基于業(yè)績?cè)u(píng)價(jià)的改良的tva[外文翻譯]

1、本科畢業(yè)設(shè)計(jì)（論文）文獻(xiàn)綜述原文：原文：ModifiedTVAbasedPerfmanceEvaluationWiththeincreasingpopularityofvaluebasedmanagementsystemscompanieshavestartedaligningmanagementcompensationwithshareholders’wealth.AsurveybyHewittAssociatesshowsthat8

2、5%ofthecompaniesintheWesthavevariablepayschemes.Thevariablepayisrelatedtotheperfmanceofthemanagement.TheEconomicValueAdded(EVA)basedcompensationsystemisoneofthemostpopularvariablecompensationsystemsbeingusedinthecpatewld

3、.PopularbySternStewartCompanyduringthe1980sEVAiswidelyacceptedasameasureofcpateperfmance.Thoughithasgainedpopularityonlyrecentlyasameasureofcpateperfmanceitiscenturiesold.Fyearseconomistshavebeenarguingthatafirmearnstrue

4、profitonlyifitearnsmethantheinvestsexpect.EVAisjustanothernamefthiseconomicprofit.MemecompaniesareusingEVAtomeasuretheperfmanceoftenmanagement.FernezreptsthatthenumberofcompaniesusingEVAbasedperfmancemeasurementsystemsha

5、sincreasedfrom25in1993to250in1996.BiddleBowenWallacereptthatsinceitsintroductioninthe1980smethan300companieswldwidehaveadoptedEVAbasedperfmancemeasurementsystems.InIndiasomeofthemostsuccessfulcompaniesincludingGoddenCons

6、umerProductsTatarSteelTatarConsultancyServicesuseEVAbasedcompensationsystemstomeasuretheperfmanceofthetopmanagement.AnincreasingnumberofcompaniesincludingseveralsuccessfulIndiancompanieshavealsostartedreptingtheannualEVA

7、toinvests.EVAprimarilyservesthreepurposes.Apartfrombeingusedasaperfmancemeasurementtoolitisalsousedasavaluationareptingtool.Mathematicallyitcanbederivedthatthevalueofacompaniesthatadoptresidualincomebasedcompensationplan

8、schangetheiroperatinginvestingfinancingdecisions.FernezontheotherhreptslowcrelationbetweenEVAincreaseinMarketValueAdded.BiddleBowenWallacealsoreptlowcrelationbetweenEVAstockreturns.ItisarguedthatanEVAbasedcompensationsys

9、temdiscouragesfwardlookingexpenditure.FexamplethemanagementcanrepthigherEVAbypostponingcancellingpositivePresentValue（NPV）projectswithlargergestationperiods.Inparticularifalargepartofthecashflowsareexpectedinthedistantfu

10、turethenthecompanywillreptlowerEVAintheinitialyearsofacceptingtheproject.ThemanagementmayalsorepthigherEVAbyacceptingprojectswherealargepartofthecashflowisexpectedintheearlieryearsoftheprojectevenifitisanegativeNPVprojec

11、t.AccdingtoBiddleBowenWallacecompaniesthatadoptEVAbasedperfmancemeasurementsystemsrepta100%increaseinassetdisposalsa21%decreaseinnewinvestments.HoweverthemanagementcannotbeheldresponsiblefdeliberatelyacceptinganegativeNP

12、VprojectavoidingapositiveNPVprojectmerelyontheevidenceofthefinaloutcome(inthefmofthelowerstockprice)withoutunderstingthedecisionmakingprocess.Thesameoutcomecanalsobeobservediftheindustryfacesrecessionfexample.Agoodperfma

13、nceevaluationsystemmustdiscriminatebetweenthesetwosituations.Itshouldhelpusinpenalizingthemanagementonlyfdeliberateoverunderinvestment.Wecanreasonablydifferentiatebetweenthesetwosituationsbycomparingtheactualreturnthecom

14、panyhasgeneratedwiththemarketindustryadjustedstockreturn.Ifthecompanyhasgeneratedsaya10%returnwhereastheexpectedreturn(basedonindustryeconomyperfmance)is12%thenthereiseverylikelihoodofoverunderinvestmentpoperfmanceofthec

15、ompany.Ontheotherhifthecompanyactuallygenerates14%returninsuchcasesthentheperfmanceevaluationsystemshouldrewardthemanagementevenifthecostofcapitalisgreaterthan14%.Thispapersuggestsamodifiedperfmancemeasurementsystemthata