經(jīng)濟(jì)附加值市場(chǎng)增加值和杠桿之間的關(guān)系文獻(xiàn)翻譯

1、PAGE 原文：AbstracctIt is ggeneraally bbelievved thhat inn ordeer to maximmize vvalue for ssharehholderrs, coompaniies shoulld strrive ttowardds maxximiziing MVVA (annd nott neceessariily thheir ttotal markeet vallue). The bbest wway too do sso is to maaximizze thee EVA, whicch refflectss an organnizat

2、iions abiliity too earnn retuurns aabove the ccost oof cappital. The leverrage aavailaable tto commpaniees thaat incurr fixeed cossts annd usee borrrowed capittal wiith a fixedd inteerest chargge hass beenn knownn and quanttifiedd by ffinanccial mmanageers foor somme timme. Thhe poppulariizatioon of

3、 EVA aand MVVA hass openned upp new possiibilitties ffor innvestiigatinng thee leveerage effecct of fixedd costts (opperatiional leverrage) and iintereest (ffinanccial lleveraage) iin connjuncttion wwith EVA aand MVVA, annd forr deteerminiing whhat efffect changges inn salees wouuld haave thhroughh

4、leverrage, not oonly oon proofits, but also on EVVA andd MVA. Combbiningg a vaariablle costiing appproacch witth levveragee anallysis and vvalue analyysis oopens up neew opporrtunitties tto invvestiggate tthe efffect of ceertainn deciisionss on tthe MVVA andd the sharee pricee of aa comppany. A sprr

5、eadshheet mmodel is ussed too illuustratte howw finaanciall managgers ccan usse thee leveerage effeccts off fixeed cossts annd thee (fixxed) ccost oof cappital to maximmize pprofitts andd alsoo to ddetermmine wwhat iimpactt channges iin anyy variiable like saless or ccosts will have on thhe weaalth

6、oof shaarehollders.IntroduuctionnFew wouuld arrgue tthat tthe moost immportaant fiinanciial gooal off a buusinesss orgganizaation shoulld be to maaximizze thee weallth off its shareeholdeers. FFor a numbeer of yearss now, accoountinng meaasuress suchh as eearninngs, returrn on assetts andd retuurn o

7、nn equiity haave beeen crriticiized aand foound wwantinng as perfoormancce inddicatoors ennding to grreaterr sharreholdder weealth . Thee conccept oof vallue maanagemment rresultted frrom a pursuuit off the real driveers off valuue, annd thee perfformannce meeasurees Ecoonomicc Valuue Addded (EEVA)

8、aand Maarket Valuee Addeed (MVVA) arre noww knowwn faiirly wwell aand ussed wiidely by coompaniies alll oveer thee worlld. The oobjecttive oof thiis stuudy iss to llink tthe coost maanagemment ttechniiques of vaariablle cossting and ccost- volumme- prrofit analyysis wwith tthe fiinanciial maanagemme

9、nt ttechniiques of leeveragge anaalysiss and valuee anallysis in orrder tto detterminne howw deciisionss or cchangees in inputts willl afffect tthe shharehoolder valuee. Thee studdy alsso inttroducces thhe levveragee effeect off the cost of eqquity as a new cconceppt andd illuustrattes hoow it react

10、ts in conjuunctioon witth opeeratinng levveragee and finanncial leverrage tto detterminne thee totaal oveerall leverrage oof thee comppany. This new aapproaach woould bbe useeful ffor deecisioon-makking ppurposses inn asseessingg the impacct, noot onlly of diffeerent decission aalternnativees, buut

11、alsso of changges inn inteernal factoors liike prroducttion ccosts or exxternaal facctors like inflaation and ttax raates. The ffindinngs off thiss studdy couuld bee of vvalue to maanagerrs at all llevelss in aa busiiness organnizatiion, bbut esspeciaally tto finnanciaal mannagerss. Exiistingg sharr

12、eholdders aand pootentiial innvestoors woould aalso bbenefiit froom thee finddings of thhe stuudy, bbut thhe commpany data needeed as inputts forr the modell woulld nott be aavailaable tto theem.The objjectivve of this studyy is tto linnk thee costt manaagemennt tecchniquues off variiable costiing a

13、nnd cosst-vollume-pprofitt anallysis with the ffinanccial mmanageement technniquess of leeveragge anaalysiss and valuee anallysis in orrder tto detterminne howw deciisionss or changges inn inpuuts wiill afffect the ssharehholderr valuue. Thhe stuudy allso inntroduuces tthe leverrage eeffectt of tthe

