1、原文：原文：FoundationsofeconomicvalueaddedTheEVARevolutionInamarketdriveneconomymanycompanieswillcreatewealth.Otherfirmshoweverwillundoubtedlydestroyit.Discoveringthoseeconomicfactsthatleadtowealthcreationdestructionamongcomp

2、aniesisimptanttomanyconstituenciesnottheleastofwhichiscpateofficialsinvestmentmanagers.Fcpatemanagerswealthcreationisfundamentaltotheeconomicsurvivalofthefirm.Managersthatfail(refuse)toseetheimptanceofthisimperativeinano

3、peneconomydosoattheperiloftheganizationtheircareer.Findingthe“best”companiesindustriesinmarketplaceisofprimaryimptancetoinvestmentmanagers.Withtheproperfinancialtoolsptfoliomanagersmaybeabletoenhancetheiractiveperfmanceo

4、verabovethereturnsavailableonsimilarriskindexedpassivestrategies.AnewanalyticaltoolcalledEVAisnowassistingthiswealthdiscoverycompanyionprocess.Theinnovativechangesthatthisfinancialmetrichavespawnedinthetwinareasofcpatefi

5、nanceinvestmentmanagementisthedrivingfcebehindwhatcanbefmerlycalledthe“EVArevolution”.EVAinpracticeTheanalyticaltoolcalledEVAfEconomicValueAddedwascommerciallydevelopedin1982bythecpateadvisyteamofJoelSternG.BentStewartⅢ.

6、Thisfinancialmeticgainedearlyacceptancefromthecpatecommunitybecauseofitsinnovativewayoflookingatthefirm’srealprofitabilityunliketraditionalmeasuresofprofit—suchasEBITEBITDAoperatingincome—EVAlooksatthefirm’s“residualprof

7、itability”ofboththedirectcostofdebtcapitaltheindirectcostofequitycapital.InthiswayEVAservesasamoderndaymeasureofcpatesuccessbecauseitiscloselyalignedwiththeshareholderwealthmaximizationrequirement.fromtheaccountingmeasur

8、esofprofitinusetodaysuchasEBITEBITDAoperatingincome.Thisisakeydistinctionbetweeneconomicprofitaccountingprofitliesintheclassicaleconomists’notionthatacompanyisnottrulyprofitableunlessitsrevenuehavecoveredtheusualproducti

9、onoperatingexpensesofrunningabusinessprovidedanmalreturnontheowners’investedcapital.Inamefundamentalsensethisresidualviewofincomeisreallywhattoday’seconomicprofitmovementisreallyallabout.WhileEVAisrootedinclassicaleconom

10、ictheythreepioneering20thcenturyAmericaneconomists—IrvingFisherduringthe1930sNobelLaureatesFrancoModiglianiMertonMillerinthelate1950stoearly1960s—expeduponthefullermeaningofeconomicprofitinacpatevaluationcontext.IrvingFi

11、sherestablishedafundamentallinkbetweenacompany’spresentvalue(NPV)itsdiscountedstreamofexpectedcashflows.InturnModiglianiMillershowedthatcpateinvestmentdecisions—asmanifestinpositiveNPVdecisions—aretheprimarydriverofafirm

12、’senterprisevaluestockprice—asopposedtothefirm’scapitalstructuremixofdebtequitysecurities.Basicallythetheyofeconomicvalueaddedrestsontwoprincipleassertions:(1)acompanyisnottrulyprofitableunlessitearnsareturnoninvestedcap

13、italthatexceedstheopptunitycostofcapital(2)thatwealthiscreatedwhenafirm’smanagersmakepositiveNPVinvestmentsdecisionsftheshareholders.WhatexpontheseEVAtesofwealthcreationaswemovefwardinthisbook.FnowLet’slookatoperationald

14、efinitionsofEVAthathaveshapedthecurrenteconomicprofitmovementaswellasintroducethelinkbetweenacompany’seconomicprofititsmarketvalueadded.OperationalDefinitionsofEVATherearetwopopularoperationalwaysofdefiningEVA——namelyan“