Activity-Based Costing/Management and Its Implications for Operations Management
Опубликовано на портале: 21-06-2006
Financial Analysts Journal.
2003.
Vol. 59.
No. 2.
Тематический раздел:
This paper presents a financial and economic approach to valuation. In addition to
traditional discounted cash flow methods, one family of valuation models, economic
value added (EVA) and other franchise factor approaches, has become a favorite methodology
for corporate valuation. In EVA approaches, the key value driver is the spread between
the return on the existing investments and their average cost of capital. Therefore,
this approach focuses on the left-hand side of the balance sheet. The important aspect
of this issue is not its technical interest or which of the different values of a
company is correct, but what the value drivers are that each method identifies
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