14、 coost off equiity ass a neew conncept and iillusttratess how it reeacts in coonjuncction with operaating leverrage aand fiinanciial leeveragge to deterrmine the ttotal overaall leeveragge of the ccompanny.This neew appproachh woulld be usefuul forr deciision-makinng purrposess in aassesssing tthe i

15、mpacct, noot onlly of diffeerent decission aalternnativees, buut alsso of changges inn inteernal factoors liike prroducttion ccosts or exxternaal facctors like inflaation and ttax raates. The findiings oof thiis stuudy coould bbe of valuee to mmanageers att all levells in a bussinesss organnizatiion

16、, bbut esspeciaally tto finnanciaal mannagerss. Exiistingg sharreholdders aand potenntial invesstors wouldd alsoo beneefit ffrom tthe fiindinggs of the sstudy, but the compaany daata neeeded as innputs for tthe moodel wwould not bbe avaailablle to them.In thiss artiicle EEVA, MMVA annd levveragee wi

17、lll be ddiscusssed bbrieflly, foolloweed by an illlustrrationn of tthe deeveloppment aand usse of a sprreadshheet mmodel to exxtend the lleveraage annalysiis of profiits too EVA and MMVA. TThe leeveragge efffect oof thee costt of eequityy on EEVA annd MVAA is iinvesttigateed. Thhe iniitial hypotthes

18、iss is tthat ssimilaar to fixedd costts andd inteerest, the cost of eqquity will also have a levveragee effeect onn the profiits (aand EVVA andd MVA) of tthe buusinesss. Itt shouuld bee posssible to quuantiffy thiis levveragee effeect annd to use iit, toogetheer witth thee welll-knowwn opeeratinng l

19、evveragee and finanncial leverrage ffactorrs, too deteerminee the totall leveerage for tthe coompanyy. Once the ttotal leverrage iis detterminned, iit wouuld bee posssible to prredictt whatt effeect anny chaange iin inpput wiill haave onn proffits, EVA aand MVVA. An atttemptt is mmade tto derrive aa

20、 formmula (givenn certtain aassumpptionss) to prediict whhat efffect a parrticullar chhange in voolume (salees) woould hhave oon EVAA and MVA.Finallyy, thee impaact off diffferentt leveels off operratingg and finanncial leverrage oon proofits, EVA and MMVA iss evalluatedd.The connceptss of EEVA, MMV

21、A annd levverageeEVA andd MVAA compaanys totall markket vaalue iis equual too the sum oof thee markket vaalue oof itss equiity annd thee markket vaalue oof itss debtt. In theorry, thhis ammount is whhat caan be “takeen outt” of the ccompanny (i.e. whhen alll shaares aare soold annd debbt is repaiid)

22、 att any givenn timee. Thee MVA is thhe diffferennce beetweenn the totall markket vaalue oof thee comppany aand thhe ecoonomicc capiital (Firerr 19955:57; Reillly andd Browwn 20003:5911).The ecoonomicc capiital, also calleed invvestedd capiital (IC), is thhe amoount tthat iis “puut intto” thhe commp

23、any and iis bassicallly thee fixeed asssets pplus tthe neet worrking capittal.MVA = MMarkett valuue of compaany Invessted CCapitaalFrom ann inveestors poiint off vieww, MVAA is tthe beest fiinal mmeasurre of a commpanys perrformaance. Stewaart (11991:1153) sstatess thatt MVA is a cumullativee meassu

24、re oof corrporatte perrformaance aand thhat itt reprresentts thee stocck marrketss asseessmennt froom a pparticcular time onwarrds off the net ppresennt vallue off all a commpanys passt andd projjectedd capiital pprojeccts. MMVA iss calcculateed at a givven mooment, but in orrder tto asssess pperfor

25、rmancee overr timee, thee diffferencce or changge in MVA ffrom oone daate too the next can bbe detterminned too see whethher vaalue hhas beeen crreatedd or ddestrooyed.EVA is an innternaal meaasure of peerformmance that drivees MVAA. Steewart (19911:153) defiines EEVA ass folllows: “A coompanyys EVV

26、A is the ffuel tthat ffires up itts MVAA.” EVVA takkes innto acccountt the full cost of caapitall, inccludinng thee costt of eequityy. Thee conccept oof EVAA is aa meassure oof ecoonomicc proffit annd wass popuularizzed annd oriiginallly trrade-mmarkedd by SStern Stewaart annd Commpany in thhe 19880

