公司财务控制机制和企业绩效——以价值管理体统为例【外文翻译】

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1、外文翻译CorporateFinancialControlMechanismsandFirmPerformance:TheCaseofValue-BasedManagementSystemsMaterialSource:http://web.ebscohost.com/ehost/detailAuthor:HarleyE.Ryan，Jr.andEmeryA.TrahanAbstract:Weexaminetheperformanceof84firmsthatadoptvalue-basedmanagement(VBM)systemsduringtheperiod1984-199

2、7.Thetypicalfirmsignificantlyimprovesmatched-firm-adjustedresidualincomeafteradoptingVBM.Thisimprovementpersistsforthefivepostadoptionyearsstudied.Aftercontrollingforpossiblesamplebias,wefindthatlargefirmsshowlessimprovementthansmallfirms.WefindanegativerelationbetweentyingcompensationtoVBMa

3、ndpost-adoptionperformance.WealsofindthatfirmsreducecapitalexpendituresfollowingVBMadoption,butthatthereductionsinspendingdonotdifferbasedonthefirmgrowthopportunities.Overall,theevidencesuggeststhatVBMimproveseconomicperformanceandtheefficientuseofcapital.Keywords:value-basedmanagement,resid

4、ualincome,managementcompensation,corporategovernance1INTRODUCTIONEffectivecorporategovernanceandfinancialcontrolincludestheuseofmonitoringandincentivemechanismstoaligndivergentinterestsbetweenshareholdersandmanagersandencouragethecreationofshareholdervalue.Value-basedmanagementsystems(VBM)pr

5、ovideanintegratedmanagementstrategyandfinancialcontrolsystemintendedtoincreaseshareholdervaluebymitigatingagencyconflicts.Inconcept,VBMreducesagencyconflictsandhelpscreateshareholdervaluesinceitrevealsvalueincreasingdecisionstoemployees,allowsforeasiermonitoringofmanagers’decisions,andprovid

6、esamethodtotiecompensationtooutcomesthatcreateshareholdervalue.However,thedegreetowhichVBMsystemsactuallyimprovetheeconomicperformanceofpubliclyheldfirmsisanopenquestion.Togaininsightintothisissue,weexaminetheuseandeconomicefficacyofvalue-basedmanagementsystemsby84firmsthatadoptVBMsystemsfro

7、m1984to1997.Weinvestigatetworelatedresearchquestions:(1)DoestheadoptionofaVBMsystemimproveeconomicperformance?And2)WhatfactorsenhanceorhindertheeffectivenessofVBMsystems?OurprimarygoalistoexaminewhethertheadoptionofaVBMsystemimproveseconomicperform