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：經濟附加值，市市場增加值和和杠桿之間的的關系摘要人們普遍認為，為為了最大限度度地為股東價價值，公司應應該對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，這反映了了一個組織賺賺取高于資本本成本回報的的能力。該公公司提供的杠杠桿承擔固定定費用和使用用借來與固定利息借入入資金已經知知道并需要財財務經理一些些時間，量化化的投資公司司。對EVAA和MVA的的普及開辟了了調查固定成成本（經營杠杠桿）和興趣趣與EVA和和MVA，一一起（財務杠杠桿）的杠桿桿效應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，而且還還對EVA和和MVA。變變動成本法結結合了具有杠杠桿分析和價價值分析方法法，開辟了新新的機會，探探討對MVAA的某些決定定和影響了公公司股價。電電子表格模型型來說明如何何利用財務經經理可以使固定費用和和資本（固定定）成本的杠杠桿效應來實實現利潤最大大化，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，對股東財財富引言很少人會認為應應當將股東權權益最大化作作為企業的財財務目標。近近些年來，就就像將股東財財富最大化作作為主導的績績效指標一樣樣的會計指標標，如收入、資資本回報率和和股本回報率率一直受到批批評（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）。這這一概念的價價值管理的原原因是尋求真真正的價值動動因，并且現現在以經濟附附加值（EVVA）和市場場增加值（MMVA）作為為績效評價指指標已經廣為為人知，并被被廣泛地應用用于全世界的的許多企業中中。本文所要要研究的就是是將變動成本本法以及本量量利分析相結結合進行的杠杠桿分析和價價值分析，并并利用這一技技術來確定決決定和改變投投入將如何影影響股東價值值。該研究還還將股權成本本的杠桿效應應作為一種新新的概念，并并說明它如何何反映經營杠杠桿和財務杠杠桿，以確定定企業的綜合合杠桿。這種種新的方法將將對評估決策策目的產生有有益的影響，不不僅是對于不不同的決策有有效，而且

48、還還將改變如生生產成本這樣樣的內部因素素，或者如通通貨膨脹率和和稅率這樣的的外部因素，這這項研究結果果可能對企業業組織中的各各級管理人員員都是有價值值的，尤其是是財務管理人人員。現有的的股東和潛在在的投資者也也將受益于這這項研究的結結構，但該公公司的一些數數據，如模型型中涉及的投投入的數據，是是無法提供給給他們的。這項研究的目的的是聯系在一一起的杠桿分分析和價值分分析的財務管管理技術的成成本管理技術術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影響響股東價值。這這項研究還介介紹了股權成成本作為一個個新的概念，并并說明杠桿效效應如何結合合反應與經營營杠桿和財務務杠桿，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估的的目的時不僅有益于不同的的決策方案，而而且更有益于于在內部變化化的影響因素素，如生產成成本或像通貨貨膨脹和稅率率的外部因素素。該這項研研究的結果可可能是有價值值的管理者在在企業的所有有層面組織，尤尤其是財務管管理人員。現現有股東及潛潛在的投資者者也將受益于于該研究的結結果，但作為為輸入所需的的數據模型公公司不會提供供給他們。本文將對經濟附附加值，市場場增加值和杠杠桿進行簡單單的研究，其其次將做一些些簡要的說明明和利用電子子表格模式，來來擴大對利潤潤的杠桿分析析以及經濟附附加值和市場場增加值。在在股權成本的的杠桿分析影影響下的經濟濟附加值

50、和市市場增加值，最最初的假設是是，相似的固固定費用和利利息費用、股股權成本在經經營中對利潤潤（和經濟附附加值與市場場增加值）產產生一個杠桿桿效應。應該該盡可能地量量化這一杠桿桿效應并利用用它，再加上上已知的經營營杠桿和財務務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，將可可以用來預測測任何投入的的改變對盈利利、經濟附加加值和市場增增加值有什么么樣的影響。試試著得出一個個公式（基于于某些假設）來來預測某一變變化量將對經經濟附加值和和市場增加值值產生什么樣樣的影響。最后，不同層次次的經營杠桿桿和財務杠桿桿對利潤、經經濟附加值和和市場增加值值所產生的影影響將被估算算出來。經濟附加值、市市場

51、增加值和和杠桿的概念念經濟附加值和市市場增加值一個公司的總市市值等于其權權益的市值加加上債務的賬賬面價值。這這一數據可以以在任意給定定的時間從公公司（發行在在外的所有的的股票和償還還的債務）中中得到。市場場增加值就是是總市值和經經濟資本之間間的不同點（凡凡爾，19995:57；賴利和布朗朗，2003:591）。經經濟資本，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凈值加加上營運資本本。MVA公司總總的市場價值值投入總資本本從投資者的角度度看，市場增增加值是衡量量一個公司業業績的最好的的指標。斯圖圖爾特（19991：1553）提出，市市場增加值是是一個衡量公公司的積

52、累業業績指標，它它代表了特定定時間所有公公司過去和將將來的資本項項目的凈現值值的股市的評評估。為了評評估能隨著時時間的推移而而變化，市場場增加值計算算某一特定時時間下，差異異或者變更在在市場增加值值法下從一個個日期到下一一個日期的確確定，來看價價值是被創造造了還是被毀毀滅了。經濟濟附加值是推推動市場增加加值的內部的的績效評價指指標。斯圖爾爾特（19991：1533）對經濟附附加值下的定定義如下：“一個公司的的經濟附加值值是推動市場場增加值的動動力。”經濟附加值值充分考慮了了資本成本，包包括股權成本本。這一概念念下的經濟附附加值是思騰騰斯特公司在在20世紀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，一段段時間內，經經濟附加值被被作為部門的的基準的績效效評價指標。霍恩格倫、達塔爾與福斯特（ 2003:790 ）和格瑞森、諾琳與希爾（ 2003:616 ）比較了經濟附加值、剩余收益以及其他一些績效評價指標，并對日益普及的經濟附加值指標做了介紹。經濟附加