27、s.The callculattion oof EVAA is tthe saame ass thatt of tthe weell-knnown “rresiduual inncome; meassure tthat hhas beeen ussed ass a beenchmaark off diviisionaal perrformaance ffor soome tiime. Hoorngreen, Datarr and Fosteer (20003:7990) annd Garrrisonn, Norreen aand Seeal (22003:6616) ccomparre EVA

28、A to rresiduual inncome and oother perfoormancce measuures aand deescribbe thee growwing ppopulaarity of EVVA. EVVA is calcuulatedd as ffollowws:EVA = (ROIC WACCC) ICWhereROIC = Returrn on invessted ccapitaalWACC = Weighhted AAveragge Cosst of CapittalIC = Innvesteed Cappital (at tthe beeginniing of

29、f the year)EVA cann alsoo be ddefineed as folloow:EVA = NNOPAT (WAACC IC)WhereNOPAT = net operaating profiit aftter taaxThe linnk bettween MVA aand EVVA is that theorreticaally, MVA iis equual too the preseent vaalue oof alll futuure EVVA to be geeneratted byy the compaany. MVA = ppresennt vallue of

30、f all futurre EVAALink beetweenn EVA, MVA and lleveraageIt was indiccated that, theooreticcally, MVA is eqqual tto thee pressent vvalue of alll m futuure EVVAS. OOn thee assuumptioon thaat theere wiill bee no ffuturee growwth inn the curreent EVVA, orr thatt the expeccted ffuturee growwth inn EVA wi

31、ll be att a coonstannt ratte, g, thhe theeoretiical MMVA caan be calcuulatedd as aa perppetuitty. Thhe ressult sshows that MVA iis a mmultipple off the curreent EVVA.EXAMPLEE:Companyy A haas a ccurrennt EVAA of RR100m. Its WWACC iis 20%. If noo futuure grrowth in EVVA is expeccted, the ttheoreetical

32、l MVA can bbe callculatted ass folloows:MVA = PPV (fuuture EVA)= curreent EVVA / WWACC= R100mm / 0.2= R500mmIn thiss insttance, MVA is fiive tiimes tthe cuurrentt EVA, or RR500/RR100m.If EVA is exxpecteed to grow at a consttant rrate oof 10% in ffuturee, thee theooreticcal MVVA can bbe callculatted

33、ass folllows:MVA = PPV (futuure EVVA)= curreent EVVA / (WACC g)= R100mm / (00.2 0.1)= R10000mWith thhe asssumptiion off 10% futurre groowth iin EVAA, MVAA is tten tiimes tthe cuurrentt EVA, or (RR1000mm / R1000m). The ffact tthat MMVA iss theooreticcally a mulltiplee of tthe curreent EVVA meaans thh

34、at anny perrcentaage chhange in EVVA shoould ccause the ssame perceentagee channge inn MVA. If thee costt of eequityy is ssubtraacted from profiits (aafter interrest aand taax), oone gets EVA. If onne asssumes that the ccapitaal strructurre andd the cost of eqquity perceentagee remaain unnchangged,

35、tthe ammount debitted ass the cost of eqquity in thhe calcuulatioon of EVA iis a ffixed amounnt. Thhis fiixed aamountt of tthe coost off equiity allso has aa leveerage effecct thaat cauuses EEVA (aand thhe theeoretiical MMVA) tto chaange mmore dramaaticallly thhan prrofitss whenn therre aree channge

36、s iin thee salees vollume. The leverrage eeffectt of tthe coost off equiity (rreferrred too as EEVA leeveragge) caan noww be invesstigatted annd commbinedd withh operrationnal annd finnanciaal levveragee to sstudy the effecct on a bussinesss as aa wholle.Researcch metthodA spreaadsheeet moddel waas

37、devvelopeed usiing diiffereent leevels of opperatiing leeveragge and fiinanciial leeveragge. Thhe rellationnship betweeen prrofitss (aftter innteresst andd tax) and EVA wwas deetermiined. This was ddone bby usiing thhe cosst of own ccapitaal (eqquity) and this fixedd amouunt caan theereforre be desc

38、rribed as a leverrage ffactorr for EVA.Furtherrmore, the EVA lleveraage faactor was ccombinned wiith thhe opeeratinng andd finanncial leverrage. It thhen beecame possiible tto illlustraate hoow thee expeected perceentagee channge inn EVA and MMVA caan be prediicted, giveen a ccertaiin perrcentaage c

