二十世纪八十年代以来,美国和西方微观经济学形成了一批价值管理理论,促进了企业效益的发展。这些理论主要有:第一,价值管理(VBM),是近十年来由美国麦肯锡顾问公司倡导的一种管理理念。其通过引入价值最大化为目标,投资回报率高于加权平均资本成本(WACC),企业才能增加价值。第二,经济利润,在西方经济学中也称为超额利润。经济利润不同于会计利润。经济利润是指收入减去包括外显成本和内含成本在内的全部成本。第三,EVA 即经济增加值。其理论渊源出自于诺贝尔奖经济学家默顿·米勒和弗兰科·莫迪利亚尼关于公司价值的经济模型的一系列论 Since the 1980s, the United States and Western microeconomics have formed a number of theories of value management and promoted the development of enterprise efficiency. These theories are: First, Value Management (VBM), a management philosophy advocated by McKinsey & Company consultants in the United States over the past decade. It can add value by introducing value maximization as a goal and with a return on investment above WACC. Second, economic profits, also known as excess profits in Western economics, Economic profit is different from accounting profit. Economic profit refers to the total revenue minus all costs including explicit costs and embedded costs. Third, EVA is the added value of economy. Its theoretical origins come from a series of theories by Nobel Prize economists Merton Miller and Franco Modigliani on economic models of firm value