价值为基础的管理.ppt

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1、ValueBasedManagementHewittAssociatesAugust2001CreatingShareholderValueisGainingImportanceDuetoaVarietyofFactorsRegional/CapitalMarketsPerspectiveGreaterFocusonShareholderValueIntegrationofOrganizationalStructuresDeregulationPrivatizationIntegrationofCapital

2、MarketsWTOCapitalMarketInvestmentObjectivesMergersandAcquisitionsGlobalizationCorporateSpecific/TopManagementPerspectiveTraditionalaccountingmeasuresarenotreliablylinkedtoshareholdervalueGrowingrecognitionoftheneedtoalignmanagementactionsandrewardstolong-

3、termvaluecreationIncreasingpublicityofshareholdervaluecreationrankings(e.g.,FT.Fortune)Possibilityoftakeoverbyinvestorsseeking“under”managedassets“Buyin”byCorporateleadersWhatisValueBasedManagement?Aconsistentframeworkthatalignsmanagementactionandstrategico

4、bjectiveswithshareholdervaluecreationTheprimarygoalofvaluebasedmanagementistobuildacorporatemindsetinwhichmanagementdecisionmakingandexecutionarefocusedonthecreationofshareholdervalueVBMEnablesAconsistentapproachtomanagementplanning,resourceallocation,perfor

5、manceassessment,andcommunicationManagementtofocusandprioritizeon“value”AlignmentofmanagementactionwithstrategicobjectivesandshareholdervalueVBMisNotSolelyaquestionofchoosingaperformancemetricLimitedtoimplementationwithinthecorporateplanningandfinancedivisi

6、onEasytoimplementHRAlignmentFacilitatestheSuccessofVBMImplementation16.6%6.7%8.6%7.1%10.0%3.0%0%2%4%6%8%10%12%14%16%18%5-yearAverage%TSRCFROISalesGrowthCompaniesalignedtoVBMobjectivesCompaniesnotaligned•VBMmeasuresusedforplanningandcompensation•VBMgoalsettin

7、g•Performancesystem•Training•BusinessunitandcorporateincentivesEmpiricalResultsShowaLinkBetweenOrganizationalImplementationandValueCreationCompanieswithbusinessunitspecificlong-termincentivestiedtoshareholdervaluecreationoutperformcompanieswithouttheseince

8、ntivesCompanieswithCorporateandBusinessunitincentivesCompanieswithsolelyCorporateVBMincentives3-yearTSR%23.320.522.825.522.525.4202122232425261997-20001994-971991-94Value-CreatingBehaviors,Pri