价值创造 / Value Creation

价值创造是任何企业实体的首要目标。为客户创造价值有助于销售产品和服务，而以股票价格上涨的形式为股东创造价值，可以确保未来有投资资本为经营提供资金。

从财务角度看，当企业赚取的收入（或资本回报率）超过支出（或资本成本）时，就可以说是创造了价值。但一些分析家坚持认为，"价值创造 "的定义更宽泛，可以与传统的财务衡量标准分开。

传统的组织绩效评估方法在当今的经济中已经不能满足需要。股票价格越来越不由盈利或资产基础决定。当今企业的价值创造越来越多地体现在创新、人员、理念和品牌等无形的驱动力上。

「应用场景」

How Companies Measure Value Creation

企业如何评估价值创造

凯洛格商学院教授阿尔·拉帕波特［1986年有影响力著作《创造股东价值》一书的作者］和Stern Stewart咨询公司在制定评估股东价值创造标准方法方面发挥了重要作用。拉帕波特的股东增加值（或SVA）与Stern Stewart的经济增加值（或EVA）十分相似，两者都涉及比较两个数字：投资回报率和平均资本成本，加权后用来反映债务和股权融资的比例。为简单起见，我在此会使用EVA，因为它已变得更为普遍。

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反映预期净现金流的方式，是企业通过借款和发行股票所筹集到资金的美元价值百分比，就像其资产负债表上报告的那样。要产生EVA，管理者通常采用资本资产定价模型，该模型的输入信息是可以公开获得的。如果投资资本的回报超过了资本成本，企业就在创造价值。如果它低于资本成本，价值就在被毁灭。

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.

《关于资本管理者错在哪里》

罗杰·马丁

2020年7月刊

“What Managers Get Wrong About Capital”

by Roger L. Martin

编辑：马冰仑