贝恩-业绩评估-corporateperformancemeasurement

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1、Author:PatrickCoteContributors:KateMcGreevyJulianCritchlowbcCorporatePerformanceMeasurementApril1999Copyright©1999Bain&Company,Inc.CorporatePerformanceMeasurementExecutiveSummaryObjectivesBackgroundPerformanceMeasurementFrameworkMarketValueAdded(MVA)EconomicProfit(EP)CashFlowReturnonInvest

2、ment(CFROI)ExercisesMVAEconomicProfitCaseStudy-DiageoAgenda2CorporatePerformanceMeasurementCorporateperformanceevaluationhasevolvedfromthe1960sfocusonROEtothecurrentvariationsofeconomicprofitthatmeasureimpactonshareholdervaluemanyfirmshavedevisedtheirownvariationsofeconomicprofitSternStewa

3、rt’sEconomicValueAdded(EVA)TMisbestknownofthesemeasuresHolt/BCG’sCashFlowReturnonInvestment(CFROI)isasimilarconceptpresentedin%returnformatBothROEandEParebusinessmetrics,toolsusedtomeasuretheperformanceofthebusinessseparatefromfundamentalbusinessdrivers,theactualfactorsthatinfluenceshareho

4、ldervalue,andoutputmeasuresthebackward-lookingrecordsofoverallcompanyperformanceFocusingonEPinsteadofROEdecreasesthelikelihoodofdestructivebehaviorbymanagersByevaluatingmanagersbasedonEP,managerbehaviorcanbealteredsuchthatonlyprojectsthataddvalue(withNPV>0)areundertaken,whichdoesnotalwayso

5、ccurwithROEExecutiveSummary(1of2)3CorporatePerformanceMeasurementExecutiveSummary(2of2)EndgoalofEPexercisesisconsistentwithtraditionalBainfocusofmaximisingshareholdervalueBainhasmeasuredhistoricalperformancewithTotalShareholderReturnSternStewartdevisedMarketValueAdded(MVA)TMasmeansofmeasur

6、ingmarketexpectationsofEPthatmanagerswilladdinthefuturemanagers’objectiveshouldbetomaximiseMVAAlleconomicprofitmeasuresdeductchargeforuseofequitycapitalfromaccounting’stypicalnetincomeorprofitaftertaxtoreflecttheopportunitycostassociatedwithequityinvestmentsSternStewarthastrademarkedEVATMb

7、yspecifyingadjustmentstomaketoEP4CorporatePerformanceMeasurementAgendaExecutiveSummaryObjectivesBackgroundPerformanceMeasurementFrameworkMarketValueAdded(MVA)EconomicProfit(EP)CashFlowReturnonInvestment(CFROI)ExercisesMVAEconomicProfitCaseStudy-Diageo5Corporat