價(jià)值創(chuàng)造是任何企業(yè)實(shí)體的首要目標(biāo)。為客戶創(chuàng)造價(jià)值有助于銷售產(chǎn)品和服務(wù)，而以股票價(jià)格上漲的形式為股東創(chuàng)造價(jià)值，可以確保未來有投資資本為經(jīng)營提供資金。

從財(cái)務(wù)角度看，當(dāng)企業(yè)賺取的收入（或資本回報(bào)率）超過支出（或資本成本）時(shí)，就可以說是創(chuàng)造了價(jià)值。但一些分析家堅(jiān)持認(rèn)為，"價(jià)值創(chuàng)造 "的定義更寬泛，可以與傳統(tǒng)的財(cái)務(wù)衡量標(biāo)準(zhǔn)分開。

傳統(tǒng)的組織績效評估方法在當(dāng)今的經(jīng)濟(jì)中已經(jīng)不能滿足需要。股票價(jià)格越來越不由盈利或資產(chǎn)基礎(chǔ)決定。當(dāng)今企業(yè)的價(jià)值創(chuàng)造越來越多地體現(xiàn)在創(chuàng)新、人員、理念和品牌等無形的驅(qū)動力上。

「應(yīng)用場景」

How Companies Measure Value Creation

企業(yè)如何評估價(jià)值創(chuàng)造

凱洛格商學(xué)院教授阿爾·拉帕波特［1986年有影響力著作《創(chuàng)造股東價(jià)值》一書的作者］和Stern Stewart咨詢公司在制定評估股東價(jià)值創(chuàng)造標(biāo)準(zhǔn)方法方面發(fā)揮了重要作用。拉帕波特的股東增加值（或SVA）與Stern Stewart的經(jīng)濟(jì)增加值（或EVA）十分相似，兩者都涉及比較兩個(gè)數(shù)字：投資回報(bào)率和平均資本成本，加權(quán)后用來反映債務(wù)和股權(quán)融資的比例。為簡單起見，我在此會使用EVA，因?yàn)樗炎兊酶鼮槠毡椤?/p>

Kellogg professor Al Rappaport (author of the influential 1986 book Creating Shareholder Value) and the consulting firm Stern Stewart were instrumental in developing the standard methodologies for measuring shareholder value creation. Rappaport’s shareholder value added, or SVA, and Stern Stewart’s economic value added, or EVA, were very similar, and both involved comparing two numbers: the return on capital invested and the average cost of capital, weighted to reflect the proportions of debt and equity financing. For simplicity, I’ll use EVA here, because it has become more common.

EVA反映預(yù)期凈現(xiàn)金流的方式，是企業(yè)通過借款和發(fā)行股票所籌集到資金的美元價(jià)值百分比，就像其資產(chǎn)負(fù)債表上報(bào)告的那樣。要產(chǎn)生EVA，管理者通常采用資本資產(chǎn)定價(jià)模型，該模型的輸入信息是可以公開獲得的。如果投資資本的回報(bào)超過了資本成本，企業(yè)就在創(chuàng)造價(jià)值。如果它低于資本成本，價(jià)值就在被毀滅。

EVA expresses expected net cash flow as a percentage of the dollar value of the amount the company has raised through borrowing and equity issuance, as reported on its balance sheet. To generate EVA, managers typically apply the capital asset pricing model, the inputs of which are publicly available. If the return on capital invested exceeds the cost of capital, the corporation is creating value. If it is less, value is being destroyed.

《關(guān)于資本管理者錯(cuò)在哪里》

羅杰·馬丁

2020年7月刊

“What Managers Get Wrong About Capital”

by Roger L. Martin

編輯：馬冰侖?