Eva®*: An integrated financial management system**
解释1980年代敌意收购和杠杆收购的兴起，是资本市场对传统EPS财务模型缺陷的回应；EVA系统借鉴LBO对资本效率和所有权激励的关注，但无需高杠杆和风险集中，为1990年代提供了替代方案。
Abstract Both the rise of hostile takeovers and the phenomenal success of LBOs in the 1980s can be explained in part as capital market responses to the shortcomings of the top‐down, EPS‐based model of financial management that has long dominated corporate America. the EVA financial management system, which presents the 1990s most serious challenge to the dominance of the EPS model, borrows important aspects from the LBO movement, particularly its focus on capital efficiency and ownership incentives. Unlike the LBO movement, however, the EVA system accomplishes such goals without the high leverage and concentration of risk that limit LBOs to the mature sector of the US economy.