基于价值的管理中的价值驱动因素探析——以当当网的应用

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1、ABSTRACTWiththetremendousrevolutionoftheworldeconomyandimprovementoftheentrepreneurs’survivalanddevelopmentenvironment，themodernizationofthemanagementhasbeenemphasizedandtheopermionaswellasorganizationalstructurehasbeenadjustedcontinuouslytothegreatchangeoftheoutsidetrendofeconomyintegration

2、anddemandcallingfortheconsistentaimofshareholderandsuchotherstakeholdersasmanagers．Allthechangeshasbeenputforwardabrandnewchallengeforthemanagerialaccountingtheoryandpractice．Whentheagencyproblemcomesout，thedemandformaximizingvalueastheconsistentgoaloutsideandinsidethecompanyisclearer,whilet

3、heneedforadoptingValueBasedManagementthroughtheentiremanagementprocessbecomesurgent．ValueBasedManagement(VBM)hasreceivedtheappraisalfrommanyscholarswhoseresearchfieldconcerningfinancialmanagement，managerialaccounting，strategyandorganization，itisbeenrecognizedasanewandcompletestructureconsist

4、ingtheresearchfruitofmanagerialscience．WhatmakesittotallydifferentfromthepreviousmanagerialaccountingtheoryisthatVBMemphasizesthecoreplaceofvalueinthecompanymanagementaswellasthegoalofimprovementofentirevalueofthefirm．Thistheoryhighlyunifiesthemarketvalueoutsideandeconomicvalueinside．Thisess

5、ayreviewstherelatingtheoryatfirst，includingthedefinition，thecharacteristicsandthepreviousresearchofVBM，andthenputsforwardtheVBMmanagerialcyclewithdistinctivecharacteristicsofe—commercefirm，andemphasizesthecoreplaceofvaluedriverinthecycle．Inthechapterfour,theessaytakingDangdang(apubliclyliste

6、dcompanyinNASDAQ)asexample，startsfromthestrategicchoice，analyzingtheindustryattractivenessandcompetitivestrategyofDangdang，clarifyingthemainbarrieroffrequentpricecompetition，lowprofitmarginandunclearbrandidentification，andthendrawsapictureofvaluedriverinthevaluebasemanagementofe—commercefirm

7、Dangdang．Inchapterfive，theessayanalysisthedetailedvaluedriverinthefinancialandnon-financialview．Inthefinancialpart，theessaydiscussesseveralkeydriversincludingeffectivenessoforder，operationalincomeandSOoninthetermsoftrafficstates，cashflowandcapitalc