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1 经济增加值能自动抑制管理者过度投资的动机。管理者只会接受那些他们认为能够弥补资本总成本并增加股东价值的项目,因为不这样的话,他们的奖金就会减少。2 经济增加值能通过三种途径防止对资产负债表的过度杠杆化。第一,决定资本成本率的债务和股权组合并不是企业的实际资本结构,而是能够在减少资本总成本和保持适度财务灵活性两个方面达到平衡的“目标”资本结构。
1 The value added can automatically discourage managers from overinvesting. Managers will only accept projects that they believe will make up the total cost of capital and increase shareholder value, because otherwise their bonuses will be reduced. 2 Economic value-added can prevent over-leverage on the balance sheet in three ways. First, debt and equity portfolios, which determine the cost-of-capital ratio, are not the actual capital structure of an enterprise, but the “target” capital structure that can be balanced in terms of reducing total capital costs and maintaining modest financial flexibility.