绩效评估,经济增值和管理行为【外文翻译】

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1、本科毕业论文（设计）外文翻译原文：PerformanceEvaluation,EconomicValueAddedandManagerialBehaviour1.IntroductionForthepasttwodecadesmanycountriesstartedtransformingtheireconomiesfromtraditionalprotectedonestothoseofmoreliberalized,globalisedandmarketdriven.Thisperiodhasalsoseenthe

2、economiesbecomingmoreknowledgeorientedandHumanResourcesstartedassumingmoreprominenceinthegrowthoftheeconomiesandbusinesses.Butthishasalsoposedagreaterchallengeforcompaniestoacquireandretaintalentedworkforce(especiallyatthestrategic&manageriallevels).Theknowledge

3、economyalsostartedwitnessingtherapidriseoftheagencyproblem-conflictofinterestbetweenmanagersandowners.Themanagers–intheirroleastheagents–areexpectedtoactinthebestinterestsoftheshareholders(principals).Managerswillactinshareholders’interestsonlyiftheyhaverightinc

4、entives.Soitisveryessentialtoaligntheinterestsofthemanagersandshareholdersoratleastreducethedifferencebetweenthem.Soweneedameasurethatononehandrightlymeasuresthemanagerialperformancesothathemanagers–withtalentandgreatermobility-canbesuitablycompensated(andhencer

5、etained)andontheotheralignstheinterestsofthemanagersandshareholders.ForsometimenowStockPricewasthoughttobeanidealmeasureachievingtheaboveobjectives.Howeverstockpricehasmanylimitations.Weshalldiscussthepitfallsofstockpriceasaperformancemeasurebeforeevaluatingsome

6、ofthetraditionalperformancemeasuresandthenintroduceEconomicValueAddedastherightmeasureofmanagerialperformance2.TraditionalMeasuresofManagerialPerformanceShareholderswantthemaximizationofstockprice(firmvalue).Socanwemeasuretheperformanceofamanagerdirectlyasreflec

7、tedbythestockprice-Rewardmanagerswhenstockpricegoesupandpunishthemifstockpricesbehaveotherwise?Thisapproachhasamajorlimitation.‘Stockpriceisdrivenbysomanyfactorsthatescapefromthecontrolofmanagers,makingitaninefficientmeasureofthetrueinfluenceofthemangersonfirm’s

8、value.Tyingtopmanagementcompensationtostockpricesraisesanotherdifficultissue.Themarketvalueofacompany’ssharesreflectsinvestors’expectations.Thestockholderreturndepend