企业财务控制机制与企业绩效：基于价值的管理系统案例【外文翻译】

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1、本科毕业论文（设计）外文翻译原文：CorporateFinancialControlMechanismsandFirmPerformance:TheCaseofValue-BasedManagementSystemsEffectivecorporategovernanceandfinancialcontrolincludestheuseofmonitoringandincentivemechanismstoaligndivergentinterestsbetweenshareholdersandmanagersandenco

2、uragethecreationofshareholdervalue.Value-basedmanagementsystems(VBM)provideanintegratedmanagementstrategyandfinancialcontrolsystemintendedtoincreaseshareholdervaluebymitigatingagencyconflicts.Inconcept,VBMreducesagencyconflictsandhelpscreateshareholdervaluesinceitr

3、evealsvalue-increasingdecisionstoemployees,allowsforeasiermonitoringofmanagers’decisions,andprovidesamethodtotiecompensationtothatcreateshareholdervalue.However,thedegreetowhichVBMsystemsactuallyimprovetheeconomicperformanceofpubliclyheldfirmsisanopenquestion.Togai

4、ninsightintothisissue,weexaminetheuseandeconomicefficacyofvalue-basedmanagementsystemsby84firmsthatadoptVBMsystemsfrom1984to1997.OurprimarygoalistoexaminewhethertheadoptionofaVBMsystemimproveseconomicperformance.Werecognizethatfirmperformanceandthedecisiontotiecomp

5、ensationtoaVBMmetriccanbeendogenous,whichcreatesapotentialsampleselectionbias.Forinstance,firmsthatareperformingpoorlyfacetougherchallengestocreatingeconomicvalueandcouldbemorelikelytotiecompensationtoVBMtoprovidemanagerstheincentivestoovercomethesechallenges.Alter

6、natively,managerswhoexpecttoachieveacertainlevelofperformancecannegotiateacompensationcontractbasedontheVBMmetricthatessentiallyassuresabonuspayout.OursampleincludesfirmsthatbasecompensationonVBMmetrics,butalsofirmsthatuseVBMforanalysisandevaluationonly.Thus,wecane

7、xaminewhyfirmschoosetotiecompensationtoVBM,whichallowsustocontrolforpotentialsampleselectionbiasthatresultsfromendogenousrelationsbetweencompensationplansandfirmperformance.Theliteratureonpropertyrightsandagencytheorymaintainsthatdifferentincentivesleadtoconflictsb

8、etweenshareholdersandmanagersofthepublicfirmthatresultinalossinfirmvalue.Ultimately,theshareholdersbearthisloss.Value-basedmanagementprovidesanin