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伊娃®,经济增加值的缩写,是斯特恩·斯图尔特的注册商标名是令人信服的概念称为剩余收益。被《财富》誉为“新创造财富的关键”,“今天最热门的金融产品,”伊娃作为评估和激励工具已经引起了相当大的关注。现在的顾问营销相关指标,许多索赔了——大多数基于证据或内部研究。然而,缺乏独立的证据存在直到最近关于伊娃的所谓优势才突显出来。这篇文章可以帮助填补这一空白,从最近的学术研究成果我们也可以看出。我们首先简述股东价值的剩余收益理论联系。然后我们讨论如何严厉斯图尔特修改剩余收益,并说明了它与剩余收入,利润和经营现金流超过198897。接下来我们证据声称伊娃的股票价格和公司价值观比传统会计的措施。然后我们检查第二个基于剩余收益的薪酬计划，是否激励管理者采取行动与股东价值增长相一致。最后,我们讨论和集成最新发现有用的剩余收益估值指标和激励补偿。

Evidence on EVA®

EVA®, an acronym for economic value added, is the registered tradename of Stern Stewart & Company for their version of a long-known and compelling concept called residual income. Hailed by Fortune as the “New Key to Creating Wealth” and “Today’s Hottest Financial Product,” EVA has attracted considerable attention as a valuation and incentive tool. With a host of consultants now Marketing related metrics, numerous claims have been made – most based on anecdotal evidence or in-house studies. However, little independent evidence has existed until recently regarding EVA’s alleged advantages. This article helps fill this void by presenting results from recent academic research. We first review briefly the theory that links residual income to shareholder value. We then discuss how Stern Stewart modifies residual income to produce its proprietary EVA and show how it compares with residual income, earnings and operating cash flows over the period 198897. Next we examine evidence regarding the claim that EVA has a stronger association with stock prices and firm values than traditional Accounting measures. We then examine a second claim that residual income based compensation plans motivate managers to take actions consistent with increasing shareholder value. Finally, we discuss and integrate recent findings on the usefulness of residual income metrics in valuation and incentive compensation.

THE THEORY EVA is the leading example of a new class of metrics that attempt to measure an underlying concept called residual income. Recognized by economists since the 1770s, residual income is based on the premise that, in order for a firm to create wealth for its owners, it must Evidence on EVA.

Earn more on its total invested capital than the cost of that capital.1 Whereas traditional accounting net income measures ‘profits’ net of interest expense on debt capital, residual income measures ‘profits’ net of the full cost of both debt and equity capital. To compute residual income, begin with net operating profits after tax (NOPAT) and subtract the total cost of capital measured as the weighted-average cost of capital (WACC) times the total invested capital (CAPITAL).2 Notationally, residual income (RI) for period t is: (1a) Residual Income t (RI t) = NOPAT t – [WACC t x CAPITAL t-1]

Since NOPAT can alternatively be expressed as a rate of return on invested capital (i.e., return on assets, ROA) times capital, residual income can be restated as in (1b). Expression (1b) is intuitively appealing because it separates total return on capital from the total cost of capital: (1b) RI t = [ROA t x CAPITAL t-1] – [WACC t x CAPITAL t-1]

Regrouping the right hand side terms of (1b), we observe in (1c) that firms producing positive residual income earn a positive ‘spread’ between the percent return on invested capital and the percent cost of cap本论文由英语论文网提供整理，提供论文代写，英语论文代写，代写论文，代写英语论文，代写留学生论文，代写英文论文，留学生论文代写相关核心关键词搜索。