Economic Value Added[经济增值]
(EVA[经济增值])

知识中心

   

计算一个企业的真实经济利润。 Economic Value Added[EVA,经济增值]解析

目录

  1. 摘要
  2. 论坛
  3. 最佳实践
  4. Expert Tips
  5. 相关资料
  6. 打印

什么是经济增值(Economic Value Added,EVA)? 释义

EVA是一个计算企业真实经济利润的财务方法。 EVA可以通过税后营运净利润中减除资本的机会成本得到。


EVA(©/™)由Stern Stewart & Co.公司首创,其目标是公司总价值与投资者总资本之间的差异最大化,从而达到股东价值最大化。 这一差异可以是正值,也可以是负值。


经济增值与市场增值(MVA)比较

不同于MVA等构建市场体系基础上的测量方法, EVA能够用来衡量部门级别如SBU的业绩。

EVA也不同于衡量资产价值的会计方法,它是一个动态流程,能够用来评估随着时间变迁的不同绩效表现。


经济增值与税前及利息开支前利润(EBIT)、每股盈利(EPS)

不同于会计利润的衡量方法(如EBIT[息税前利润],净收入和EPS[每股盈利]),EVA是一个基于价值的经济方法,它的理论基础是公司在衡量绩效时考虑的成本既要包括运营成本还要包括资本成本。


EVA的计算。 公式

EVA的基本计算公式是:


      净销售额

-     经营费用

------------------------------------------------------

      Operating Profit[营业利润] (EBIT[息税前利润])

-     税

------------------------------------------------------

      Net Operating Profit After Tax[税后净营运利润] (NOPAT[税后净营运利润])

-     资本支出(投入的资本 x 资本成本)

------------------------------------------------------

      经济增值(EVA


由于考虑到了包括股本在内的所有成本,EVA真正反映出了在一个经营周期内企业创造或丧失的财富。 换句话说, EVA计算利润的方式正式股东所期待的财富定义方法。 例如,股东期望投资有10%的回报,那么就说明他们期望手中股份的NOPAT能够超过股本的10%。 如果投资对象是一家风险较大的企业,他们也要保证最低可能接受的投资回报率。


EVA的运用 公司决策与股东价值的战略结合

EVA帮助企业管理人员将两个基本的会计原则纳入战略决策的制定过程:

  1. 任何公司的财务目标都应该是股东价值最大化。
  2. 公司的价值取决于投资者所期望的未来盈利与资本成本之间的差别程度。 根据定义,EVA的持续不断增长将导致公司市价的提升。 这一方法的有效性已经由很多不同类型的公司实践证明, 这是因为EVA的自身水平并非那么重要, 企业当前的绩效已经为股价所反映。 股东价值提升的真正驱动因素是EVA持续增长

EVA的一些具体应用:

  • 制定企业目标。
  • 衡量企业绩效。
  • 确定薪酬红利。
  • 与股东、投资者进行沟通。
  • 激励管理人员。
  • 进行资本预算。
  • 进行企业估价。
  • 进行股本分析。

参考书: S. David Young, Stephen F.O'Byrne - EVA and Value-Based Management. -

参考书: Aswath Damodaran - Investment Valuation: Tools and Techniques for Determining. [中译本《投资估价:确定任何资产价值的工具和技术(第二版)》,清华大学出版社,2004]-

参考书: James R. Hitchner - Financial Valuation: Applications and Models -


经济增值论坛
  What is EVA Momentum?
EVA Momentum is the change in a business's EVA divided by the prior period's sales (revenue). It was developed by Bennet Stewart of EVA Dimensions. It is an application of EVA that measures the EVA growth rate, scaled to the size of the company.
...
     
 
  What is the Impact of Debt on EVA?
What is the impact debt is having on EVA? Thanks for your help....
     
 
  Revised Economic Value Added (REVA)
What is the difference between EVA and Adjusted or Revised Economic Value Added (REVA)?
And how can it be calculated?
Thank you all.....
     
 
  EVA for Corporate Incentives
Is EVA a good metric to determine incentive compensation awards at the corporate level? Why?...
     
