EVA-和7个理论.ppt

V. Modifying Accounting Data for Managerial Decisions
1. Operating Assets (Operating Capital) 经营性资产（经营资本）: Consist of the cash, marketable securities, account receivable, inventories, and fixed assets necessary to operate the business.
2. Operating Working Capital 经营性营运资本 :
Those current assets used in operations
Net Operating Working Capital 净经营性营运资本:
is the working capital acquired with investor-supplied fund
= All current assets
- All current liabilities that do not charge interest
Net Operating Assets 净经营性资产
（Net operation Capital 净经营资本）
(Total investor-supplied operating capital 投资者投入的经营资本)：
= Net Operating Working Capital + Net Fixed Assets
= (All current assets - All current liabilities that do not charge interest )
+ Net Fixed Assets
Non-operating Assets 非经营性资产:
Consist of the cash, marketable securities above the level required for normal operations, investments in subsidiaries, land held for future use, and the like.
Net Operating Profit After Taxes 税后净经营利润（NOPAT）:
Amount of profit generate if the company had no debt and held no non-operating assets.
NOPAT = EBIT×(1-Tax rate)
Free Cash Flow 自由现金流量:
Cash flow available for distribution to all investors after the company has made all the investments in fixed assets and working capital necessary to sustain ongoing operations.
FCF = NOPAT
- Net investment in operating capital
8. Market Value Added 市场增加值 (MVA):
The difference between the market value of the firm’s stock and the amount of equity capital that supplied by shareholders.
MVA = Market value of stock
– Total amount of common stock
9. Economic Value Added 经济增加值 (EVA):
Represents the residual income that remains after the all cost of operating capital, including equity capital.
EVA = NOPAT – After-tax dollar cost of operating capital
= NOP