VBM , . , , .
:
;
.
(. . 24.1). 1940-1960- . . . , .
, . , . -, , . -, , , . , , , , .
(Return On Investment Capital, ROIC) (Reinvestment Rate, RR) :
ROIC = EBIT (1 T)/(BD + BE);
RR = (( D) D NCWC)/1(1 ),
ROIC ; EBIT ; ; BD ; BE ; RR ; ; D ; DNCWC .
:
g = ROIC×RR,
g .
, , , . , . (Return On Equity, ROE), DuPont 1950- .
1970-1980- . , , , . (EPS) (/). EPS , ( , 2).
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1980- . . : ( FCF) (FCFE).
FCF = EBITDA + +
+ / .
, .
FCFE = + ( ) +
+ / + / .
1990- . -. . 1990- . Stem Stewart Management Services EVA, (Residual Income, RI). McKinsey RI.
EVA, , . EVA , 618 1990 . EVA :
EVA = NOP WACC×,
NOPAT (Net Operating Profits After Taxes) , WACC , . . 24.1.
EVA = (ROI WACC)×,
ROI (Return on Investment) .
EVA . EVA , , .
:
. ( ), - , - . ., . .;
, . . , , ;
, , , . .;
, , , .