The authors introduce Value Added Per Share (VAPS) as a value‐relevant metric that is intended to complement earnings per share (EPS) in helping corporate managers and analysts understand and overcome the limitations of GAAP‐based reporting. VAPS discounts a firm's past and projected cash flows at its “cost of capital,” allowing companies to avoid the subjective accounting accrual process and other practices that often make EPS misleading.

中文翻译：

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每股增值（VAPS）：与价值相关的公司绩效指标

作者介绍了每股增值（VAPS）作为一种与价值相关的指标，旨在补充每股收益（EPS），以帮助公司经理和分析师理解并克服基于GAAP的报告的局限性。VAPS以其“资本成本”折让公司过去和预计的现金流量，从而使公司避免主观的会计应计程序和其他经常使EPS产生误导的做法。