经济增加值（EVA）：理论与实证研究综述外文翻译.doc

外文翻译 原文 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 consultants St