( ) EVA :

ROTA (TA);

WACC .

ROTA . WACC , , , , , , . EVA MathCad 7.

. 7. (EVA)

. , . , , . , , . , , . . , NOPAT: LIFO, , , , , (), . : , LIFO, , , (), . , , , . , .

EVA , . , , . EVA. EVA DEVA, NPV .

k .

EVA , , , .

VEVA Iaip , (aip assets in place) (FP) :

VEVA . , VEVA. .

EVA , , , , , (, , ..).

(CVA)

[16] CVA [8, 9] . , , ; , . CVA, . CVA RCF (Residual Cash Flow ) [10], , . CVA (Residual Income) . , CVA. .

CVAi i- OCFi (Operating Cash Flow) OCFDi (Operating Cash Flow Demand), . OCFDi , (NPV ) . OCFi EBDITi (Earnings Before Depreciation Interest and Tax , ), DWCi (Working Capital), Ii'. EBDIT .

i-

OCFi OCFDi = CVAi ,

,

,

Si .

N I :

,