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ID:9909811
大小:48.00 KB
页数:12页
时间:2018-05-15
《经营者业绩【外文翻译】》由会员上传分享,免费在线阅读,更多相关内容在学术论文-天天文库。
1、本科毕业论文(设计)外文翻译原文:ManagerialPerformanceOneofthemajorproblemsthelimitedcompaniesfaceistheconflictofinterestbetweenmanagersandowners-generallyknownas‘theagencyproblem’.Itisveryessentialtoaligntheinterestsofthemangersandshareholdersoratleastreducethedifferenceini
2、nterests.InthisregardEconomicValueAddedhasbeenseenasbetteralternativetothetraditionalperformancemeasures-Profits,EPS,ROCEandROEetc.WhilesuccessfulEVAstoriesinthewestarequiteencouraging,empiricalresearchisnotsufficienttoestablishtheclaimofEVAasabettermeasure.H
3、oweverthereisalsonotmuchresearchtoproveitotherwise.IncaseofIndiaeitherwayresearchisveryinadequate.Althoughnotapanacea,EVAbasedcompensationplanswilldrivemanagersemployafirm’sassetsmoreproductivelyandEVAshouldhelpreducethedifferenceintheinterestsofthemanagersan
4、dshareholders,ifnotperfectlyalignthem.Shareholderswantthemaximizationofstockprice(firmvalue).Socanwemeasuretheperformanceofamanagerdirectlyasreflectedbythestockprice-Rewardmanagerswhenstockpricegoesupandpunishthemifstockpricesbehaveotherwise?Thisapproachhasam
5、ajorlimitation.‘Stockpriceisdrivenbysomanyfactorsthatescapefromthecontrolofmanagers,makingitaninefficientmeasureofthetrueinfluenceofthemangersonfirm’svalue.‘Changesinstockprice-intheshortrunatleast–arenotalwaysaccurategauzeofmanagementperformanceduetotheprese
6、nceofrandomnessandnoise’(Kangetal,2002).Tyingtopmanagementcompensationtostockpricesraisesanotherdifficultissue.Themarketvalueofacompany’ssharesreflectsinvestors’expectations.Thestockholderreturndependsonhowwellthecompanyperformsrelativetoexpectations’.Suppose
7、acompanyannouncestheappointmentofanoutstandingnewmanager.Thestockpriceleapsupinanticipationofimprovedperformance.Henceforth,evenifthenewmanagerdeliversexactlythegoodperformancethatinvestorsexpected,thestockwillearnonlyanormalaveragerateofreturn.Inthiscaseacom
8、pensationschemelinkedtothestockreturnwouldfailtorecognizethemanager’sspecialcontribution.Anidealperformancemeasureshouldensurethatthemanagerswouldbearalltheconsequencesoftheirownactions,b
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