司引進(jìn)經(jīng)濟(jì)價值消失。當(dāng)上述情形存在時這樣的公司是無法證明其經(jīng)濟(jì)存在的。</p><p>　　一家公司的EVA水平年年都在變化波動。不利情況下很有可能會產(chǎn)生低的甚至是負(fù)面的

56、EVA價值。但是，持續(xù)的負(fù)面或低的EVA價值清楚地標(biāo)志著這家公司的方案、政策、運營和目標(biāo)都有復(fù)審的必要。在一家企業(yè)的長期發(fā)展中，管理人員的目標(biāo)應(yīng)是提高或保持高EVA水平。</p><p>　　從傳統(tǒng)上來說，對于我們努力實現(xiàn)EVA最大化，大多數(shù)人已經(jīng)注意到資產(chǎn)負(fù)債表的左邊，即以提高EVA為目的的資產(chǎn)生產(chǎn)力和資產(chǎn)收益最大化。但是，資產(chǎn)負(fù)債表的右邊不應(yīng)被忽視。記住一家公司的資金成本的價值是加權(quán)平均資本成本乘以資本價值的

57、產(chǎn)物。值得注意的是，一家公司的債務(wù)和權(quán)益對加權(quán)平均資本成本有很大影響。用符號表示如下：WACC% =（After Tax Cost of Debt × （Debt/Assets））+（After Tax Cost of Equity ×（Equity/Assets））。正如你所看到的，那些（負(fù)債/資產(chǎn)）和（股本/資產(chǎn)）比例發(fā)揮了重要作用。</p><p>　　如前所述,公司因借款而支付的利息是

58、一項可免稅費用。這使得稅后負(fù)債成本比例顯著低于稅前借款利率。實際上，公司的稅后債務(wù)成本百分比等于稅前借款利率百分比乘以（1 – 稅率）。</p><p>　　例如，一家以8%的利率貸款，并支付40%的公司稅率的公司的稅后債務(wù)成本百分比是4.8%。但是，當(dāng)涉及到計算股權(quán)成本，這種稅收優(yōu)惠待遇是不適用的。投資者因提供作為股權(quán)成本的股票資金而收到的紅利不是一項可免稅費用。因此，在計算股本成本時我們不以（1 – 稅率）乘

59、以百分比。</p><p>　　此外，考慮到提供股權(quán)資本的風(fēng)險要高于提供債權(quán)成本，一個公司的股權(quán)成本為什么會顯著高于債權(quán)成本有著第二個原因。在這本書中，我們粗略地估計如下關(guān)系：假定股權(quán)成本百分比等于稅前借款利率加上10%。</p><p>　　這種粗糙的近似并不適用于大型上市公司。但是，由于本書的重點是小規(guī)模公司，（稅前借貸利率+10%）作為普通股資本成本的粗略估計是驚人現(xiàn)實的。這些小企業(yè)

60、在金融市場里面臨著相當(dāng)大的歧視因為他們需要籌集資金，這項粗略的近似出奇的好。例如，一家稅前平均借貸利率是8%的公司會被認(rèn)為它的股本成本是18%。存在著更多精確計算股本成本的方法。\</p><p>　　為了證明一家公司的“債轉(zhuǎn)股”對WACC%有強(qiáng)大的影響，讓我們舉幾個例子。假設(shè)如下：</p><p>　　例子1：公司的稅前平均貸款利率=8％，其企業(yè)稅率= 40％，</p>&

61、lt;p>　　因此，股權(quán)資本成本= 8％+ 10％= 18％。</p><p>　　假設(shè)該公司的債務(wù)轉(zhuǎn)移為400萬至600萬美元。</p><p>　　首先，我們計算了債務(wù)資本成本= 8％×（1 – 40％）= 4.8％。</p><p>　　現(xiàn)在，我們計算加權(quán)平均資本成本百分比。</p><p>　　WACC％= [4.8%

