经济附加价值

经济附加价值（Economic Value Added，EVA）通常被定义为企业营运减除投入资本及机会成本的剩馀价值。以商业辞汇而言，EVA可由营业收入 - 主权债务利息支出（Rate of Interest in Sovereign Debt）计算，因主权债务可被视为投入资本或业主权益的替代机会。经济利润（Economic Profit）的概念近似于EVA，但经济利润是未经调节的。

史坦·史都华公司

纽约的史坦·史都华公司（Stern Stewart & Company）此一公司在软体品牌和财务顾问/训练服务拥有EVA™的商标权，是专属于Stern Stewart & Co.调整修改的权利。而对经济利润进行商誉摊销、无形资产资本化和其他调节即为EVA。

计算EVA

EVA = 税后营业收入 - 长期资金机会成本

EVA = Net Operating Profit After Tax - Appropriate Charge for the Opportunity Cost of All Capital (Debt & Equity) in a firm;

EVA = NOPAT - (Cost of Capital)*Total Capital

参考文献

• G. Bennett Stewart III. The Quest for Value. HarperCollins.
• Stephan Hostettler, Hermann Stern. Das Value Cockpit. Wiley.

外部链接

• Economic Value Added from Stern Stewart & Company
• Economic Value Added (EVA), Prof. Aswath Damodaran
• EVA valuation tutorial from valuatum.com
• Understanding Economic Value Added, nvestopedia.com
• All About EVA, investopedia.com
• Economic Value Added: A simulation analysis of the trendy, owner-oriented management tool, Timo Salmi and Ilkka Virtanen, 2001