tailieunhanh - essentials of investments with s p bind in card phần 7

Thành viên Hội đồng quản trị được bổ nhiệm bởi tổng thống cho 14 năm và là hợp lý cách ly khỏi những áp lực chính trị. Hội đồng quản trị là đủ nhỏ và thường đầy đủ chi phối bởi chủ tịch của nó là chính sách có thể được xây dựng và điều chế tương đối dễ dàng. | Bodie-Kane-Marcus Essentials of Investments Fifth Edition IV. Security Analysis 13. Financial Statement Analysis The McGraw-Hill Companies 2003 467 13 Financial Statement Analysis TABLE 13 Economic valui added 1999 e Economic Value Added billions Capital billions Return on Capital Cost of Capital A. Some EVA winners Microsoft ExxonMobil Intel Merck General Electric B. Some EVA losers AT T - WorldCom - Lucent Loews Bank One Corp Source Stern Stewart. investors could expect to earn for themselves on a risk-adjusted basis in the capital market. Think back to Table where we showed that plowing back funds into the firm increases share value only if the firm earns a higher rate of return on the reinvested funds than the opportunity cost of capital that is the market capitalization rate. To account for this opportunity cost we might measure the success of the firm using the difference between the return on assets ROA and the opportunity cost of capital k. Economic value added EVA or residual i income is the spread between ROA and k multiplied by the capital invested in the firm. It therefore measures the dollar value of the firm s return in excess of its opportunity cost. Table shows EVA for a small sample of firms drawn from a larger study of 1 000 r firms by Stern Stewart a consulting firm that has done much to develop and promote the concept of EVA. Microsoft had one of the highest returns on capital at . Since the cost of capital for Microsoft was only percent each dollar invested by Microsoft was earn- J ing about cents more than the return that investors could have expected by investing in equivalent-risk stocks. Applying this margin of superiority to Microsoft s capital base of billion we calculate annual economic value .