GA2020.8.11

David's Time With Peter F. Drucker 2020.8.11 冠鼎学院（GA）——识别·培养·考验未来的领导者 That explains the growing popularity of Economic Value-Added Analysis(EVA). It is based on something we have known for a long time: What we generally call profits, the money left to service equity, is not profit at all and may be mostly a genuine cost. Until a business returns a profit that is greater than its cost of capital, it operates at a loss. Never mind that it pays taxes as if it had a genuine profit. The enterprise still returns less to the economy than it uses up in resources. It does not cover its full costs unless the reported profit exceeds the cost of capital. Until then, it does not create wealth; it destroys it. By that measurement, incidentally, few U.S. business have been prifitable since World War Ⅱ. ——《Management Challenges for the 21st Century · Chapter4 Information Challenges》(Peter F.Drucker,1999)