企業(yè)財(cái)務(wù)控制機(jī)制與企業(yè)績效基于價(jià)值的管理系統(tǒng)案例【外文翻譯】

1、本科畢業(yè)論文（設(shè)計(jì)）外文翻譯原文：原文：CpateFinancialControlMechanismsFirmPerfmance:TheCaseofValueBasedManagementSystemsEffectivecpategovernancefinancialcontrolincludestheuseofmonitingincentivemechanismstoaligndivergentinterestsbetweenshar

2、eholdersmanagersencouragethecreationofshareholdervalue.Valuebasedmanagementsystems(VBM)provideanintegratedmanagementstrategyfinancialcontrolsystemintendedtoincreaseshareholdervaluebymitigatingagencyconflicts.InconceptVBM

3、reducesagencyconflictshelpscreateshareholdervaluesinceitrevealsvalueincreasingdecisionstoemployeesallowsfeasiermonitingofmanagers’decisionsprovidesamethodtotiecompensationtothatcreateshareholdervalue.Howeverthedegreetowh

4、ichVBMsystemsactuallyimprovetheeconomicperfmanceofpubliclyheldfirmsisanopenquestion.Togaininsightintothisissueweexaminetheuseeconomicefficacyofvaluebasedmanagementsystemsby84firmsthatadoptVBMsystemsfrom1984to1997.Ourprim

5、arygoalistoexaminewhethertheadoptionofaVBMsystemimproveseconomicperfmance.WerecognizethatfirmperfmancethedecisiontotiecompensationtoaVBMmetriccanbeendogenouswhichcreatesapotentialsampleionbias.Finstancefirmsthatareperfmi

6、ngpolyfacetougherchallengestocreatingeconomicvaluecouldbemelikelytotiecompensationtoVBMtoprovidemanagerstheincentivestoovercomethesechallenges.Alternativelymanagerswhoexpecttoachieveacertainlevelofperfmancecannegotiateac

7、ompensationcontractbasedontheVBMmetricthatessentiallyassuresabonuspayout.OursampleincludesfirmsthatbasecompensationonVBMmetricsbutalsofirmsthatuseVBMfanalysisevaluationonly.ThuswecanexaminewhyCopel(2002)arguesthatcontemp

8、aneousmeasuresofcommonvaluebasedmanagementmetricsdonotdoagoodjobofexplainingchangesinstockpricesthatchangesinexpectationsneedtobeconsidered.Copel’sargumentunderscesthedifficultyintestingfanyrelationbetweentheusesofVBMsys

9、temsstockpriceimprovement.IdeallywewouldliketoexaminethedirectrelationbetweentheadoptionofaVBMsystemstockpriceappreciation.Sincethemarketcapitalizesexpectedfuturecashflowsinthefirm’sstockpricefirmscanpotentiallyusefinanc

10、ialpolicydecisionstosignalexpectedimprovementsinadvanceofthepublicdisclosureofoperatingresultsitisdifficulttoconstructdirecttestsoftherelationbetweentheadoptionofVBMsystemsshareholderwealth.Additionallythedecisiontoadopt

11、aVBMsystemgenerallycannotbeobservedbyinvestsitisrarelypossibletoidentifyaspecificeventdate.HoweverwecantestthepredictionthatadoptingaVBMsystemshouldresultinanincreaseinfuturecashflowsofthefirm’scostofcapitali.e.residuali

12、ncome.Thusweinvestigatetherelationbetweenafirm’seconomicperfmancemeasuredbyresidualincomeitsadoptionofaVBMsystem.Tocreatefinancialvalueafirmmustgeneratecashflowinexcessofthatrequiredtocoverthefirm’scostofcapitale.g.thefi

13、rmmustearnaneconomicprofit.Tomeasureeconomicperfmanceweuseresidualincomeasaproxyfeconomicprofitearnedbythefirm.Conceptuallythemarketvalueaddedbyafirmisthepresentvalueofexpectedfutureresidualincomediscountedatthecostofcap

14、ital.ToexaminetheeconomicefficacyofVBMsystemswecompareresidualincomefperiodsprepostadoptionofaVBMsystem.InadditiontothebasicrelationbetweenVBMadoptionresidualincomewealsoexamineeffectivenessbasedonwhetherthefirmtiescompe

15、nsationtotheVBMsystemgrowthopptunitiesthepreadoptionlevelofcapitalexpendituresthepreadoptionlevelofwkingcapital.Asrobustnesscheckswealsocontrolfcpaterestructuringinsiderownershiptimingofadoption.Residualincomeisaffectedb