经营者业绩【外文翻译】

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1、本科毕业论文（设计）外文翻译原文：ManagerialPerformanceOneofthemajorproblemsthelimitedcompaniesfaceistheconflictofinterestbetweenmanagersandowners-generallyknownas‘theagencyproblem’.Itisveryessentialtoaligntheinterestsofthemangersandshareholdersoratleastreducethedifferenceininterest

2、s.InthisregardEconomicValueAddedhasbeenseenasbetteralternativetothetraditionalperformancemeasures-Profits,EPS,ROCEandROEetc.WhilesuccessfulEVAstoriesinthewestarequiteencouraging,empiricalresearchisnotsufficienttoestablishtheclaimofEVAasabettermeasure.Howeverthereisa

3、lsonotmuchresearchtoproveitotherwise.IncaseofIndiaeitherwayresearchisveryinadequate.Althoughnotapanacea,EVAbasedcompensationplanswilldrivemanagersemployafirm’sassetsmoreproductivelyandEVAshouldhelpreducethedifferenceintheinterestsofthemanagersandshareholders,ifnotpe

4、rfectlyalignthem.Shareholderswantthemaximizationofstockprice(firmvalue).Socanwemeasuretheperformanceofamanagerdirectlyasreflectedbythestockprice-Rewardmanagerswhenstockpricegoesupandpunishthemifstockpricesbehaveotherwise?Thisapproachhasamajorlimitation.‘Stockpriceis

5、drivenbysomanyfactorsthatescapefromthecontrolofmanagers,makingitaninefficientmeasureofthetrueinfluenceofthemangersonfirm’svalue.‘Changesinstockprice-intheshortrunatleast–arenotalwaysaccurategauzeofmanagementperformanceduetothepresenceofrandomnessandnoise’(Kangetal,2

6、002).Tyingtopmanagementcompensationtostockpricesraisesanotherdifficultissue.Themarketvalueofacompany’ssharesreflectsinvestors’expectations.Thestockholderreturndependsonhowwellthecompanyperformsrelativetoexpectations’.Supposeacompanyannouncestheappointmentofanoutstan

7、dingnewmanager.Thestockpriceleapsupinanticipationofimprovedperformance.Henceforth,evenifthenewmanagerdeliversexactlythegoodperformancethatinvestorsexpected,thestockwillearnonlyanormalaveragerateofreturn.Inthiscaseacompensationschemelinkedtothestockreturnwouldfailtor

8、ecognizethemanager’sspecialcontribution.Anidealperformancemeasureshouldensurethatthemanagerswouldbearalltheconsequencesoftheirownactions,b