39、hangge in saless (or profiits). ConclussionsThe sprreadshheet mmodel was uused tto invvestiggate tthe leeveragge efffect oof thrree ittems, namelly fixxed coosts (DOL), inteerest on boorroweed cappital (DFL) and the ccost oof ownn capiital (EVA lleveraage). Five diffeerent scenaarios, eachh withh a

40、diiffereent leevel oof DOLL, DFLL or EEVA leeveragge, weere asssumedd to ddetermmine tthe reelatioonshipps (iff any) betwween tthe diiffereent kiinds oof levveragee as wwell aas theeir immpact on prrofitss, EVA aand MVVA (annd theereforre, allso thhe vallue off the firm).The resullts inndicatted thh

41、at thhe sizze of the ttotal levell of lleveraage inncludiing EVVA is deterrminedd by aall thhree eelemennts caausingg the leverrage. Howevver, tthere was nno diffferennce inn the totall leveerage incluuding EVA ffor sccenariios whhere oonly tthe fiinanciial geearingg difffer- rred. TThe annalysiis s

42、hoowed tthat tthe efffect of hiigh fiinanciial leeveragge is offseet perrfectlly by the llower cost of owwn cappital (EVA leverrage).Stateed diffferenntly, the ttotal leverrage iincludding EEVA iss the same for aall sccenariios wiith thhe samme fixxed coosts (only if WAACC reemainss consstant).Givee

43、n thee assuumptioons maade, oone caan conncludee thatt the organnizatiions sensiitivitty to changges inn salees vollume iis detterminned byy its degreee of operaationaal levveragee and by itts tottal coost off capiital (as reepreseented by thhe finnanciaal levveragee and EEVA leeveragge). TThe waay

44、thee comppany iis finnancedd (asssumingg therre is no chhange in thhe WACCC) wiill noot afffect tthis ttotal leverrage eeffectt?Source: Univversitty of Pretooria UUniverrsity of Prretoriia，2004.“the rrelatiionshiip bettween EVA, MVA annd levveragee” Medittari Accouuntanccy Ressearchh. Vol. 12 NNo. 1

45、.pp. 33959.譯文：經(jīng)濟(jì)附加值，市市場(chǎng)增加值和和杠桿之間的的關(guān)系摘要人們普遍認(rèn)為，為為了最大限度度地為股東價(jià)價(jià)值，公司應(yīng)應(yīng)該對(duì)MVAA的最大化（不不一定它們的的總市值）努努力。最好的的辦法是最大大限度地這樣樣做的EVAA，這反映了了一個(gè)組織賺賺取高于資本本成本回報(bào)的的能力。該公公司提供的杠杠桿承擔(dān)固定定費(fèi)用和使用用借來與固定利息借入入資金已經(jīng)知知道并需要財(cái)財(cái)務(wù)經(jīng)理一些些時(shí)間，量化化的投資公司司。對(duì)EVAA和MVA的的普及開辟了了調(diào)查固定成成本（經(jīng)營(yíng)杠杠桿）和興趣趣與EVA和和MVA，一一起（財(cái)務(wù)杠杠桿）的杠桿桿效應(yīng)和確定定哪些銷售將將有明顯的變變化，通過杠杠桿作用，而而不是新的可可能性

46、只有利利潤(rùn)，而且還還對(duì)EVA和和MVA。變變動(dòng)成本法結(jié)結(jié)合了具有杠杠桿分析和價(jià)價(jià)值分析方法法，開辟了新新的機(jī)會(huì)，探探討對(duì)MVAA的某些決定定和影響了公公司股價(jià)。電電子表格模型型來說明如何何利用財(cái)務(wù)經(jīng)經(jīng)理可以使固定費(fèi)用和和資本（固定定）成本的杠杠桿效應(yīng)來實(shí)實(shí)現(xiàn)利潤(rùn)最大大化，還要確確定在任何類類似的銷售或或成本變量的的影響的變化化，對(duì)股東財(cái)財(cái)富引言很少人會(huì)認(rèn)為應(yīng)應(yīng)當(dāng)將股東權(quán)權(quán)益最大化作作為企業(yè)的財(cái)財(cái)務(wù)目標(biāo)。近近些年來，就就像將股東財(cái)財(cái)富最大化作作為主導(dǎo)的績(jī)績(jī)效指標(biāo)一樣樣的會(huì)計(jì)指標(biāo)標(biāo)，如收入、資資本回報(bào)率和和股本回報(bào)率率一直受到批批評(píng)（約翰遜遜，納塔拉詹詹和拉巴波特特，19855年；拉巴波波特，19

