威盛电子创造经济附加价值的经营策略

2()()()()()()()()::884250129007153SWOT-88-89Stern&StewartEVA®,EconomicValueAddedEVA®EVA®EVA®CPUCPUPCEVA®4i……………………………………………………………1…………………………………………1………………………………………………4...…………………………………………..5……………………………………………5…………………………9…….…………..30…………………….…………………………..30…………………………………………………37…………………………………………………46…………………………………………………53…………………………………………………57EVA……………………………………………63EVA………………………………………………..65…………………………………………65NOPAT………………………………67……………………………………………………71………………………………………………………………………72…………………………………………………………………74ii2-1-1……………………………………………82-2-1InvestedCapital…………………………………….122-2-2NOPAT………………………………………………132-2-3EVA……………………………………192-2-4………………………………………………293-1-1……………………………………………353-2-1………………………………………..393-2-2……………………………….393-2-3………………………………………..403-2-4CPU………………………………413-2-5CPU…………………………………………….433-3-1……………………………………..473-3-2SWOT…………………………………………….523-4-1………………………………………..563-5-1………………………………………………..583-5-2IA……………………………………………593-5-3……………………………………………..613-6-187-89EVA……………………………..634-1-190-94………………………………………664-1-2………………………………….664-2-1EVA…………………………………………………..69iii2-1-1……………………………………………….63-1-1……………….………………………….343-2-1…………………………………………...373-2-2……………………………………………423-1-1SWOT……………………………………………463-5-1…………………………………………583-6-187-89EVA………………………………………643-6-288-89……………………………………..644-1-1PC……………………………………..651119802000232185255732HPCompaqDELLIBM—CPU,CentralProcessingUnit--CPUCPUIC,IntegratedCircuit1223CPUOEMODM6898013022000/11/173IntelCPU—Pentium421724,200AMDCPU—Athlon22000CPU—CyrixMIIIDT20002CPU–VIACyrixMIICPU—CPU2000IntelCorp.1994VLSIOPTI19959533199666979899Intel199919961998AMD1999HITACHINECMicron3PC133RambusDRAM6PC133P620006PC1331999CyrixIDTS3S3-VIA57.62000308.67,5008,500—FablessIntel199920001.2.4EVA®EVA®EVA®5VonNeumanMorgenstern1947TheoryofGamesDrucker1954Chandler1962Cannon196819962-1-162-1-11.12.3.4.171.2.3.4.1.82.2-1-1p.522-1-1.9EVA®EconomicValueAdded,EVA®economicprofits1890AlfredMarshall1MarshallRI,ResidualIncomeEVA®EPS,EarningsPerShareEVA®EVA®1”Whatremainsofhis(theownerormanager’s)profitsafterdeductinginterestonhiscapitalatthecurrentratemaybecalledhisearningsofundertakingormanagement”AlfredMarshall,PrinciplesofEconomics,vol.1,p.142.10EVA®EVA®EVA®EVA®t2NOPATtWACC×investedcapitalt-1{NOPATt×investedcapitalt-1/investedcapitalt-1}{WACC×investedcapitalt-1}{ROIC×investedcapitalt-1}{WACC×investedcapitalt-1}{ROICWACC}×investedcapitalt-1…………..()NOPATt:netoperatingprofitsaftertaxtNOPATtEBITAt×{1cashtaxrate}EBITAearningsbeforeinterest,taxesandamortizationofgoodwillWACC:weightedaveragecostofcapitalROIC:returnoninvestedcapitalROICNOPATt/investedcapitalt-1EBITAt×{1cashtaxrate}/investedcapitalt-1ROICROICEBITAt/investedcapitalt-1EBITAt/investedcapitalt-1{EBITAt/revenuest-1}×{revenuest-1/investedcapitalt-1}…….………………………………………………………………..()ROICEBITAt/revenuest-1revenuest-1/investedcapitalt-1EBITAt/revenuest-1revenuesrevenuest-1/investedcapitalt-12EVA®JournalofAppliedCorporateFinance,vol.9,p.144.Copleand,Koller,Murrin,Valuation,thirdedition,,p.171.11EVA®EVA®NOPATinvestedcapitalNOPATinvestedcapitalEVA®EVA®EVA®EVA®TheQuestforValueG.BennettStewartEVA®3OperatingApproachFinancingApproachNOPAT2-2-12-2-2NOPAT3Stewartp.87.-110.122-2-1InvestedCapitalOperatingApproachFinancingApproachCash(+)Short-termdebt(+)Receivables(+)Long-terndebt(+)Inventory(+)LIFOreserve(+)Othercurrentassets(+)Presentvalueofnoncapitalleases(+)Otherlong-ternliabilities(+)CurrentAssets(A)Totaldebtandleases(A)Accountspayable(+)Commonequity(B)Incometaxespayable(+)Othercurrentliabilities(+)Accumulatedgoodwillamortization(+)CurrentLiabilities(B)R&Dexpenditures(+)Networkingcapital(A-B)LIFOreserve(+)Otherreserve(+)Presentvalueofnoncapitalleases(+)Deferredincometaxes(+)Property,plant,andequipment(+)Equityequivalents(C)AdjustedPPE(C)Goodwill(+)Adjustedcommonequitycapital(B+C)Accumulatedgoodwillamortization(+)Adjustedgoodwill(D)Investedcapital(A+B+C)Deferredincometaxes(+)Netcapitalintangibleassets(+)Otherlong-ternassets(E)InvestedCapital(A-B+C+D+E)ManagementAccounting,Nov.1997,P.56132-2-2NOPATOperatingApproachFinancingApproachNetsales(+)Costofgoodsold(-)Incomeavailabletocommon(A)Grossprofit(A)Selling,general&administration(+)Accumulatedgoodwillamortization(-)R&Dexpenditures(-)LIFOreserve(-)Interestexpensenoncapitalleases(-)Otherreserve(-)Increasedeferredtaxes(+)Increasegoodwillamortization(+)IncreaseR&Dexpenditures(+)IncreaseLIFOreserve(+)Increaseotherreserve(+)Adjustedoperatingexpense(B)Equityequivalentadjustments(B)Netoperatingprofit(A-B)Adjustedincometocommon(A+B)Interestexpense(-)Otherincome(+)Incometaxprovision(+)Increaseindeferredtaxes(-)Taxsavingoninterestexpense(+)Interestexpense(+)Interestexpensenoncapitalleases(+)Taxsavingoninterestexpense(-)NOPATInterestexpenseaftertaxes(C)NOPAT(A+B+C)ManagementAccounting,Nov.1997,P.5614NOPAT,NetOperatingProfitAfterTax2-12-2NOPATEquityEquivalentAdjustmentsorEquityEquivalentReservesStern&Stewart16420-25EVA®Stern&Stewart1.EVA®2.3.4.Stern&StewartEVA®EVA®RD15EVA®232041.2.3.4.EVA®4p.594.16EVA®EVA®EVA®NOPAT17LIFOLIFOFIFOEVA®LIFOReserveEVA®LIFOReserveNOPATLIFOReserveNOPATFIFOLIFORe