贝恩－业绩评估全英文

标签：什么是绩效考核,绩效考核方法,
49页TXTCorporateperformanceevaluationhasevolvedfromthe1960sfocusonROEtothecurrentvariationsofeconomicprofitthatmeasureimpactonshareholdervalue<br>manyfirmshavedevisedtheirownvariationsofeconomicprofit<br>SternStewart’sEconomicValueAdded(EVA)TMisbestknownofthesemeasures<br>Holt/BCG’sCashFlowReturnonInvestment(CFROI)isasimilarconceptpresentedinreturnformat<br><br>BothROEandEParebusinessmetrics,toolsusedtomeasuretheperformanceofthebusiness<br>separatefromfundamentalbusinessdrivers,theactualfactorsthatinfluenceshareholdervalue,andoutputmeasuresthebackward-lookingrecordsofoverallcompanyperformance<br><br>FocusingonEPinsteadofROEdecreasesthelikelihoodofdestructivebehaviorbymanagers<br>ByevaluatingmanagersbasedonEP,managerbehaviorcanbealteredsuchthatonlyprojectsthataddvalue(withNPV>0)areundertaken,whichdoesnotalwaysoccurwithROE<br>EndgoalofEPrcisesisconsistentwithtraditionalBainfocusofmaximisingshareholdervalue<br>BainhasmeasuredhistoricalperformancewithTotalShareholderReturn<br>SternStewartdevisedMarketValueAdded(MVA)TMasmeansofmeasuringmarketexpectationsofEPthatmanagerswilladdinthefuture<br>managers’objectiveshouldbetomaximiseMVA<br><br>Alleconomicprofitmeasuresdeductchargeforuseofequitycapitalfromaccounting’stypicalnetincomeorprofitaftertaxtoreflecttheopportunitycostassociatedwithequityinvestments<br>SternStewarthastrademarkedEVATMbyspecifyingadjustmentstomaketoEP<br>......， 大小：666 KB