经济附加值市场增加值和杠杆之间的关系[文献翻译]

原文：AbstractIt is generally believed that in order to maximize value for shareholders, companies should strive towards maximizing MVA (and not necessarily their total market value). The best way to do so is to maximize the EVA, which reflects an organizations ability to earn returns above the cost of capital. The leverage available to companies that incur fixed costs and use borrowed capital with a fixed interest charge has been known and quantified by financial managers for some time. The popularization of EVA and MVA has opened up new possibilities for investigating the leverage effect of fixed costs (operational leverage) and interest (financial leverage) in conjunction with EVA and MVA, and for determining what effect changes in sales would have through leverage, not only on profits, but also on EVA and MVA. Combining a variable costing approach with leverage analysis and value analysis opens up new opportunities to investigate the effect of certain decisions on the MVA and the share price of a company. A spreadsheet model is used to illustrate how financial managers can use the leverage effects of fixed costs and the (fixed) cost of capital to maximize profits and also to determine what impact changes in any variable like sales or costs will have on the wealth of shareholders.IntroductionFew would argue that the most important financial goal of a business organization should be to maximize the wealth of its shareholders. For a number of years now, accounting measures such as earnings, return on assets and return on equity have been criticized and found wanting as performance indicators ending to greater shareholder wealth . The concept of value management resulted from a pursuit of the real drivers of value, and the performance measures Economic Value Added (EVA) and Market Value Added (MVA) are now known fairly well and used widely by companies all over the world. The objective of this study is to link the cost management techniques of variable costing and cost- volume- profit analysis with the financial management techniques of leverage analysis and value analysis in order to determine how decisions or changes in inputs will affect the shareholder value. The study also introduces the leverage effect of the cost of equity as a new concept and illustrates how it reacts in conjunction with operating leverage and financial leverage to determine the total overall leverage of the company. This new approach would be useful for decision-making purposes in assessing the impact, not only of different decision alternatives, but also of changes in internal factors like production costs or external factors like inflation and tax rates. The findings of this study could be of value to managers at all levels in a business organization, but especially to financial managers. Existing shareholders and potential investors would also benefit from the findings of the study, but the company data needed as inputs for the model would not be available to them.The objective of this study is to link the cost management techniques of variable costing and cost-volume-profit analysis with the financial management techniques of leverage analysis and value analysis in order to determine how decisions or changes in inputs will affect the shareholder value. The study also introduces the leverage effect of the cost of equity as a new concept and illustrates how it reacts in conjunction with operating leverage and financial leverage to determine the total overall leverage of the company.This new approach would be useful for decision-making purposes in assessing the impact, not only of different decision alternatives, but also of changes in internal factors like production costs or external factors