futuros, inductores de valor, esquema de compensación, indicador de
desempeño, inductores de costo.
This paper presents an approach to an ultimate generation managerial tool,
Economic Value Added (EVA) and Value Based Management (VBM).
EVA is a value based performance measure, which introduces capital charge
concept, it raises from the margin between the earnings obtained by a company
and the cost of all capital employed to obtain those profits. If EVA is positive, the
company creates shareholder wealth. Negative EVA indicates that shareholder
wealth is destroyed.
EVA has tied a component to the value of any company, Market Value Added
(MVA), which is defined as the spread between a company’s market value and its
capital. If MVA is positive, the company creates value, if negative has destroyed
EVA has some benefits that other measures, as Return On Investment (ROI),
Earnings Per Share (EPS) and other traditional measurements, do not have. One
of these benefits is that EVA introduces the risk factor into its calculation,
moreover, it reflects in absolute terms the corporate performance, furthermore, is
an easy concept that allows its understanding at all corporate level, compared to
other value based measures.
EVA is used too as a corporate controlling tool. When it’s used in this way, takes
the form of Value Based Management (VBM), which is defined as an integrated
process designed to improve strategic and operational decision making
throughout an organization by focusing on the key drivers of corporate value.
The ABC-EVA system integrates the Activity-Based Costing (ABC) method with
the EVA performance measure. It is a management tool that helps successfully
manage cost and capital. It allows enterprise leaders to create shareholder value
through cost structure improvement. In the ABC-EVA system, the cost of
activities does not only include the rate of the consumption of resources, as it
does in a traditional ABC system, but also capital demand.
Besides the terms above, EVA, MVA, VBM, ABC, there are other expressions that
have a very important meaning, such as: capital, return on invested capital,
NOPAT, Weighted Average cost of capital, present value of all future EVA, value
drivers, compensation systems, performance measure, cost drivers.