eva經(jīng)濟(jì)增加值)知識(shí)和應(yīng)用培訓(xùn)(ppt50)免費(fèi)推薦!!-管理培訓(xùn)(編輯修改稿)
2024-09-24 12:21 本頁(yè)面
【文章內(nèi)容簡(jiǎn)介】 中剔除的同時(shí)，還需對(duì)其資本化處理，使其與公司的未來(lái)收益或損失相匹配，由股東永久性承擔(dān) 對(duì)行為的影響： 使得 EVA的結(jié)果中只體現(xiàn)營(yíng)業(yè)業(yè)績(jī)，剔除非營(yíng)業(yè)活動(dòng)對(duì)管理層業(yè)績(jī)?cè)u(píng)判的影響 調(diào)整方法： 將當(dāng)期發(fā)生的營(yíng)業(yè)外收支從 NOPAT中剔除，并資本化處理，并需考慮以前年度累計(jì)資本化的影響；同時(shí)調(diào)整對(duì)現(xiàn)金營(yíng)業(yè)所得稅的影響 25 會(huì)計(jì)核算 EVA核算 Year 2 Year 2 Revenues 10,000 Revenues 10,000 Operating Expenses 7,000 Operating Expenses 7,000 Operating Profit 3,000 Operating Profit 3,000 Loss on Asset Sale (500) Ine Before Taxes 2,500 Taxes @ 40% 1,000 Taxes @ 40% 1,200 Net Ine` 1,500 NOPAT 1,800 Year 1 Year 2 Year 1 Year 2 Current Assets 2,500 2,500 Current Assets 2,500 2,500 Current Liabilities 1,500 1,500 Current Liabilities 1,500 1,500 Net Working Capital 1,000 1,000 Net Working Capital 1,000 1,000 Fixed Assets 15,000 13,000 Fixed Assets 15,000 13,000 Cum Unus. (Gain) Loss 300 Net Assets 16,000 14,000 Capital 16,000 14,300 舉例：對(duì)資產(chǎn)處置損失（ RMB500） 的會(huì)計(jì)核算和 EVA核算之比較 26 會(huì)計(jì)核算，不做調(diào)整 EVA核算，做調(diào)整 Year 2 Year 3 Year 4 Year 5 Year 2 Year 3 Year 4 Year 5 Revenues 12,000 12,000 12,000 12,000 Revenues 12,000 12,000 12,000 12,000 Operating Expenses 7,000 7,000 7,000 7,000 Operating Expenses 7,000 7,000 7,000 7,000 Operating Profit 5,000 5,000 5,000 5,000 Operating Profit 5,000 5,000 5,000 5,000 Loss on Asset Sale (500) 0 0 0 Ine Before Taxes 4,500 5,000 5,000 5,000 Taxes @ 40% 1,800 2,000 2,000 2,000 Taxes @ 40% 2,000 2,000 2,000 2,000 NOPAT 2,700 3,000 3,000 3,000 NOPAT 3,000 3,000 3,000 3,000 Beginning Capital 16,000 14,000 14,000 14,000 Beginning Capital 16,000 14,300 14,300 14,300 Cost of Capital 12% 12% 12% 12% Cost of Capital 12% 12% 12% 12% Capital Charge 1,920 1,680 1,680 1,680 Capital Charge 1,920 1,716 1,716 1,716 EVA 780 1,320 1,320 1,320 EVA 1,080 1,284 1,284 1,284 Present Value Factor Present Value Factor Present Value of EVA 696 1,052 940 7,830 Present Value of EVA 964 1,024 914 7,616 Present Value of Project 10,518 Present Value of Project 10,518 兩種核算方式的 EVA現(xiàn)值都是相同的 27 負(fù)息債務(wù)之利息支出 調(diào)整原理： 負(fù)息債務(wù)之利息支出屬于資本成本的一部分，應(yīng)從 NOPAT的計(jì)算中剔除，統(tǒng)一在資本成本中核算 對(duì)行為的影響： 使得 NOPAT的計(jì)算中真實(shí)體現(xiàn)營(yíng)業(yè)成本，將體現(xiàn)資本所有人對(duì)預(yù)期回報(bào)的要求在資本成本一項(xiàng)中計(jì)算，清楚地衡量管理層的業(yè)績(jī) 調(diào)整方法： 將負(fù)息債務(wù)的利息支出從 NOPAT的計(jì)算中剔除，同時(shí)對(duì)現(xiàn)金營(yíng)業(yè)所得稅進(jìn)行調(diào)整 28 會(huì)計(jì)準(zhǔn)備 包括：壞帳準(zhǔn)備、存貨跌價(jià)損失準(zhǔn)備、短期投資跌價(jià)損失準(zhǔn)備、長(zhǎng)期投資變現(xiàn)準(zhǔn)備 調(diào)整原理： 會(huì)計(jì)準(zhǔn)備的計(jì)提是基于會(huì)計(jì)的保守和謹(jǐn)慎性原則，會(huì)計(jì)準(zhǔn)備計(jì)提時(shí)將并未發(fā)生、今后或然發(fā)生的一部分費(fèi)用提前計(jì)入損益，不能真實(shí)地反映公司的營(yíng)業(yè)狀況，并且由于會(huì)計(jì)制度的變化和會(huì)計(jì)方法的靈活性，容易引起會(huì)計(jì)操縱和對(duì)
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