欢迎来到天天文库
浏览记录
ID:462774
大小:50.50 KB
页数:9页
时间:2017-08-05
《公司财务控制机制和企业绩效——以价值管理体统为例【外文翻译】》由会员上传分享,免费在线阅读,更多相关内容在应用文档-天天文库。
1、外文翻译CorporateFinancialControlMechanismsandFirmPerformance:TheCaseofValue-BasedManagementSystemsMaterialSource:http://web.ebscohost.com/ehost/detailAuthor:HarleyE.Ryan,Jr.andEmeryA.TrahanAbstract:Weexaminetheperformanceof84firmsthatadoptvalue-basedmanagement(VBM)systemsduringtheperiod1984-199
2、7.Thetypicalfirmsignificantlyimprovesmatched-firm-adjustedresidualincomeafteradoptingVBM.Thisimprovementpersistsforthefivepostadoptionyearsstudied.Aftercontrollingforpossiblesamplebias,wefindthatlargefirmsshowlessimprovementthansmallfirms.WefindanegativerelationbetweentyingcompensationtoVBMa
3、ndpost-adoptionperformance.WealsofindthatfirmsreducecapitalexpendituresfollowingVBMadoption,butthatthereductionsinspendingdonotdifferbasedonthefirmgrowthopportunities.Overall,theevidencesuggeststhatVBMimproveseconomicperformanceandtheefficientuseofcapital.Keywords:value-basedmanagement,resid
4、ualincome,managementcompensation,corporategovernance1INTRODUCTIONEffectivecorporategovernanceandfinancialcontrolincludestheuseofmonitoringandincentivemechanismstoaligndivergentinterestsbetweenshareholdersandmanagersandencouragethecreationofshareholdervalue.Value-basedmanagementsystems(VBM)pr
5、ovideanintegratedmanagementstrategyandfinancialcontrolsystemintendedtoincreaseshareholdervaluebymitigatingagencyconflicts.Inconcept,VBMreducesagencyconflictsandhelpscreateshareholdervaluesinceitrevealsvalueincreasingdecisionstoemployees,allowsforeasiermonitoringofmanagers’decisions,andprovid
6、esamethodtotiecompensationtooutcomesthatcreateshareholdervalue.However,thedegreetowhichVBMsystemsactuallyimprovetheeconomicperformanceofpubliclyheldfirmsisanopenquestion.Togaininsightintothisissue,weexaminetheuseandeconomicefficacyofvalue-basedmanagementsystemsby84firmsthatadoptVBMsystemsfro
7、m1984to1997.Weinvestigatetworelatedresearchquestions:(1)DoestheadoptionofaVBMsystemimproveeconomicperformance?And2)WhatfactorsenhanceorhindertheeffectivenessofVBMsystems?OurprimarygoalistoexaminewhethertheadoptionofaVBMsystemimproveseconomicperform
此文档下载收益归作者所有