Wall Street's Contribution to Management Accounting: The Stern Stewart EVA Financial Management System
Wall Street's Contribution to Management Accounting: The Stern Stewart EVA Financial Management System
复制标题
华尔街对管理会计的贡献：Stern Stewart EVA财务管理系统
DOI：
10.1006/mare.1998.0089
复制
发表时间：
1998
影响因子：
4.6
通讯作者：
K. Peasnell
中科院分区：
文献类型：
--
作者：
J. O'Hanlon;K. Peasnell
EVA 是纽约咨询公司 Stern Stewart & Co. 推出的剩余收入的一种变体，旨在促进企业管理者的价值最大化行为。本文正是针对这一目的对EVA系统进行了综述。首先，它概述了在“基于价值的管理”中使用剩余收入的理由，强调了剩余收入作为单期绩效指标的潜在缺陷。其次，它考虑了斯特恩·斯图尔特（Stern Stewart）倡导的基于公认会计原则（GAAP）的会计调整，以产生更具经济意义的剩余收入（EVA）版本，这可以作为单期业绩的有效指标。第三，它检验了 Stern Stewart 设定 EVA 基准的方法。最后，它回顾了使用“奖金银行”将基于 EVA 的奖金的授予与此类奖金的支付分开的逻辑。
EVA is a variant of residual income marketed by Stern Stewart & Co., a New York consulting firm, with the purpose of promoting value-maximising behaviour in corporate managers. This paper reviews the EVA system in the light of this purpose. First, it outlines the rationale for the use of residual income in "value-based management", highlighting the potential shortcomings of residual income as a single-period performance indicator. Second, it considers the adjustments to GAAP-based accounting advocated by Stern Stewart in order to produce a more economically meaningful version of residual income (EVA) which might serve as an effective indicator of single-period performance. Third, it examines the Stern Stewart approach to the setting of EVA benchmarks. Finally, it reviews the logic behind the use of the "bonus bank" to separate the award of EVA-based bonuses from the payment of such bonuses.