“EVA”是當下一個熱門流行的話題，也代表一種比較先進的管理思想，是ACCA/CIMA核心知識點，也是財務人士必須理解掌握的核心技能。為了助力四海八荒的楷博學子，快速掌握要領，今日我們就同楷博財經ACCA老師——Oliver 一起梳理探討下
EVA 的幾個重要特徵。practice, rofit-based measures (e.g. Gross Profit, Net Profit, ROCE) are the primary measure of the company’s performance.
Two main problems relating to profit in this area are:
Profit ignores the cost of equity capital. In financial statements, the calculation of profit does take into account the cost of debt finance, but ignores the cost of equity finance.
財務報表的利潤考慮了負債類資金的成本如借款利息，但忽略了權益類也就是股東投資款的資金成本。
Profits calculated in accordance with accounting standards do not truly reflect the wealth that has been created, and are subject to manipulation by accountants.
利潤並不能反映企業財富創造的增加， 並容易受到會計操作的操縱。
Economic Value Added – or EVA – is a performance measurement system that aims to overcome these two weaknesses. EVA was developed by the US consulting firm Stern Stewart & Co, and it has gained widespread use among many well-known companies such as Siemens, Coca Cola.
如下，我們一起探討下EVA 的5個特徵
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01 利潤減去資本成本
Companies only generate wealth when they generate a return in excess of the return required by providers of capital – both equity and debt.
公司創造的利潤只有超過資金（負債類和權益類資金）成本， 才是真正的為投資者創造了財富。
This is similar with Residual income(剩餘價值).
RI= Operating profit - financial capital*cost of capital
EVA= NOPAT(Net Operating Profit After Tax) - Economical capital * WACC
因此，在這一點上， EVA和RI 很相似，二者的計算公式都體現了【利潤減去資本成本】這一基本理念。
Division A made a profit of $10,000 during the most recent financial year. The capital used by the division (equity plus long-term debt) was $70,000. The weighted average cost of capital of the company is 13%.
The residual income of Division A was therefore:
$ Profit 10,000
— Finance charge 9,100 (70,000 x 13%)
Residual income 900
The finance charge of $9,100 represents the minimum return required by the providers of finance on the $70,000 capital they provided. The wealth created is $900, not $10,000, in the eyes of finance providers.
在投資者眼中， Division A 創造的財富是$900， 而不是公司的利潤$10,000。
02 資本化增加企業長遠價值的支出
Expenditure on promotional activities, research and development and employee training should be capitalised.
增加企業長遠價值的活動支出，在EVA 計算中被資本化。
When calculating profit, marketing expenditure, for example, $100m is expensed in the I/S immediately. When calculating EVA, this is not allowed but is capitalised then amortised in the following years.
在計算利潤時，當年的100萬廣告費用開支在當年損益表中作為費用列支，而EVA 的計算中，該類費用被理解為有利於企業長遠發展的支出，可以先資本化然後在隨後的多年中攤銷。
This will remove any incentive that managers have to take a short-term view.
這樣EVA就可以消除經理層想加大廣告投入又顧慮當期開支過高影響利潤的顧慮， 可以激勵管理層加大對研發，培訓，營銷方面的投入，因為這些開支在EVA指標的考核體系下， 都可以資本化，不會對該指標的當期值產生較大影響。
03 規避利潤操控
Any expenses or income recognised in the income statement in respect of movements in items， such as allowances for doubtful debts, allowances for inventory should be removed from NOPAT. Therefore, non-cash expenses should be added back to profits.
在損益表中計提的不會導致當期現金流出，流入的費用， 如計提的壞賬和非現金費用，應當剔除。
If allowances for doubtful debts increase in the year, for example, the increased amount is $1m, this will be treated as expense in the I/S. However, the increased amount will not lead the cash flowing out, this has no impact on shareholder value. When calculating EVA, such kinds of expense will be removed from the NOPAT.
When there are reasons that the allowances will be repaid, the allowances will be reduced. The reduced balance will be recognised as ‘income’ or reverse expense, increasing profit. However, there is no cash inflow. When calculating EVA, such reduced allowances will be removed from the NOPAT.
壞賬的計提，衝回，是常用的操縱當期利潤的方法， 在A股的上市公司，用這種手法操控利潤的比比皆是。EVA的計算法則有效規避了壞賬計提，衝回對NOPAT的影響，使得EVA不像profit那樣容易被manipulate。
04 合理計量淨資產
Items such as provisions, allowances for doubtful debts, deferred tax provisions and allowances for inventory should be added back to capital employed, since these represent over-prudence on the part of financial accountants, and this understates the true value of capital employed.
與這些當期計提或衝回的壞賬相關的一個概念就是： 這些壞賬準備的餘額。 這些餘額一般為貸方餘額，所以會抵減淨資產。在計算RI時，用的就是這種抵減後的淨資產餘額。
在計算EVA時， economic capital認為這類抵減是一種過度保守的表現，用於創造shareholder value所依賴的淨資產不應扣減該類資產備抵賬戶的貸方餘額。同樣的道理適用於goodwill的餘額。因此， economic capital能更好的反映創造股東財富所依賴的base基礎。
05 與NPV殊途同歸
EVA is consistent with net present value.
A company will invest $10,000 in a new project. The $10,000 represents investments in non-current assets. The project will last for three years, and will generate cash inflows of $5,000 in year one, and $7,000 in years 2 and 3. The assets will have no residual value at the end of the life of the project. The relevant discount rate is 10%. The net present value of the project can be calculated as follows:
( The finance charge is 10% of the net book value of the assets of the project at the start of each year.)
Sum of discounted residual income (606 + 2,478 + 2,502) = $5,586. This is the same as the net present value calculated using the cash flow method above.
Maximising shareholders’ wealth means maximising the net present value of future cash flows.
最大化股東財富意味著最大化未來的現金流淨值。由於EVA 和 淨現值是一致的，所以EVA和股東財富有極強的正相關關係。
辯證理解和應用
如上的分析，我們可以感受到EVA相較於傳統的其他基於profit的指標，有著很多獨特的，先進的特徵。
但EVA本身也是有很多問題的。比如：EVA避免了marketing expenditure的一次性計提，這樣做可以有效激勵經理層沒有後顧之憂的開展營銷，建立公司品牌的影響力，增添公司長遠發展的動力；但也會導致ineffective marketing。
其他常見的問題還有：
the adjustments to profits and capital can become cumbersome；
estimating the WACC can be difficult；
EVA is an absolute measure, so it cannot be used to compare companies of different sizes, unlike return on investment.
儘管有很多缺點，EVA仍不失為一個能有效衡量企業價值創造的指標。深刻正確的理解指標，然後辯證的應用才是關鍵。
感謝Oliver Zhu老師帶來的P5知識點分享，還沒看夠的小夥伴也不要慌張，接下來，KBF老師為大家精心準備了相關科目的備考直播課及ACCA考前乾貨分享，請大家持續關注哦~
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