EVA（经济附加值）= 净利润 － （资本总额 × 成本资本率），其中成本资本率等于公司加权平均资本成本率，资本总额包括股本、债务和资本的累积价值。该公式用于衡量公司资本使用的效率和利润水平，可以较为全面地反映企业的经济价值创造能力。

一：eva财务指标计算公式

从最基本的意义上讲，经济增加值是公司业绩度量指标，与其他度量指标不同之处在于:EVA考虑了带来企业利润的所有资金成本，公式为:
经济增加值=税后利润-资金成本系数(使用的全部资金)
EVA的基本计算公式为:EVA=NOPAT-C%×TC
Economic value added (EVA®) = After-tax operating profit – [Weighted-average cost of capital × (Total assets – Current liabilities)]
经济增加值计算公式: EVA =息前税后营业利润-资金总成本=息前税后营业利润-(全部资本-当前债务)×加权平均资本成本率
其中，NOPAT是税后净经营利润， C%是加权资本成本，TC是占用的资本(包括股权资本和债务资本)。上式中的NOPAT以会计净利润为基础进行调整得到，调整的项目主要包括:商誉摊销、研发费用、递延所得税、先进先出存货利得、折旧、资产租赁等。这种调整的目的在于:消除会计稳健主义对业绩的影响;减少管理当局进行盈余管理的机会;减少会计计量误差影响。
NOPAT=税后净利润+利息费用+少数股东损益+本年商誉摊销+递延税项贷方余额的增加+其他准备金余额的增加+资本化研究发展费用-资本化研究发展费用在本年的摊销
资本成本总额=普通股权益+少数股东权益+递延税项贷方余额(借方余额则为负值)+累计商誉摊销+各种准备金(坏账准备、存货跌价准备等)+研究发展费用资本化金额+短期借款+长期借款+长期借款中短期内到账部分
NOPAT表示经过调整的营业净利润，C%表示企业的加权平均资本成本，TC表示资本投入额
EVA指标考虑了股权资金的机会成本，比单纯的会计利润指标更好的体现了企业的经营业绩。

二：raroc财务指标

风险调整资本回报率是一个用来衡量赚取回报所承担风险的指标，是衡量风险调整后的财务绩效的一个有效工具。在不同企业/部门之间，提供了一个衡量收益的统一标准。

商业银行经风险调整的资产收益率可通 过以下 *** 得到:

RAROC=风险调整后的利润总额÷资产余额平均值

而风险调整后的利润总额=银行当年利润+当年实际计提准备金增加额±应计提准备金减少额。

扩展资料：

RAROC最初是由前美国信孚银行（Bankers Trust）的一个研究团队在上个世纪70年代末开发的， 这个研究团队的初衷是用它来衡量银行投资组合的风险，以及使银行的储户和债权人能够有效规避风险的股权资本总额。

从那以后，许多银行纷纷开始运用RAROC（或开发出类似的风险评估系统）。 他们目的相同，都是希望能够量化支持他们的运营活动所必须的股权资本总额， 如传统的借贷活动、以费用为基础的交易活动等等。

参考资料

三：eva财务指标是什么意思

“EVA”是当下一个热门流行的话题，也代表一种比较先进的管理思想，是ACCA/CIMA核心知识点，也是财务人士必须理解掌握的核心技能。为了助力四海八荒的楷博学子，快速掌握要领，今日我们就同楷博财经ACCA老师——Oliver 一起梳理探讨下EVA 的几个重要特征。

practice, rofit-based measures (e.g. Gross Profit, Net Profit, ROCE) are the primary measure of the company’s performance.

Two main problems relating to profit in this area are:

Profit ignores the cost of equity capital. In financial statements, the calculation of profit does take into account the cost of debt finance, but ignores the cost of equity finance.

财务报表的利润考虑了负债类资金的成本如借款利息，但忽略了权益类也就是股东投资款的资金成本。

Profits calculated in accordance with accounting standards do not truly reflect the wealth that has been created, and are subject to manipulation by accountants.

利润并不能反映企业财富创造的增加， 并容易受到会计操作的操纵。

Economic Value Added – or EVA – is a performance measurement system that aims to overcome these two weaknesses. EVA was developed by the US consulting firm Stern Stewart & Co, and it has gained widespread use among many well-known companies such as Siemens, Coca Cola.

如下，我们一起探讨下EVA 的5个特征

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01利润减去资本成本

Companies only generate wealth when they generate a return in excess of the return required by providers of capital – both equity and debt.

公司创造的利润只有超过资金（负债类和权益类资金）成本， 才是真正的为投资者创造了财富。

This is similar with Residual income(剩余价值).

RI= Operating profit - financial capital*cost of capital

EVA= NOPAT(Net Operating Profit After Tax) - Economical capital * WACC

因此，在这一点上， EVA和RI 很相似，二者的计算公式都体现了【利润减去资本成本】这一基本理念。

Division A made a profit of $10,000 during the most recent financial year. The capital used by the division (equity plus long-term debt) was $70,000. The weighted average cost of capital of the company is 13%.

