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1、本科毕业设计(论文)文献综述原文:ModifiedTVA-basedPerformanceEvaluationWiththeincreasingpopularityofvalue-basedmanagementsystems,companieshavestartedaligningmanagementcompensationwithshareholders’wealth.AsurveybyHewittAssociatesshowsthat85%ofthecompaniesintheWesthavevariablepaysch
2、emes.Thevariablepayisrelatedtotheperformanceofthemanagement.TheEconomicValueAdded(EVA)-basedcompensationsystemisoneofthemostpopularvariablecompensationsystemsbeingusedinthecorporateworld.PopularbySternStewartandCompanyduringthe1980s,EVAiswidelyacceptedasameasureofc
3、orporateperformance.Thoughithasgainedpopularityonlyrecently,asameasureofcorporateperformanceitiscenturiesold.Foryears,economistshavebeenarguingthatafirmearnstrueprofitonlyifitearnsmorethantheinvestorsexpect.AndEVAisjustanothernameforthiseconomicprofit.Moreandmoreco
4、mpaniesareusingEVAtomeasuretheperformanceoftenmanagement.FernandezreportsthatthenumberofcompaniesusingEVA-basedperformancemeasurementsystemshasincreasedfrom25in1993to250in1996.Biddle,BowenandWallacereportthatsinceitsintroductioninthe1980s,morethan300companiesworldw
5、idehaveadoptedEVA-basedperformancemeasurementsystems.InIndia,someofthemostsuccessfulcompanies,includingGoddenConsumerProducts,TatarSteelandTatarConsultancyServices,useEVA-basedcompensationsystemstomeasuretheperformanceofthetopmanagement.Anincreasingnumberofcompanie
6、s,includingseveralsuccessfulIndiancompanies,havealsostartedreportingtheannualEVAtoinvestors.EVAprimarilyservesthreepurposes.Apartfrombeingusedasaperformancemeasurementtool,itisalsousedasavaluationandareportingtool.Mathematicallyitcanbederivedthatthevalueofacompanyc
7、anbeexpressedasthesumoftheoperatinginvestedcapitalandthepresentvalueoffutureexpectedEva.EVAishoweveroftencriticizedasanincorrectmeasureofcorporateperformance.Itisarguedfirstly,thatthemarketformsexpectationsbasedonthemarketvalueofthecompanyandnotonitsbookvalue,asEVA
8、seemstoindicate.Secondly,theexpectationsformedbythemarketconsistofbothperiodiccashflowsandcapitalgains.EVAdoesnotseemtocapturetheeffectofeitherof