, , . . 3.6. 1940-1960- . . (Return On Investment Capital, ROIC) (Reinvestment Rate, RR):
ROIC = EBIT (1 - T)/(BD + BE);
RR = (( - D) - ΔNCWC)/1( 1 - T),
ROIC - ; EBIT - ; - ; BD - '; BE - ; RR - ; - ; D - ; ΔNCWC - .
, , . . (Return On Equity, ROE), DuPont 1950- .
| ; (ROI) |
| (EPS); / ; (P/E); (ROI); (RR) |
| (M/B); (ROE); (RONA); (CF) |
| (EVA); ||, (EBITDA); (MVA); (BSC); (CFROI); (TSR|) |
| ... |
| , |
| max VBM (Value Based Management) , |
| 1970 . |
| 1980 . |
| 1990 . |
| 1920 . |
. 3.6.
1970-1980- . , - . " " (EPS) " " (/).
1980- . , " " ( FCF) " " (FCFE).
FCF = EBITDA + - +
|
|
|
+ / .
FCFE = + ( )+
+ / -
+ / .
1990- . Stem Stewart Management Services (EVA), - (Residual Income, RT).
EVA , . EVA (. 3.7):
1) EVA = NOPAT - WACC × ,
NOPAT (Net Operating Profits After Taxes) - , WACC - , - .
2) EVA = (ROI - WACC) × ,
ROI (Return on Investment) - .
(ROI) (WACC). ROI , , , , . . ROI , ROI WACC , , , . , , (ROI>WACC).
| ֳ |
| EVA |
. 3.7. , EVA
EVA :
1) 㳿, ;
2) , , ;
3) , , .
EVA :
- EVA : , , ;
- ' EVA ;
- .
EVA (MVA - Market Value Added). , || . MVA .
|
|
|
MVA = ( ) + - ( ).
( ) , , .
- . () , (, ).
, MVA, EVA. ' . 3.8.
| ³ |
| + |
| ‒ |
| ‒ |
| ‒ |
| ‒ |
| NOPAT |
| NI |
| VA |
| MVA |
. 3.8. '
VBM- , ( , ) . , |'| || . VBM- , (). , , . 3.1. , , CFROI - . CFROI , , , .
3.1
| (EVA) | Stern Stewart & Co., 1990 . | , . . | 
|
| (SVA) | L.E.K. Consulting, . , 80- . XX . | , | SVA = EE - CEB |
| (CVA) | ., . , , 1996 . | , | CVA = (FCF + Interests) WACC × CE = AOCF - WACC × CE, |
| (MVA) | Stern Stewart & Co., 1990 . | г , . () | MVA = TMV - CE = MVe + MVd - CE, MVA = PV EVA |
| (CFROI) | HOLT Valua Associates, Boston Consulting Group | . - , , . , | CFROI = CIF / COF |
| : NOPAT - ; - ; ROIC - ; WACC - ; EE - (Settlement cost of the share capital); CEB - (Balance cost of the share capital); TMV - (Market value); MVe - ; MVd - '; - (Invested capital); PV EVA - ; FCF - ; Interests - '; AOCF - ; CIF - ; COF - |
|
|
|
䳿 ( ) . 䳿 , . (. 3.9), , . , EVA| , || 䳿 , || . , EVA| ' || , .
| , , , (ROS) |
| г , , (ROS) |
| , , (ROA), (ROE) |
| г , (ROA), (ROE) |
| : (RE), (EP), (EVA), (CVA), (SVA), (TSR), (CFROI) |
| : , () |
| 5 |
| 1 |
| 2 |
| 3 |
| 4 |
| 6 |
| VBM- |
 |
. 3.9.
: ( ). , || || , || || (. 3.2). ||, : 1) ; 2) ; 3) , || . .
|
|
|
3.2
| ( ) | Գ ( ) | |
| / × | ||
| , | / |
' , / . , ' , ( ). || , , || . || || , . || , . ||, ' . || , . (return| on| assets|, ROA|, return| on| equity|, ROE|), || , '|'| || (. 3.10)|'|.
| ROE (%) |
| COE (%) |
| Գ |
| ROE (%) |
| ROE (%) |
| ROE < 0 |
| ROE > 0 |
| ROE > COE |
| ROE < COE |
| - 2 |
| - 1 |
| - |
| + |
. 3.10.
, . || |'| (. 1). || . || || , (free cash flows, FCF|) | | . , .
