之间的区别剩余收益and EVA

关键区别 - 剩余收入与EVA

Evaluating investment opportunities is important in order to realize the respective costs and benefits of each investment option. Residual Income and EVA (经济附加值）是两种评估超过业务资本成本投资预计产生的资本成本的方法。剩余收入和EVA均基于相同的原则，差异在于它们的计算方式。剩余收入使用营业利润在计算中，EVA使用net operating profit after tax。这是剩余收入与EVA之间的关键区别。

CONTENTS
1。概述和关键差异
2。什么是剩余收入
3。What is EVA
4。并排比较 - 剩余收入与EVA
5.Summary

什么是剩余收入?

Residual income is a performance measure normally used to assess the performance of divisions, in which a finance charge is deducted from the profits. This finance charge represents the cost of capital in monetary terms (derived by multiplying the operating assets by the cost of capital). The net operating income is the difference between incomes generated by the investment minus the associated expenses.

剩余收益= Net Operating Profit – (Operating Assets* Cost of Capital)

• 净营业利润 - 从扣除利息和税收之前，从业务运营中获得的利润（毛利较少的营业费用）。
• 运营资产 - 用于产生收入的资产
• 资本成本– Opportunity cost of making an investment.

公司可以以股本或债务的形式获取资本；许多公司都热衷于两者的结合。

股本成本

股东提供的回报率

Cost of Debt

为辩论者提供的回报率

加权平均资本成本（WACC）

考虑到权益和债务组成部分的权重，WACC计算了平均资本成本。这是为了创建股东价值而应达到的最低利率。

例如。在最近的财政年度，A分区的利润为20,000美元。公司的资产基础为90,000美元，包括债务和权益。公司的加权平均资本成本为13％，在计算融资费用时可以使用。

Residual income = 20,000- (90,000*13%) = $8,300

11,700美元的融资费用代表了财务提供者对他们提供的90,000美元资本所需的最低回报。由于该部门的实际利润超过了此，该部门的剩余收入为8,300美元。

RI can provide insight into the rate of return on invested assets in different divisions.

例如。Consider two operating divisions and their Residual Incomes as per below.

b

Net operating profit $ 25,000 $ 25,000

营业资产$ 10,000 $ 18,000

资本成本10% 10%

剩余收入$ 24000 $ 23,200

即使以上两个部门获得相似的利润，B司的资产基础显着高于A级，因此其剩余收入较低。这是因为需要更多的资产才能与分部A产生类似的收入。

什么是伊娃？

EVA还使用资本成本来计算，评估投资增加了多少价值。EVA预测公司的税后利润将在税后预计的净营业利润中减去资本成本后，将是什么。计算EVA的公式，

EVA = Net Operating Profit After Tax – (Operating Assets* Cost of Capital)

经济附加值is also referred to as EVA^TM值这是由美国咨询公司Stern Stewart＆Co开发的商标绩效测量；它在西门子，可口可乐，百事可乐和赫尔曼·米勒等许多著名公司中广泛使用。

剩余收入与EVA有什么区别？

剩余收入与EVA
Residual income calculates the amount of asset utilization based on net operating profit	EVA calculates the amount of asset utilization based on net operating profit after tax.
效力
Residual income is more effective compared to EVA.	EVA由于调整税收的效率不如剩余收入。
Formula for Calculation
剩余收益= Net Operating Profit – (Operating Assets* Cost of Capital)	EVA = Net Operating Profit After Tax – (Operating Assets* Cost of Capital)

摘要 - 剩余收入与EVA

剩余印康唯一显著区别e and EVA is resulting from tax payment since residual income is calculated on net operating profit before tax whereas EVA considers the profit after tax. The basis of these measures is to identify how effectively a company utilized its assets. Thus, tax, which is an uncontrollable expense that is not directly related to the use of assets, reduces the effectiveness of EVA as an investment decision tool. One of the main drawbacks in residual income and EVA is that they are absolute figures, which make it difficult to be used effectively for comparison purpose. A number of research studies has also found that there is no significant relationship between EVA and每股收益。

参考：

1.“资本成本”。Investopedia。N.P.，2016年3月25日。2017年2月14日。
2.“剩余收入（RI）课。”chegg。N.P.，N.D。网络。2017年2月14日。
3。“Residual Income Formula | Definition | Example.” My Accounting Course. N.p., n.d. Web. 14 Feb. 2017.
4。“What Is the Difference Between Economic Value Added & Residual Income” Chron.com. N.p., n.d. Web. 14 Feb. 2017.
5.“可口可乐vs百事可乐092506。”分享并发现有关LinkedIn Slideshare的知识。N.P.，2009年8月20日。2017年2月14日。
6. Abdoli，Mohamadreza，Mohamadreza Shurvarzi和A. Farokhad。哪一个是衡量创建股东价值的更好标准。”世界应用科学杂志17.7（2012）：874-881。