47、86年年；斯圖爾特11991年）。這這一概念的價(jià)價(jià)值管理的原原因是尋求真真正的價(jià)值動(dòng)動(dòng)因，并且現(xiàn)現(xiàn)在以經(jīng)濟(jì)附附加值（EVVA）和市場(chǎng)場(chǎng)增加值（MMVA）作為為績(jī)效評(píng)價(jià)指指標(biāo)已經(jīng)廣為為人知，并被被廣泛地應(yīng)用用于全世界的的許多企業(yè)中中。本文所要要研究的就是是將變動(dòng)成本本法以及本量量利分析相結(jié)結(jié)合進(jìn)行的杠杠桿分析和價(jià)價(jià)值分析，并并利用這一技技術(shù)來確定決決定和改變投投入將如何影影響股東價(jià)值值。該研究還還將股權(quán)成本本的杠桿效應(yīng)應(yīng)作為一種新新的概念，并并說明它如何何反映經(jīng)營(yíng)杠杠桿和財(cái)務(wù)杠杠桿，以確定定企業(yè)的綜合合杠桿。這種種新的方法將將對(duì)評(píng)估決策策目的產(chǎn)生有有益的影響，不不僅是對(duì)于不不同的決策有有效，而且

48、還還將改變?nèi)缟a(chǎn)成本這樣樣的內(nèi)部因素素，或者如通通貨膨脹率和和稅率這樣的的外部因素，這這項(xiàng)研究結(jié)果果可能對(duì)企業(yè)業(yè)組織中的各各級(jí)管理人員員都是有價(jià)值值的，尤其是是財(cái)務(wù)管理人人員?，F(xiàn)有的的股東和潛在在的投資者也也將受益于這這項(xiàng)研究的結(jié)結(jié)構(gòu)，但該公公司的一些數(shù)數(shù)據(jù)，如模型型中涉及的投投入的數(shù)據(jù)，是是無法提供給給他們的。這項(xiàng)研究的目的的是聯(lián)系在一一起的杠桿分分析和價(jià)值分分析的財(cái)務(wù)管管理技術(shù)的成成本管理技術(shù)術(shù)的可變成本本和成本量利利分析，以便便確定如何輸輸入或更改的的決定會(huì)影響響股東價(jià)值。這這項(xiàng)研究還介介紹了股權(quán)成成本作為一個(gè)個(gè)新的概念，并并說明杠桿效效應(yīng)如何結(jié)合合反應(yīng)與經(jīng)營(yíng)營(yíng)杠桿和財(cái)務(wù)務(wù)杠桿，以確確

49、定公司的整整體總的杠桿桿作用。這種新的方法是是在決策評(píng)估的的目的時(shí)不僅有益于不同的的決策方案，而而且更有益于于在內(nèi)部變化化的影響因素素，如生產(chǎn)成成本或像通貨貨膨脹和稅率率的外部因素素。該這項(xiàng)研研究的結(jié)果可可能是有價(jià)值值的管理者在在企業(yè)的所有有層面組織，尤尤其是財(cái)務(wù)管管理人員?，F(xiàn)現(xiàn)有股東及潛潛在的投資者者也將受益于于該研究的結(jié)結(jié)果，但作為為輸入所需的的數(shù)據(jù)模型公公司不會(huì)提供供給他們。本文將對(duì)經(jīng)濟(jì)附附加值，市場(chǎng)場(chǎng)增加值和杠杠桿進(jìn)行簡(jiǎn)單單的研究，其其次將做一些些簡(jiǎn)要的說明明和利用電子子表格模式，來來擴(kuò)大對(duì)利潤(rùn)潤(rùn)的杠桿分析析以及經(jīng)濟(jì)附附加值和市場(chǎng)場(chǎng)增加值。在在股權(quán)成本的的杠桿分析影影響下的經(jīng)濟(jì)濟(jì)附加值

