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VAIC: New Financial Performance Metric and Valuation Tool

Автор
Ибрагимов Рауф Габбасович
 
Соавторы
Tham, Joseph, Velez-Pareja, Ignacio
 
Тип публикации
Статья
 
Язык публикации
Русский
 
Аффилиация
Russian Presidential Academy of National Economy and Public Administration
 
Издательство
Cuadernos Latinoamericanos de Administración: Vol. IX, No 16
 
Год
2013
 
Количество страниц
9-20
 

Аннотация
This article introduces a new financial metric for managerial performance evaluation, Value Added to Invested Capital (VAIC), with the cost of unlevered equity as a hurdle rate to calculate the capital charge rather than the widely accepted WACC. VAIC preserves all positive features of the conventional residual operating income and EVA® and has the distinct advantage of computational simplicity and straightforward interpretation. Associated valuation model is equivalent to the standard discounted cash flow approach; this equivalence is formally proved under certain assumptions regarding the risk of tax shields and confirms consistency of the new metric proposed. VAIC can serve as an aggregate financial indicator on the business performance dashboards, and might as well be considered a valid substitute for the established EVA© and ReOI metrics in evaluating managerial performance. Equivalence of the VAIC valuation model to the fundamental approach of valuing a business by cash flow discounting makes this metric not only a robust measure of financial performance but also a full-fledged investment valuation tool.

Ключевые слова
Performance measurement, Economic Value Added; EVA, Residual income; Residual operating income, Valuation

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