文档介绍：EVA
COPYRIGHT ©2009 South-Western, a part of Cengage Learning.
Economic Value Added
Chapter 10, Slide #2
EVA Definition
经济附加值(Economic Value Added,简称EVA)是由美国学者Stewart提出,并由美国著名的思腾思特咨询公司(Stern Stewart & Co.)注册并实施的一套以经济增加值理念为基础的财务管理系统、决策机制及激励报酬制度。它是基于税后营业净利润和产生这些利润所需资本投入总成本的一种企业绩效财务评价方法。
Chapter 10, Slide #3
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Enron Aimed at the Wrong Target, and Got What It Paid For an EPS Win but an EVA Loss
“Enron’s performance in 2000 was a ess by any measure…pany’ e reached a record in 2000. Enron is laser-focused on earnings per share, and we expect to continue strong earnings performance.”
From Enron’s 2000 Annual Report (Letter to Shareholders)
EPS & NI
EVA
Copyright © 2004 by Stern Stewart & Co. All rights reserved
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EVA Calculation
e Statement
Sales Revenue 40,000
Cost of Goods Sold 25,000
Gross Margin 15,000
Selling & Admin 4,000
D & A 3,000
Operating Profit 8,000
Other Operating e + 1,000
EBIT 9,000
Interest 3,000
EBT 6,000
e Tax (30%) 1, Profit (EAT) 4,200
NOPAT=EBIT (1-t) 6,300
Balance Sheet
Assets
Current Assets: CA
Cash 1,000
AR 2,500
Inventories 3,000
Other CA 500
Total CA (A) 7,000
Non Current Assets:NCA
LT Investment 10, PP&E 40,000
Other Assets 200
Total NCA(D) 50,200
Total Assets 57,200
EVA = NOPAT –( x Invested Capital )
EVA = 6,300 –( 10% x 55,900 ) = 710
Liabilities&Shareholders”Equity
Current Liabilities: CL
ST Loan (B) 900
AP 1,000
Accrue Ex