50、和市市場(chǎng)增加值，最最初的假設(shè)是是，相似的固固定費(fèi)用和利利息費(fèi)用、股股權(quán)成本在經(jīng)經(jīng)營(yíng)中對(duì)利潤(rùn)潤(rùn)（和經(jīng)濟(jì)附附加值與市場(chǎng)場(chǎng)增加值）產(chǎn)產(chǎn)生一個(gè)杠桿桿效應(yīng)。應(yīng)該該盡可能地量量化這一杠桿桿效應(yīng)并利用用它，再加上上已知的經(jīng)營(yíng)營(yíng)杠桿和財(cái)務(wù)務(wù)杠桿來確定定公司的綜合合杠桿。一旦旦綜合杠桿被被確定，將可可以用來預(yù)測(cè)測(cè)任何投入的的改變對(duì)盈利利、經(jīng)濟(jì)附加加值和市場(chǎng)增增加值有什么么樣的影響。試試著得出一個(gè)個(gè)公式（基于于某些假設(shè)）來來預(yù)測(cè)某一變變化量將對(duì)經(jīng)經(jīng)濟(jì)附加值和和市場(chǎng)增加值值產(chǎn)生什么樣樣的影響。最后，不同層次次的經(jīng)營(yíng)杠桿桿和財(cái)務(wù)杠桿桿對(duì)利潤(rùn)、經(jīng)經(jīng)濟(jì)附加值和和市場(chǎng)增加值值所產(chǎn)生的影影響將被估算算出來。經(jīng)濟(jì)附加值、市市場(chǎng)

51、增加值和和杠桿的概念念經(jīng)濟(jì)附加值和市市場(chǎng)增加值一個(gè)公司的總市市值等于其權(quán)權(quán)益的市值加加上債務(wù)的賬賬面價(jià)值。這這一數(shù)據(jù)可以以在任意給定定的時(shí)間從公公司（發(fā)行在在外的所有的的股票和償還還的債務(wù)）中中得到。市場(chǎng)場(chǎng)增加值就是是總市值和經(jīng)經(jīng)濟(jì)資本之間間的不同點(diǎn)（凡凡爾，19995:57；賴?yán)筒祭世剩?003:591）。經(jīng)經(jīng)濟(jì)資本，也也叫做投入資資本（IC），是是投入該公司司的金額，基基本上是固定定資產(chǎn)凈值加加上營(yíng)運(yùn)資本本。MVA公司總總的市場(chǎng)價(jià)值值投入總資本本從投資者的角度度看，市場(chǎng)增增加值是衡量量一個(gè)公司業(yè)業(yè)績(jī)的最好的的指標(biāo)。斯圖圖爾特（19991：1553）提出，市市場(chǎng)增加值是是一個(gè)衡量公公司的積

52、累業(yè)業(yè)績(jī)指標(biāo)，它它代表了特定定時(shí)間所有公公司過去和將將來的資本項(xiàng)項(xiàng)目的凈現(xiàn)值值的股市的評(píng)評(píng)估。為了評(píng)評(píng)估能隨著時(shí)時(shí)間的推移而而變化，市場(chǎng)場(chǎng)增加值計(jì)算算某一特定時(shí)時(shí)間下，差異異或者變更在在市場(chǎng)增加值值法下從一個(gè)個(gè)日期到下一一個(gè)日期的確確定，來看價(jià)價(jià)值是被創(chuàng)造造了還是被毀毀滅了。經(jīng)濟(jì)濟(jì)附加值是推推動(dòng)市場(chǎng)增加加值的內(nèi)部的的績(jī)效評(píng)價(jià)指指標(biāo)。斯圖爾爾特（19991：1533）對(duì)經(jīng)濟(jì)附附加值下的定定義如下：“一個(gè)公司的的經(jīng)濟(jì)附加值值是推動(dòng)市場(chǎng)場(chǎng)增加值的動(dòng)動(dòng)力。”經(jīng)濟(jì)附加值值充分考慮了了資本成本，包包括股權(quán)成本本。這一概念念下的經(jīng)濟(jì)附附加值是思騰騰斯特公司在在20世紀(jì)880年代提出出并推廣的。就就像眾所周知知的“剩余收益”一樣，一段段時(shí)間內(nèi)，經(jīng)經(jīng)濟(jì)附加值被被作為部門的的基準(zhǔn)的績(jī)效效評(píng)價(jià)指標(biāo)?；舳鞲駛?、達(dá)塔爾與福斯特（ 2003:790 ）和格瑞森、諾琳與希爾（ 2003:616 ）比較了經(jīng)濟(jì)附加值、剩余收益以及其他一些績(jī)效評(píng)價(jià)指標(biāo)，并對(duì)日益普及的經(jīng)濟(jì)附加值指標(biāo)做了介紹。經(jīng)濟(jì)附加