 
  How to Calculate EVA
Another way to describe how to calculate EVA:
Economic Value Added = NOPAT - Capital Charges
or
Economic Value Added = NOPAT - ( Invested Capital * WACC )
or
Ec...
     
 
  EVA Calculation across a Whole Value Chain
I request to all members to help me on how to go about an EVA calculation across the value chain from production down to consumption. What is important to keep in mind?...
     
 
  Calculating EVA for a Proprietary Company
EVA can be easily calculated when the organisation is Public Limited. But it is difficult to calculate EVA of a proprietary company as the cost of equity does not exist. Please advise me....
     
 
  EVA applied to consulting services
How can I apply an EVA model to the value added of consulting services on increased revenues....
     
 
  EVA & Amortization of R&D
The amortization of R&D on straight line basis does not justify the concept of equal opportunity through out the life of amortization and it seems to be more biased towards the earlier years of product. We know that companies get maximum benefits fro...
     
 
  Alternative Methods for Economic Value Added (EVA)
Are there alternative methods for EVA? I am developing a research study, comparing some valuation methods. I am not concerned about asset valuation, but with value creation. I found TBR, only, does anyone know other ones? Thank you all....
     
 
  EVA growth is what matters
Improving EVA should be the goal of any major firm. After all, shareholders, who are providing the capital for the firm, have options to invest money elsewhere. To keep them onboard, managers must focus on growing the business when the returns...
     
 

经济增值 小组


小组

经济增值 培训|活动


搜索培训、会议及活动项目


最佳实践 - 经济增值 高级帐户

Expert Tips (ENG) - Economic Value Added 高级帐户
 

Weaknesses of EVA

Based on their findings from their survey of Fortune 1000 companies, Prakash Deo and Tarun Mukherjee summarized following weaknesses of EVA in below m...
Usage (application)Value Based Management
 
 
 

Benefits of EVA

According to the article How Fortune 1000 Firms View EVA by Prakash Deo and Tarun Mukherjee (Corporate Finance Review, Sep/Oct 2009), EVA has follwi...
Usage (application)Value Based Management
 
 
 

EVA Advantages

Economic Value Added has improved the corporate finance techniques and nowadays it represents the most modern management system based on  
 
 

EVA and Market Value

EVA has been pointed out as the most accurate management system focused on value creation. Unlike MVA, that is strongly link...
Usage (application)Management Control of Value Drivers.
 
 
 

The Accounting Adjustments to EBIT Before Calculating EVA

In order to improve the measurement of Economic Value Added and to eliminate falsifications due to differences in the application of accounting standa...
Usage (application)Value Based Management, Economic Value Added
 
 

相关资料 - 经济增值 高级帐户
 

新闻

EVA 估价
     
 

新闻

EVA 绩效
     
 

视频

EVA 估价
     
 

视频

EVA 绩效
     
 

简报

EVA 估价
     
 

简报

EVA 绩效
     
 

更多

EVA 估价
     
 

更多

EVA 绩效
     

比较: Market Value Added[市场增值]  |  PRVit[PRVit公式]  |  CFROI[现金流投资回报]  Economic Margin[经济利润]  |  CVA[现金增值]  |  EBIT[息税前利润]  |  EBITDA[息税、折旧及摊销前利润]  |  Cash Ratio[现金比率]  |  Current Ratio[流动比率]  |  Return on Equity[股本回报率]  |  DuPont Model[杜邦模型]  |  Fair Value[公允价值]  |  TSR[股东总回报]  |  Cash Flow from Operations[经营业务现金流量]  |  Dividend Payout Ratio[股息支付率]  |  Cost-Benefit Analysis[成本效益分析]  |  Relative Value of Growth[增长相对价值]  |  PEG Ratio[市盈率与增长比率]


返回到分类主页: 决策与评估  |  金融与投资  |  人力资源管理


更多管理方法、模型和理论

Special Interest Group Leader

你在这里


关于12manage | 广告服务 | 链接我们 | 隐私 | 服务条款
版权所有 2016 12manage经理人进阶捷径。V14.1 - 最后更新:10-12-2016。各管理方法名称(tm)为其原创者所拥有。