经济附加价值

经济附加价值(Economic Value Added,EVA)通常被定义为企业营运减除投入资本机会成本剩余价值。以商业辞汇而言,EVA可由营业收入 - 主权债务利息支出(Rate of Interest in Sovereign Debt)计算,因主权债务可被视为投入资本或业主权益的替代机会。经济利润(Economic Profit)的概念近似于EVA,但经济利润是未经调节的。

史坦·史都华公司

纽约的史坦·史都华公司英语Stern Stewart & Co(Stern Stewart & Company)此一公司在软件品牌财务顾问/训练服务拥有EVA™的商标权,是专属于Stern Stewart & Co.调整修改的权利。而对经济利润进行商誉摊销无形资产资本化和其他调节即为EVA。

计算EVA

EVA = 税后营业收入 - 长期资金机会成本

EVA = Net Operating Profit After Tax - Appropriate Charge for the Opportunity Cost of All Capital (Debt & Equity) in a firm;

EVA = NOPAT - (Cost of Capital)*Total Capital

其他评估股权价值的方法

参阅

参考文献

  • G. Bennett Stewart III. The Quest for Value. HarperCollins.
  • Stephan Hostettler, Hermann Stern. Das Value Cockpit. Wiley.

外部链接

  • Economic Value Added from Stern Stewart & Company
  • Economic Value Added (EVA), Prof. Aswath Damodaran
  • EVA valuation tutorial from valuatum.com
  • Understanding Economic Value Added, nvestopedia.com
  • All About EVA, investopedia.com
  • Economic Value Added: A simulation analysis of the trendy, owner-oriented management tool, Timo Salmi and Ilkka Virtanen, 2001