The residual income of Division A was therefore:

$ Profit 10,000

— Finance charge 9,100 (70,000 x 13%)

Residual income 900

The finance charge of $9,100 represents the minimum return required by the providers of finance on the $70,000 capital they provided. The wealth created is $900, not $10,000, in the eyes of finance providers.

在投资者眼中， Division A 创造的财富是$900， 而不是公司的利润$10,000。

02 资本化增加企业长远价值的支出

Expenditure on promotional activities, research and development and employee training should be capitalised.

增加企业长远价值的活动支出，在EVA 计算中被资本化。

When calculating profit, marketing expenditure, for example, $100m is expensed in the I/S immediately. When calculating EVA, this is not allowed but is capitalised then amortised in the following years.

在计算利润时，当年的100万广告费用开支在当年损益表中作为费用列支，而EVA 的计算中，该类费用被理解为有利于企业长远发展的支出，可以先资本化然后在随后的多年中摊销。

This will remove any incentive that managers have to take a short-term view.

这样EVA就可以消除经理层想加大广告投入又顾虑当期开支过高影响利润的顾虑， 可以激励管理层加大对研发，培训，营销方面的投入，因为这些开支在EVA指标的考核体系下， 都可以资本化，不会对该指标的当期值产生较大影响。

03 规避利润操控

Any expenses or income recognised in the income statement in respect of movements in items， such as allowances for doubtful debts, allowances for inventory should be removed from NOPAT. Therefore, non-cash expenses should be added back to profits.

在损益表中计提的不会导致当期现金流出，流入的费用， 如计提的坏账和非现金费用，应当剔除。

If allowances for doubtful debts increase in the year, for example, the increased amount is $1m, this will be treated as expense in the I/S. However, the increased amount will not lead the cash flowing out, this has no impact on shareholder value. When calculating EVA, such kinds of expense will be removed from the NOPAT.

When there are reasons that the allowances will be repaid, the allowances will be reduced. The reduced balance will be recognised as ‘income’ or reverse expense, increasing profit. However, there is no cash inflow. When calculating EVA, such reduced allowances will be removed from the NOPAT.

坏账的计提，冲回，是常用的操纵当期利润的 *** ， 在A股的上市公司，用这种手法操控利润的比比皆是。EVA的计算法则有效规避了坏账计提，冲回对NOPAT的影响，使得EVA不像profit那样容易被manipulate。

04合理计量净资产

Items such as provisions, allowances for doubtful debts, deferred tax provisions and allowances for inventory should be added back to capital employed, since these represent over-prudence on the part of financial accountants, and this understates the true value of capital employed.

与这些当期计提或冲回的坏账相关的一个概念就是： 这些坏账准备的余额。 这些余额一般为贷方余额，所以会抵减净资产。在计算RI时，用的就是这种抵减后的净资产余额。

在计算EVA时， economic capital认为这类抵减是一种过度保守的表现，用于创造shareholder value所依赖的净资产不应扣减该类资产备抵账户的贷方余额。同样的道理适用于goodwill的余额。因此， economic capital能更好的反映创造股东财富所依赖的base基础。

05与NPV殊途同归

EVA is consistent with net present value.

A company will invest $10,000 in a new project. The $10,000 represents investments in non-current assets. The project will last for three years, and will generate cash inflows of $5,000 in year one, and $7,000 in years 2 and 3. The assets will have no residual value at the end of the life of the project. The relevant discount rate is 10%. The net present value of the project can be calculated as follows:

( The finance charge is 10% of the net book value of the assets of the project at the start of each year.)

Sum of discounted residual income (606 + 2,478 + 2,502) = $5,586. This is the same as the net present value calculated using the cash flow method above.

Maximising shareholders’ wealth means maximising the net present value of future cash flows.

最大化股东财富意味着最大化未来的现金流净值。由于EVA 和 净现值是一致的，所以EVA和股东财富有极强的正相关关系。

辩证理解和应用

如上的分析，我们可以感受到EVA相较于传统的其他基于profit的指标，有着很多独特的，先进的特征。

但EVA本身也是有很多问题的。比如：EVA避免了marketing expenditure的一次性计提，这样做可以有效激励经理层没有后顾之忧的开展营销，建立公司品牌的影响力，增添公司长远发展的动力；但也会导致ineffective marketing。

其他常见的问题还有：

the adjustments to profits and capital can become cumbersome；

estimating the WACC can be difficult；

EVA is an absolute measure, so it cannot be used to compare companies of different sizes, unlike return on investment.

尽管有很多缺点，EVA仍不失为一个能有效衡量企业价值创造的指标。深刻正确的理解指标，然后辩证的应用才是关键。

感谢Oliver Zhu老师带来的P5知识点分享，还没看够的小伙伴也不要慌张，接下来，KBF老师为大家精心准备了相关科目的备考直播课及ACCA考前干货分享，请大家持续

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