like inflation and tax rates. The findings of this study could be of value to managers at all levels in a business organization, but especially to financial managers. Existing shareholders and potential investors would also benefit from the findings of the study, but the company data needed as inputs for the model would not be available to them.In this article EVA, MVA and leverage will be discussed briefly, followed by an illustration of the development and use of a spreadsheet model to extend the leverage analysis of profits to EVA and MVA. The leverage effect of the cost of equity on EVA and MVA is investigated. The initial hypothesis is that similar to fixed costs and interest, the cost of equity will also have a leverage effect on the profits (and EVA and MVA) of the business. It should be possible to quantify this leverage effect and to use it, together with the well-known operating leverage and financial leverage factors, to determine the total leverage for the company. Once the total leverage is determined, it would be possible to predict what effect any change in input will have on profits, EVA and MVA. An attempt is made to derive a formula (given certain assumptions) to predict what effect a particular change in volume (sales) would have on EVA and MVA.Finally, the impact of different levels of operating and financial leverage on profits, EVA and MVA is evaluated.The concepts of EVA, MVA and leverageEVA and MVAA companys total market value is equal to the sum of the market value of its equity and the market value of its debt. In theory, this amount is what can be “taken out” of the company (i.e. when all shares are sold and debt is repaid) at any given time. The MVA is the difference between the total market value of the company and the economic capital (Firer 1995:57; Reilly and Brown 2003:591).The economic capital, also called invested capital (IC), is the amount that is “put into” the company and is basically the fixed assets plus the net working capital.MVA = Market value of company Invested CapitalFrom an investors point of view, MVA is the best final measure of a companys performance. Stewart (1991:153) states that MVA is a cumulative measure of corporate performance and that it represents the stock markets assessment from a particular time onwards of the net present value of all a companys past and projected capital projects. MVA is calculated at a given moment, but in order to assess performance over time, the difference or change in MVA from one date to the next can be determined to see whether value has been created or destroyed.EVA is an internal measure of performance that drives MVA. Stewart (1991:153) defines EVA as follows: “A companys EVA is the fuel that fires up its MVA.” EVA takes into account the full cost of capital, including the cost of equity. The concept of EVA is a measure of economic profit and was popularized and originally trade-marked by Stern Stewart and Company in the 1980s.The calculation of EVA is the same as that of the well-known “residual income; measure that has been used as a benchmark of divisional performance for some time. Horngren, Datar and Foster (2003:790) and Garrison, Noreen and Seal (2003:616) compare EVA to residual income and other performance measures and describe the growing popularity of EVA. EVA is calculated as follows:EVA = (ROIC WACC) ICWhereROIC = Return on invested capitalWACC = Weighted Average Cost of CapitalIC = Invested Capital (at the beginning of the year)EVA can also be defined as follow:EVA = NOPAT (WACC IC)WhereNOPAT = net operating profit after taxThe link between MVA and EVA is that theoretically, MVA is equal to the present value of all future EVA to be generated by the company. MVA = present value of all future