文档介绍：该【业绩评估CorporatePerformanceMeasurement课件 】是由【知识徜徉土豆】上传分享，文档一共【106】页，该文档可以免费在线阅读，需要了解更多关于【业绩评估CorporatePerformanceMeasurement课件 】的内容，可以使用淘豆网的站内搜索功能，选择自己适合的文档，以下文字是截取该文章内的部分文字，如需要获得完整电子版，请下载此文档到您的设备，方便您编辑和打印。Author: PatrickCoteContributors:KateMcGreevy JulianCritchlowbcCorporatePerformanceMeasurementApril1999Copyright?pany,(MVA)EconomicProfit(EP)CashFlowReturnonInvestment(CFROI)ExercisesMVAEconomicProfitCaseStudy-DiageoAgenda2Corporateperformanceevaluationhasevolvedfromthe1960sfocusonROEtothecurrentvariationsofeconomicprofitthatmeasureimpactonshareholdervaluemanyfirmshavedevisedtheirownvariationsofeconomicprofitSternStewart’sEconomicValueAdded(EVA)TMisbestknownofthesemeasuresHolt/BCG’sCashFlowReturnonInvestment(CFROI)isasimilarconceptpresentedin%returnformatBothROEandEParebusinessmetrics,toolsusedtomeasuretheperformanceofthebusinessseparatefromfundamentalbusinessdrivers,theactualfactorsthatinfluenceshareholdervalue,andoutputmeasuresthebackward-panyperformanceFocusingonEPinsteadofROEdecreasesthelikelihoodofdestructivebehaviorbymanagersByevaluatingmanagersbasedonEP,managerbehaviorcanbealteredsuchthatonlyprojectsthataddvalue(withNPV>0)areundertaken,urwithROEExecutiveSummary(1of2)3ExecutiveSummary(2of2)EndgoalofEPexercisesisconsistentwithtraditionalBainfocusofmaximisingshareholdervalueBainhasmeasuredhistoricalperformancewithTotalShareholderReturnSternStewartdevisedMarketValueAdded(MVA)TMasmeansofmeasuringmarketexpectationsofEPthatmanagerswilladdinthefuturemanagers’objectiveshouldbetomaximiseMVAounting’eorprofitaftertaxtoreflecttheopportunitycostassociatedwithequityinvestmentsSternStewarthastrademarkedEVATMbyspecifyingadjustmentstomaketoEP4AgendaExecutiveSummaryObjectivesBackgroundPerformanceMeasurementFrameworkMarketValueAdded(MVA)EconomicProfit(EP)CashFlowReturnonInvestment(CFROI)ExercisesMVAEconomicProfitCaseStudy-Diageo5ObjectivesTherearethreeobjectivesoftheCorporatePerformanceMeasuresModule:hemostpopularmeasuresofcorporateperformanceToexplainthesignificanceofthesemeasuresinthecorporateenvironmentandpotentialapplicationsinBain’sstrategyworkTooutlinecalculationsofeachperformancemeasure6AgendaExecutiveSummaryObjectivesBackgroundPerformanceMeasurementFrameworkMarketValueAdded(MVA)EconomicProfit(EP)CashFlowReturnonInvestment(CFROI)ExercisesMVAEconomicProfitCaseStudy-Diageo7Withtheriseofconglomerates,paniesfocusedonReturnonEquity,orROE,astheirprimarymeasureofperformanceountingfigures1960s/70s1980s/90sWiththeincreasedfocusondeliveringshareholdervalue,eptedsystemsthatmeasurethechangeinvaluemanagersrealisedequityisnotfreeeconomicprofit(EP)meetstheseneedsbytellingmanagerswherevaluehasbeencreatedandwhereithasbeendestroyedemoreimportant,pensationtoEPprovidedapopularsolutionCorporateperformanceevaluationhasevolvedfromthe1960sfocusonROEtothecurrentvariationsofeconomicprofit(EP)thatmeasureimpactonshareholdervalueBackgroundCorporatePerformanceEvaluation8BainwasthefirstofmajorconsultingfirmstofocusoncreatingshareholdervalueToachievethis,ountingmeasuresofROEandROIountingmeasures,suchasEP,provideanalternativemeansofmeasuringthecreationofshareholdervalueBackgroundRelevancetoBain9Toillustratetheroleofcorporateperformancemeasuresandresourceallocationtostrategywork,anexaminationofMarakon’s“program”isusefulMarakonappliesthefollowingprogram,plete,toallofitsclients:panyperformancetoindustryperformanceinvestigatethreeormorestrategiesforeachbusinesseveryplanningcycleshiftresourceallocationfromeconomicallyunprofitableproducts/customerstoeconomicallyprofitableleadstoyieldlossforMarakonandclientssinceadditionalscenariosfrequentlyevaluatedMarakonhasmadeeconomicprofit(EP)thecentralfocusofthe‘program’theyapplytoeverycaseBackgroundLinktoStrategy10