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1、本科畢業(yè)論文（設計）外文翻譯原文：原文：ManagerialPerfmanceOneofthemajproblemsthelimitedcompaniesfaceistheconflictofinterestbetweenmanagersownersgenerallyknownas‘theagencyproblem’.Itisveryessentialtoaligntheinterestsofthemangersshareholders

2、atleastreducethedifferenceininterests.InthisregardEconomicValueAddedhasbeenseenasbetteralternativetothetraditionalperfmancemeasuresProfitsEPSROCEROEetc.WhilesuccessfulEVAstiesinthewestarequiteencouragingempiricalresearch

3、isnotsufficienttoestablishtheclaimofEVAasabettermeasure.Howeverthereisalsonotmuchresearchtoproveitotherwise.IncaseofIndiaeitherwayresearchisveryinadequate.AlthoughnotapanaceaEVAbasedcompensationplanswilldrivemanagersempl

4、oyafirm’sassetsmeproductivelyEVAshouldhelpreducethedifferenceintheinterestsofthemanagersshareholdersifnotperfectlyalignthem.Shareholderswantthemaximizationofstockprice(firmvalue).Socanwemeasuretheperfmanceofamanagerdirec

5、tlyasreflectedbythestockpriceRewardmanagerswhenstockpricegoesuppunishthemifstockpricesbehaveotherwiseThisapproachhasamajlimitation.‘Stockpriceisdrivenbysomanyfactsthatescapefromthecontrolofmanagersmakingitaninefficientme

6、asureofthetrueinfluenceofthemangersonfirm’svalue.‘Changesinstockpriceintheshtrunatleast–arenotalwaysaccurategauzeofmanagementperfmanceduetothepresenceofromnessnoise’(Kangetal2002).Tyingtopmanagementcompensationtostockpri

7、cesraisesanotherdifficultissue.Themarketvalueofacompany’ssharesreflectsinvests’expectations.Thestockholderreturndependsonhowwellthecompanyperfmsrelativetoexpectations’.Supposeacompanyannouncesthecontentwith23percentretur

8、ns.TheywantpositiveNPVinvestments–theywantthecompanytoinvestonlyiftheexpectedrateofreturnexceedsthecostofcapital(hurdlerate).Insomecasestheincrementalprofitsmayresultfromanuneconomicallylargeincreaseininvestmentgeneratin

9、gareturnthatisnotadequateeventocoverthecostofcapital.EarningsperShare(EPS)EPSisameasurementofcompany’spershareperfmance.Itisaratioofincometothenumberofsharesoutsting.EPSwhencomparedtoprofitsisarelativemeasureasitconsider

10、sthesizeofthecapital(inthefmofnumbersofshareholders).Howeverlikeprofitsitdoesn’tconsiderthecostofcapitalinvestedtogeneratetheprofits.EPSasaperfmancemeasuremightmotivatethemanagerstoresttoinvestmentaslongastheygeneratepos

11、itivereturns–nomattertheyaremuchbelowthehurdlerate.ReturnonCapitalEmployed(ROCE)ROCEistheratioofoperatingprofittotheoperatingassetscapital.ROCEisanimprovementoverEPSasitlinksthereturnsgeneratedtothecapitalemployed.Howeve

12、ritdoesnotincludethecostofsuchcapitalemployed.Fexampletwoinvestmentscan’tberatedasequallygoodeveniftheyhavethesameROCEunlesscostsoffinancingtheseinvestmentsareequal.AsamanagerialperfmancemeasureROCEmightencouragemanagers

13、torejectevengoodinvestments(whoseexpectedreturnsexceedWACC)whensuchreturnsareexpectedtolowerthecurrentAverageROCE.ReturnonEquity(ROE)ROEindicateshowmuchthefirmhasearnedonthefundsemployedbytheshareholders.ROElikeROCEdoesn

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