EVALink between EVA, MVA and leverageIt was indicated that, theoretically, MVA is equal to the present value of all m future EVAS. On the assumption that there will be no future growth in the current EVA, or that the expected future growth in EVA will be at a constant rate, g, the theoretical MVA can be calculated as a perpetuity. The result shows that MVA is a multiple of the current EVA.EXAMPLE:Company A has a current EVA of R100m. Its WACC is 20%. If no future growth in EVA is expected, the theoretical MVA can be calculated as follows:MVA = PV (future EVA)= current EVA / WACC= R100m / 0.2= R500mIn this instance, MVA is five times the current EVA, or R500/R100m.If EVA is expected to grow at a constant rate of 10% in future, the theoretical MVA can be calculated as follows:MVA = PV (future EVA)= current EVA / (WACC g)= R100m / (0.2 0.1)= R1000mWith the assumption of 10% future growth in EVA, MVA is ten times the current EVA, or (R1000m / R100m). The fact that MVA is theoretically a multiple of the current EVA means that any percentage change in EVA should cause the same percentage change in MVA. If the cost of equity is subtracted from profits (after interest and tax), one gets EVA. If one assumes that the capital structure and the cost of equity percentage remain unchanged, the amount debited as the cost of equity in the calculation of EVA is a fixed amount. This fixed amount of the cost of equity also has a leverage effect that causes EVA (and the theoretical MVA) to change more dramatically than profits when there are changes in the sales volume. The leverage effect of the cost of equity (referred to as EVA leverage) can now be investigated and combined with operational and financial leverage to study the effect on a business as a whole.Research methodA spreadsheet model was developed using different levels of operating leverage and financial leverage. The relationship between profits (after interest and tax) and EVA was determined. This was done by using the cost of own capital (equity) and this fixed amount can therefore be described as a leverage factor for EVA.Furthermore, the EVA leverage factor was combined with the operating and financial leverage. It then became possible to illustrate how the expected percentage change in EVA and MVA can be predicted, given a certain percentage change in sales (or profits). ConclusionsThe spreadsheet model was used to investigate the leverage effect of three items, namely fixed costs (DOL), interest on borrowed capital (DFL) and the cost of own capital (EVA leverage). Five different scenarios, each with a different level of DOL, DFL or EVA leverage, were assumed to determine the relationships (if any) between the different kinds of leverage as well as their impact on profits, EVA and MVA (and therefore, also the value of the firm).The results indicated that the size of the total level of leverage including EVA is determined by all three elements causing the leverage. However, there was no difference in the total leverage including EVA for scenarios where only the financial gearing differ- red. The analysis showed that the effect of high financial leverage is offset perfectly by the lower cost of own capital (EVA leverage).Stated differently, the total leverage including EVA is the same for all scenarios with the same fixed costs (only if WACC remains constant).Given the assumptions made, one can conclude that the organizations sensitivity to changes in sales volume is determined by its degree of operational leverage and by its total cost of capital (as represented by the financial leverage and EVA leverage). The way the company is financed (assuming there is no change in the WACC) will not affect this total leverage effect?Source: University of Pretoria University of Pretoria，2004.