基于衛(wèi)生保健提供者的經(jīng)濟增加值的入門分析【外文翻譯】

1、本科畢業(yè)論文（設計）外文翻譯原文：原文：AprimeronEVAfhealthcareprovidersUnlikeaccountingearningseconomicprofit(EVA)isameasureofacompany’strueearningsbecauseitfully“accounts”fthecostsofallfmsoffinancingincludingdebtequity.IntheEVAviewacompan

2、yisnottrulyprofitableunlessitearnsareturnoncapitalthatbeststheopptunitycostofcapital.Thatbeingsaidthequestionaddressedhereishowtomeasuretheeconomicprofitofprovidersinthehealthcaresectwhichislargelycomprisedofnotfprofitga

3、nizationssuchasclinicslabatieshospitals.TheconceptofeconomicprofithasprovensuccessfulinthefieldofcpatefinancesinceitsadoptionbyseveralUSinternationalcompaniesoverthepast25years.UnlikeaccountingearningsEVAisameasureofacom

4、pany’strueearningsbecauseitfully“accounts”fthecostsofallfmsoffinancingincludingdebtequity.IntheEVAviewacompanyisnottrulyprofitableunlessitearnsareturnoncapitalthatbeststheopptunitycostofcapital.Thatbeingsaidthequestionad

5、dressedhereishowtomeasuretheeconomicprofitofprovidersinthehealthcaresectwhichislargelycomprisedofnotfprofitganizationssuchasclinicslabatieshospitals.WebegintheEVAjourneyfhealthcareprovidersbyabstractingfromthemyriadaccou

6、ntingadjustmentsthatcanbemadetoestimateEVAinsteadlookathowtoestimate“basic”economicprofitinbothfprofit(thetraditionalrealmfEVAapplication)notfprofitsettings.Thefinancialgoalhereistwofoldtoillustrate:1.Thekeyingredientsof

7、economicprofitfhealthcareproviderswithoutgettingtangledupinawebofaccountingadjustments2.TheadvantageofusingeconomicprofitovertraditionalaccountingprofitInthisexpressionEBIT(1?t)istheprovider’sNOPAT.ThisEVAtermisareflecti

8、onoftheprovider’searningsbefeinteresttaxesEBITlessitsunleveredbusinesstaxes.LikewisethetermsRCOMSSG&AintheNOPATfmulationrefertotheprovider’srevenuecostofmedicalservicessellinggeneraladministrativeexpensesrespectively.Inp

9、rinciplethedepreciationtermDshouldbeagethatreflectstheeconomicobsolescenceoftheprovider’sassets.Inturnthedollarcostofcapital$WACCcanbeexpressedas:InthisexpressionWACCistheweightedaveragecostofdebtequitycapital(expresseda

10、sarequiredrateindecimalfm)Cistheprovider’soperatingcapital.InturntheweightedaveragecapitalcostWACCisgivenby:WACC=AftertaxdebtcostDebtweightEquitycostEquityweightTakentogetherthesedevelopmentsshowthatafprofitprovider’sEVA

11、canbeexpressedinbasictermsas:EVA=NOPAT?$WACC=EBIT(1?t)?WACCC=[RCOMSSG&AD](1?t)?WACCCThebasicEVAfmulashowsthatafprofitprovider’seconomicprofitisequaltoitsoperatingprofitaftertaxlessthedollarcostofallcapitalemployedwithint

12、heganization.InthenextsectionwelookatasimpleincomestatementbalancesheetfahypotheticalfprofitprovidertoillustratehowtomeasurebasicEVA.WethenlookattheadjustmentstobasicEVAthatneedtobemadeinthenotfprofitsetting.Alongthewayw

13、ediscussthewaystoincreaseEVAtoimproveganizationefficiencytoenhanceganizationalvalue.WeconcludeourEVAjourneybyexplainingtheconceptof“disclosed”EVAwhichreflectsbothtraditionaluniqueaccountingadjustmentsthatapplyinbothfprof