文档介绍：本科毕业论文(设计)
外文翻译
原文:
A primer on EVA for health care providers
Unlike accounting earnings, economic profit (EVA) is a measure of pany’s true earnings because it fully “accounts” for the costs of all forms of financing, including debt and equity. In the EVA view, pany is not truly profitable unless it earns a return on capital that bests the opportunity cost of capital. That being said, the question addressed here is how to measure the economic profit of providers in the health care sector, which is prised of not-for-anizations such as clinics, laboratories, and hospitals.
The concept of economic profit has proven essful in the field of corporate finance since its adoption by several US and panies over the past 25 years. Unlike accounting earnings, EVA is a measure of pany’s true earnings because it fully “accounts” for the costs of all forms of financing, including debt and equity. In the EVA view, pany is not truly profitable unless it earns a return on capital that bests the opportunity cost of capital. That being said, the question addressed here is how to measure the economic profit of providers in the health care sector, which is prised of not-for-anizations such as clinics, laboratories, and hospitals.
We begin the EVA journey for health care providers by abstracting from the myriad accounting adjustments that can be made to estimate EVA and instead look at how to estimate “basic” economic profit in both for-profit (the traditional realm for EVA application) and not-for-profit settings. The financial goal here is twofold, to illustrate:
1. The key ingredients of economic profit for health care providers without getting tangled up in a web of accounting adjustments;
2. The advantage of using economic profit over traditional accounting profit
measures such as operating margins e.
We then discuss the concept of “disclosed” EVA for health care providers, which reflects e statement and balance sheet effects of several value-based accounting adjustments