“the relationship between EVA, MVA and leverage” Meditari Accountancy Research. Vol. 12 No. 1.pp. 3959.译文：经济附加值，市场增加值和杠杆之间的关系摘要人们普遍认为，为了最大限度地为股东价值，公司应该对MVA的最大化（不一定它们的总市值）努力。最好的办法是最大限度地这样做的EVA，这反映了一个组织赚取高于资本成本回报的能力。该公司提供的杠杆承担固定费用和使用借来与固定利息借入资金已经知道并需要财务经理一些时间，量化的投资公司。对EVA和MVA的普及开辟了调查固定成本（经营杠杆）和兴趣与EVA和MVA，一起（财务杠杆）的杠杆效应和确定哪些销售将有明显的变化，通过杠杆作用，而不是新的可能性只有利润，而且还对EVA和MVA。变动成本法结合了具有杠杆分析和价值分析方法，开辟了新的机会，探讨对MVA的某些决定和影响了公司股价。电子表格模型来说明如何利用财务经理可以使固定费用和资本（固定）成本的杠杆效应来实现利润最大化，还要确定在任何类似的销售或成本变量的影响的变化，对股东财富引言很少人会认为应当将股东权益最大化作为企业的财务目标。近些年来，就像将股东财富最大化作为主导的绩效指标一样的会计指标，如收入、资本回报率和股本回报率一直受到批评（约翰逊，纳塔拉詹和拉巴波特，1985年；拉巴波特，1986年；斯图尔特1991年）。这一概念的价值管理的原因是寻求真正的价值动因，并且现在以经济附加值（EVA）和市场增加值（MVA）作为绩效评价指标已经广为人知，并被广泛地应用于全世界的许多企业中。本文所要研究的就是将变动成本法以及本量利分析相结合进行的杠杆分析和价值分析，并利用这一技术来确定决定和改变投入将如何影响股东价值。该研究还将股权成本的杠杆效应作为一种新的概念，并说明它如何反映经营杠杆和财务杠杆，以确定企业的综合杠杆。这种新的方法将对评估决策目的产生有益的影响，不仅是对于不同的决策有效，而且还将改变如生产成本这样的内部因素，或者如通货膨胀率和税率这样的外部因素，这项研究结果可能对企业组织中的各级管理人员都是有价值的，尤其是财务管理人员。现有的股东和潜在的投资者也将受益于这项研究的结构，但该公司的一些数据，如模型中涉及的投入的数据，是无法提供给他们的。这项研究的目的是联系在一起的杠杆分析和价值分析的财务管理技术的成本管理技术的可变成本和成本量利分析，以便确定如何输入或更改的决定会影响股东价值。这项研究还介绍了股权成本作为一个新的概念，并说明杠杆效应如何结合反应与经营杠杆和财务杠杆，以确定公司的整体总的杠杆作用。这种新的方法是在决策评估的目的时不仅有益于不同的决策方案，而且更有益于在内部变化的影响因素，如生产成本或像通货膨胀和税率的外部因素。该这项研究的结果可能是有价值的管理者在企业的所有层面组织，尤其是财务管理人员。现有股东及潜在的投资者也将受益于该研究的结果，但作为输入所需的数据模型公司不会提供给他们。本文将对经济附加值，市场增加值和杠杆进行简单的研究，其次将做一些简要的说明和利用电子表格模式，来扩大对利润的杠杆分析以及经济附加值和市场增加值。在股权成本的杠杆分析影响下的经济附加值和市场增加值，最初的假设是，相似的固定费用和利息费用、股权成本在经营中对利润（和经济附加值与市场增加值）产生一个杠杆效应。应该尽可能地量化这一杠杆效应并利用它，再加上已知的经营杠杆和财务杠杆来确定公司的综合杠杆。一旦综合杠杆被确定，将可以用来预测任何投入的改变对盈利、经济附加值和市场增加值有什么样的影响。试着得出一个公式（基于某些假设）来预测某一变化量将对经济附加值和市场增加值产生什么样的影响。最后，不同层次的经营杠杆和财务杠杆对利润、经济附加值和市场增加值所产生的影响将被估算出来。经济附加值、市场增加值和杠杆的概念经济附加值和市场增加值一个公司的总市值等于其权益的市值加上债务的账面价值。这一数据可以在任意给定的时间从公司（发行在外的所有的股票和偿还的债务）中得到。市场增加值就是总市值和经济资本之间的不同点（凡尔，1995:57；赖利和布朗，2003:591）。经济资本，也叫做投入资本（IC），是投入该公司的金额，基本上是固定资产净值加上营运资本。MVA公司总的市场价值投入总资本从投资者的角度看，市场增加值是衡量一个公司业绩的最好的指标。斯图尔特（1991：153）提出，市场增加值是一个衡量公司的积累业绩指标，它代表了特定时间所有公司过去和将来的资本项目的净现值的股市的评估。为了评估能随着时间的推移而变化，市场增加值计算某一特定时间下，差异或者变更在市场增加值法下从一个日期到下一个日期的确定，来看价值是被创造了还是被毁灭了。经济附加值是推动市场增加值的内部的绩效评价指标。斯图尔特（1991：153）对经济附加值下的定义如下：“一个公司的经济附加值是推动市场增加值的动力。”经济附加值充分考虑了资本成本，包括股权成本。这一概念下的经济附加值是思腾斯特公司在20世纪80年代提出并推广的。就像众所周知的“剩余收益”一样，一段时间内，经济附加值被作为部门的基准的绩效评价指标。霍恩格伦、达塔尔与福斯特（ 2003:790 ）和格瑞森、诺琳与希尔（ 2003:616 ）比较了经济附加值、剩余收益以及其他一些绩效评价指标，并对日益普及的经济附加值指标做了介绍。经济附加值的计算如下：经济附加值（ROICWACC）IC其中ROIC资本回报率WACC加权平均资本成本IC投入资本（年初）经济附加值也可以被界定为：经济附加值NOPAT（加权平均资本成本投入资本）其中NOPAT税后净营业利润经济附加值和市场增加值之间的联系从理论上说，就是市场增加值等于公司未来所有的经济附加值的现值。市场增加值所有未来经济附加值的现值EVA，MVA和杠杆之间的关系理论上，MVA是等于未来所有的EVA的现值。在假定不会在当前EVA的未来发展，或者说，在EVA预期未来增长将在一个恒定速度，克，理论MVA的可以计算为永恒。结果表明，MVA是当前EVA的倍数。例证：A公司拥有R100m当前的EVA。其加权平均资本成本为20。如果没有在EVA未来增长预期，MVA的理论可以计算如下： MVA = PV (future EVA)= current EVA / WACC= R100m / 0.2= R500m在这种情况下，MVA是目前的五倍长荣，或R500/R100m如果EVA是预计将增长10，在今后的恒定速率，理论上可MVA的计算公式如下：MVA = PV (future EVA)= current EVA / (WACC g)= R100m / (0.2 0.1)= R1000m随着未来10的EVA增长的假设，MVA是当前长荣十倍，或（R1000m / R100m）。事实上，MVA是理论上当前EVA的倍数，意味着任何在EVA百分比变化应引起同在MVA的变动百分率。如果权益成本是从利润（扣除利息及税项）减去一个得到的EVA。如果我们假设，资本结构和股权比例的费用保持不变，作为股权EVA的计算成本扣除的金额是固定的数额。这种固定的股权成本金额也有杠杆效应，导致长荣（与理论MVA）的改变时，有比利润在销售数量变化更明显。该股权成本的杠杆效应（简称EVA的杠杆）现在可以进行调查和处理业务和财务杠杆的研究作为一个整体业务的影响结合起来。研究方法电子表格模型，开发利用经营杠杆和财务杠杆的不同水平由他们之间的利润（扣除利息及税项）和EVA的关系决定的。这是通过利用自己的资本（股权）和这个固定金额，因此可以作为EVA的杠杆系数描述的成本。此外，EVA的杠杆系数相结合的经营和财务杠杆。阐述了如何在EVA与MVA的预期变动率可以预见成为一种可能，由于在销售（或利润）的一定比例发生了变化。结论这一试算表模型，是用于研究杠杆效应的三个方面，即固定成本（经营杠杆），借款利息所发生的资本成本（财务杠杆）和自由资本所产生的成本（经济附加值杠杆）。有着不同的经营杠杆、财务杠杆和经济附加值的杠杆的五种不同的情况，均假定确定的关系（如果有的话）之间不同种类的杠杆作用以及他们对利润、经济附加值和市场增加值（当然，也有公司的价值）的影响。结果表明，包括经济附加值的综合杠杆受到了三个因素的影响。然而，包括经济附加值在内的综合杠杆效应都是没有差别的，只有金融负债是不同的。分析表明，较高的财务杠杆是在完全抵消了自由资金（经济附加值的杠杆）的情况下得到的。包括经济附加值的综合杠杆在相同情况下对所具有的固定费用（仅当资金成本保持不变）确实是不同的。鉴于所做的假设，我们可以得出这样的结论：销售量的敏感性变化是由一定程度下的经营杠杆和总的资本成本（所代表的财务杠杆和经济附加值的杠杆）所决定的。公司融资的方式（假设加权平均资本成本没有发生变化），将不会影响综合杠杆效应。出处: 美比勒陀利亚大学.经济附加值，市场增加值和杠杆之间的关系，密特瑞会计研究.第12卷，2004(1)：P35-39