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(Returnon on investment Capital) (Reinvestment Rate) :
ROIC = EBIT (1 T) / (BD + BE), (1)
RR = ((CE D) ΔNCWC) / EBIT(1 T), (2)
ROIC ;
EBIT ;
;
BD ;
BE ;
RR ;
CE ;
D ;
ΔNCWC .
(1) (2), :
. . :
g = ROIC RR,
g .
, , , . , .
(ROE), DuPont.
= = [ * (1+ ) * * (1 )] .
EVA :
EVA = NOPAT WACC x C,
NOPAT (Net Operating Profits After Taxes) - ,
WACC - ,
C - .
EVA = (ROI WACC) C,
ROI (Return on Investment) -
EVA : , - . EVA, , , .
EVA .
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EVA , .
EVA :
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- (, ), , EVA , .
, .
NOPAT.
- (deferred taxes) . NOPAT .
- EVA , , . .
, Market Value Added (MVA) . MVA .
MVA = ( ) + ( ).
.
:
- / > 1, MVA , , ( ),
- ROIC / WACC > 1, .
, , : , , , (, ).
MVA , VA, MVA () VA. . , , , MVA, , , EVA.
Shareholder Value Added (SVA) - 7 . . , , , , , , .
: SVA (, ) .
, (SVA).
, .
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Cash Flow Return on Investment (CFROI) .
(CFROI) :
CFROI = (cash in) / (cash out) .
CFROI :
1.
.
.
2. , .
3. , , , .
4. , . (, , , .. , , ..)
5. CFROI .
CFROI , ; , CFROI , .
CFROI , , ( , , , ( ) , , , , , EVA. , CFROI , , , .
(CVA, RCF) ( CFROI) ( ).
CVA (RCF) :
RCF = AOCF WACC * TA,
RCF Residual Cash Flow ,
AOCF (Adjusted Operating Cash Flows) ,
WACC , TA (, , EVA).
, , . , - . .
:
1) , , .. , .
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3) .
4) , .
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, (EVA), Stern&Stewart; , , . , . . , , . . (BSC Balanced Scorecard).