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经济增加值(EVA):理论与实证研究综述外文翻译.doc8页
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Economic Value Added: A Review of the Theoretical and Empirical Literature
Material Source: Asian Review of Accounting. Volume 9, Number 1, 2001
Author: Andrew C Worthington and Tracey West
Introduction
An accepted financial axiom is that the role of managers is to maximise the wealth of shareholders by the efficient allocation of resources. In order to operationalise this objective, shareholder wealth is traditionally proxied by either standard accounting magnitudes such as profits, earnings, and cash flows from operations or financial statement ratios including earnings per share and the returns on assets, investment, and equity. This financial statement information is then used by managers, shareholders, and other interested parties to assess current firm performance, and is also used by these same stakeholders to predict future performance. Further, under the semi-strong form of the efficient market hypothesis, the publicly available information contained in these variables is readily interpreted by the market and thereby incorporated into future stock prices
Unfortunately, the empirical literature to date suggests that there is no single accounting-based measure upon which one can rely to explain changes in shareholder wealth Chen and Dodd, 1997; Riahi-Belkaoui, 1993; Rogerson, 1997; and Lehn and Makhija, 1997. This is despite the fact that such a measure would prove invaluable to the various parties interested in aspects of firm performance. Lee 1996, p. 32, for example, argues that the search for a superior measure of firm valuation is a, if not the, key feature of contemporary empirical finance.
One professedly recent innovation in the field of internal and external performance measurement is a trade-marked variant of residual income net operating profits less a charge for the opportunity cost of invested capital known as economic value-added EVA. As a starting point its developer and principal advocate, US-based business con
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基于EVA的企业绩效评价【开题报告+文献综述+毕业论文】
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经济附加值
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从价值创造的角度对EVA的研究
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