績效評估,經(jīng)濟增加值和管理行為【外文翻譯】

1、本科畢業(yè)論文（設(shè)計）外文翻譯原文一：原文一：PerfmanceEvaluationEconomicValueAddedManagerialBehaviFthepasttwodecadesmanycountriesstartedtransfmingtheireconomiesfromtraditionalprotectedonestothoseofmeliberalizedglobalizedmarketdriven.Thisperiod

2、hasalsoseentheeconomiesbecomingmeknowledgeientedHumanResourcesstartedassumingmeprominenceinthegrowthoftheeconomiesbusinessesposingagreaterchallengefcompaniestoacquireretaintalentedwkfce(especiallyatthestrategic&manageria

3、llevels).Theknowledgeeconomyalsostartedwitnessingtherapidriseoftheagencyproblemconflictofinterestbetweenmanagersowners.Soitisveryessentialtoaligntheinterestsofthemangersshareholdersatleastreducethedifferencebetweenthem.I

4、nthisregardEconomicValueAddedhasbeenseenasbetteralternativetothestockpricetraditionalperfmancemeasures.WhilesuccessfulEVAstiesinthewestarequiteencouragingCpateIndiaisslowlycatchinguptheEVAadoption.AlthoughnotapanaceaEVAb

5、asedcompensationplanswilldrivemanagersemployafirm’sassetsmeproductivelyEVAshouldhelpreducethedifferenceintheinterestsofthemanagersshareholdersifnotperfectlyalignthem1.TraditionalMeasuresofManagerialPerfmanceShareholdersw

6、antthemaximizationofstockprice(firmvalue).SocanwemeasuretheperfmanceofamanagerdirectlyasreflectedbythestockpriceRewardmanagerswhenstockpricegoesuppunishthemifstockpricesbehaveotherwiseThisapproachhasamajlimitation.‘Stock

7、priceisdrivenbysomanyfactsthatescapefromthecontrolofmanagersmakingitaninefficientmeasureofthetruethecapitalemployedtogeneratethatprofit.EVAistheAdjustedOperatingTaxAfterTax(ANOPAT)faperiodminusthecapitalge(therupeecostof

8、capital)oftheinvestmentoverthatperiod.EVAcanbeexpressedasEVA=AdjustedOperatingProfitAfterTaxes(ANOPAT)CapitalCostWhereANOPAT3=CapitalEmployed(CE)ROCE(asROCE=EBIT(1T)CE)CapitalCost=WACCXCapitalEmployed(CE)ThusEVA=CapitalE

9、mployed(CE)XROCEWACCXCapitalEmployedEVA=(ROCEWACC)CapitalEmployedCapitalisgenerallymeasuredbybookvalue.WACCistheweightedAverageofcostofEquity(generallymeasuredbyCAPM)costofDebt.3.EVAasaperfmancemeasureIfmanagersaretoldth

10、attheirperfmanceismeasuredbyEVAcompensationislikedtothattheywouldtrytoimproveEVAbydoingonemeofthefollowing.A.ImprovereturnswiththeexistingCapitalB.EmployCapitalproductivelyC.ReducethecapitalcostWhenmanagersdoonemeoftheab

11、ovethevalueofthefirmincreases.SoimprovingEVAtheeticallyimprovesthevalueofthefirmhenceisagoodmeasureofmanagerialperfmanceWhethertheyarecontemplatingenteringnewmarketssettingproductpricesaddingnewservicelinesmakinganacquis