績效評估,經(jīng)濟(jì)增值和管理行為【外文翻譯】

1、本科畢業(yè)論文（設(shè)計(jì)）外文翻譯原文：原文：PerfmanceEvaluationEconomicValueAddedManagerialBehaviour1.IntroductionFthepasttwodecadesmanycountriesstartedtransfmingtheireconomiesfromtraditionalprotectedonestothoseofmeliberalizedglobalisedmarketdr

2、iven.ThisperiodhasalsoseentheeconomiesbecomingmeknowledgeientedHumanResourcesstartedassumingmeprominenceinthegrowthoftheeconomiesbusinesses.Butthishasalsoposedagreaterchallengefcompaniestoacquireretaintalentedwkfce(espec

3、iallyatthestrategic&manageriallevels).Theknowledgeeconomyalsostartedwitnessingtherapidriseoftheagencyproblemconflictofinterestbetweenmanagersowners.Themanagers–intheirroleastheagents–areexpectedtoactinthebestinterestsoft

4、heshareholders(principals).Managerswillactinshareholders’interestsonlyiftheyhaverightincentives.Soitisveryessentialtoaligntheinterestsofthemanagersshareholdersatleastreducethedifferencebetweenthem.Soweneedameasurethatono

5、nehrightlymeasuresthemanagerialperfmancesothathemanagers–withtalentgreatermobilitycanbesuitablycompensated(henceretained)ontheotheralignstheinterestsofthemanagersshareholders.FsometimenowStockPricewasthoughttobeanidealme

6、asureachievingtheaboveobjectives.Howeverstockpricehasmanylimitations.WeshalldiscussthepitfallsofstockpriceasaperfmancemeasurebefeevaluatingsomeofthetraditionalperfmancemeasuresthenintroduceEconomicValueAddedastherightmea

7、sureofmanagerialperfmance2.TraditionalMeasuresofManagerialPerfmancethisquestionpositivelyintroducesitsEconomicValueAdded(EVA).3.WhatisEconomicValueAddedEconomicvalueadded(EVA)providestherupeevaluecreatedfinvestsinagivent

8、imeperiodbyweighingtheprofitgeneratedbyadecisionagainstthevalueofthecapitalemployedtogeneratethatprofit.EVAistheAdjustedOperatingTaxAfterTax(ANOPAT)faperiodminusthecapitalge(therupeecostofcapital)oftheinvestmentoverthatp

9、eriod.EVAcanbeexpressedasEVA=AdjustedOperatingProfitAfterTaxes(ANOPAT)CapitalCostWhereANOPAT3=CapitalEmployed(CE)XROCE(asROCE=EBIT(1T)CE)CapitalCost=WACCXCapitalEmployed(CE)ThusEVA=CapitalEmployed(CE)XROCEWACCXCapitalEmp

10、loyedEVA=(ROCEWACC)CapitalEmployedCapitalisgenerallymeasuredbybookvalue.WACCistheweightedAverageofcostofEquity(generallymeasuredbyCAPM)costofDebt.4.EVAasaperfmancemeasureIfmanagersaretoldthattheirperfmanceismeasuredbyEVA

11、compensationislikedtothattheywouldtrytoimproveEVAbydoingonemeofthefollowing.A.ImprovereturnswiththeexistingCapitalB.EmployCapitalproductivelyC.ReducethecapitalcostWhenmanagersdoonemeoftheabovethevalueofthefirmincreases.S