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1、本科毕业论文(设计)外文翻译原文一:PerformanceEvaluation,EconomicValueAddedandManagerialBehaviorForthepasttwodecadesmanycountriesstartedtransformingtheireconomiesfromtraditionalprotectedonestothoseofmoreliberalized,globalizedandmarketdriven.ThisperiodhasalsoseentheeconomiesbecomingmoreknowledgeorientedandHumanRe
2、sourcesstartedassumingmoreprominenceinthegrowthoftheeconomiesandbusinessesposingagreaterchallengeforcompaniestoacquireandretaintalentedworkforce(especiallyatthestrategic&manageriallevels).Theknowledgeeconomyalsostartedwitnessingtherapidriseoftheagencyproblem-conflictofinterestbetweenmanagersando
3、wners.Soitisveryessentialtoaligntheinterestsofthemangersandshareholdersoratleastreducethedifferencebetweenthem.InthisregardEconomicValueAddedhasbeenseenasbetteralternativetothestockpriceandtraditionalperformancemeasures.WhilesuccessfulEVAstoriesinthewestarequiteencouraging,CorporateIndiaisslowly
4、catchinguptheEVAadoption.Althoughnotapanacea,EVAbasedcompensationplanswilldrivemanagersemployafirm’sassetsmoreproductivelyandEVAshouldhelpreducethedifferenceintheinterestsofthemanagersandshareholders,ifnotperfectlyalignthem1.TraditionalMeasuresofManagerialPerformanceShareholderswantthemaximizati
5、onofstockprice(firmvalue).Socanwemeasuretheperformanceofamanagerdirectlyasreflectedbythestockprice-Rewardmanagerswhenstockpricegoesupandpunishthemifstockpricesbehaveotherwise?Thisapproachhasamajorlimitation.‘Stockpriceisdrivenbysomanyfactorsthatescapefromthecontrolofmanagers,makingitaninefficien
6、tmeasureofthetrueinfluenceofthemangersonfirm’svalue.‘Changesinstockprice-intheshortrunatleast–arenotalwaysaccurategauzeofmanagementperformanceduetothepresenceofrandomnessandnoise’(Kangetal,2002).Tyingtopmanagementcompensationtostockpricesraisesanotherdifficultissue.Themarketvalueofacompany’sshar
7、esreflectsinvestors’expectations.Thestockholderreturndependsonhowwellthecompanyperformsrelativetoexpectations’.Supposeacompanyannouncestheappointmentofanoutstandingnewmanager.Thestockpriceleapsupinanticipationofimprovedperfo
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