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作为一种度量全要素生产率的关键指标,EVA反映了管理价值的所有方面。 EVA即经济增加值,是英文Economic Value Added的缩写。从最基本的意义上讲,经济增加值就是公司业绩度量指标;从计算角度上说,EVA等于税后净营业利润减去资本成本后的剩余收入。资本成本是公司使用的全部资本乘以资本成本率,资本成本率与在同等风险条件下投资者在股票和债券的组合上所能获得的收益率相等。EVA的计算公式为:EVA=税后净营业利润-资本成本。其中:资本成本=资本总额×加权平均资本成本。
As a key measure of total factor productivity, EVA reflects all aspects of management value. EVA is the economic value added, is the English abbreviation of Economic Value Added. In its most basic sense, economic value added is a measure of company performance; from a computational perspective, EVA equals the residual income after net operating profit after tax minus the cost of capital. The cost of capital is the total capital used by the firm multiplied by the cost of capital which is equal to the rate of return investors can obtain on equities and bonds under equal risk. EVA is calculated as: EVA = net operating profit after tax - capital cost. Of which: cost of capital = total capital × weighted average cost of capital.