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1、外文翻译原文MaterialSource:CostAccounting-AManagerialEmphasisAuthor:CharlesT.Horngren、SrikantM.Datar和GeorgeFosterIntensityofIncentivesandfinancialandNonfinancialMeasurementsWhataffectstheintensityofincentives?Thatis,howlargeshouldtheincentivecomponentofamanager’scompensationberelativetothesalarycompo
2、nent?Toanswerthesequestions,weneedtounderstandhowmuchtheperformancemeasureisaffectedbyactionsthemanagertakestofurthertheowner’sobjectives.Weillustratethistrade-offinthecontextofourHospitalityInnsexample.SallyFondaownstheHospitalityInnschainofhotels.RogerBrettmanagestheHospitalityInnsSanFrancisc
3、o(HISF).AssumeFondausesRItomeasureperformance.ToimproveRI,FondawouldlikeBretttoincreasesales,controlcosts,providepromptandcourteouscustomerservice,andreduceworkingcapital.ButevenifBrettdidallthosethings,highRIisnotguaranteed.That’sbecauseHISF’sRIisaffectedbymanyfactorsbeyondFonda’sandBrett’scon
4、trol,suchasarecessionintheSanFranciscoeconomyoranearthquakethatmightnegativelyaffectHISF.Ortherecouldbeotheruncontrollablehotels,factors,suchasroadconstructionnearcomperingpositiveeffectonHISF’sRI.UncontrollablefactorsmakeHISF’sprofitabilityuncertainand,therefore,risky.Asanentrepreneur,Fondaexp
5、ectstobearrisk.ButBrettdoesnotlikebeingsubjecttorisk.Onewayof“insuring“BrettagainstriskistopayBrettaflatsalary,regardlessoftheactualamountofRIearned.AlltheriskwouldthenbebornebyFonda.Thisarrangementcreatesaproblem,however,becauseBrett’seffortisdifficulttomonitor.Theabsenceofperformance-basedcom
6、pensationmeansthatBretthasnodirectincentivetoworkharderortoundertakeextraphysicalandmentaleffortbeyondwhatisnecessarytoretainhisjoborupholdhisownpersonalvalues.So,theremustaskforpreferredperformancemeasures.Preferredperformancemeasuresarethosethataresensitivetoorthatchangesignificantlywiththema
7、nager’sperformance.Theydonotchangemuchwithchangesinfactorsthatarebeyondthemanager’scontrol.Sensitiveperformance4measuresmotivatethemanageraswellaslimitthemanager’sexposuretorisk,reducingthecostofprovidingincentives.Less-sensitivep
