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

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总结

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：

任何公司的财务目标都应该是股东价值最大化。
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的持续增长。

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

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What is EVA Momentum?
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Revised Economic Value Added (REVA)
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EVA Calculation across a Whole Value Chain
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Are there alternative methods for EVA? I am developing a research study, comparing some valuation methods. I am not conc (...)

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EVA growth is what matters
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How to Calculate EVA
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or
Economic (...)

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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 propriet (...)

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	Weaknesses of EVA Value Based Management Based on their findings from their survey of Fortune 1000 companies, Prakash Deo and Tarun Mukherjee summarized followin (...)
	Benefits of EVA Value Based Management According to the article �How Fortune 1000 Firms View EVA� by Prakash Deo and Tarun Mukherjee (Corporate Finance Review, (...)
	EVA Advantages EVA Implementation, Corporate Finance Economic Value Added has improved the corporate finance techniques and nowadays it represents the most modern management (...)
	EVA and Market Value Management Control of Value Drivers. EVA has been pointed out as the most accurate management system focused on value creation. Unlike MVA, that is strongly (...)
	The Accounting Adjustments to EBIT Before Calculating EVA Value Based Management, Economic Value Added In order to improve the measurement of Economic Value Added and to eliminate falsifications due to differences in the ap (...)

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	EVA Adjustments EVA, Value Based Management A major consideration in the application of EVA� is the adjustment of a large number of accounting variables ranging fro (...)
	Increasing and Measuring Value with EVA Financial Accounting, Value Based Management, Economic Value Added Comprehensive presentation about the concept of EVA. The most important points mentioned in this clear presentation whi (...)
	EVA and Cash value added do NOT measure shareholder value creation Measuring Value Creation Pablo Fernandez analyzed 582 American companies using EVA, MVA, NOPAT and WACC data provided by Stern Stewart. For each (...)
	Corporate Valuation for Businesses Corporate Valuation, Book Value, Market Value, Intrinsic Value, Fundamental Value, M&A, VBM, Fundamental Investing Presentation that elaborates on corporate valuation, including the following sections: 1. Three types of value: - Book (...)
	Optimal Capital Allocation Using RAROC and EVA EVA, RAROC Equity capital allocation plays a particularly important role for financial institutions such as banks, who issue equity (...)