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

2、fit(EP)CashFlowReturnonInvestment(CFROI)ExercisesMVAEconomicProfitCaseStudy-DiageoAgenda2CorporatePerformanceMeasurementCorporateperformanceevaluationhasevolvedfromthe1960sfocusonROEtothecurrentvariationsofeconomicprofitthatmeasureimpactonshareholdervaluemanyfi

3、rmshavedevisedtheirownvariationsofeconomicprofitSternStewart’sEconomicValueAdded(EVA)TMisbestknownofthesemeasuresHolt/BCG’sCashFlowReturnonInvestment(CFROI)isasimilarconceptpresentedin%returnformatBothROEandEParebusinessmetrics,toolsusedtomeasuretheperformanceo

4、fthebusinessseparatefromfundamentalbusinessdrivers,theactualfactorsthatinfluenceshareholdervalue,andoutputmeasuresthebackward-lookingrecordsofoverallcompanyperformanceFocusingonEPinsteadofROEdecreasesthelikelihoodofdestructivebehaviorbymanagersByevaluatingmanag

5、ersbasedonEP,managerbehaviorcanbealteredsuchthatonlyprojectsthataddvalue(withNPV>0)areundertaken,whichdoesnotalwaysoccurwithROEExecutiveSummary(1of2)3CorporatePerformanceMeasurementExecutiveSummary(2of2)EndgoalofEPexercisesisconsistentwithtraditionalBainfocusof

6、maximisingshareholdervalueBainhasmeasuredhistoricalperformancewithTotalShareholderReturnSternStewartdevisedMarketValueAdded(MVA)TMasmeansofmeasuringmarketexpectationsofEPthatmanagerswilladdinthefuturemanagers’objectiveshouldbetomaximiseMVAAlleconomicprofitmeasu

7、resdeductchargeforuseofequitycapitalfromaccounting’stypicalnetincomeorprofitaftertaxtoreflecttheopportunitycostassociatedwithequityinvestmentsSternStewarthastrademarkedEVATMbyspecifyingadjustmentstomaketoEP4CorporatePerformanceMeasurementAgendaExecutiveSummaryO

8、bjectivesBackgroundPerformanceMeasurementFrameworkMarketValueAdded(MVA)EconomicProfit(EP)CashFlowReturnonInvestment(CFROI)ExercisesMVAEconomicProfitCaseStudy-Diageo5Corporat