EVAへの関心とその表示過程
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There has been an inclination to cash-flow management and thus an introduction of cashflow statements in the business administration. As this inclination has grown, the conventional mindset of corporate accounting has been rocked like a boat floating on the ocean. The emerging EVA is a new development, too. 'EVA' is short for 'Economic Value Added' and the first three words of EVAluation. Stern Stewart, the consulting firm, has registered the expressions 'EVA' and 'EVAngelist' as trade-marks. This article consists of the following six sections. Preface 1. Three-typed indices and two new ones. 2. The contents of EVA and MAV. 3. The calculating process of EVA and MVA (1). 4. The calculating process of EVA and MVA (2). 5. The meaning of EVA on managerial accounting. 6. The ending remarks. According to Horngren, one of most famous academics, EVA is a variant of 'residual income' well known in the field of managerial accounting. EVA is expressed as follows: EVA= (r-c)×capital, Where, r = rate of return, and c = cost of capital, or the weighted average cost of capital. Furthermore, EVA= (r×capital) - (c×capital) = NOPAT - c×capital = operating profits - capital charge. The term, 'Net Operating Profit after Tax' is abbreviated to 'NOPAT'. NOPAT is necessary for calculating EVA, but we cannot directly get NOPAT from financial state-ments. So, we are forced to re-calculate the figures in financial statements. Although this process is not easy, it is important. 'MVA' is short for 'Market Value Added', which represents a present value of the future EVA. Its theoretical value is as follows : MVA=EVA(1)/(COC-g), Where, EVA (1) : estimated EVA one year later, COC: weighted average cost of capital, g: growth rate of estimated EVA in the long term. In this article, the contents of EVA are considered centering on the relationship between financial statements and the EVA calculation, and the message for corporate accounting is also considered.
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