62、×債務(wù)/資產(chǎn)(約合4 / 10美元)]+[18%×等值/資產(chǎn)(約合6 / 10美元)]，12.72％= 1.92％+ 10.8％。</p><p>　　例子2：現(xiàn)在讓我們假設(shè)公司的債務(wù)股本組合為6美元至4美元。</p><p>　　WACC％=（4.8％× $ 6M/ $ 10M）+（18％× $ 4M / $ 10M），10.08％= 2.88％+

63、 7.2％</p><p>　　我們可以標(biāo)記負(fù)債是相對便宜的錢而股權(quán)是昂貴的錢。在例子1和例子2中我們可以看到公司通過使用更便宜的債務(wù)融資和低成本的股權(quán)融資成本來籌集資金以達(dá)到顯著降低WACC%的目的。</p><p>　　當(dāng)然，我們應(yīng)該立即注意到我們假設(shè)這兩個例子中當(dāng)公司依賴于債務(wù)融資時公司的借貸利率是8%。這不一定是真的。企業(yè)債權(quán)人，一旦公司對債務(wù)融資的依賴達(dá)到他們舒適度的極限時，通常

64、會大大提高這種公司的平均借貸利率。人，一旦公司的債務(wù)融資的依賴達(dá)到自己的舒適級別后，往往會大大提高平均借貸利率這樣的公司。但是，直至貸款人的舒適度已經(jīng)達(dá)到，它同樣是正確的，一個公司往往可以顯著的提高對債務(wù)融資的依賴而無需支付較高的貸款利率，也無需較高成本的股票。在這種情況下，使用更多的負(fù)債可以有效地降低公司的WACC%，從而降低WACC$和提高EVA，假設(shè)這不會對稅后凈利潤水平產(chǎn)生顯著負(fù)面影響除了高利息費用。</p>&l

65、t;p>　　除了通過操縱公司債務(wù)/股本組合來降低WACC$的策略，有另外三個提升EVA的方法。如下：</p><p>　　讓你現(xiàn)有的資產(chǎn)更努力工作</p><p>　　一家公司可以試圖提高生產(chǎn)力從而希望提升該公司現(xiàn)存資產(chǎn)的盈利能力。我們定義生產(chǎn)力為（收入/資產(chǎn)）即杜邦模型的盈利系數(shù)，定義資產(chǎn)盈利能力為（息稅前利潤/資產(chǎn)）為資產(chǎn)收益率。</p><p><

66、b>　　購買新的營運資產(chǎn)</b></p><p>　　當(dāng)生產(chǎn)力和盈利能力都高于公司現(xiàn)存資產(chǎn)時，該公司可以獲得額外價值。</p><p><b>　　丟棄老化的資產(chǎn)</b></p><p>　　當(dāng)一些資產(chǎn)的生產(chǎn)力和盈利能力顯著低于公司其他資產(chǎn)所達(dá)到的普通水平，該公司可以處理到這些資產(chǎn)了。</p><p>

67、　　當(dāng)然，現(xiàn)實世界里的實際財務(wù)管理我們不需要整齊地劃分為四個步驟。大多數(shù)改善一家公司財務(wù)狀況的決定是兩個或兩個以上方法的結(jié)合體。</p><p>　　這三項對我們搜尋高EVA起重要作用的措施如下：</p><p>　　資產(chǎn)生產(chǎn)率（收入/資產(chǎn)）：它衡量資產(chǎn)產(chǎn)生銷售或收入的能力。（以前被稱為資產(chǎn)周轉(zhuǎn)率或體積系數(shù)）</p><p>　　資產(chǎn)盈利能力或資產(chǎn)收益率（息稅前利潤

68、/資產(chǎn)）：它衡量資產(chǎn)在扣除利息和稅費前產(chǎn)生利潤的能力。</p><p>　　運營效率（費用/收入）：它測量被吸收為公司費用的那部分銷售和收入（除了被刪除后的利息和稅費變化）。記?。ㄙM用/收入）越低，公司的運營效率就越好。</p><p>　　雖然這三項措施相互聯(lián)系，但他們不一定同時提升。</p><p>　　例如：這很可能使公司積極地“推銷”從而提高它的（收入/資產(chǎn)