经济增加值——它可以应用到医疗实践中的S公司吗【外文翻译】.doc

外文文献原文
Title: Economic Value Added--can it apply to an S corporation medical practice
Material Source: healthcare financial management Author: Michael D. Shapiro
Traditional economic thought holds that the ROI in pany's assets is expected to exceed the risk-free rate of return achievable with . government securities by an mensurate with the historical market performance spread panies. Franco Modigliani and Merton Miller (as cited in Ehrbar, A. EVA: The Real Key to Creating Wealth. New York: John Wiley and Sons. 1998) assert that the key driver of value is economic e and a required rate of return directly proportional to risk.
Whereas risk-free rates of return are fairly easy to define, calculation of the premium expected by owners remains difficult. With larger firms, bination of share price and dividends paid ultimately will determine shareholder value. The weighted average cost of capital, combining interest rates for debt and equity in proportion to the amount of debt or leverage pany has undertaken, monly used to determine a firm's or its project's opportunity cost, hurdle rate, or minimum required rate of return, but this cost is especially difficult to calculate for smaller, private firms, where benchmarked metrics for costs of equity are unavailable.
The capital asset pricing model (a formula that requires the use of "beta," a measure of variability of the firm'